If the market makes a turn soon, do you think there will be Chevron layoffs? Any chatter, news or rumors?
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That would be an incredibly sad story if were actually true. So happy that it's just a "cool story bro", like many others on this site.
It's sad that they are laying off the wrong people. A family friend who worked for Chevron 18 years was layed off after training someone who replaced her. She had to move and with all the stress, she died. 57 years old.
@4xhv, all you have to do is look at Chevron's history. The jury's still out on Noble people (this year's layoffs may take care of them), but leadership or staff from 'bought' companies (Atlas, Texaco, Unocal) were kept around as long as they met two conditions: 1) They had useful skills or experience with their company's assets, and 2) they quickly embraced Chevron culture, including capitulating to Chevron's cadre of know-nothing high-pots. Resisting and insisting 'we did it better at my company' is a sure-fire way to be shown the door. Displaying in your new office awards or anything with your former company's logo shows your disrespect for the Company that 'saved' you.
What is the opinion on maintenance leadership being retained from Hess? Does anyone think this role has a good chance of getting offered after the sale?
The rumor is that there won't be a company wide layoff like the 2020 Renewal. MW has bristled at the amount of money the company laid out with severance, extra Cobra payouts, etc. The new plan is to eliminate or combine jobs forcing people into another job they don't want like or can't perform. If you refuse, you can go to the PDC which will be a dead end. Once you go through two cycles, you're out with no package. I don't know if any of this is legal but I'm sure the attorneys have figured out all the angles. My advice is to keep your power dry, get your resume in order and start looking now. Good luck to all.
The Axeman cometh and has a lot of cleaning up to do, as shown on this site.
Do you feel lucky?
It's now 2024. MW is preparing an email which let's go everyone from PSG 23 and below. He will use ChatGPT to run the business since the low life, low level employees couldn't follow leadership's brilliant master plan. The BOD will announce bonuses for the top brass for righting the ship. Happy New Year!
@1gpr, highlights were 3wks severance pay per year of service (up to a year of pay), and COBRA for a year rather than the standard 6 months. If you can retire, continuing Chevron med insurance until Medicare is actually (a little) cheaper and better coverage than COBRA, and clearly the better solution if you're more than a year away from Medicare.
Things aren't looking good for Chevron right now. Permian has plateaued, the only way now is down. FGP stalled, massive cost overruns (redux of Australia and Angola LNG). Exploration hasn't discovered anything in a decade. Only 'growth' is through acquisitions. No MCPs in the pipeline. Energy transition is a jumble of half-baked notions, managed by people who have no idea what to do. Underperforming staff due to inexperience and poor morale, not lack of talent. The only thing that can save Chevron (and stave off layoffs) in the short-term is a big increase in oil prices.
@xyh+ - yes please!!!
Can you or someone remind us - what were the terms of the last EoI?
MW can't retire because, by his own admission, he really hasn't accomplished a lot. DJO merged with Texaco and Unocal. JW completed all the megaprojects and cleaned up our finances. MW sold or lost nearly half the BUs, cut staff to match, did some small potatoes low risk low impact acquisitions, but focused so much on processes that he forgot the core business which has collapsed (downstream, TCO, Permian) and the stock with it. CNE is going nowhere fast. What does he have to show for himself but a lot of talk? The company has a true crisis of experienced leadership, like never before. I don't see any quick fixes for that aside from hiring aggressively from Shell and Exxon.
The 2023 CVX stock price is down 17% through close of business Dec 29. Whether there will be layoffs for the company in 2024 depends on the early outlook for Chevron in the first half of 2024 and the direction of the general US economy after the first quarter ends.
Watch out folks. The new layoffs strategy is:
Focus on small units around (500-700). Tell the targeted units that a restructuring is needed but dont worry about loosing your job; you will get a placement either in the new org chart or you will get it during next pdc. They would be fast and silent layoffs parties.
Look at the first units going through it as we speak; DTS,TM etc the layoff project starts january and would be finished end of Q1. Quick and merciless with headcount chop chop of 20 to 30%.
https://finviz.com/insidertrading.ashx?oc=1354590&tc=7&b=2
MW can retire with the millions he got from the share options over the past 15 - 20 years
We are already far too lean after the 2020 disaster. We were supposed to have been "Transformed to Win in any Environment" as the tagine went to get us to accept the painful cuts and changes. Its been a disaster ever since. MW focus on raising the employee morale and you might actually get better results. You can't expect destroying morale and getting everyone to work harder than before. Layoffs are not the answer even though you seem to be obsessed with them!
No more layoffs! Now have a happy New Year!
Provide an EOI to everyone! I’m jump if they dooo!
CTC 30% 1H2024
Confirmed