Thread regarding Chevron Corp. layoffs

Just visiting from another refiner over here

Greetings Chevron people. I come stalking your board from the land of milk and honey aka MPC….hahahaha. I am curious how your bonus and RSU structure compares to ours. Most employees in refining at MPC are grade 10 (such as refining engineer I) up to grade 13. Grade 14 is a manager or Supv and grade 15 manager. The rest of the MPC pay grades aren’t published beyond grade 15….your bonus target can be up to 2x depending on how well company meets metrics and what your performance etc….I’ve always heard that MPC paid on the low end for oil and gas and I’m trying to understand if that’s true.

Grade 10 bonus target - 12%
Grade 11 bonus target - 12%
Grade 12 bonus target - 15%
Grade 13 bonus target - 20%
Grade 14 bonus target - 25% plus $25k RSU
Grade 15 bonus target - 30% plus $52k RSU

by RefiningGuru
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Post ID: @OP+1eHbR1KE
Comment! It's anonymous!

4 replies (most recent on top)

Google psg on chevron’s page here: Folks have posted all the numbers (circa. 2019).

by Anonymous
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Post ID: @2caq+1eHbR1KE

chevron doesn't give leadership stock awards until psg 26 (probably equivalent of your 15). At that level, it's also a 30-35% bonus target, and the leadership stock awards is dependent on the year that we have. last year, it was $77K at $88/share, which is now worth about $120K depending on stock price. Those don't vest fully for 3-5 years.

by Anonymous
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Post ID: @1ibr+1eHbR1KE

Blast from the past. I was briefly with MPC after the acquisition of Tesoro/Andeavor. So glad I escaped that he-l ho-e.

by Anonymous
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Post ID: @1ifd+1eHbR1KE

Chevron and other majors usually have higher salaries when it comes to downstream, but slightly lower bonuses. Stock options are not available till very high PSG (pay salary grades). For downstream this is usually refinery managers and above. Technical people rarely get there unless they are globally recognized experts in their fields.

Also, if you move from downstream to upstream (US payroll) you automatically get bumped up one PSG level. Compared to other smaller E&P companies, Chevron pay structure is lower, but you have better job security (unless MW decides to downsize the company again)

by Anonymous
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Post ID: @izf+1eHbR1KE

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