The only Major in Oil and Gas with Negative YTD return on investment at 80$ oil
CVX -13.63 (-7.83%)year to date
XOM +2.20 (2.07%)year to date
Total +1.24 (2.02%)year to date
Shell +5.44 (9.72%)year to date
BP +2.26 (6.59%)year to date
Saudi Aramco +5.00 (16.98%)year to date
The corruption. aggression, social engineering that led to the loss of real talent are to blame . RM needs to go. She destroyed the company core competency by creating and promoting her toxic culture.
Here is one of RM social expirments that we lived in our department
We had a very knowledgeable and hard-working guy as our lead. One of the guys that worked for him was spending his time in the women netowk, working on his MBA and PMP during working hours, and super flashy. The super flashy guy got double promoted into the lead b2b position. Kept doing the same sh-t, women network, doing nothing and progressing nothing. His b2b comes in and cleans all the sh-t and moves things forward. Where are both of them now?
The hard-working one quit and moved to a higher position in a smaller yet big company. The slacker got a third promotion and another expat assignment.
They both did very well for themselves, but the slacker is still inside Chevron and treated like a royality, and the truly competent one is outside Chevron helping a competitor.
This story that I witnlenessed myself is the story of Chevron and explain why we are free falling.
RM needs to go and fast.
Look at 12 month, 36 month and 60 month performance. We are crushing them all.
"If you're over 50 and you still need to work, you effed up big time"...ya, tell me about it, like getting divorced while three kids start college.
I am not sure if people can see the magnitude of the disaster
We are about 10% below the nearest competitor and almost 17% below Shell and 24% below Aramco
10 to 17% of the Market Cap of ~300 Billion is 30 to 50 billion$ or even 75 billion $ loss compared to Saudi Aramco.
This is a disaster, and no investor should take this lightly.
RM and MW should pay back their last few years' bonuses because they lost us as employres and investors 30 to 75 billion $ at 80$ per barral in just one year. This is not a recession year for oil to lose this kind of value of an oil company
The value just evaporated like that. When the market is good and the company underperforms that bad, it is only management to blame 🤔. No one else
@4ksv, so correct. Permian is just pattern drilling. Although we do have some AI Einsteins (think snake-oil salespersons or "The Music Man") who claim otherwise, it just comes down to how fast can you drill.
Yes. Hilarious the time RM referred her yard to as a garden as if she is so beyond the peasants.
“They literally skipped a whole t generation in the SME succession.”
That is by design, they don’t need them anymore if Permian is the largest asset.
Also they need to free up high PSG positions for CNE
CVX's real problem is that it is getting much more difficult to find oil and gas reserves. That was the main problem with Noble (and others) and we all know what happened to them. If the CVX stock price continues to underperform and the CEO gets dissatisfied with the compensation, then the golden parachute may be pulled and will sell the company to the highest bidder. The CEO and other key stakeholders will walk away with millions. That is exactly what happened at Noble. The US oil industry is continuing to consolidate. It is literally eat or be eaten.
“When has Chevron ever had” … I can confidently say CTC had a lot more mature talent before they encountered the mass resignations by handing out sweet packages during the last two layoff rounds. They literally skipped a whole t generation in the SME succession.
When has Chevron ever had "world class employees"?
Don't worry, SR will bring out a cadre of number-bending accountants to refute OP. However, OP is correct that a decade now of focusing on everything but being an oil company has come home to roost. All the talent that propelled Chevron to most-admired status 20 years ago (along with reserves and production) is gone, most shown the door unceremoniously in 2015 and 2020. Hiring since about 2014 has been tainted by DE&I, no world-class employees in the hopper. Leaning towards green, confusion about WFH, vaccinations, and in-office time, along with a general lack of a long-term strategy employees can rally around, has sapped morale.
Why aren’t you putting all your efforts and money into shorting the stock? You’d be rich!
