Chevron's first 40 or so minutes of the post-earning conference call a total blank. No audio. No transcript. Then Mike Wirth at the end of it all says "we will launch an investigation into" the matter.
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It’s obvious to me the CEO, Mike Wirth depends on his direct reports to cover for him. It’s also obvious those direct reports depend on their next in line to cover for them. And so it goes in Chevron management, each level of management looks to have the level below them to the ACTUAL WORK, which is really their work and responsibility to do. That’s the problem in Chevron, there’s little accountability and each manager relies too heavily on their subordinates to get the job done. When sh!t hits the fan, they are quick to blame the people below them. We don’t have a leader as our CEO, so we won’t have real accountability in the ranks in the lower hierarchy.
Why drill in the Permian when oil prices wont pay the opex to run a well?
Go Digital. #Winning
The CEO wasn’t planned to attend an earnings call? Who does he think he is, John Watson? I don’t know of any other big company that the CEO doesn’t take center stage on the earnings call along with the CFO.
Wayne B., what a debacle on your watch. Next week you'll be coding invoices in Concord.
Wirth wasn't planned to be at this talk-through, initially. Honestly, I have no faith in Wirth and half his team. I dont know, neither do most staff, what he is transforming the company into. Would be better for Wirth to eliminate 98% of staff, move the company to Bermuda and become an investment company.
JW says that Chevron is down to 5 (?) rigs in the Permian Basin. Is this real? Things at Chevron are much worse than being stated.
No need to call in to hear the same news: "Keep paying and raising our dividend is our number 1 priority". The rest of the content just comes and goes as circumstances change (Opex savings targets, staffing re-structuring, Capex cuts, etc...). There are many more things you can do with this time that listening to these two geniuses using their voices inflections to make a point where there is none to be made. Chevron is in a dire situation, borrowing like crazy to strive to remain alive in a market where its business model is no longer relevant. It is that simple.
@1pcg, I couldn't believe my ears. Both Wirth and Breber were completely detached from reality while failed to answer the Barclays analyst's question and yet managed to include mansplaining. They both also ignored JP Morgan as he was "run off" due to tech issues. This call was utterly embarrassing and disastrous; go ahead and listen to XOM's call as well. The truth comes out during these calls because within the CVX bubble, all of this is buried. CVX also managed to include an "edited" version of the earnings call in their site.
WebEx call manager was probably a contractor.
That is the worst Chevron call I have ever heard. I don’t mean the technical issues. The answers from Mike and Pierre were terrible and showed no deep understanding of the world, the market or Chevron. I got no confidence from them. One lady asked if our capex level was enough to keep us in business with reserves and they said “we don’t think of it that way”. No wonder the stock tanked despite a rise in earnings. And who know we had 17,000 non- critical staff lounging around TCO who will now go home while we pause the disastrous project - further delays and higher cost.
Reading the transcript cringed me so much, I cannot imagine being a top analyst on that call. "GM" of investor relations didn't think it through before laying off their usual guy.
Whoever runs the earnings call is gone. Would have been better in teams or Webex.