Today’s WSJ has an article saying Chevron and Exxon discussed a merger last year. Discussions are not on going but could resume in the future.
Regulatory issues would be a b!t€h, but if a deal like that ever went through the layoffs would be epic.
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If Chevron knows what’s good for them, they’ll tell Woods to stick in his a–!
Yeah.....Exxon discussed a possible merger with Chevron, then thinking it over for a few minutes, said ....”Nahhhhh, never mind”. Then they went home.
Exxon culture would win. CVX people would be sitting saying "they can't do that", then poof.....they'd be gone.
When did Exxon have change of control? Mobil merger? Doubt it.
Exxon gave 3 months salary and 4 months COBRA to the folks they let go. You are talking 3 years for Chevron???? Exxon is a toxic company, both literally and culturally.
3 years salary is the Chevron loss of control package. Could be a huge windfall later this year!
Good for Woods and Wirth bad for families with kids, people with mortgages and single income families. You know what they have in mind!
Do it and the timing is now. About time Chevron’s Project Management folks get real.
Naw, this merger will not occur. US government would block it.
Just noticed that the top of MW's hair in the online WSJ picture is purple. The only thing better than that would be rainbow to highlight another glaring difference between the corporate cultures!.
Then CVX can go back to their original name! Standard Oil of California or SOCAL. Wonder who owns ChevronTexacoExxonMobil Domains? Or ExxonChevron? Or ChevronExxon? Or RottenRobbieExxonChevronGulfTexaco?
A merger of Exxon and Chevron would be the ultimate culture clash and Exxon would eat Chevron's lunch in short order. It is kind of like the old joke about how do you pronounce BP - Amoco? Its BP because the Amoco is silent.
Another thing to remember is how long Chevron stuck with the Chevron-Texaco name. Even though the new name was sold as a combination of equals and a lot of money went into name change formalities, it was quickly kicked to the curb and we went back to Chevron.
Hold on to your hat Chevroids. This could get ugly!
The merged company would be called Humble Clean Energy.
Ooof— like two dysfunctional parents having a child.
Starts to explain some of the recent reorg.
Here is what Exxon discussion board has to say about this:
https://www.thelayoff.com/t/19bBSmEa
or
Ask this in townhall and MW will deny it!
Chevron doesn’t need to merge with Exxon, it just needs to get out of California. Abbot would give us a huge tax break to consolidate in Texas. Cali is dead for O&G. Mike’s wife loves golfing out there though, so that will never happen.
Similar article from Reuters:
https://mobile.reuters.com/article/amp/idUSKBN2A00T5
Dog eat dog culture would win, putting XOM in firm control. If this were to occur expect more than half of CVX staff to be let go. Either way, hard to see how Chevron will not have another lay-off to trim the sails... leaner for longer seems impossible to avoid given it would seem the pandemic will not be in control for at least another year.
Bad match of company cultures. The XOM culture of "dog-eat-dog" would be a train wreck for CVX "heavy on process" culture.
Of course, combination of the HQs in Texas would finally see CVX moving significant staff (other than ESE, Richmond and Bakersfield) to Texas. Now that the subject "discussions" were leaked let the countdown to merger begin......
You think XOM would be in the driver’s seat? The XOM Board would ask CVX to be topping from the bottom!
Once merger thoughts begin, they don’t stop. The Texaco and Chevron merger was off and on for a year before it was struck. Right now both CEOs have probably pledged to their board to fix the business in 6-12 months. If they don’t succeed, the merger meetings will resume. Stay tuned.
What is the CVX change of control clause? Could be a sweet deal as XOM would be in the drivers seat.
Hahahahaha! Never say never!!! Lololol https://www.usatoday.com/story/money/2021/01/31/exxon-chevron-merger-talks-oil-petroleum/4332843001/