Time to let go management in this failed BU. Unnecessary spending by placing managers in London to work the BU so they can continue to have expat benefits when the BU is offline for over a year now. What have they accomplished besides milking the system? The VP of operations is not needed when there are no operations in country. Stop the lies and be honest with shareholders this BU is done and not coming back. Fire the nationals and stop bleeding cash we don't have to spare.
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But are the Saudi staff still there? From their LinkedIn profiles, it seems that most still have their jobs, some have changed to Joint Operations in Wafra. What the heck are they still doing there? Have there been actually any layoffs?
Close down the damn bu. Stop the denial. Period. There is a limit to such wasteful spending.
The SEC needs to investigate if the P1's are not transferred to another category this year. Severe deception is ongoing. Levy needs to lead and make an example of the poor leadership in this BU.
It's all about the stock prices. Conflict of interest much?
not sure how much reserves we book on the balance sheet from PNZ, got to keep the share price up kids, those stock options may not have matured yet
I'm no expert on the PNZ but my understanding is the relationship between Kuwait and SA make for interesting business relationship.
Obviously, CVX is not ready to throw in the towel. Keeping a large staff in London may or may not make sense? Remember even those high level bosses have bosses... Ultimately, JW. The trade off is over de-staff the expertise and not be on a position to re-enter.
Relative to a lot of Corp. level BS still on the payroll, keeping folks focused on "the wellhead" (even if it's SI) makes sense!
Why do you say it will never come back?
This might be off-topic but the same strategies are adopted by the managers and good-old-boys network for the Chevron Brazil Team. There is no new well activities for the last 8 years and would there be any for the next 4 years; a handful of producers that years after years falling behind production target, and yet they maintain a big staff of expats no less than a hundred for the reservoir, production, drilling, completion, facilities, accounting, legal, security, HR, contracting,...... The tight knit top managers are looking after their own wellfares rather than the company and the shareholder's bottomline. What you read on the annual financial report were painted a rosy picture and flowery words.
There was supposed to be the big expansion project at Wafra and now all operations have ceased. Chevron is falling apart before our eyes.