2020 was the year that destroyed Chevron. The cuts were far too deep and destructive. I don't think MW has learned from that. You can layoff to win!
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"getting the overpaid dinosaurs to finally retire" There was much talk before this about the "Great crew change" and the worry that technical know-how would be lost during the transition. The exit of the dinosaurs (as you call them), during a time with a record low focus on workforce competency development and then COVID resulted in all the crew change predictions being realized in spades. Since then Chevron has severely lagged behind our peers in home-grown reserves additions and is falling behind in recovery efficiency from our current assets. A new focus on a digital transformation as the primary workforce competency development needed (generally unrealized) rather than workforce competency training in our base business processes and activities has not helped our bottom line much either. It was all a perfect storm in management incompetence.
We didn't even layoff that many people in 2020....project alpha and the ESP were both much bigger. The majority of the "transformation" was getting the overpaid dinosaurs to finally retire and stop burdening the company.
We are where we are at bc instead of reinvesting any of the money we pocketed during COVID we issued billions in buybacks for shareholders and executives. We didn't do anything R&D wise or cash in on bottom barrel price contracts with service companies trying to survive COVID and ride out to increased gas sales prices.
We are a company for rich people to park money and cash in on a dividend with little focus on actual oil and gas. You're a rube.
Sure was. just look at the Permian
What made 2020 especially bad was that Covid prevented any meaningfull transfer of knowledge. Not that MW or RM cared, they just wanted to replace those expensive boomers with know-it-all high pots.