Let's see how our board feelsll. In your opinion, what are two main reasons for the problems we are currently facing?
What would you do to fix the situation???
I'm frankly not sure.... I can come up with a laundry list of things that don't help us, but I really don't know what I would do to restore our former success. Maybe times are different, maybe this is how it's supposed to be, maybe it's the executives, and maybe it's us.
I'm just not sure about anything anymore, going nuts...
how about actually innovating into THE FUTURE growth areas.
Yes I know "INNOVATION" is hard for CVX , hey grow some freaking cajones
Allocating 25% of capital expenditure too ENERGY while using current profits to finance THAT maybe even cut the sacred cow DIVIDEND by a 25% to help
Create and build a giga factory, do deals with EV cars companies, charging stations at Retail network mining Lithium, creating a true energy company based on proven renewables not lip service nonsense currently.
Sell COCO owned gas stations and divert money into innovating energy.
Get rid of competitive performance. Most of it is fluff. Same as what used to be lean sigma. Inflated estimates of savings vs reality.
Remove 1/3 of the middle management. Chevron has too many managers that create a project out of basic improvements with not enough emphasis on getting implementers to get the job done efficiently. I have watched this for 20+ years and I am still surprised at the over hype and fanfare that is created to boost manager's career and egos.
Cut staffing by 50% (G&A, Capital projects). Hire in to fix what breaks.
Fire E&A org (management and senior leaders). Re-staff with outsiders. Increase spend by 50%
Act like an E&P. Skew leadership to value creating functions (res, production, geology).
De-layer. No more matrix, on matrix structures and workflow champions. Build to 5-10 direct reports per level. Empower leaders to make decisions and hold them accountable. Do the same for managers. Do the same for individual contributors.
No more hiring or promotion based upon race, gender, or family connection. Fire the next leader that hires a family member. Do it again, and again, until they get the message.
Since when are FEs responsible for finding oil?
The two big problems are reserves replacement and we can’t build large facilities on time and budget. Both stem from poor competency in FE leaders and making FEs managers of everything. Needs to re-balance to have some high firing PEs.
Company is too top heavy as well and no sign that is going to be rebalanced this time.
We are simply in a dead-end industry. Nobody wants our stock as we are ki-ling the planet. Simple as that. No amount of cost cutting can save us.
Fix the company culture and cleanse the nepotism. Hire, promote and reward people based on merit. Everything else, no matter of the label, is just a band aid fix to respond to geopolitical factors. If you want to truly win, fix the root cause.
Bite pride and invite some elect managers back that never should have left to help rebuild some pride and culture. Use as consultants. Seriously fire 50-75 percent of grade level 27 and 28, 35 percent of gase level 26 unless technical and then keep them working. Fire poor performers.
We love everything from Exxon.. hire one of their top g-n as CEO.
#1 reason Lack of replacing Oil reserves
If the HESS acquisition does not finalize CVX is likely in deep trouble. Chopping another 20% off the work force is a sign of desperation or just getting ahead of the curve on costs . No doubt headcount has been calculated based on revenue/margin out to 2032, with our without the Hess deal that is a fair Question.
Anyways a headcount down from 65K to 30K in a decade. Does that seem like a company doing well? I suppose it depends on how many people are being outsourced to India in that Employee reduction?
#1 self-centered leadership, grifters
#2 market forces
Root cause is poor leadership
No one cares what I think about how this company is managed.
the op said two, not nine. solid list tho. i'd have wirth as #1
Here are some ideas, in no particular order (#4 should probably be top of the list):
[1] Pricing pressures
[2] Smarter competitors
[3] Rising ops costs
[4] Disoriented and inept leadership
[5] Aging (of everything)
[6] Geopolitical mess
[7] Finecky customer
[8] Interest rates
[9] Talent (fu-k around and find out)