Thread regarding Chevron Corp. layoffs

As said before, if your exploration cannot find salt water in the ocean year after year, where your competitors and even smaller companies find oil next to where you are sitting on, then your best bet to add reserves is to buy other companies, the problem is that you always pay way more, and given the lack of competence, hardly can turn the investment into profit but who cares you added reserves on your book for few years until the next purchase!

@cfzw, Don't know anyone who's sad, but why would a smart person take advice from an obviously stupid one?

Just gotta be better than your peers. XTO was the 10x worse

Don’t be sad @cnco. My advice is for the smart ones at Chevron.

I don’t think anyone has made much on unconventionals, period. Lots of hope and smoke . “we are becoming more targeted and efficient every day” ... which is great, because commodity prices just keep descending.

Add more BD disasters to the list:

Tigris - "3 for 1" scheme where CVX got scammed by BP- a fiasco led by ST former DWEP VP - CVX spent $1B down the drain only for BP to get PAID to sell 1 asset to receive 3 (2 CVX ones) assets as they left holding the bag.

@bgwb, Thanks for letting everyone know not to take any investing advice from you. It's blatantly obvious, appreciate that.
Happy Holidays!

The Chevron executives and their Commercial Development groups don’t know how pick a good opportunity and the people they choose to do the negotiating are not the sharpest and shrewdest people on the payroll. That’s why we continue to screw up. I am an employee of this company for the paycheck and benefits only, but because of the deplorable way this company is managed, I’m not a shareholder. I contribute the max to my 401k and I enjoy the 8% company match, but none of my money ever goes into CVX stock. Never will.

That was a terrific deal for atlas —seller side!

Now what cvx did with it post sale is another story.

@zar, I also remember the same evening, when Watson was bragging at a CPDEP Forum (aka Boondoggle) about how we got a REALLY good deal for Atlas, the acquired company executives were celebrating at the most exclusive restaurant in Philadelphia with cigars, fine cognac and str—ers and toasting each other to getting a REALLY good deal from Chevron. Now we know, those who celebrate best get the best deal.

How about Kitimat , Black Sea Russian deal.....high hopes, high risk and no accretive value.

Fortunately, TCO, West Africa and the Permian throw off cash.

Maybe, decision analysis should be replaced with a shorter, cheaper "rock-paper-scissors" decision making tool

Chevron’s secret to success: Buy High. Sell Low.

Everything Kirkland touched went to sh!t.

N’Kossa, LL652, Lola Campana....... let’s not forget Ali M’s hand in these debaxles

The Atlas debacle is George Kirkland’s legacy. He fked us over and rode off into the sunset. Jay Johnson is doing the same thing by signing off on Gorgon/Wheatstone, ordering almost a dozen layoffs, and buying Noble. I fully expect his retirement announcement in the next 18 months after he gets all the pats on the back.

And The Atlas acquisition brought Dr. Z into CVX - another fiasco!

The 2020 layoffs may save $1B, enough to fund a small fraction of the Atlas catastrophe. They would have to lay off 90% of all employees to pay for all of it.

Chevron is famous for BD disasters. Frade was BD. LL652 was BD. Sabine Pass. N'Kossa. Getty.

Come to think of it, we may lose more money on bad BD deals than MCP incompetence.

While this is no doubt a bad investment, this is the state of affairs on any deals in the unconventionals. It has only been bad news for investors.

https://marcellusdrilling.com/2011/05/chevron-continues-aggressive-expansion-into-marcellus-shale-in-pa-buys-leases-for-additional-228k-acres-from-chief-oil-gas/

The new deal for Nobel will be even worse, just wait another 6 or 7 years and it will be another disaster write off.

This is a crock of sh–

How did Poland, Romania and Canada shale gas work out for GK?

"This acquisition is the right opportunity for Chevron," said George L. Kirkland, Chevron Vice Chairman. "We are acquiring a company that has one of the premier acreage positions in the prolific Marcellus. The high quality resource, competitive cost structure in the Marcellus, strong growth potential of the asset base and its proximity to premier natural gas markets make this targeted acquisition a compelling investment for Chevron."

Kirkland also commented: "The Atlas Energy assets further advance Chevron's global shale gas position, complementing the company's recent entrance into shale gas opportunities in Poland, Romania and Canada."

Gary Luquette, Chevron North America Exploration and Production President said, "Atlas Energy brings to us a highly skilled team with strong operating experience and established land management capabilities. This knowledge, together with Chevron's technical expertise and global experience with large scale project developments, will create strong organizational synergies."

4. 3 was just Atlas, not including the debt that was also another 1B, there was additional smaller companythey got some acreage in WV for about 1.2 billion, then they spend on average 700 million a year [G&A, completions etc.] Adding more wells, so in reality they spent well over 10 Billion for the asset and sold it at like 92% discount! Funny is that GK and JW each got hefty bonus when they signed the deal for adding value to Chevron and by the time they left for being thanked not screwing more!

I have never understood Chevron BD. They add so little value and make such horrible deals on the very rare occasions when they actually do something. We routinely get out-maneuvered by the rest of industry. Terrible.

I remember when Watson was bragging at a CPDEP Forum (aka Boondoggle) about how we got a REALLY good deal for Atlas.