The docs published online by the House Oversight Committee Dec 9 are shocking. Have a look at all the CVX info released (500 pages), everything from BOD parties at the French Laundry, to a hi-pot list, the detailed 2021 internal CIP scorecard and loads more. Some of the info in there has no basis in reality and shows how the BOD was shown a rosy view of the business in some areas.
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No wonder our Boatf has gotten us into so many messes!!
Chevron is a greedy company and does not protect its employees or families and deserves to have the Biden administration and EU impose heavy windfall taxes. Merry Christmas chevron
@3xws: see prior notes. BOD is only there to rubber-stamp management suggestions (including, I guess, what tourist sites to visit while they're in Australia) and to collect their obscene salaries and per diems for very little actual work. They're all figureheads and flunkies, and lately, diversity showpieces. BOD, which has no accountability, also lifts the burden of accountability from SR and EVPs. Gorgon will forever life in Chevron lore as the poster child for lack of performance and oversight, and lack of any management accountability. Someone should calculate how long it will take for the current profits to pay off the cost overruns.
Believe it or not, I actually was technical author for some of the material in that document and am not surprised to see that between reviews by the GM, MD and OpCo head the facts were COMPLETELY changed. What was shown to the BOD is false and greatly twisted as to both what happened and what was planned next. This is typical managing of the message to keep everyone looking good. If you are a technical author of this stuff, request a copy of the final BOD version so you can see how twisted it all gets.
This is one of our fundamental problems - difficult messages are not shared frankly beyond the lowest levels and management never gets anything close to the truth. And, of course, management never steps down from their lofty towers to check facts on the ground with staff.
I like how the BOD was briefed on Gorgon Project for fourteen pages (page 130-142), the largest project and by far the biggest cost and schedule disaster in the history of the company without a single mention of project execution, cost, schedule or any other meaningful project metric aside from cash flow, which as we know, is great, once you blow untold tens of billions on a fiasco. A complete white wash! Do those stooges really fall for this? Haven't they read a newspaper?
@2glq, yes, and page after page explaining technical terms to the technically illiterate. How could they possibly come to an intelligent decision, or ask insightful questions? They don't, they just rubber-stamp whatever the EVPs recommend, including new VP positions and pay raises for EVPs (both in the document). Have you ever known a Chevron board to turn down a SR recommendation? (That's a rhetorical question, the answer is "no".) The thing about pre-reads, and we see this all the time whenever you present to someone higher than your manager, is that it is an excuse not to have to attend a formal meeting going over the material (including latte orders, I guess). Over the course of my career, I've only known a couple GMs etc. who clearly went over the pre-read before the meeting.
How about the entire page explaining to the BOD and their wives how to order espresso drinks in Perth?? Who was tasked with making that slide and reviewing it?? And the notes about how Australians may mock the Board, but it is not considered an insult. You couldn't make this stuff up!
And how on earth can a BOD be effective when they have hundreds of pages of mostly terrible pre-read for a meeting?
There's a slide in there where Chevron agrees that the only way to meet the CO2 emissions goals is to a) develop no new oil and gas fields (as in, right now, so Chevron is already ignoring this), and b) cease all new ICE car sales in 2035 (paying homage to California?). Also eliminate all (global) coal-fired power plants. Not sure if that was meant to be tongue-in-cheek, or serious. There's no mention as to what will replace fossil fuels as the world's major energy source.
Outdated if you consider 2021 so. All our project economics are in there!!
This was all dated material and honestly nothing I read was that surprising. We’re an oil company, do you really think we actually have a viable energy “transition” plan? After all, we’re beholden to our shareholders, can’t go spewing too much doom and gloom.
Scanned through the entire document. Some thoughts: 1) After taking out all the redactions, the length is probably more like 100-150 pages. 2) I realize almost all of this was Australia-centric, but very surprising to me that UCR and the Permian never get mentioned until around page 572. 3) Exceptionally flaccid energy transition plan. In fact, there really isn't a "plan". 4) Read through the EVP bios. I didn't see a single one where a significant technical or major cost savings accomplishment is listed. Just their merry-go-round of assignments and most of them got their (company paid for) MBAs around year 10 of their (high-pot) careers. 5) That BOD meeting in Australia, including everyone's spouses (why?) must have cost a ton of money. Remember, that's the same time frame all your co-workers were being laid off, and you were being told there's no travel or training budget, while BOD and EVP wives were on a deluxe tourist visit to Australia (that is, no business value).
The listed hi-potential employees are just those from ABU BU in 2016. I doubt most even still work for the company now
I do not see list of hi-pots either, which page?
I'm surprised at the misinformation shown to the BOD about Gorgon and other projects. Wow. No wonder they have no idea what is really going on.
Lol, you think the release of this type of info to an oversight committee is not intentional? It’s all a political game…you give me some fodder so I can be “tough on big oil” and get re-elected / stay in power, and in return, I approve Venezuelan crude and other fossil fuel projects, reluctantly, of course.
I dont see the list of HiPots. Where is that?
I like how when you literally give your life for the company, it shows up on the CIP scorecard as "Gaps in fatality prevention", as opposed to, say, "2 people were ki---d on the job".
I'm stunned at the info they released. What were they thinking?
Nothing new. Including the few ABU hi pots listed.
Great reading for the people on the layoff's list who read these threads, on CVX's official company pathetic loser employee's website
What page is the hi pot list on?
Heres the Chevron link
https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2022/Chevron-FINAL_Redacted1.pdf
https://oversight.house.gov/news/press-releases/oversight-committee-releases-new-documents-showing-big-oil-s-greenwashing
where can I read or download the report?
Great reading for analysts and competitors.