We are guiding for an additional billion in cost savings and EB said on the call it would come from the same structural changes (headcount) as the billion we hit this year. Exciting times!
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@bh it is gutting to see projects cut and cost being cut constantly and allowing admission like Valentina Avila spend over $1million on a Christmas party, hiding and manipulating the expenses making other administrative run the expense on their corp card and is still around. She may have e slept with every manager she has had but she is now impacting budgets and she cant be touched because her latest boss De La Rosa is getting his on side from het and is protecting her. When will this end!!!!
@OP PLEASE give me one more chance to EOI, I promise not to sc--w it up this time!
In order to attain MW's growth metric, they are going to buy companies. Once those people are on board, he will axe them just like he's doing now. I'm sure that a few more CVX people will get caught up in the reorg too.
@bj That's the way I read it too. Not to say more's not around the corner soon. Word is with with ENGINE already overstaffed, related cuts are coming in 2027.
@cq Agreed. There are initiatives that were cut but people still on them and haven’t been reassigned.
They need to do it properly or people who want out will just hang around until they get paid out.
@bj We are just getting started on cutting projects. We won’t need the current employees when we are done cutting those projects. No one is safe. Will take some time to move the ship but the ship will also be shrinking. Big time.
All they do is layoff and offshore. Yeah, that’ll solve our problems . lol what a joke 🤡🤡🤡🤡🤡🤡🤡🤡🤡🤡
@bk TBH pulling the plug in SR probably cost more money than leaving it as is. The only reason MW did it was to make a stance.
Well, let's see. I'm in a position that no one knows what they want me to do, in an org that no one understands, trying to execute work according to new workflows that don't exist. It's miserable. So if more layoffs come, I'm raising my hand this time.
Yeah good luck with that plan.
Are there a lot of engineers in the San Ramon headquarters?
S&T engineers are dollar for dollar the best investment the company has. Even a bad engineer will make 3x their salary in added value minimum
@a1 how did they have the call if you weren't there
Probably less as there will be a lot of 'indians' being hired to replace the US staff.
Wanna save a few bucks?.. don't force SR FTEs to relocate unless they want to (everyone probably has 1.5mm+ home), use WeWork space for the rest
This is the same 20% as before. They just haven't finished yet.
I'm shocked that our management is so incompetent that they are not ready to rebuild the organization for success after nearly three years of prolonging the current round of restructuring. Moving beyond Soylent Green to Terminator: "Human Power" is no longer needed to feed the machine.
@ar pay out hefty relo packages to S&T employees to "centralize" just to axe a year later.. classic but not surprising if true.
Don’t believe them. It will be in many other orgs, especially IT and Finance as well. Thank the lord i found another job. Godspeed to yall
Some groups/individuals were out of scope during wave 1 and wave 2. I guess this is their chance to EOI.
Wow i kept saying this for months and everyone kept saying i was paranoid… well, guess i just wasn’t naive. Fu---d up times
@aa while I’m grateful for less pain this round, the number of engineers remaining in S&T for the slow development work load doesn’t make much sense. When bringing up that topic to different people higher in the food chain than myself, I’ve heard rumblings along the lines of “there might be something else happening in that space”. I wouldn’t be surprised if we see more changes.
I don't feel like this says what was said in previous comments about a further reduction of up to 20%. I was not on the call, so I didn't hear anything firsthand.
"Meanwhile, Chevron said it is setting a cost reduction range of $3 billion to $4 billion by the end of 2026, more than the $2 billion target it set for 2025. Those cutbacks have included layoffs of up to 20% of its workforce by 2026."
source: https://www.upstreamonline.com/finance/chevron-targeting-further-cost-cuts-and-higher-production-over-next-five-years/2-1-1899981
I heard there weren't many cuts in engineering in S&T. So maybe they'll actually see some of the carnage this time.
But how is this actually expected to play out so soon? We all just applied for jobs and teams are still scrambling to figure out the new workflows. Or is the mention of the up to 20% cuts just the remaining people in transition roles exiting?
So, what people are left to cut?
All of engine?
@a4 - Key Highlights from Chevron’s Investor Day
Shareholder Returns: CVX down 2.5 % today, after investor day announcements,
Competitive Balance: XOM eating CVX lunch, check MTD data (XOM down just .7 today),
AI Data Center FID: To be announced after partner selection / go live in '27 ? wow
What are private equity / corporate raiders waiting for ? buy a couple of percent with private capital - then DEMAND breakup: sell downstream assets, elect replacement members of BOD, and above all - realize the value our BOD/ELT members have failed to deliver.
Yes, casually dropped the bo-b about another cycle of workforce reductions up to 20%.
I dont think this should surprise anyone thou, you are a very naif employee if you were under the impression that surviving the 2025 carnage would have put you in a safebox ...
Key Highlights from Chevron’s Investor Day
Cash flow growth: Chevron projects adjusted free cash flow growth of more than 10% annually at $70 Brent through 2030.
Capital discipline: Reduced capital expenditure guidance to $18–21 billion per year, maintaining breakeven below $50 Brent.
Production growth: Plans to grow oil and gas production by 2–3% annually through 2030.
Cost reductions: Targeting $3–4 billion in structural cost cuts by 2026, including workforce reductions up to 20%.
Hess acquisition synergies: Integration nearly complete, with $1.5 billion in expected synergies from the $53 billion Hess deal.
AI data center power projects: Launching natural gas‑fired power facilities in West Texas to serve data centers, with potential capacity up to 5,000 MW.
Shareholder returns: Commitment to dividend growth and predictable share buybacks, supported by stronger free cash flow.
Portfolio resilience: CEO Mike Wirth emphasized Chevron’s ability to sustain earnings with lower execution risk and resilience against volatility.
I wasn't on this call. Can anyone else confirm.