So we are losing 28% the function I am in. This is not counting Project Matrix. They have hired a consulting firm to rank all employees by ranking for the last 3 years. The target is to cut another 10% based on poor performance outside the ROM layoff. This will coincide with the current ROM....But it has a name. Project Matrix....WTF? Also to the point of $70 a barrel for the bench mark. It was mentioned in the meeting on project Matrix that the number is to low with current oil price trending. 15% would be a better target.
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it's happening now and it doesn't matter what you call it. Remember, this is not only happening at Chevron, but across all competitors and every business partner service companies. The root cause is not Chevron as the company is being demonized here in this forum. I don't say that because I have not been selected as in scope. I could login Monday and find that dreadful email within my inbox. So I empathize with heart for all the families affected by this economy. However, the accounting is what it is all about, not anything more. The Money! If there is no revenue after all other cash flows to pay the bills and reinvest in the company, then there is no dividends to meet investor expectations. CVX is publicly traded and without investors there will be no Chevron.
I'm not qualified to pass judgment on the ranking system, let alone participate in assumptions of the business model within Chevron now has under execution. Is the ranking a subjective process? Do the lowest to tiers (3's & 2minus) truly represent employee potential? Only executive management knows what is truly happening with RAE, ROM, Projects Alpha thru Omega. All other talk than official emails or corporate notifications are nothing more than rumor amd heresy. Good Luck to those affected and to those still employed. May grace and peace be upon you in you and your family's endeavors.
Round two for AMBU was made official this morning but of course secret. If you look at it objectively they will NOJV this unit. 550 jobs gone within the year. When they announce it you can say "Oh I know, I read it on some layoff board.". I will also pass on the word for those laid off in AMBU or any other BU there are no jobs to land into. You are done at Chevron. People still think at the BU level they will just transfer to another place. NO JOBS!
Canada was 130 for the ROM and then 27 positions that will be eliminated in 7 months. They did the same for Pittsburgh with transitional roles that were eliminated July 1st. They layed of 162 in January and another 50 from January to July 1. So Pittsburgh's total as of July 1 was 212 In Canada Calgary office 134 and N.L. office 20 jobs. Canada Total is 154. MidCon is the next BU up and I expect 150-200
Can we get a tally of layoffs?
162 - Pittsburgh
X - Canada
X - Aberdeen
450 + 250? - ETC
TBD - SASBU
TBD - GOMBU
TBD - LABU
TBD - MCBU
Great point 125624, Chevron's naming of Project Alpha, Beta, Delta, Matrix is sophomoric. You are absolutely right that they split up the layoffs so that the numbers seem less dramatic. They did the same when reporting Wheatstone and Gorgon's billions in budget overages. As if they were two completely different projects.
Well it is 10% by deduction. I was told to add another 10% RIF for low performers to my numbers yesterday evening. Now this makes sense. I have tried and tried over the last 5 years to whack the truely incompetent employees, the bullies, the absent. I was told NO. Chevron went from fire no one no matter the circumstances, to fire everyone no matter the circumstances. The spin now is Chevron has been planning this for 3 years. Watch and listen. They are saying they saw overstaffing that long ago. Meanwhile it was just hire anybody (as long as it was a parent, friend or church member) 3 years ago. Repeat a lie long enough it will be believed.
I think the names are corny. And stupid. That being said I think the poster point is the number posted for this ROM needs to go up another 10%. So true to Chevrons Machiavellian ways they don't role the number together so appearances look better. 28% is bad. 38% is worse.
Project Matrix is running parallel to Project Apex, it is not a new ROM. It doesn't matter what the artificial name of the ROM is, does it?
Project Martrix? I think you mean rthe REA (resource assessment exercise). Its in a letter from Jeff S. Near the last sentence of the last paragraph. Next to the comment about being considerate of less fortunate colleagues affected by the REA. This begs the question: are those who lose their jobs less fortunate than those who have to survive the extended dance party version of the ROM, the CNAEP REA and the inevitable additional cuts that extended low oil price point will demand. Wondering how much we will coninue to borrow in order to pay dividend? The reality of low price and 10s of billions in cost overruns is that MCPs take many years to even breakeven (assuming they do). When debt-to-equity ratio grows and return on equity decreasesvyou dont have to be a Wharton grad to see the writing on the wall.
It is 10% and it is because of the low oil prices. Chevron is panicking as cash flow tracks red for a freaking decade with the massive spend over the last 3 years and the tanking of the market.
This is 100% true...the only thing I can not confirm is the percentage because I don't know. But it is called Project Matrix, They did hire an outside firm, and it is based on 3 years of rankings.