Capital budget is way, way down but there still a lot of high paid (PSG 27-28) managers, many of them expats, overlooking no exploration drilling. Most of the current budget goes to G&A, which is salary costs. Considering there is no, and will be, no exploration drilling in at least the next year, what’s the plan here?
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They blow a billion dollars every year on sloppy reports, ridiculous score cards and mismapped geology.
Don’t forget the nearly $1 billion wasted in the Kurdistan Region of Iraq. What were they thinking?
Those fools pin all their hope on Mexico, which won’t work, Brazil, where they arrived five years too late, and Egypt, which will be best case minor worthless gas.
‘Managing assignment’ is an obfuscation that could mean anything - the question is not only that you have the qualifications but whether you can disseminate facts and apply certain principles to factual situations and lead others. They may have decided that you don’t have that meticulous application or constructive ability to manage whatever pops up unconventionally. The other resolution to your despair is that sometimes life just s—s.
Exploration is clearly not a core Chevron Competency. This group has created a real niche click but has stroke. They are able to place people in development assignments running assets who really don't have a clue and with no selection process. There are way more qualified people with resumes that include managing assignment with real P&L responsibility and financial fluency. Why do they have so many expats in their leadership team and London assignments for lazy people? Seems "leave the ladder down" is for club members only. Time for the first 2 levels to all go home or retire.
How many PSG 28/29’s does it take to run a no rig program?
Mirthless Worthless no different than Watson, O’Reilly, Derr or Keller.
Chevron exploration has always been nigh useless.
But Chevron overall has always bought very good exploration companies that didn’t manage their bottom lines. Examples: Gulf, Texaco, Unocal, ...
Main issue is why didn’t Chevron mgmt ever hold on to the good exploration groups from those firms? Did they all flee, retire or were simply ignored?
I’m an engineer who retired from CVX in 2008 after a 25+ year career in California, Canada, Angola, Houston, N—ria. I often worked closely with exploration groups but I never did understand some of their decisions nor their processes.
Despite the peril to current employees, Chevron may have a chance to get some good assets from this downturn if they do thing right.
Mike Wirth’s exploration strategy has been brilliant! In these days of oversupply, he has assembled an Exploration Leadership Team so unskilled, arrogant and dysfunctional that there is no way that they will ever find anything of value and at the same time it provides a nice diversity poster to hang on the wall. In order to avoid utter despair, he allowed them to take credit for the Permian “discoveries” on 50+ year old production acreage proved up by adjacent competitors and pushed by the B.U. Their only contribution being to give away prime Permian acreage in exchange for their 15 failed new shale projects. This has given hope to every unskilled lazy wannabe in the corporation that they too can become a high level leader by simply incessantly posting self promotional inane workplace dribble. Expats are needed because all failed US explorationists have been drummed out of the business. The Expat leaders, after driving their own business units and companies into the ground, hid in the US. They are our best hope to make sure that we continue not finding anything and forcing us to pick up high quality companies at bargain prices over the next few years. Brilliant!
and all the direst reports to Exploration president are expats - Go figure - No one in USA can do these jobs
For the immediate future you can start exploring polishing up your resume, rehearsing your interview points and if time permits learn a thing of two about the outside world. That easy.
Inept central Exploration team is planning to grow during BU reorg. The Exploration expats who have found nothing but water want to build their empire with more direct reports. Shameful behaviors. Zero accountability. No tangible value added to Chevron bottomline in years. But they give us diversity, fancy accents, office ties and a lot of hot air ....ZERO RESULTS. Wake Up Chevron.
“Nihilists”......STFU Donny
Expat employees will remain while US payroll employee will get pink slip.
Exploration has never found enough to cover their costs. Terrible.
The nihilists or enfants terrible among us will grab what they while they can and let the consequences befall where they must and disavow the indubitable generosity of others properly so-called.
Did you perhaps answer your own question?