Layoffs will be coming as a result. The BUs have already been challenged to show long term growth and hearing from some managers the need to cut opex in the amount on 4000 employees.
Can this be true? 4k seems a bit excessive from where I'm standing, but you never know I guess.
When I see these posts, I do not leaving. I retired early as a veteran and survivor of multiple layoffs, enterprise selection events, ROMs, etc. I loved my exploration role, but I do not miss the work environment when the hatchet is going to drop soon. If y'all are ROMing and having to "re-apply" for your job in a musical chairs kind of thing again, I feel for you. There is life after Chevron. If you are early-career, productive, have not made waves, have not irked your supervisor off, have never questioned his decision-making in meetings and haven't been down this dark, dirty trail before, just keep your head down, do your job and play the game. The executive and senior management teams have already decided who they want to fill the available slots. You will probably make it through. The rest of the shenanigans are about optics and keeping it legal. One good thing is that diversity usually improves after layoffs (https://www.nasdaq.com/articles/chevron-diversity-ratio-to-improve-as-layoffs-progress-2020-07-24-0). Great news huh?
Man, the timing of the layoff that swept me away in 2016 is looking more and more like a Godsend. I have been realizing my blessings for having left Chevron then and not now. Economic times are far worse today than it was in 2016. Actually I left Chevron perhaps 1 year earlier than I had planned. But all in all everything couldn’t have worked out better.
The 45 or 60 day WARN announcement on impending layoffs won’t be known until Feb or March 2024 at the soonest. Chevron will wait until the fiscal year ends before making moves towards layoffs. I’m pretty sure “plans” are being hashed out right now at Chevron HQ, only that first words on that subject won’t be officially heard until early next year. Brush up your resumes, everyone, but more so this advise goes to you poor HESS employees. Only 20% of HESS rank and staff will survive.
You don't know how mergers work if you don't think anyone at HESS who wants a package will not be able to get one. Chevron will always find a way to slot a Chevron person in a job ahead of anyone from HESS. It takes YEARS to Chevronize a worker and experienced workers, especially from a merger/takeover, never really accept it and either make a lot of noise, underperform, or end up leaving after a year anyhow.
Given CVX Q3 report better make it 6000 layoffs. Senior management needs their bonus.
"There will be no severance for Chevron people as they would have to offer the same rich package as HESS and too many people would leave. The mistake of doing this in 2020 lingers."
Interesting - is this really seen as a mistake at senior levels? People here on this board might comment about the loss of talent, and they are probably right,... but I ask - would senior levels really hesitate about repeating, if so - why?
Hess employees won't get to decide if they take Change of Control or not -- that's not how it works. You can bet Chevron will have a selection event just like they're doing for PDC. If you're offered a job in the same general location (less than a 50 mile change) you don't get Change of Control benefits. The option is to take the job presented (including transition jobs) or to resign with no severance benefit.
Hess's maintenance department isn't that big. Very Small actually. Often times maintenance fairs better than many in layoffs. Does Chevron have the staff to absorb the load of 3 more platforms? I think Chevron keeps them. Seems to me the ones more vulnerable are special projects, office staff, HR, Finance, Acct etc. Thoughts on maintenance and platform workers?
Are there details of the rich package available?
There will be no severance for Chevron people as they would have to offer the same rich package as HESS and too many people would leave. The mistake of doing this in 2020 lingers.
If they offer another voluntary severance package, there will easily be 10% of employees that jump at it.
The pendulum will swing back to utilizing more contractor engineering to do the basic work. This cuts back on the burden CVX has to pay for insurance, 401K match, etc. I've seen this before.
If you’re offered a position and don’t accept, it’s considered a voluntary resignation. No severance and no pro rated bonus. If you want a severance start the politics now.
@@2gkr
Details?
The HESS change of control package is fabulous - I expect 90% of them will take it and we'll be stuck hiring replacements for them.
There won't be any cuts until May/June time frame. The deal isn't supposed to close until Mach (earliest) and then Chevron has to give 60 day notice of any layoffs which can't happen in the 60 day period. No way they have the means to know who they are axing this soon. Bigger merger and more complicated than PLC.
@1ezb+1:
I ROFLMAF so hard
MW and friends don't care about technical people, so don't think because you see a shortage of technocrats that management care or agree.
The layoffs will happen as sure as the sun will set today.
No need for all the chevron + Hess employees to stick around. Expect a round of cuts just before or after the holidays (depending on whether we follow the Exxon method).
There is significant shortage of technical people and yet the headcount has stayed constant. There is big demand to hire more but the LT is resisting, so unless the oil price dives down to under $55, there is no layoff on the horizon.
If you come out of the closet will that affect your layoff chances?
Post ID: @nsn+1pfaysQp Hess employee will take your spot 🤡
It’s clear that “easy oil” is no longer a possibility for anyone or anywhere. All the cheap exploratory fields are gone. What is left are the very costly and risky bets, where one or two blunders could knock a company out of business or severely weakened. These weakened O&G businesses are now the new “easy oil” for the big fish. Fossil fuel energy is not going away anytime soon, no matter what. The game has changed in current times. It’s a wiser path for the big players to grow their reserves through mergers and acquisitions instead of exploration and production. The former strategy has more promise that the latter approach.
Layoffs, layoffs, layoffs...that's the only thing this company is known for anymore.
Letting people go is the easy lever to pull. It takes no brains. Actually running the business is much harder especially in tough times. This seems to be beyond the current management's ability.
Count me in!