Hear a lot of young people say they’re leaving O&G. Understandable, but if you can hold on til mid-‘21 I think you’ll be surprised at rebound. It’s cold comfort now, but a vaccine will happen, Demand will surge, & industry will recover. Hang in there.
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Very few had faith in Tesla few years ago, now it is bigger than GM, Fords, Toyota, VW and the growth has not stopped. It will happen no matter you like it or not, just like the transition from the horse and wagon to cars took some time this will happen, and it will happen much faster. Just like the transition from steam power engines to ICE happened. There is always resistance, but lot of brilliant minds are working on solutions, there is always a way to make things happen, cheaper and faster, all the foundations are out there now. Remember the 2000 tech bubble, it burst because the foundations were not there, now you do all your shopping gaming, vedio streaming online because the networks have the capacity, it really took 10 15 years, for electric cars and electric charging stations to be readily available in North america and most of Europe just wait 5 years, you heard me, 2025 will be a different world! Buy 250 Tesla shates now, you will be millioner by 2025 guaranteed!
@1ibe, When they come out with an Electric Vehicle that's cost efficient, can haul a load of lumber, and I can travel cross country in without going out of my way and have to wait to recharge, I'll be happy to get one. Until then, My old '05 4-banger Toyota pickup can do all that and more, and last for 400k miles with only modest maintenance. That's interesting technology, the mostly hydrocarbon fueled generator charged primarily Hydrocarbon derivative plastics & rubber manufactured EV, but our newest mostly fossil fuel powered and manufactured clean energy vehicle(the EV) is not quite ready for prime time. I am anxiously waiting though.
“Cathy, I'm lost, I said though I knew she was sleeping.
And I'm empty and aching and I don't know why.
Counting the cars on the New Jersey Turnpike,
They've all come to look for America”
I think young folks would benefit from going to more technology oriented companies. Unfortunately CVX's technology ends in dashboards, most managers are not interested or do not understand new technologies or even management theories. Every (blue eyed) employee has a "next generation" project with little value to the company but big value to their aspirations. e.g. Millions of $$ spent in AI to pump out 2C p&id, but doesnt work.
After surviving 7 ROMs in 5 BUs, I do believe ROMs are the nature of doing business in CVX. So either put up with it every 2 years or look for an employment somewhere else. So if you are young make hay when sun shines.
I am in a non-petro function (IT) so I can work in any industry. The more I am seeing how CVX and the industry is going downhill fast, it’s tempting to go elsewhere. O&G is full of dinosaurs who try to act like they are progressive (Digital, D&I, etc). I scratch my head over the digital scholars program-the existence of this uber expensive venture tells me that CVX is either unable or unwilling to just hire the talent with those skills as opposed to spending millions to send some entitled petrotechs to MIT or Rice for a year.
Do people really think that 2021 is going to be any different? MCBU folks are all excited about the ramp up. My friends, it is not happening. There is nothing on the horizon that suggests demand will dramatically come back. And the election is a double edged sword. If the reds have their way with the drill baby drill philosophy, the market will be re-saturated with supply. If blue wins then expect the usual influx of regulations and restrictions to all businesses.
The 10 - 15 year downturn started in 2014 so we're midway through it already.
Time has changed, technology has evolved much faster and a lot of futuristic thoughts are now a reality. It is now possible to drive electric car for a good long distance, it costs less to operate it and in very near future (less than 5 years) a whole lot of changes to battery technology and electric charging stations can make the who charging time comparable to refuling time at gas pump.
The pay is not any better compared to tech companies, the flexibility is no better either [ Twitter and some other techs made WFH permanent]. The benefits are also not any better, i.e. Facebook bonding time is 4 months vs CVX of 8 weeks.
Only an id–t from this point forward would get into Petroleum engineering program or oil and gas related Earth science, why not take computer science or Electrical engineering or any other technical programme?
No matter how the uplift the oil prices be in future, people are now more than ever convinced in clean energy and carbon free world [people means folks in industrial world who consume almost 80% of energy]. So this industry is going through the same as T-b-cco industry and Coal industry. Anyone staying is because they have no other option and the current pay is way better that outside pay with their skill set but trust me the lay offs will happen more often and the workforce will shrink more, I would say by 2040 Chevron as a whole will be no more than 15,000 globally.
There is a significant difference between now and mid 80’s. The spare production capacity is a lot lower now (once we are back at ~95 to 100 million bbl/day).
But yes if I am below 35 I would think of leaving, there will be spikes and a few good years but overall the trend is downwards.
This looks to be a much longer term decrease and possibly permanent. With no job security and all thr other negative forces such as climate change it will be hard to get young people to stay or recruit them going forward.
They said the same thing in the mid 80’s and they were right by the mid 90’s things had stabilized and by 2010 we were back to good times. Of course it took 10-20 years.
I laugh at the foolishness I am reading on this post. Once demand starts to pickup, watch how fast Russia, OPEC, etc. can open valves. There might be a spike because of supply chain challenges, but that will quickly be overcome. Please, when the demand side starts to pickup and spike, hold your stocks for long enough for me to cash out at a high price. Please.
As a relatively "young" person who has been through various re-orgs (Alpha, ESP, Delta and now FT), the idea of oil/gas is no longer appealing to many of the "young" crowd. While every industry has positives and negatives, the oil/gas/energy sector is not always at the first and foremost of many to choose. Sure, many products come from a refined product, or as a by-product of the refined process, many negative external viewpoints of the industry has not helped.
The company preaches about having a breadth of BU experience, but the ideas of moving to upstream locations (Midland, Bako) is not necessarily appealing, then you get stuck in that location because of a re-org every 2-3 years or the BU gets put on the chopping block (AMBU). Expat/rotational assignments and TDAs aren't often accessible because the company wants "agile" and quick ROI, so those mega projects are on their way out. The CDP are only as good as the person who wants to bargain for you in the PDC process to get what fits in your CDP/development.
And Abraham Lincoln will come back to save us all. Your crystal ball suc ks.
This post and initial 2 responses were stolen from tweets. Eat your heart out #EFT.
Some of the demand destruction is gone for good. This time is different. Whether you believe it or not, the world is moving onto a low carbon environment.
Send me the payment of my university degree loan and PERHAPS I will stay. I feel cheated by this company. Thought I could change the world from here but I was wrong. I strongly feel that I should leave now.
100% agree; short term is very ugly. But if you can make it to the rebound the set-up is increasingly constructive. Pandemic Demand destruction is not “organic.” It will reverse.
Hard to imagine that would result in anything other than the same rampant corporate governance issues that have disillusioned us. Hopefully not, sure, but many of us are convinced this is the start of another 10-15 year downturn.