Chevron let go of 80% of Hess employees—should we expect the same outcome down the road?
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Agreed on the staying away from this industry. I have heard that finding a professional job anywhere is more difficult now compared with twenty or thirty years ago because of the way a job search must be conducted. Now it seems like the internet must be used to apply for jobs on the job sites and you have to get past the filters. Still for experts in their field with an honest resume packed with significant contributions it should be easy if you qualify for the job and have good references.
@ep Oxy layoffs dont target the deadwood. They target the high performers that make the deadwood look bad.
There are people still around who haven't done any work in over a decade.
@av I got let go in layoffs from two oil firms, in 2018 and 2021. I have not been able to find a petroleum job since. I have 18 years experience in oil & gas and have gotten three interviews since 2021. The job market is so over saturated I have had to move on from this industry to survive. It's a bleak outlook for us. I would suggest younger folks in college to do all they can to stay away from this industry if they want any type of future.
Guarantee that the Hess folks were paid very well to leave. Most likely at least two years pay. I’d sign up for that immediately!
Stock price not driven by side gigs. Permian grease pays the bills. If and when a corporate raider comes and carves up this turkey, they will be the first things to go.
@jz except for carbon capture, Oxy had all of these subsidiaries and the legacy liabilities that you mention during Chazen when the stock price was doing very well. So you are demonstrably incorrect. You can’t blame the stock price on Oxy subsidiaries.The lesson here is to think before you post.
@jz I didn’t know my opinion had so much influence.
@q5 Love Canal was from Ho---r Chemical which became OxyChem.
Having worked at Hess, I am sorry that this is their outcome. They were oilfinders, not like Oxy. It is your debt that keeps you. from joining them.... Just a matter of time.
Oxy is marketed as an O&G company. Everything else should be window dressing. If I was a corporate raider, I would make you sell the midstream, chemicals and carbon capture and focus on finding the grease. I guarantee that the stock would be back into the $70's . Is the Gulf of America working out?... Perhaps I'd unload that too...
@jz no, love canal was on ho---r chemicals watch. Oxy later inherited the problem via acquisition.
@j8.. Always thought Oxy was an Oil and Gas Company with side gigs in Chemicals, Midstream and Carbon Capture. Your opinion is why the market thinks its a $40 dollar stock. Kerr Mcgee's chemical operations was interesting till the lawsuits and superfund sites made business difficult. Wasn't Love Canal on Oxy's watch? What else is out there to come back to bite.
@es I don’t think this is a fair criticism. I’ve never thought that the carbon capture business was viable in the long run, but having a chemical subsidy has never hurt OXY. Also, because of OxyChem‘s market share, it would be hard for another chemical company to acquire it, so you’d have to spin it off as a standalone company. I think that is doable, but difficult. Last, OxyChem has always been a disciplined, very well managed company, giving OPC the additional advantage of being able to pick off high performers to move into the O&G business.
It is an industry that has been getting leaner for the last 40 years i've been in it. The days of being overstaffed and inefficient are long gone. Oxy may be one of the only companies I can think of as overstaffed but cannot be sure as little is known in public circles as to your oil and gas activities. Quarterly reviews do not tell the story.
The entire industry needs a correction in workforce numbers.
It is an industry that is inefficient.
You can go after all the talent you want but you need competent management and a corporate culture to use them effectively. Until you decide whether your are a carbon capture/chemical company or an oil and gas company, I wouldn't worry about such things.
With all the layoffs there are some good employees that were caught up in them at no fault of their own. Oxy needs to have a layoff of the deadwood, and also offer a VSP, and then go after some of the talent that is out there.
They are retaining Accounting and IT for six months until the transition is complete and all systems are fully migrated into Chevron’s infrastructure.
It’s 575 out of 800. And that 225 is mostly transition team which will be out of a job in 2026.
I saw a number close to 600. Sure that's not 80%.
All that is going with these layoffs need to really catch the attention of all those of us that still have jobs. These days you get laid off from oil and gas you might be years before getting another job in the industry if ever.
80% might be excessive but no reason it can’t be over 50% if it’s Exxon. Exxon Permian/on shore folks can absorb the additional leasehold, same with offshore, same with land, and accounting, and definitely HR. Folks involved with Low Carbon Ventures would survive longer for example.