As soon as the acquisition is complete we will have a more clear picture of what Chevron plans to do with our workers. Knowing that the main motive for our acquisition was our assets, not our manpower, I don’t see that any good can come for the workers at this point. Is it time to abandon ship while we still can?
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level 1 source from Chevron: they don't really want your AAET people.
APC staff wouldnt get cvx package darling. Apc severance plan has a change of control section....and its pretty sweet. Sorry you hate your job. We have great people that can do it better. See ya soon.
I work for ADC, should I be concerned 😦.
People at ADC, there will be layoffs. Chevron does not need ADC people. If ADC had good people then why is Chevron only paying a 40% premium, and why is ADC stock lagging? Don’t you know that Wirth is a hatchet man ... he comes from downstream and he did a great job cutting costs to the bone. I work for Chevron and on the upstream side we have little work because capex is supporting TCO and Permian. Very few projects are moving forward until TCO is done in 2022. Don’t expect CVX to hang on to Moz LNG ... we don’t need another LNG ... especially in a high risk enviironment. Deepwater, we have plenty of people to conceptualize and develop pipeline of projects. Anadarko building in Woodlands ... gone within 3 years. I don’t foresee a wholesale layoff program, though. Chevron does not like layoffs - I.e. they don’t like to pay people to leave. They will have some layoffs but the rest will be retirements, etc. BTW, Chevron package is not that great.
@ufn... Chevron has dozens of engineers writing code, you aren’t special
Chevron, if you’re listening, AAET Engineer here. Not only can I make the interpretations I also wrote the code for the tools the asset teams are using. Get a 2 for 1 with AAET individual contributors.
Lol
If you work at APC and think Chevron needs you, please stop dreaming. Furthermore if you work APC’s North America land assets, you are viewed as a bottom tier operator
That might be true for the rest of you, but not for us on AAET. We’re probably the only sure bet to be safe in the company. Our skills are of much more value.
Chevron already has "a clear picture of what to with our employees"
It's an acquisition not a merger.
From Investopedia - "Acquisitions: In an acquisition, a new company does not emerge. Instead, the smaller company is often consumed and ceases to exist with its assets becoming part of the larger company. Acquisitions, sometimes called takeovers, generally carry a more negative connotation than mergers. Due to this reason, many acquiring companies refer to an acquisition as a merger even when it is clearly not. An acquisition takes place when one company takes over all of the operational management decisions of another company. Acquisitions require large amounts of cash, but the buyer's power is absolute."
A merger would have been better for APC employees.
When Chevron had layoffs they made everyone apply/reapply for the jobs that we to remain. Maybe they will do the same thing during this process and keep the right people.
It’s not surprising to see overlapping top and middle management go early on. Then a few redundant positions in non-core departments are next to be cut. It will take a minimum of a year to see a full scale organized layoff of personnel in all departments of both APC and CVX. So don’t panic. You have about 12 months to prepare your survival plan. I hope you didn’t spend that bonus money yet.
Typically, the buying company would keep at least a few people in assets of areas where there’s no overlap. They will want to maintain a little continuity.