EVP let it slip earlier. It’s time to brush off your knee pads.
18 replies (most recent on top)
As a PRC EE I can truly agree that project management was poorly done. The dishonesty and lack of integrity I witnessed by many field PRC managers continued to amaze me. This persisted in part due to lack of oversight from home office. XOM EMDC was much better at keeping an eye on things. The CVX PRC Leadership has some good folks. Too bad they let the guys in the field ruin the company’s reputation.
ETC has always maintained a staff of the brightest professionals in their disciplines, but Chevron has decided that it no longer needs a collective toolbox of highly specialized employees. The overhead costs for keeping ETC are very high. So it will be dismantled and some employees will be placed into other BU groups and the remainder will be let go. Chevron is in serious cost control mode.
ETC use to be one of the most competent groups in Chevron. With the removal of the petrotech bonus and double pay grade to the junior engineers to compensate, that is no longer the case and deadwood is now hiding within its ranks. Chevron is the new GE, they have become so large and with so many incompetent b—s—ter managers within the ranks they ruin everything they touch
I agree with the previous poster. After 25 years with the company, I was laid off during the changes in Upstream. The culture in Upstream is that the employees that know the work and do the work are let go for friends and family members. Nepotism is alive and continues to thrive in GOM and headquarters.
I can say this with great knowledge: as compared to XOM and BP, CVX does NOT hire the cream of the crop. They hire people that will conform to their culture. The culture at CVX is one of minions and fall-in-line or you are gone. If you are a visionary, entrepreneur spirit or want to do a good job then you are not wanted.
https://www.woodmac.com/reports/upstream-oil-and-gas-megaproject-problems-chevron-faces-us10-billion-cost-overrun-and-delays-at-kazakhstans-tengiz-expansion-358889
FGP is a training ground for children who have never been involved in major capital projects and have no clue how to bring a project in on schedule and budget nor have ever been on a successful project Chevron is breeding a new generation of pms that think 10 billion plus overruns and 3 year schedule delays are the norm for benchmarking
Well done chevron. FGP 10 billion plus in the hole. No accountability whatsoever. Module team in Korea was 1 billion in the hole on change orders 3 years ago before they even started cutting steel. The ones who drove schedule and maintained cost were all released because they stepped on too many toes and hurt people’s feelings. Facility engineering gm is worthless and had no idea who was doing the work. Typical chevron Ship of fools
Response to -ith1: you are a visionary! What you describe is indeed a visionary statement. Definition of a visionary: one who thinks or plans about the future with imagination or wisdom. A lot of wisdom in your words.
I sat patiently and gratefully through more than one townhall after surviving the CNAEP/ GOM / DWEP ESPs, Alphas, and ROMs, where I heard “those remaining in this room are the best of the best”. And I recall the mantra of “Chevron: Powered by Human Energy”. I believe it still is. All the bullsh-t that has come since has got us nowhere. Get out of our way, remove the obstacles to success LTs (and their PMP performance objectives) keep throwing at us and let us do our jobs. Like I said, a lot of wisdom in the OPs post.
If we checked the kitchen of the commenter who wants to do away with the imperatives, we’d find an old rotary phone hanging on the wall, a half-empty carton of Marlboro Lights, and a couple of movies that still need to go back to Blockbuster. The time for complacency is over. The old way of doing things brought us Angola LNG, Gorgon, Wheatstone and now TCO, all with colossal cost overruns. Reform is needed to boost our competitiveness. With regard to the existing structure, we don’t need a big coaching staff to be .500 team (or worse) on project execution.
Instead of PRC and ITC and ETC being gone... can they just make DIA and DM go away instead
Any "visionary" is not in the oil and gas business. No need for a visionary in the petroleum industry, zero, none. Get the oil out of the ground and in the pipe as efficiently as possible. Cut the fluff, improve existing methods, simplify and streamline wherever possible. Innovation will surely come to the energy industry but not much chance of it in oil and gas. Innovation will be true game changing energy sources and power mechanisms; oil is in its golden years. Not done, not over and gone but aging and transitioning into a less than paramount means to power the world. But be certain, no matter what these global energy companies will remain in the mix, resilient, relevant and well funded players at the table. For now the name of the game in Oil and gas is cut cost, grow profitability and return capital to investors. Innovation is on the fringe but moving ever closer to center of energy; power players in the industry make moves when profit is certain. Innovators take great risks; this is not the nature of global energy companies; they wait and buy up the innovators, crush the disruptive competition with mountains of capital, decades of industry clout and deep rooted political connections. Have a cup of clarity; don't anticipate innovation from any energy CEO. Not part of the role.
ETC is in slow-motion dismantling mode. Maybe somebody did an ROI assessment. We cant afford to do in-house academic research at 50-something oil. Its sad but true. So many excellent people in that group. Its the Bellaire lab campus story all over again. Remember, our CEO is refinery guy with a hatchet. When you are a hatchet-man all you know how to do is cut. The guy is not exactly a visionary.
I guess we will find out soon enough. Top reorg less important than the reduction numbers....and you know there will be reductions. If
What’s out? Who did the news go to?
So what's the expected headcount reduction in ETC ?
Pontificate all you please. That’s what is happening.
eh... not exactly. it's just going to be some technology company that is a combination of the existing ones. leaner and all. you're kidding yourself if you really think "ETC survives" as it is today.