At least from the perspective of an employee. I’ve been with Chevron for a long time, went through a lot of cr-p and good times too, and it never felt like this before. I started at the time when there was still a prospect of actually having a career (yes, I’m a dinosaur), and I’m ending job when everything is falling apart. Not a great way to wrap up professional life. I feel for the rest of you who still have many years ahead.
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I'd like someone to explain how "We're going through a rough patch right now" ? The company makes money, returns record amounts to shareholders.
MW changed our culture from a focus on personal technical development, excellence in team-driven asset development, and embracing risk in long-term exploration (there is always time to do it right!) to a focus on management micro-planning, commodity selling, and short-term stock price as the only metric of success. This may be what is needed downstream (I don't know; I have never worked there), but upstream, we are really suffering from a lack of management vision and staff technical confidence. Sure, we saved some money short-term by accelerating baby-boomer retirements, but we lost a lot of core competence. The next generation could be up to speed now, except we spent so little on competency development over the last decade and rewarded management butt kissers over those doing the hard work to becoming technical experts. It was only a matter of time before the $hit hit the fan: Welcome to the down draft!
@3qxe, in context, it’s used as a scare tactic - “if you haven’t started saving, you better!” That’s like telling someone to start training for a marathon on race day. Not valuable or called for. In general, being smart with your money is sage advice.
@3xop I'm pretty sure the "cut all unnecessary expenses" part was meant to be advice to people that are stressed about how they're going to live or pay bills if getting laid-off. It's weird you took it as some sort of insult or think it's bad advice.
@1duz - 🤨... apparently you've never been on the outside of Chevron - or only had service jobs before Chevron. Leaving (or being asked to leave) Chevron is not a bad thing. With the proper skills (preferably, technical), there are plenty of opportunities that don't require you to... how did you put it... "Cut all unnecessary expenses... and just focus on doing your job". Oh yea, add to that, "... need to start practicing some gratitude and do some introspection on how lucky you've had it". Really? How long have you been in management? Because that is what you sound like. People don't need to be scared into action. Nor do they need to be told to "su-k it up" or "be grateful". What people need is encouragement and access to resources that can provide them with additional skills, opportunities, and a way forward - within or outside of Chevron.
As for attrition within companies, whether self-induced or company-forced, it's a natural cycle. And not necessarily a bad thing! Change, on both sides, is sometimes needed. And for those of you who are from a bygone era of "company loyalty", 😐 wake up!
Loyalty (from a company's perspective) is only as good as their current value. When it's up, they like you. When it's down, whether you're the problem or not, cutting you is (apparently) a part of the solution - although sometimes short-sighted.
Loyalty (from an employee's perspective) is only as good as their next raise. If they get it, they're "all in". If they don't, "Where's the greener grass?" - which also could be short-sighted ☺️.
Bottom line: you should always be working to improve yourself - professionally and personally. That way, when the company you are working for decides to "cut costs" by reducing staff, or you simply find a better opportunity, you're ready for the change.
Just a friendly advice: I believe this situation is quite a significant distraction and source of stress, to say the least. However, the current management seems very comfortable repeating this behavior time and time again. I would suggest that those with many years of experience start exploring other opportunities, perhaps by going on a few interviews. You may find a workplace where this kind of stress is less frequent. This way, you can lead a healthier life, free from constant feelings of doom.
@1qhc it's highly unlikely they're going to hit each BU more than once. The layoffs over the next 2 years just means they're going to do each BU at different times.
If you are over 50, you are probably not going to make it to 2030. Take a look around you.
Once you go over 50, you PMP ratings will be capped, no matter what you do. And you will go the front of the line when there is a layoff. Chevron see folks over 50 as costly extravagances, no matter how professionally qualified you are. They will keep the folks under 30 who really haven't begun to add much.
The difference from past reorgs is that this isn’t going to be a one time event @1duz it’s going to happen over 2-3 years so even if you survive in 2025 you still might be cut in 26 or 27
If you work in a non oil specific function it doesn’t make sense to try and stay since there’s no future for you at Chevron and probably more future opportunities outside.
