Thread regarding Chevron Corp. layoffs

The median of the guesses by the brain trust here was 1.25 so 1.5 is a huge surprise. Only one two people thought it would be that high (including me!).

and the winner is…1.5…congrats!
now the questions is: what is structure going to be? any insiders care to chime in? me thinks it’ll be 4.0…

For it to put such a huge ding in the earnings, it must be 1.5 or higher.

Thinking 1.25.

“when will it be released?”. Normally the third Thursday of January, but that was days ago. My guess would be this coming Thursday.

Anyone know when the corp factor will be released?

It is not going to be great, but it is going to be much better than some have estimated below. Wait for it before you get your nose all bent.

It will be announced late on a Thursday to minimize disruption

Isn't CIP always announced around 3rd week of January? The he77 is taking them so long?

I hate waiting... Tell us already!

They could probably not give raises or a bonus this year and most people wouldn’t leave.

1. 00 CIP and <3% structure has to be total rubbish. The company and the already super wealthy "top 1%" execs made money hand over fist with 2021 company performance. Many CVX staff worked longer and harder from home with lower staffing after 2020 layoffs.

1. 0 and 3% raise will lead to a complete stampede for the doors. It will be pandemonium, that’s for sure. I hope you pundits are wrong in your guesses.

I just heard the Corp. multiplier is 1.00. Can you believe that! Lots of folks will be pi---d! They say it is the pandemic and low productivity from work at home. I suspect CTC will be even lower because of all the delfi recycles.

Nice to see JJ stepping on the compensation hose and holding the line on costs. He deserves a reward for his strong performance. I see he has sold about $16 million worth of Chevron stock in the past couple weeks. That should tide him over with walking around money for the next little while.

It has already been confirmed that raises are roughly 3%. In the end we did exceed inflation for several years, though this year does sting.

CIP is more like a stock buy back where it is one and done. I think they will do around 1.3 as that will not be crazy but also keep people happy for a bit.

JJ upstream teleconf on Tuesday he told everyone that CVX does not and will not match inflation, salaries only follow the benchmarked peer group. So you better hope they get decent rises this year for CVX to increase in 2023

@8bsm - wishful thinking. Structure will be 5% at most, if we're lucky. Lower than 4% structure would really suck.

True.

In Australia you can earn $200K driving a truck and working 2 weeks on, one off. Perth is full of rich tradesman. You can just imagine what petrotechs are paid.

https://www.dailymail.co.uk/news/article-9208205/Australian-FIFO-miner-reveals-huge-six-figure-salary-earns.html

Raises should be more than 7% for sure, partly to compensate for the delay factor. If I earn $100k, I had to spend $107k in 2021 to keep up with 2020. If they pay me $107k in 2022, that's great but I'm already $7k in the ho-e. Raises should be at least 10% so I can get a jump on 2022 inflation. This is how raises are managed in many of the countries outside the US.

Is this for those who were laid off or you are just posting it here for fun?

1. 6 seems fair. I’m just excited to exercise my LTIP grants now that they’re finally worth something.

** The consumer price index climbed 7% in 2021, the largest 12-month gain since June 1982, according to Labor Department data released Wednesday. The widely followed inflation gauge rose 0.5% from November, exceeding forecasts. **

https://www.bloomberg.com/news/articles/2022-01-12/inflation-in-u-s-registers-biggest-annual-gain-since-1982

@6pbi, The CPI inflation rate was 7% for the December 2021 month only. Although it was the highest jump in 40 years, the actual annual increase for 2021 across the 12 months was averaged at 5.25%. How the current year 2022 will shape up is up to speculation. It’s the consensus of renown economists that the inflation rate will begin to noticeably lower beginning in March and more certainly by summer this year.

I cannot predict the CIP bonus for 2021 performance, but oil and gas prices have been on a tear upward. Despite this, just like done in previous years, Chevron will fix a maximum Dollar amount for total CIP bonus payouts and calculate the necessary multiple factors needed to not overspend the budget. Fresh news out today reports U.S. companies are expecting to pay an average 3.4% raise to workers in 2022, according to a Willis Towers Watson survey. That growth would be higher than in 2020 and 2021, and is expected across all types of positions, regardless of seniority. So I would not expect a bonus that exceeds 3.4% of your gross salary.

Inflation is bad for workers if salaries don't keep up, no doubt. It is far worse for retirees who are living on a fixed opex budget. Their house is paid for so their budget is all expenses like healthcare, insurance, food, gas, utilities, travel, goods and services and ALL of these are inflating like mad! If their savings/income don't keep pace with expense inflation they could find themselves in a downward spiraling quality of life.

How inflation hits you depends on where you are in life. I did buy a new car. Luckily I already have a house, but if not then you will be paying higher rent or your new home will cost you more. Food, tuition, and of course gas is all more expensive.

Inflation is an alligator that will eat you alive. Once Chevron falls behind inflation on pay, it is very hard to catch up. 7% inflation last year means someone paid $100k needs $107k now just to tread water. If it is only $103k, then next year they need $115k, so a $12k raise or 12%.

It is ridicules to think the salary will ever adjust to inflation, why should be?

You only buy your main residence once, and generally most people get a loan for it and refinance as needed ( the mortgage rates were lowes last year).

The next major spending is auto, again most people get a loan and not everyone buys a car every year.

Now medical cost and kids school/college might have gone up. The day to day cost [food, consumer items] are what most people saw the increase due to inflation. In general say a family of 4 at most would use $3000 monthly for that [i am picking really high number for a dual earner Chevron family who spend high] the 7% increase due to inflation will be only $210 extra. Now for the say salary of $150,000 per year, even a %2 adjustment will translate into $3000. Ok not all of it will come to your pocket as 25% will be taxed but still it is way more than the 7% inflation that really impacts your life!

I love all the tough talk on here about, “better be big structure” and “there will be unrest.”

Get real. People at Chevron are too comfortable and complacent. They will not do anything if it is low. They’ll just spend endless hours whining about it during work hours, ironically creating the very conditions which lead to lower profit and thereby lower CIP.

Structure should be known right now as salary determination has been completed i think. Is the structure 3% across all PSGs? I know many expect more and closer to inflation but chevron always says they don’t match inflation there are bunch factors blah blah blah

Laid off workers get pro rated CIP.

Does this apply to laid-off workers, or are you just posting it here as a matter of factly-speaking?

You are 100% right. Structure is 3% and 1.2-1.4 cip.

3% structure would be a kick to the face but would not surprise me one bit. They would just say well this our first year of recovery things uncertain etc they don’t care they cut thousands of people and we are left to pick up the slack and are working more than ever. But I suppose the old line is if you don’t like it there is the door .
CIP maybe 1.25 at most they don’t want give to employees all cash must go to dividend plus share buybacks. CIP 1.6 is a pipe dream no way Uncle Mike goes for that

Structure is normally inflation PLUS 2-3% so I would expect 10% this year, possibly a bit more.

You are all bunch of greedy ^%^&^*^b just like your leadership, pot kettle

There will be widespread unrest if it is 3%. That is less than half inflation, so a major pay cut.

You can back-calculate structure, yes it is 3%; but that does not mean that all employees get that as a minimum. The budget for each team depends on how far from 100 CO members are. If to close to 100 or above, then there is simply minimum money to allocate. Also, managers can allocate now funds at their discretion.

CIP of 1.1 and structure of 3% better be B.S. Seeing how much $$ the corp and execs made in 2021 and >6% inflation, it would be a royal kick in the teeth to give the hoi polloi anything less than 1.25 CIP and 4% structure at a minimum.