Thread regarding Chevron Corp. layoffs

Except for a very brief excursion for COVID, oil prices have been quite stable the last ten years. They have stayed around $60/bbl which is enough for any producer to make nice profits, occasionally rising to $80 or a bit higher, making for windfalls. Unless oil drops under $40 again, I don't see that as a driver for any layoffs.

MW wants to make CVX competitive against the S&P500 as an investment, since the entire O&G industry is out of favor due to the energy transition. His chances are slim.

Saudi Aramco has opex of like $3/bbl and their stock su-ks as well: flat the last five years. They have about twice our staff, but market cap 8x Chevron. We will never catch them.

The O&G business runs on a cyclical “bo-m and bust” basis. In the past when global economies were not as erratic, we enjoyed rather long calm years of business as usual. In recent times going back some 15 to 20 years, the O&G industry is seeing more volatility because of global instability issues.

I wonder who will run this event? Past include EB, MP, and BK

ABU is now a mature asset, no growth potential. You only need to keep the FEs around to make sure the pumps work, and the HR types to watch over them. You've seen this before, think Covington and Aberdeen. Ditto for Denver and Midland, then we had to go in and "rejuvenate" them when new assets appeared.

I hear ABU will be cut, 22% total headcount. The lists are already in Excel, with PSG 26 and up calling the shots. Expect very little trimming top end, but the masses will be a bloodbath.

Low CIP for one year is one thing. However if they want to ROM the entire company over the failure of FGP MCP and safety issues from third party contractors that have nothing to do with the hardworking rank & file, then there is a huge issue. Stressing already overworked, and now underapreciated, employees does not improve company performance. It destroys morale and promotes bad behaviors. We need Leaders that truly lead and support employees to deliver highest value.

I was told HR booked a war room in Houston for 3 months Jan to Mar.

Also told by someone in HR that it will be bigger than 2020.

Kinda d-mb theyare doing this again when they touted its benefits last time. Why didnt that get us FGP on time and on budget, hmmm?

If you’ve been around at all you know the routine.

~Feb/March 2024 the ROM will be officially announced with selections mid October.

What I have been told by some leaders is ROM will be targeted for the second half of next year. They didn't share how deep, but previous indicators show it to be in the ~3000 range.

My site has been struggling to hire needed talent. Specifically process engineers. Going to be hard to gain anything from layoffs when the last one was so drastic.
Theres also about to be a ton of retirements now that the bo*mers are leaving in droves.

Layoffs? What would that accomplish? Many of us are working evenings and weekends, and even that doesn't seem enough. We are leaner than the competition. There is little fat left to cut.

@tvu if you are geoscientist, then Chevron needs you for its unlimited exploration and appraisal opportunities and for your exiting geological stories.
If you are HR then you are golden as well. Make sure you follow RM styla.

Well, let’s get this show on the road! I don’t visit the “layoff site” just to read about your promotion! I am looking for a layoff.

It is a bit scary! Do y´all think petrotech will be impacted? Hope the job market for geoscientist and reservoir good this time…

The biggest B in HR got assigned to a secret special project 6 weeks ago. TBD. She is the one that lead a number of the disastrous layoffs in the past. She is heartless and will over cut to feed her and MW egos. Keep your head down...or raise your hand. 6-10% is gossip number.

I believe that it will be 2025, after the Hess acquisition and after the PDC employees are fully integrated. Should they decide to downsize l, it would only leave CVX employees for fair game. Why not fully cull the heard and get rid of under performers from CVX, HES and PDC.

My n+2 has asked me to start thinking about whom to let go

… it’s going to happen

I don’t think hybrid work can end. Remember, they got cheap and no longer have enough office space for everyone in SR and Houston.

More layoffs are not the answer. We’ve already lost so much talent. Also, This is the first I’ve heard of any leadership citing the competition as a benchmark to CIP….oil has been above expectations and yet we are behind target? Those in charge of these shortcomings need to be held accountable.

It is unclear for me if there will be layoff. We are still making a lot of money and we need to be able to manage the arrival of the new Hess assets…

Management is going to destroy this company. Layoffs are not the answer if they want better performance. They tried it so we could win and it caused a major issue. If they want morale to raise so people preform better taking away hybrid is not the answer. I'll be moving on if hybrid is taken away. We are understaffed as it is. MW will not have a good legacy after all the damage his layoffs and changes have done.

My birdies said it will start 2Q. Get ready for it boys and girls if you could not meet the targets before you will now have fewer people to do it! This makes total sense.

Oh and hybrid is over on Jan 1...