I hope the world watches to see if the CEO of Chevron will cut staff so he can make his friends richer by paying dividends? He should understand that the success of his company is the people.
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What's pathetically naive are people who think that it is unique to Chevron and they are little babies getting picked on, and not a typical business practice common everywhere, in all forms of business, all industries. Grow up, people!
@Kim - first I am retired so I don't think I will get laid off. Don't misunderstand I am simply stating employees are important. I have no belief that the people who run Chevron will consider that. I worked in the o&g business for 50 years and am well aware that the C people only care about the C people.
@1xxb, Good point. Please place all of your personal items in the box provided and say your goodbyes.
@1uxy and when the number of wells to drill gets reduced by 75% the number of people required goes down.
OMG, how naive!!! Of course and without thinking twice. Get ready, to go (hopefully with some money) and find a new adventure, or to stay in a job that hopefully you’ll learn something.
Remember, there is zero loyalty from CVX, when is go time they’ll coldly pull the trigger.
To the person that doesn't think the human capital should be the most important asset. I have been around the o&g business for 50 years never saw 1 well drill itself.
Dividend is god for C-Suites - they individually and personally own the most shares so why would they cut the dividend? In the face of falling revenue, these people are the same people who wanted to buy APC last year. C-Suites DO NOT think long-term, they only think about their own tenure.
Human Energy!
My guess is 5,000 - 7,500 are released by fall of this year. Be it through EOI, layoffs or release of in-house contractors, prepare for a major round of staff reduction.
The success of the company is its people? Lololololololol... good one. What rock have you been living under for the last 30 - 40 years?
If you think you can’t be replaced you are kidding yourself. The dividend and stock holder return is the priority.
Your ouster and that of many others like you will pay for the dividend. You don’t expect that company executives and top tier managers will surrender their jobs, do you?
I think the Jay Johnson email that went out today answers your question. All BUs in scope. Blood bath. This will be the company where everyone knows your name because it will be so small in 2021. I bet they move up the timeline too. That gap between the upper managers and the middle men is way to long. I’m thinking we will know our fates way before October if you are a low man like myself.
Yes indeed. He needs to keep the right people, and the dividend will pay for itself!
The “right” people.