With this performance, they need to conduct a project called "GET RID OF MANAGEMENT" and fire all of the managers. This performance compares to BP and Shell and even EXXON is petty, ONLY $571 MM profit and 30 cents per share....wow
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Image if CVX did not have a Downstream sector to "hedge" the now under-performing Upstream. Despite selling most of our international downstream businesses in the past 7 years (including Caltex Australia this year), the lowly Refining and Marketing assets are bailing out earnings now.
The future would have been super bleak is Chevron had spun off Downstream a la Conoco and Marathon.
Any one can be a manager when the price of oil is at $100. incompetency shows in though time!! The problem is the low end managers and supervisors. They need to let them all go
Do it right or don't do it at all.
Goodbye, CIP.
Holy Shit Batman. I thought upstream would not look as bad last quarter. Upstream lost 2,2 billion and downstream gained 2.9 Billion. Cuts the numbers fromm the upstream side and it's beyond bad and the bleeding has just begun. Way to leverage with capital projects and no cash to complete them??? They spent 6 billion they did not have on dividends, This gives Watson another 6 months before his head gets chopped.
Anyone with a brain saw it coming. We are in deep doo doo. Need to get these mcps off our shoulders. We really did ourselves in on that spending spree.