Thread regarding Chevron Corp. layoffs

Don’t care, but, I like money.

@2isz+1f1IMU1t Agreed but not all of us log off at 5pm. There are a lot of people in supply and trading that work their as--s off outside of normal working hours. But yes, long term chevron employees really don’t know how good they have it.

Nothing to see here folks, Love the B.O.D! All we know is we are getting ours!

Chevron earnings were a disaster but management was quick to rattle off a list of excuses so as not to rattle investors, who ran for the exits.

Folks on this forum have no idea what other companies are like. D&I initiatives exist everywhere. 9/80s are rare, you don’t get to log off at 5pm like 95% of chevron employees. You are well paid for how much you work. If you’re so unhappy don’t let the door hit you as you walk out. No one is making you stay. The company will do just fine without you. Watson by the way, was an id--t who over spent on a MCP that now can’t operate correctly and that’s why he left before anyone expected.

@1kr we don’t even used numbered rankings anymore. It’s now expects more, valuable contributor, and exceeds expectations.

In the good old days the ETC managers were actual technical experts in their field with the publications and patents to prove it. Staff respected them and they knew what they were managing. That’s all gone now. We have these BU has-beens who have an MS at best and just shuffle paper. We are something of a technical laughing stock in industry.

@1fob, yes, be thankful you're not in CTC. There was a time in the not-too distant past when CTC (then ETC) hired only the best of the best. Then MW came in and told their leadership, 'we're not interested in The Best, we're interested in making D&I quotas'. The problem is now 'The Best' from the pre-2015 era are hitting the prime of their careers, but are managed by BU dropouts and repatriated bureaucrats. No wonder so many are leaving, and the rest are hoping for a miracle.

@1pke, we’ll see. Last year I had 2 EE’s and it was a minimal raise. Though given Covid and prices I was fine. This year performance was sustained, so we’ll see if they reward sustained performance.

Just be thankful if you are not in CTC. The petro techs are miserable, particularly in the geology and reservoir groups. No career future, no respect from BUs and the worst managers ever.

@1rqe+1f1IMU1t Right?????? How absurd is that.

@1kry - very simple rule at Chevron. If you're a high-pot, you'll continue to get the high ratings, promotions, and bonuses. If you're not, you will languish at your current pay grade and get incremental salaries, regardless of the annual ratings and evaluation charade.

@1kr, has been that way for a while. Nothing new. EEs will still get the structure increase, whatever that is. 2 rating caps at 100% co, but 2+ and higher can go higher.

With such a terrible end to the year I can’t imagine the Board would be offering much bonus to MW.

Hew Pate sold 188,000 shares the couple weeks or so including 65,000 at $135/share Jan 27th, the day before the disastrous news collapsed the stock. Smart insider sale!!

The stock dove almost 5% yesterday as the market reacted, stunned, to the "sobering" report from Chevron management about another disappointing quarter.

I expected a 1,000 comments by now. Shame on you all for not making that happen. Wait, should it be my fault for the expectations number. IYKYK

It certainly can’t be salaries. This is off topic but I was stunned when I heard JJ say EE’s want to be in the lower part of thier CO’s to get merit increases! Basically they are saying, the days of 104%, 107% CO’s are gone. It’s hard to feel as if the new PMP isn’t a way to cut salary. Sustained performance will put a good EE at 100% in 2 years. Then what? Are hey gonna get promoted? Not likely, EE’s will be stuck and their supervisors will get no money for them. It was so disappointing to hear that.

Most of you need to take a class in financial reporting.
The analysts are estimating. They are the ones that really missed due to additional DD&A of 18 months for an asset no longer meeting the criteria of being held for sale and also timing effects that if you actually listened to Pierre will largely unwind themselves in the following quarter. There were probably a couple of others I can’t remember right now but the point is you should educate yourselves on what all this means so that you don’t sound like d-mba$$es.

Here's to wishful thinking - the higher "employee costs" may be a strong CIP payout "employee bonuses". Guess we'll known in a few days.

LNG was a source of fundamental and cosmetic headwinds this quarter as 1) management guided to higher LNG profits on the Q3 call, but under-delivered operationally on volumes, failing to sell spot cargoes at record prices in the quarter 2) ended the quarter with two cargoes on the water, and although these cargoes are to be sold at very high spot prices, they were marked for accounting purposes at lower, annual average prices.

In other words, Gorgon skrewed us again.

MW also told investors he planned to manage costs for lower price environments in 2022 and beyond.

who cares

“Across all segments, operating expenses increased in part due to higher accruals for employee bonuses and stock-based compensation.”

This means either incoming layoffs to lower opex or MW is about to make the CIP money printer go brrr

Really wished a newspaper printed an article with such heading -
"Despite record oil prices, Chevron management blames employee benefits for missing earning targets"

@tjs - highes employee benefit costs?? WTF?? In all seriousness, feel like being squeezed every which way - inflation hurting us, government wanting to make it harder for people in the CVX "rank and file" income bracket, pushing policies that cause inflation and make it harder for us "hardworking middle", most outside entities demonizing and scapegoating our industry, and now CVX execs wanting to make it even harder for us. This SUCKS!!

Work agile you deadbeats and make some money for MW

Maybe MW and executive management
should lose some of their over inflated compensation?

MW is a scumbag! He blames the employees for everything even though its his bad decisions and constant layoffs causing all the problems at the company. Hes lost employee trust at this point.

Yea agree that sounds like CPI will be much higher this year.

Needs more digital.

“Across all segments, operating expenses increased in part due to higher accruals for employee bonuses and stock-based compensation.”

Ring the register!

Apparently they missed on few cargo shipments of LNG, another failure at Gorgan fiasco.

@wbp, zeroing in on 'higher employee benefit costs' tells us that somewhere there is a study group looking into how to reduce those 'higher employee benefit costs'. This is right up MW's alley for treating employees like chess pieces rather than people. Nudging pension benefits is of little help because now with all the Boomers retired, a significantly lower percentage of current staff will be around long enough to collect a high-dollar pension. Along with that (but with little effect on employees), look for Chevron to quietly reduce the amount of funding set aside for future pensions (another way of saying we don't expect people to collect on it). Be ready for a reduction in 401(k) matching contributions (a la Exxon) and an increase in medical insurance costs passed on to the employee.

Anyone else catch that they blamed higher ‘employee benefit costs’ during the Q4 earnings call as a reason we weren’t so profitable?

Either CIP will be good or another layoff is coming 😂

Time to get a couple more females into the c-suite.

We had record profits last quarter, no? Something's fishy if a company can earn more in a quarter than ever before, but still somehow fall short of expectations. Either we didn't earn as much as we were told we did, or the analysts collectively mised something, one way or another. This system is busted.

Can anyone explain the $600 million in LNG timing effect?

That seems to have been the big difference in results

Winning in any environment!

Give me a break!

WM hates high CIPs and has always argued to minimize them, despites his own massive bonuses and stock awards. Even if CIP is ok, CVX is on the decline, in a terrible way.

If we had more white men at the top of HSE this would never have happened