Over the past decade, our company's Total Shareholder Return (TSR) has suffered a sustained decline, putting us behind our competitors. Key transactions, such as the HESS deal, remain unresolved after two years, and mounting legal challenges across multiple fronts are eroding our strategic position. We're losing leverage in global markets, and our asset portfolio is alarmingly concentrated—NPV is heavily weighted in S&T in a single geographic location.
Instead of investing in sustainable, organic growth, we've leaned excessively on M&A, a costlier and less reliable strategy. The result is a company vulnerable to shocks and devoid of long-term vision.
The most recent operational model redesign represents the largest restructure in 25 years. While marketed as a global effort, it disproportionately impacts U.S. employees—closer to 30–40% in reductions—due to our inability to restructure in locations governed by external labor agreements. Something that leadership conveniently sidesteps in messaging.
This situation is not simply the product of tough market conditions. It is a direct consequence of persistent strategic missteps and ineffective leadership. Our executive team has demonstrated a failure to adapt, innovate, and safeguard the cultural and operational foundations that once made this company thrive. (MW has proven his poor strategic mindset, MN has denigrated the company culture, EB panics in her helpless incompetence, LL running around like an enthusiastic puppy that has no idea what is going on and completely unable to "read a room" - especially internally within Chevron.)
Many of us joined Chevron because we believed in the leadership, the boldness of our strategy, and the strength of our technical vision. That legacy is now at risk. The individuals steering this company are out of step with the challenges we face, and the solutions they offer are recycled versions of the frameworks that created these issues.
It is imperative the Board of Directors take decisive action to ensure accountability, restore confidence, and implement leadership change at the highest level. Without this intervention, the livelihoods of thousands are in jeopardy—no amount of individual excellence can offset systemic strategic failure.
While we frequently emphasize our obligations to shareholders, we must not overlook the trust placed by over 40,000 employees worldwide. These individuals have committed their careers—and entrusted the futures of their families—to Chevron. Our dedication and contributions are the foundation of our company’s success, yet the current strategic misdirection puts our livelihoods in jeopardy.
This is not just a financial crisis—it’s a crisis of confidence, culture, and responsibility. We are accountable not only to investors but to the people whose daily efforts power our operations and uphold our values. Ignoring that reality is not just poor leadership—it’s a fundamental failure to honor the social contract at the heart of this company.
We owe it to ourselves, our families, and the integrity of this institution to demand better. Employees need to have a louder voice.