Any truth to the rumor that sjv will be going through yet another reorg? 50% drop in production without a commensurate reduction in opex. Town hall the other day hinted at drastic measures. What's coming?
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I would expect to see a decent reduction in next two years. SSD, FE and D&C likely to see significant cuts as capital is nearly all gone. SJV will likely be turned to harvest mode and need minimal staffing as it rides into the sunset over the next 10 years.
Let teh posturing begn
Employment in California is "at will". You can be disposed of at any time. If you are a "hipot" and you will be told if you are one, then you will be salvaged. All others are cannon fodder. If this is news then you are in for a rough ride.
SJV is dead, was fun while it lasted but might as well get out while you can.
Everything’s fine…..
The VP is going on to a better job that would indicate failure!!
Doesn’t help that the BU lost a $73 million law suit over loss of containment yesterday. The technical and legal missteps may have cost some jobs, including the VP.
Sure would have been nice had they stopped freaking hiring people and moving people into the BU. This is a what always happens, cut, then bring beer people in as we don’t have enough, then cut because we have too many. Who could possible foresee this happening.
Let’s pick apart the resume and see what we find.
Not fake news as the new VP was announced. What do we think?
Current VP was clearly not cutting the mustard.
Fake news. The rumors about SJV have always and will continue to persist.
Average across functions was 40% so some may be higher and others may be a bit under. Everyone should be packing their bags.
Back on the roller coaster? Got some Dramamine and Depends left over from the last ride! Let’s go!!!!
But.....but.....but MW said the last reorg was setting us up to "win in any environment". He wouldn't lie to us.
Something brewing…new VP for SJV announced
Heavy oil is way too carbon intensive to extract, especially in California. Especially when you can’t keep it contained. Spend has to be min required to keep it looking pretty for a quick sale to Oxy.
40% that is grave...will FE and other functions be impacted as bad as AD? any insights....isn't SJV crude key for ESR and Richmond refineries..?
It would be nice if the never ending Chevron layoffs could finally come to an end. This company lays people off faster and more often than any place I've ever seen.
hope nobody buys over SJVBU
would like to see how CVX gets dragged down by this asset
Min activity to keep the BU running is just production. No drilling.
Poor SJV. They can’t catch a break. ESP, Project Transformation, Functional Transformation… They get re-org’d every other year and some VP gets a big promotion out of it because he reset the headcount to what the “business needs for the next 5 years.” At this point we should just non-op it with CRC.
Yes…but they said it’s not a “Re-Org”. They will just call it something else but the same song!
SJVBU heavy oil is doomed, particularly when located in Cali and particularly when green-unfriendly. A pedigree in heavy oil will be worthless in five years, get out while you can. Your only hope on Chevron is to try and get to the Midland gulag.
GM announced an exercise to Determine minimum activities required to keep the business unit running and based on it will reorg. Target is to slash Opex by 50% to match the production decline.
Asset development is cooked
It’s also for sale. So not a great place to be.
Yes, targeting 40% employee reduction.