In 2010 the headcount was 60,000+ . Closer to 30,000 now. Soon to be closer 20,000. The outsourced offshore to India thing makes it easy to cut that appendage in heartbeat. The real value of CVX is in its assets and access to acreage. Little by little the human energy is being jettisoned. Maybe y'all have noticed that. I retired early after the Norphlet chip situation became clear with a pension and no regrets. I feel horrible for all those upstream kids I helped recruit that will not have a chair when the music stops playing. Horizons was an incredible program and yes there were a few weak ones but mostly those kids were the best of the best. The long timers who were resistant to mentoring or simply had no clue how to mentor or communicate with non-boomers had a lot to do with holding back development of those kids. CVX has operated as a golden handcuffs org for a very long time. Apparently the Chevron Way koolaid everyone guzzled really was BS. Look at the leadership stock option positions at the highest levels to understand what the game plan is and then ask yourself what entity in CVX's strategic competitor group is best positioned to buy CVX. There will be winners and losers. Some who stay will be wildly rewarded but most will be looking for their next career with a boatload of debt and no ability to acquire new a new gig with golden handcuffs. The oil biz is evolving but has always been tough and cyclic. It is what it is. Just don't fall into the trap of not seeing the real strategy. I do miss the hunt but not the politics and duplicity. Y'all are in my prayers and wish the best for anyone who sticks it out or makes a switch. If you are making that shift, I recommend doing it sooner rather than later. Just my opinion.
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Trump would love it and allow it. American oil vs the Europeans and nationals. He loves to see big things happen on his watch and take credit. Money money money for the 1%
"I suspect we are now passing peak oil." Again? ROTFLMAO.
The challenge is, make a switch to what?
XOM looking like the meme with the guy behind the tree rubbing his hands
@gt+1jn58905e
you should consider selling oil stocks now but not because of this post.
Once the Russians are allowed to sell their oil on the open western markets again the price of petroleum is expected to decline to $50 per barrel.
Trump is brokering a ceasefire so the Russians can sell their oil again and incresae the supply of oil and this will drive down the price per barrel in the future.
@cf+1jn58905e
The answer to your question is investment bankers and hedge funds. They have trillions of dollars of money to invest and are the real puppet masters of the world. Chevron is just another puppet to them. If the all powerful orange one says it's so, it will happen....
Should we sell our stock?
Trump wants Exxon to buy Chevron. It will give him an almost nationalized energy company to compete with other countries’ , more control over Canada, and more leverage against OPEC+
@cf+: Never heard of leveraged buyout?
So... who exactly do you think has the cash or balance sheet to "acquire" a ~$300B company. How often do you see mergers and acquisitions of this size?
You may not realize this but Tengiz is the cash cow that keeps the company afloat. Look at barrels and lift costs (before you add the FGP cost overruns which is money spent).
The OP does not sound whiny to me. Downsizing makes us a better aquisition target. Ask ex-Noble about that. Not sure rightsizing is accurate description unless you think AI really will find oil and drill wells.
A wise person high up at Noble Energy once said that Noble isn’t really in the oil business… Noble is in the business of making money. Let’s not fool ourselves kids. It’s the same at Chevron.
Good post, OP! Pretty dead-on.
I think this to prep for Hess integration..
Sure could be start of the decline but this industry will never go away forever
Standard Oil of New Jersey: Merged with Humble Oil and eventually became Exxon. Standard Oil of New York: Merged with Vacuum Oil, and eventually became Mobil. Standard Oil of California: Acquired Standard Oil of Kentucky, Texaco, and Unocal, and is now Chevron. We are heading back to just Standard Oil (ExxonMobilChevron) and Shell-BP as the only majors, with a mix of European second-tier (Total, Equinor, Gazprom/ Rosneft) and a grab bag of regional players. Even though it has been called wrong multiple times, I suspect we are now passing peak oil. Welcome to the decline.
CVX/STANDARD Oil started it all. They will never be acquired…
Chevron is at the edge of a cliff because we can't find or buy resources. Cut, cut, cut, and stock buybacks are a loser's game with little future. Most of our real assets are gone or choking on their last gasps. Permian and Niobrara will be in steep decline in five years. We would be better off spinning off ABU and Tengiz into separate companies and shuttering the rest: Pay out one last glorious dividend to investors and shut off the lights. This has been a long time coming and is directly the outcome of current leadership. Agile bull$hit and AI were misguided distractions, not solutions near term, if ever. We should have gone shopping during the pandemic, but that is water under the bridge. There are other companies still profitable in this game, at least for a while longer, but slots will continue to be very competitive. Good luck, everybody. I agree with OP; even if you are not left standing, start looking hard for new opportunities.