An oil and gas analyst says Gorgon will go down as one of the worst. He goes on to say If Harvard Business School wanted to put a case study together of not what to do....that would be Gorgon....then Watson comes on and says blah blah blah. http://www.bloomberg.com/news/videos/2015-06-11/inside-the-largest-project-in-chevron-s-history Also read the thread "Gorgon will strike on the 20th. Watson cancels emergency trip." on this board. Sheds a lot of light to the situation.
6 replies (most recent on top)
16 years of backbreaking service for this company all for not. I have watched the misappropriation of funds on 90% of the projects. They spent like they stole it with no regard to the company employees that worked hard and paid into Chevron stocks and their bullshit lies. Bigfoot, Gorgon, Wheatstone, JSM are just a few. Hiding numbers, changing data, falsified numbers is all just business as usual.
Haha yeah. It just vanishes you know!
My personal favorite justification: we have to spend the money by year end before we "lose it".
I have personally been told by people working on these projects, when I questioned costs to mind my own business and back off because they had the money in the budget to do what they wanted. I'm sitting there thinking yeah right that's my future.
From what I've been hearing from our employees at Gorgon and Wheatstone, things are worse than is being published in articles. The company executives are trying very hard to contain the bad news and especially the horrendous details of why these projects are so mismanaged. These projects are going to be the last straw that breaks the camel's back. The news will get out, and sooner rather than later, the investment community will catch on to the real story. Hold on to your hats, because Chevron stock will be taking a harder hit. And they won't be able to continue blaming it on crude and gas spot prices. Mismanagement and poor execution!
Money pit, flawed projections, bad calculations, mismanagement,.........,yet, guess who is paying the price? Those who had very little say in the whole screw-up!