Chevron is cutting capex by 30% in 2022-2025. More layoffs in the works.
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Falsely assuming things. Just keep walking towards that cliff.
Typical engineers reading an article or hearing some juicy buzzwords and falsely assuming things. Though I can't blame y'all to be this conditioned to believe reduced capex implies imminent layoffs, considering these times (pour one out). But, reducing capex simply implies the company is looking to create value by a balance sheet adjustment - for sure to boost free cash flow, but also likely to boost EPS and other key ratios.
Dear OP,
Where is you get that figure from prey tell us?
The grabbing hands grab all they can, all for themselves, after all. Everything counts in large amounts. It’s a competitive world.
@4mmn, Don't talk about yourself like that, it's not helping your situation, lol.
With our snake managers, a– kissers, and spineless people we are doomed to fail.
Last comment is accurate, the management including ME knows that too, butthey keep saying there will be need for fossile fuel, that need will never be the same as 2019 or even prior years. Those in the late 40s and in 50s are the one who enjoyed the most, the rest will go through more right sizing and less dependency in fossile fuel. The importance of fossile fule has shrunk over the past decade and it will be less and less in coming years. If you can get out for another fun technical industry try do so or plan for it. That is why many took the EOI, way above what corporation expected [16% in total left the company on various reasons].
Makes perfect sense given most of our MCPs have yielded a negative NPV. Acquisitions are more predictable than MCPs.
Its time to cut the dividend instead of putting it all on the employees. Im a shareholder and I'm good with receiving a little less to save employees. Its being responsible.
What to buckle up for ? It has been like this for a long time. If you have a job in the future that's great, if you don't that's fine too. There is no point in pondering on things you don't control.
The budget cuts just reflect FGP ending, one way or another. After that there is not much to spend on as we have no more MCPs...
How many were cut in r4?
Is that why chevron took a 1 billion dollar charge in second quarter to pay severance. ? I guess employee costs are meaningless.
purge dividend play
The staff cost is a drop in the bucket. The cuts are just a way for management to feel like they are doing something and to wield some power. They don't affect the bottom line in a meaningful way.
Budget is flat for 2021 and 14 to 16Billion 2022 to 2025. There will be more cuts in 2023 or 2024.
Dividend! Dividend! Dividend!
Makes sense. Less spending=less work=less employees.
Fake news