LOL at FUPM. This is actually a mafia term that came into existence in the Cleveland/Pittsburgh/Youngstown mobs and actually made it into the movie good fellows. And this is a GREAT analogy to the dividend and management. We will invest in your company and make you look great but as soon as you hit problems don't forget who made you. Oh cash flow is short FUPM. Oh expense is high on uncompleted projects FUPM. https://www.youtube.com/watch?v=3XGAmPRxV48
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I'm down with that. Someone, please add "FUPM" to the CHAOS acronym database just before walking out the door. I left CVX last year and don't have access to the database.
F U Pay Me.
Add that to CHAOS prior to your meeting with HR tomorrow.
Consider this the reply to all the CSOC feedback I've been receiving.
Define that acronym, please, John Watson! Save us all from guessing.
FUPM
Anon134035 is correct. I strongly believe that Chevron will have to reduce the dividend. It will be very hard to come to terms with and will result in Watson having to step down. But it will take place if oil prices drag on at sub $50 levels for the rest of this year. Chevron has a terrible cash flow problem. Dividends must be paid from cash flow. It's getting almost impossible to juggle our business and also pay dividends at the current yield.
Watson will fall on the sword if the dividend is cut, which will have to happen unless external forces drive up the price of oil. The performance of the corporation is outside the control of management and that is a very bad place to be. Chevron is not set up to perform well in a low price environment. Perhaps this downturn will be a good thing for Chevron long term because it will force evaluation of actual management ability which can't be covered up by $100 oil and will force the company to live within our means.
Are you joking around??/ Really the guy is not going to face the music. From the top dog down they are PUNKS! This may also mean Watson is out.
If he isn't sick, he will be after checking the price of oil today. Good grief this downturn is going to be painful. Management was really counting on a return to $70isj oil by EOY. At this point, with the end of summer driving season, Iran crude coming to market and yuan devaluation (along with Chinese demand leveling out or even declining). we'll be lucky to get back to $50.