People who have been at Chevron for years just don't understand what it's like outside of Chevron. We're going through a rough patch right now, but this too shall will pass. The odds are that most of us will make it through this round of layoffs. But until you experience working at a service company making less than 70k/yr, having 0 raises for multiple years because your service company thinks they can replace you with any untrained monkey, and having to work extra hard just to be taken seriously enough to be considered worthy enough to join the ranks of people at an operator, you have zero room to complain. Yes, layoffs su-k for everyone but you have zero idea how bad it can be elsewhere if you weren't lucky enough to go to one of the few chosen schools that Chevron recruits from. I understand this is a bleak time but yall really need to start practicing some gratitude and do some introspection on how lucky you've had it all these years. Focus on what you can control. Hopefully, you've been painfully aware of what industry you all work in and have already been squirreling away a hefty safety net of funds, and if not, you better get on it. Cut all unnecessary expenses (subscriptions, take out, dine out, renovations, expenses gifts, etc) and just focus on doing your job for now and maybe it will be enough to get you through the layoffs mostly unscathed.
The animal has quite a few external as well as internal parasites that just need to be dealt with and the health will return.
Agree - I see US based contractors with the company for 15+ years and could never be let go - and they are not even "specialized". So many employees became coordinators, process and "checklist" people w/ no accountability that top leaders has an on-site contractor doing the heavy lifting for the entire team.
Not blaming the employee but the culture of lack of accountability on actual results and rewarding busy work and rewarding people for just being super nice.
But, but tHe StRaTeGy Is SoUnD!!
I am 50 plus, hope I make it through this time and I’ll exit in 2030.
But, what if you are 35-40? If you are 4” and not a hi-pot your goose is cooked.
Because this time there is no pretending this is “just another road bump”. 2015 was unexpected (Saudi’s) 2020 could be explained by Covid, but if you have an excuse in your head for the third time then that’s just an exercise in self delusion.
@1kda+:
Agree! So much for Human Energy, eh? Guess CVX needs to change its tv commercials.
Chevron (CVX) is far from a failing entity; however, it does appear to be underperforming relative to broader market indices, such as the S&P 500, despite leading sector peers like Shell (SHEL), TotalEnergies (TTE), and Petrobras (PBR) in profitability and returns. While employees and partners have excelled, the company’s near term future profitability and return to shareholders is at risk due to questionable C-suite decisions. The ongoing acquisition of Hess and the uncertain arbitration outcome create a significant overhang. Furthermore, Chevron's focus on Net Present Value (NPV) over Return on Capital Employed (ROCE) has led to a reduction in asset lifecycles and inventory, stalling potential growth and acquisitions.
In response to underperformance, leadership has chosen to slash headcount in a short-sighted attempt to boost Free Cash Flow (FCF), disregarding long-term consequences for the organization's structure, culture, and people. The fallout from these cuts, affecting employees and communities, is seen as mere collateral damage in a push to show 'tough decisions.'
The comparison to ExxonMobil (XOM), which is nearly 1.76 times Chevron's market cap, highlights a clear failure in Chevron’s leadership. While XOM outperforms in profitability, Chevron’s leadership seems more focused on short-term financial fixes than addressing the underlying issues, such as improving ROCE (XOM-14.51% CVX-10.35%) or investing in long-term growth (Not CNE %@&#). Rather than holding themselves accountable or making strategic adjustments, leadership has sacrificed employees, the company’s most valuable asset, in a misguided attempt to improve financial metrics. The decision to treat people as expendable is both shortsighted and deeply damaging.
There is live beyond Chevron when you over 65. I got laid off at 60 and now I work from home and pull a comfortable paycheck for easy consulting work.
A year severance is a great way to end a career in my book lol
Literraly?
I literally had this conversation with hairstylist this weekend and she said she’s been hearing it from all her CVX clients.
Precisely a dying female dog ?
It's almost like repeatedly laying off top talent, and hiring mediocre talent has consequences. But hey, if it doesn't work the first few times, just lay off more people and hire unskilled overseas labor.
OP....I feel for you. I left in 2020 after well more than 30 years. The handwriting was on the wall for me then. MW has gutted the company. No longer are they focused on performance. It sounds like you have enough time to take the package and run. There's a good life outside of CVX.
This is what terminal decline looks like.