Thread regarding Chevron Corp. layoffs

Do not google the corporate buzzwords “gaping hole” “thirty bucks”

@176 That is an incredibly sad turn of events; awful for the young man who perished & tragic for that CVX employee, who will have his death on her conscience for the rest of her life.

We need to remember that we are particularly vulnerable to poor decisions during this time of turmoil and uncertainty. Maybe our employee drank to alleviate some stress, not realizing how impaired she had become.

Please take care; we all are at greater risk of poor decisions under the strain of these layoffs and reorg.

The leadership team had a get together Wednesday night at a bar in Ames to celebrate all their success amidst the massacre of jobs.
One of the executive assistants left so drunk she ki-led a guy driving the wrong way while driving home. Employees are already being told not to talk about it on teams or outloook, because subpoenas will be coming when the company is a part of a civil suit.

I’ve seen that 70 jobs are being cut, but I suspect others are being moved to Houston, so a lot more than 70 people will be directly impacted. Thoughts?

@fp No where near 70 people in Ames volunteered. Bad info.

Was a terrible acquisition. Not even one penny Chevron has spent on it or anything in Chevron New energies has made money or will ever make money.

Yet execs not held accountable for these terrible decisions.

This is obviously written by someone who doesn’t work here. The 70 in the WARN act is just the folks who took the package “voluntarily”. Literally everyone already knows about the layoffs, these articles are ridiculous. There will be many more to come in Ames when the selection event finishes.

CJ who was the CEO was hired by the REG board of directors at the time with the sole purpose of getting the company sold to a big oil and gas company. It was her past experience to do this and as part of the objective or any deal made she would be placed on the board of directors of the aquiring company.

The REG board of directors failed REG, they were all seeking fat payouts so they could retire to a life of luxury and sadly, no care for renewables or the community around REG or the employees who made it a great company to work for. The company thrived under the former CEO Daniel and grew rapidly. As soon as Chevron entered the picture they destroyed REG.

It's a sad story but no doubt whatsoever the company would have survived without Chevron and would been 1000 times better. Chevron is an awful company and you won't find one REG employee who disagrees with that statement.

@bw
a criminal act caused by pure carelessness, irresponsibility and unscientific empiricism,"

Ames? Reg? All check the box things…”yes, we are also playing green”. Thats where the hammer needs to fall. Drill baby drill!

MW has openly admitted that REG was a mistake on his part.

The media outlets report that 300 currently work there, I’ve heard thats a high estimate and is more like 225-250 so 70 people is far beyond that 20% estimate. Of course certain pockets of biz will have higher cuts, but 40-50% seems like the norm for US based work.

In the big picture, Ames is so small it is a rounding error to the ELT.

OP: CVX stock price is down because oil prices have crashed. Oil prices crashed because DJT crashed the economy. The only people doing well are DJT and his buddies.

REG story is different, policymakers are not supporting renewables enough to generate a reasonable returns for the entire industry. Just the uncertainty of how much and for how long there will be credits and mandates is stopping investments. Just three years ago when we bought REG the future look very different. But things change, do not expect management not to react.

Internally it was believed big Chevron would carry the group/people through patches of uncertainty and lower earnings, while injecting significant cash to grow well beyond the current portfolio - some this comes as a shock to many. Perhaps without Chevron the group would be filling for bankruptcy by now. REG at its core was speculative on favorable policy.

Lol. What would you have them do?

The plant runs at negative operating margin. It would be cheaper to idle the plant and send all staff to Hawaii.

They announced a 20% global job cut, but in Houston IT, it's likely closer to 60%. Seems like everything is shifting to India.

All very true and applies to all of us, not just Ames. They haven’t invested in their people in 10+ years.