Argentinas' oil prices remained high although the world oil prices collapsed (internal politics). With worlds' highest oil prices, managers in Chevron Argentina had managed to make the company one of the less profitable around the world. Instead of letting go these inefficient managers, they let go technical skilled workers... Hope some day these companies will understand that if the boat is sinking, better change the captain, not the sailors.
3 replies (most recent on top)
South America is expat'sparadise. Unfortunately locals, the real workers , were laid off to maintain those expensive managers and their boot lickers. The boat is sinking, good luck!
The oil price was fixed by the Argentina government (I remember I read $70 a barrel). Last year the LABU had $1 billion negative cash flow. Yes, the managers are still there. By the way, I also heard that Brazil Chevron had oil production below target for the last two years. The engineers were cut to the bones but those PSG26 and PSG27 still in place collecting their expatriate pay.