Thread regarding Chevron Corp. layoffs

5 years ago 'renewables' we're low return industries. In those same 5 years look at Nextera vs. XOM. We missed the boat. Now we have to build an entirely new hydrogen industry or die.

https://simplywall.st/stocks/us/energy/nyse-cvx/chevron/news/heres-why-were-wary-of-buying-chevrons-nysecvx-for-its-upcom

Look at the chart on dividend vs earnings. They are probably aware to maintain the dividend they have no chance as a low margin business - they keep paying out more than they earn which means the company will keep shrinking. The correct answer is to pivot to renewables, accept the business has changed and cut the darn dividend..

I planted my tree today.

more dividends = more squeeze on employees

come to think of it, our dividend per share is close to or exceeds our earnings per share

how prudent is that!

"We rather dividend it back to shareholders and let them plant trees," Chevron's chief said.

This has to be the stupidest green quote I have heard in a while. The press has already picked up on it and is roasting us alive. Our green strategy is to let our investors plant trees while we emit endless carbon via massive flaring and power generation?

Morgan Stanley, stunned by all the "costs" outlined in the clean energy dog and pony show, hung up and abruptly cut their share price forecast from $128 to $111/share. Well done, boys!

Just a bunch of smoke screen. Chevron is hoping that green is a fad and will fade away. No serious transition plans, just some peripheral "renewables".

Too little too late. The green ship has sailed. We are rearranging deck
Chairs.

I think instead of decarbonizing the base business and mimicking European emission rules, Chevron should be mimicking Chinese and Indian economic rules. Just thumb their nose at the global wealth redistribution Climate Change idealist group and go full bore on oil and gas extraction. Right now, Europe has a thirst for natural gas and have their back against the wall having to now pay high prices for LNG imports. Their government don’t look out for the betterment of their people. The United States shouldn’t follow their narrow minded rules on fossil fuels. It is needed, while we also work on renewables, which by the way is a good thing, but will never replace the vital importance that fossil fuels provide.

Seems like a sound strategy in my book. There’s not much else Chevron can really do. The feds will tighten regulations, with an eventual goal of mimicking European emissions rules. Decarbonizing the base business is a must. And there will be a large market for offsets. Personally I think they should quit with the share buybacks, and make a $5-10B acquisition of a strategic player in the “green” space, to quiet the haters. I think that’s what the market and regulators expect. That keeps the divvy safe, plus signals the company is amenable to “getting with the times”

It really didn't make a lot of sense. They claim investments to reduce emissions will have fabulous returns but when you look at the list they just seem like extra cost - using nitrogen in tanks, converting rigs to electricity, etc. Most of the strategy seems to be around flare reduction, which was already always part of the plan for decades. Of course they also gloss over the high carbon intensity assets in the portfolio - heavy oil especially.

think by 2028, most of the management will have retired right? who will be the ones left to see us through the energy transition?
MW is 61 this year

“Renewables” is not much more than another buzzword. My investment money would be better placed on advancing battery technology or cold fusion.

Yes there was mention of "renewables" but this was mainly in the context of fuels (aviation, diesel, gas etc.) . Chevron clearly still not committing to large scale solar and wind power generation for example in the way their European competition has. Renewable power generation appears to be constrained to powering existing traditional upstream/downstream operations.

MW seemed like he was sick during the Q&A session.

looks like a test to see who will be the next CEO....and a clear display of our lack of diversity of women at the top.

As expected. You put an entitled light weight in charge you get fluff.

There will be layoffs of petro technical folks mostly REs with this trend and maybe more hiring of Chemical engineers.