True that
If you're over 50 and you still need to work, you effed up big time
“Im freeeeee, free falling”. Since we can’t find anything we better buy something while we still have cash flow. Diversity and inclusion are just fine for feel good , but at the end of the day we better focus on making some new money.
There is no organization in any industry that wants to be filled with people over 50. Congress is filled with people over 50. What business want to be like congress?
This is what happens when you prioritize hiring and keeping minorities, women and laying off people in their 50’s over the most qualified person. People should be chosen to stay at a company because of their abilities and qualifications regardless of color, age or s-x. CVX lost sight of this years ago and would already be out of business because of it but lucky for them they deal in oil.
Chevron has too many employees.
Well resign and go somewhere else.
RM should never have been made CEO!
I hope this downhill slide doesn’t continually reduce us down to an oil change Lube Shop operating at the corner of Smith and Bell St.
We are a safety company, not an oil company - duh
This is the first I hear of Chevron being the highest in negative Year to Date ROI among the O&G majors. This must be due to a one-time accounting adjustment or a temporary setback. I certainly hope it has nothing to do with the small number of us retirees who have receiving DOUBLE annuity payments each month since we left the company in 2015 and 2016. I am one who person who continues to receive twice the scheduled amount in my monthly annuity payments.
Go woke and go broke…just like Apple.
That was DE&I and not the constant ROMs and exploration budget being gutted? Mix that with a generous EOI package and you lose senior folks. Ease up on the persecution complex and think about who’s milking the enterprise dry to appease Wall Street.
"but HR has essentially nothing to do with that." What planet are you living on. ....it was HR and thier policies that drove out so much of the companies technical talent in the name of diversity and inclusion (inclusion being defined by HR as anyone who was not white male and over 50 years of age.)
Agree on the long and steady decline, but HR has essentially nothing to do with that.
Mark my words
The first thing EB will do when she takes over will be to get rid of RM
48 hours max
Women use each other to get up but they know which ones to keep around and which one to offload at the right time
She knows that RM will keep dragging her and the company down and she will not feel the same pressure that MW have in trying to get rid of a minority woman from a leadership position despite her complete failure
Chevron is like an old lady spending her family inheritance before death
Lost its way
The 10 years average means nothing with a continuing downward spiral of death
FGP will not bring any more meaningful production numbers. The Field Facilities scope brought 240K BBl per day already since last year. The 3GP is a sunk cost as anyone who worked in operations in TCO know that it is not really needed or at least at the moment as SGP and KTL still can handle what can be produced from the field. They are aging faster any other similar facility because of the typical CVX incompetence regardless 3GP will not bring any meaningful production increase. 3GP ran as the PRC walkway to funnel money to their preferred contractors and friends
Corruptions in hiring and selections all around as well as awarding the big contracts. Ask anyone about the thousands COCR rooms that were kept empty but paid for during COVID
Ask anyone about Novus Bolashak Fiasco and who managed this 650 million dollars contact that is already spent with nothing meaningful. Ask anyone about the incomplete construction with broken pets all around and now creating another group called the close out group to funnel more money out to their preordered friends
So, do not count on FGP it is a cash sink and take this from someone who is on the ground watching the great collapse and honestly benefiting from it but smart enough yo keep my mouth shut and enjoy the money. People who spoke up, were selected for “better” opportunities and pushed out of the door back to Houston. Chevron runs the place like a concentration camp with security and spies everywhere because they know how deep sh-t they are in. The company will sink there regardless of the great world class PGPA spin machine
I agree on RM comment. she brought nothing but toxicity to the company at a very high senior level. But she is not the only one to be blamed despite the fact she is the most to blame and the first who needs to leave and get some new blood.
RM has done nothing to boost production. She needs to go along with her lazy brothas and sistas.
Chevron is known for safety, but that’s about it.
CVX has the best 10 year return and 2nd best 5 year return. I do think we need to do something about declining production. Thats the main reason we are getting hammered. FGP should help in 2024 - 25 but not much behind it.