It’s been 10-15 minutes since chevron embarked on some sort of restructuring; will the PDC acquisition turn into an “opportunity to adjust what we didn’t get exactly right in functional transformation”...?
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The packages PDC offered to employees when they bought out SRC was a total slap in the face. SRC was bought out and they gave much larger packages to their employees…go figure! Glad to see PDC gone!!
Last PDC had a very low job fill rate. I dont see any layoffs anytime soon.
Hold up! Won’t people get confused between PDC and the PDC? How is that supposed to work?!?! I see the Workday confusion writing on the wall already!
@3jjh, yes, this has been known for quite some time now. It became evident 10-15 years ago when only high-pots were getting cushy foreign assignments. There's nothing "fair" about the PDC process. A bunch of managers gather behind closed doors with catered food and check their pre-arranged "trades". If you didn't work out something with your boss ahead of time, you aren't getting anything.
What did you ever misunderstand about the PDC Process? The acronym stands for Pre Designated Candidate. If you not a chosen one before entering into the process, you were just wasting your time. Now that you know what’s been going on all these years, the process is being tweaked a little, but don’t be fooled. It will remain the same thing behind closed doors.
The Axeman exposes the dead wood
Layoffs and re-structuring are great smokescreens for poor management and bungled strategy. They always give the impression of something positive when in reality they're covering up something negative.
Swing it Paul Bunyan.
Here he comes …!
The layoffs are coming but more driven by economy and MKW itchy trigger finger. I suspect this and a few other acquisitions (REG) will add some cover, but we all know it is coming.
We have basically undone most of the job cuts from Transformation so time to tighten the belt again.
A Noble reunion is not something to look forward to
Mike called me two weeks ago to tell me about it
I agree - all Chevron stock holders are advised of mergers well in advance.
Market knows about deals like this well before they become public knowledge. Already factored into stock price.
All the oil stocks are up today and we were lifted as well.
Stock price skyrocketing today. Just one day after crashing. What does this mean?
@1pbm - full of yap aren't you (ps I am covering for 1lbu who is on shift at the big office, advising the big fella)
1lbu All oil stocks were down yesterday. I hope your day job doesn't involve making financial decisions
Nothingburger
Our stock crashed today as the PDC move is seen as making up for the bad news from the Permian about disappointing production.
It would be nice!!
It’s Tier 1 rock (better than ours which is great) with limited lease obligations and plenty of locations left. PDC was $1B cash flow positive in 2022 just like we were. It’s now the 4th biggest company operated asset in our entire portfolio. Nothing like AMBU.
No this is basically adding more acreage to the RBU, they did the same for AMBU after they got Atlas, by purchasing some of Cheif acreage. It gotta be good land and right next to what we have in RBU otherwise it will be the same fate as AMBU.
PDC has a lot of old Noble hands..it will be a reunion for them up there
This is a loose-change acquisition. Don't expect any change in Chevron's operations.
Our acquisitions keep getting smaller and smaller. PDC is smaller than a decent project in international deep water.
Haha I like how they always call it an “opportunity”. I’m sure it will. If they offer severance, I will take one in a heartbeat.