Chevron employee here. Chevron preaches about transparency, kind but direct, and “focus on what you can control”. But at same time, Chevron leadership asks its employees not to reach out to Hess. Workforce reduction, large system implications, teams migrating offshore. How is anyone expect to work? I can only speak for myself, but I couldn’t care less if I’m fired/let go. I’m simply collecting a check and doing the bare minimum. I would suggest the same for Hess employees.
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This turned out to be very true.
Tengiz concession expires in 2033
@ht Namibia will not be the next Guyana for CVX, and almost no new offshore discovery can replace Tenghiz. Plus Guyana starts on decline and becomes cost current under PSA by early 2030s. SO cost oil plus profit drops dramatically in Guyana. (today govt gets on 15% of the Guyana barrels...it rises to 55% by 2030 as cost bank pays off (more FPSO means faster payoff of unrecovered cost bank. I wonder if CVX modelled this with the 2 year delay from arbitration??? Huge PV effect, Maybe that is why CVX is so aggressive in Hess layoffs (too recover some lost PV from arbitration delay???
@by, that’s why the need Guyana. Now that they are in, they don’t need to develop any big projects and hence don’t need too many people.
My prediction:
- there is a big exploration drive right now at Chevron, let’s see if they can find something (the bar is high for sanctioning a project)
- if that does not happen (more likely) the company massively scaled down in 27-28 timeframe and just rides off into the sunset just managing decline as best as they can.
@by everything you just said is complete BS
Welcome to the CVX layoff meat grinder.
With no big operated projects in the pipeline and slowing activity in Permian, outlook is dim and people must be cut. Shell and XOM do not trust CVX at Gorgon, so those projects will not get Coventurer approval. XOM will block any more work at Tenghiz (because XOM does not trust CVX project management and costs) and possibly govt may not grant extension, so spend must be cut to avoid stranded cost (in any event there is still Russia risk with CPC and Russian export terminal. Future is not bright once Permian starts decline and Tenghiz expires and Gorgon projects not approved or delayed. $60 oil means cuts need to be even deeper and faster.
@ad is that just people guessing? Which engineers? They’re in all different departments.
From what I’ve heard in ND the engineers, land dept, finance, foundation engineers and MR&I office employees will be hit the worst.
Welcome ENGINE lol.