Loss of 720 million. Regular employee head count will reduce by another 4000 this year. Contractor head count will be s.tcup6500 lower than end of 2014. Dividend preservation and increase for 2016 is top priority. Net oil production is down from 4th quarter 2015. Whetstone will start up mid 2017. Gorgon repairs will complete in 30 days. Some other stuff about Gorgon. Capex of 17-22 billion for 2017 and 2018. Conference call is sill on.
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Johnny Boy is indeed a greedy fu*ker. His public relations group also advised him to keep a low profile when bad news is made public. That's why he was nowhere when the earnings conference was held. The shill analysts were also told not to dig down and follow up on the real questions. Wall Street and Big Business are in bed with each other. #CollusionAndCorruption.
It is very telling that Watson wasn't there. I don't know of any other high-level company where the CEO didn't show up for an important conference call. I bet he's finally getting sh!t-canned but his severance will probably cost us over $250 MM.
Greedy f#ck.
Since the was a First Quarter call, I think the employee cut numbers quoted could be as of 3/31/2016, in which case the 1h2016 esp would not yet be counted. This would explain how we have only 1k to go beyond the last esp. But i do not know, just guessing...
1) Go here: http://www.chevron.com/investors/events-presentations/1q-2016-earnings
2) Open 2016 1Q Earnings Transcript PDF
3) Go to page 5, about half way down:
/quote/
On the organizational side, to date we have reduced our employee headcount by more than 4,000 relative to year-end 2014 and we are on target to achieve approximately 8,000 total employee reductions by the end of 2016. We are also on target to reduce our contractor workforce by about 6,500 from 2014 levels.
/end quote/
I'd say we are only half way there (4000) including 1H ESP, and have another 4000 to go in 2H 2016
How embarrassing and disgusting that John Watson was absent for the conference call this morning. What do investors think of this? I have a good feeling of what the current, and especially laid off employees think. Another fine example of The Chevron Way, another OE moment, another example of leadership. Another 1000 Human Energy People added to the lay off hit list. What cowardice. No wonder this board is the most active. Just keep drinking the Chevron kool-aid and conforming to all of the LGBT and diversity propaganda. Don't forget, the PC police are watching, and you might have an anonymous complaint filed against you for some perceived offense.
@mrn excellent post
sad to see an increase of losses from last quarter, I'm afraid it will still get worse before it gets better.
Some of these layoffs are going to come from ETC and ITC and other supporting services.
CVX will miss every start-up commitment made in this investor presentation; ALNG will delay, Gorgon will miss Train 1 restart and Train 2 slide; Wheatstone delay further; Big Foot will slip; Reason: Layoff disruptions will slow everything down; New people take time to come up to speed when replacing experienced expats; Plus more unexpected operating incidents like Gorgon Compressor or Big Foot tendon failures or ALNG relief line will likely show up; These costs will be far higher than the savings from the layoffs; CVX desperately needs better project execution, but layoffs will cause worse execution
The story is that Chevron would have 1,000 more job cuts; going from the planned 7,000 to, now, 8,000.
4000 is in addition to recent ESP layoffs. Bloodbath coming up in ABU and Project Bravo over the next few months.
Johnny Boy is either playing golf or had laryngitis again today.
Watson's salary is more all of CVX earnings in the last 6 months...pathetic leader
Where is John? Playing golf?
Bigfoot is currently expected to be ready in mid 2018. Two more years of delay due to poor engineering and/or execution of the tendon deployment.
You can dig around on the Internet and find the earnings call and earning call supplement information. Two interesting things. First, the conference call and webcast had Pat Yarrington, Joe Geagea, and Frank Mount. Second, the number one key message is the priority to maintain and grow the dividend. There are 4 key messages, this one is at the top.
More info. Sorry about posting this piecemeal. Reported earnings -0.7 billion, earnings per diluted share -0.39 dollar, cash from operations +1.1 billion, debt ratio (3/31/2016) 22%, divideds paid 2.0 billion. Oil price expectation for 2017 is $52/barrel. The additional 4000 headcount reduction is in addition to the recent layoffs. Ouch!
Chevron increases planned job cuts to 8,000
http://fuelfix.com/blog/2016/04/29/chevron-increases-planned-job-cuts-to-8000/
This isn't good.
Chevron increases planned job cuts to 8,000
http://fuelfix.com/blog/2016/04/29/chevron-increases-planned-job-cuts-to-8000/
Some more info on net production. Liquids, MBD, 2016 Q1 490 vs 2015 Q4 499, reduction of 9k b/d. Natural gas, MMCFD, 2016 Q1 1266 vs 2015 Q4 1320, reduction of 54 million cf/d. Oil, MBOED, 2016 Q1 701 vs 2015 Q4 719, reduction of 18k b/d.
It is not clear if the 4000 reduction includes the recent layoffs on April 8. Some more info. US upstream earnings -850 million vs -460 million Q1 2015. International upstream -609 million vs +2020 million Q1 2015. US downstream +247 million vs +706 million Q1 2015. International downstream +488 million vs +717 million Q1 2015. Net income -725 million vs +2567 million Q1 2015.
Does the employee reduction include the ESP cuts?