There is rumor, there will be huge cuts as part of restructuring in Canada.
15 replies (most recent on top)
35% of the workforce at Chevron Canada payed off
CBU will go the way of AMBU. A dying BU that doesn't compete for capital, just a bunch of moosebangers running an unprofitable BU with wells that have low DPI's, compared to MCBU. Nothing more then lease retention at this point. If it were not for CVX's investment in Hebron, the BU would be shutdown.
Well, CBU is down to a single drilling rig, so it makes sense to cut more in the Wells. Do not recall any staff reductions in the D&C group during last round of 2015/2016.
3btgg: Basically the same as everyone else. Good luck!
35% cut across the board. FE and Wells being the hardest hit.
I doubt a bit layoff. Might close the Upstream Vancouver office if it is still here. Once the TCO capex overrun is behind CVX, then there is additional capex for elsewhere if we stay at a flat capex spend.
Depressing as it sounds, AMBU and CBU may be joining the ranks of GOM, CUE, IBU and most of ASBU as defunct upstream business units. Once a BU loses critical mass and potential for significant growth, the vultures begin circling.
As they say, hope for the best but prepare for the worst.
Why are we still onboarding a new Kitimat LNG Manager that's been transferred to Canada from Angola LNG? What a waste of money.
Kitimat sale is now official, $10B write down is official. Its a rough time to be an Oil & Gas employee in Alberta right now.
Chevron will divest full interest in the Kitimat LNG project. Immediate search for interested buyers will begin and thank you everyone for the hard work during past 7 years. Announced tonight by CBU president.
Chevron is operating a global "for profit" corporation. This is not a popularity contest, nor are decisions based on sentimentality. It’s about financial performance and the ability to make a strong return on investments. Perform in alignment with the corporate targets or "changes" will be instituted in your organization. End of story.
Doubt it, we just signed a bunch of long term contracts. Fake news
I foresee deep cuts everywhere.
So sad to see performance rating driving the decisions since it’s too dependent on your network vs the job performance in your assigned role.
CBU D&C plans to cut deep this time. Especially most of the field personnel that were hired in the last 3 years post ESP. Some of the office personnel will be let go as well due to poor performance. Anyone with low performance is on the chopping block. Our managers have been trying to avoid the topic of discussion all week since the CEOs video came out announcing reorg (aka layoffs).
Not sure, But we are still hiring in technology team in canada.