Thread regarding Chevron Corp. layoffs

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The S&T town hall next week will announce 30% headcount reduction, I assume mostly among stuff like the COE, analysts, maybe some of the traders. No specific mention of Engine, just stuff about returning to ratable flow assurance trading only, etc.

Anyone know any more?

@kf+1jh12fsmm You are wrong on 6 month max, the published policies on the HR site for the last three years show 12 month max.

Not sure where this 3x EOI benefit and 1 year is coming from...there was only 1 time in the last 20 yrs that I am aware of that EOI was done at 3 weeks per year of service (not sure about the max), but the standard is 2x, max 6 months. Doubt there will be an enhanced EOI offered.

How is a global division different than a BU?

We will soon be reallocated under new global divisions, by type of job. Bye bye BUs!

We will have Global IT, global HR, Global asset classes for subsurface, all of them levering as much as possible cheap labor in India, Philippines, Argentina, and with the indispensable practitioners in Houston

Any insight on if we all will be posting like usual or will it be managed moves?

Focus on my work? Any planning or task that goes beyond 2 months out is utterly pointless. I don’t know my boss or role or work flow. Only sad little lemmings keep doing as their told when it’s so utterly pointless

@ab PSG 22 range is $133.6-167.0-200.4k
PSG 21range is something on the order of 113.2-141.5-169.7

Stop being part of the fracking problem and just focus on your work. Unless you have ADHT, there is no excuse for not doing your job well and letting others wallow in their own sorrows. When you kick the bucket, how will you look back on your career? Do you want to help deliver energy to an energy hungry world and be useful or do you want to see yourself closing up like a clam because of insecurities flamed by various external forces trying to get weak contributors to self-select out?

I don't know what people are thinking... Chevron is overstaffed? Well, as per their own website, Total has over 100,000 employees ("TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed...").
Chevron has about 45,000 and people are saying the number needs to be reduced to be able to compete?! Something is definitely wrong but it is not that the company is overstaffed.

Easy 50% needs to go. A bunch of folks doing nothing!

If laid off what happens to the money in the pension plan? Will be get to choose to cash it out?

Expect 20-30% HC reduction in high cost of living areas. Some of those HC will be transferred to India, Philippines, or Argentina. Low cost of living areas should be less impacted.

Support functions are targeting offshoring 50%. 1 BU employee to 1 employee in The Philippines or Argentina.

@br Overstaffed? Most of the operators I've worked for were understaffed and overworked. Time for this industry to wake up and stop treating people like garbage. It already has trouble recruiting and retaining employees. Understaffing isn't going to keep anyone. Chevron used to be the shinning star in the industry. Now it's becoming a falling star/sinking ship like the rest of the industry.

1. Having worked for other operators it has been my experience that having a mix of BUs and asset classes work best. This allows for a good balance and distribution of work and experience.
2. Agree. Get rid of CTC. Move the competent worker bees over to the new organization, whatever that is going to be.
3. Chevron is by far the most overstaffed operator I have ever encountered and have yet to see a BU here that isn't overstaffed. It should not take this many people to drill / complete / produce a well or area. We also have so many layers of team lead and managers kicking the can down the road instead of being responsible and accountable.

Do you still get state unemployment benefits if you separate through EOI?

Yeah a year of severance is not enough to compel me to EOI, especially taking into account the timing of the severance which will push me into a higher tax bracket. They should offer two years as the max.

Well if it’s just 1 year, then I am staying! I always survive these things

Possibility of some RBU teams relocating to Houston

Any rumors around the last working month for those left standing? Will it be June or the drama be dragged all the way till December?

BUs and CTC are going away? What's left? Shared services, ENGINE, and execs?

EOI and severance for being left standing during a large reorg event was the same 3 weeks per year during the last event.

Yes,1 year max.

For U.S. severance is there a cap (e.g., typically it has been 1 year max)?

2% structure is a kick in the face for those of us facing compounding >20% increases in insurance and property taxes whether or not we still have a job. Living in "the swamp" used to be a great way to get ahead. It's su-ked since COVID.

EOI 3x service years, severance 2x service years

Will the severance be 2x or 3x the service years?

A 20% reduction would be significant. In the 20 years I've been with Chevron, the company has never implemented layoffs of that scale. Those who remain will likely have to work even more hours, adding to the already increased workload.

Combine MCBU, RBU, and parts of LABU into Amer S&T, combine GOM and parts of LABU into Amer DW

What are the ranges for PSG 22 & 23? Can anyone please post?

@a6 MCBU is a factory. Your job entails one part of the whole process. Asset is how smaller companies do it and do more.

Aren’t BUs already set up by asset class?

I also heard BUs going away in favor of asset classes to leverage similar processes broadly.

I heard MW was structure was 12%

US Finance is 30%…. I expect the rest of the org to round out to a similar number IF the roles can be offshored.

2% structure is not a rumor. We already received the budget and the new COs per PSG. 2% in the US.

Peers make do with 50% less headcount than Chevron. Why can't Chevron manage a 20-30% cut?

(That's what the board will be asking)