Thread regarding Chevron Corp. layoffs

San Ramon Office

Sooo...the new San Ramon office is costing us $150MM in CAPEX?! What do we get for that kind of money...at a LEASED facility? And for just the hundreds of employees who decided they didn't want to relocate to Houston. Seriously.

Source: internal job posting in Workday. Go see for yourself.

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Post ID: @OP+1l084QPk

13 replies (most recent on top)

"That's the ONLY reason we maintain the SR campus"
Maybe you're not aware of your corporate roots..."Standard Oil of California".

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Post ID: @2exk+1l084QPk

Delayed so MW can retire in 2023 without having to move to Texas.

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Post ID: @1kjj+1l084QPk

Move delayed till 2024 until they figure out how to just scrap all of SR altogether

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Post ID: @1kof+1l084QPk

Lol at engineering types calling finance types ‘nerds’. I straddle this spectrum (have done both) and engineers are massive nerds and most don’t realize they exhibit many traits of ASD. It’s fine, that’s the way a hardcore STEM mind works, but chill with the pot calling the kettle black stuff :)
Finance people are cool! Now I’ll go collect my bag of money from Pierreā€¦

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Post ID: @1dyd+1l084QPk

Darned right, @1frr! Finance makes the world go ‘round! Hahaha come on, have a sense of humor

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Post ID: @1wyf+1l084QPk

ahh, I see all the Chevron nerds (i.e., Finance) have gotten in on the discussion as whether SR is capex or opex. I'm sure the Earth will stop rotating until this matter is settled!

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Post ID: @1frr+1l084QPk

It is definitely not a capital lease. It does not meet the requirements for one. Opex for sure.

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Post ID: @1ete+1l084QPk

Didn’t think it was a capital lease. Isnthe cost simply to prep the space for moving in. They were doing some testing of layouts and amenities for the new san ramon space. Could that be costing us so much?

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Post ID: @1rzd+1l084QPk

@dmw you’re clearly not in accounting policy. Certain long term leases get capitalized. It’s also a consideration for leasing oil and gas assets. If the lease is a long one then it’s typically treated as capital and not opex.

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Post ID: @1qpj+1l084QPk

OP, you have to remember that our execs and their wives really, really like SR and the Bay Area, and couldn't be expected to lower themselves to move to Houston! That's the ONLY reason we maintain the SR campus.

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Post ID: @brs+1l084QPk

Leasing is opex, not capex. Would be many years for that much.

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Post ID: @dmw+1l084QPk

Sheesh just let them work remotely and use WeWork if you really want to see each other

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Post ID: @clf+1l084QPk

We only got $175MM for Chevron Park!

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Post ID: @rpu+1l084QPk

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