It is just a question of exactly when. Just as Chevron was least prepared for this downturn, it is also now most complacent and laid back about staff cutbacks. But it will all catch up soon. There is no free lunch.
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OP says, "There will be more layoffs". The prophecy is true... Tell us great one, will the sun come up tomorrow?
Current ROM/layoffs were based on CVX earning $60/bbl. That isn't happening, obviously. Those who remain, we can kiss our 8% petrotech bonuses away come Jan 1st. They will also lay off more people in the spring PDC, if not sooner. All about cash flow, and CVX has overspent their tab...
No. sorry. The 60ish folks with the work ethic were let go. We can't do it for you. You all can mock our work habits all you want while I laugh all the way to the bank, a free spirit, untethered from the company.
Will they use the same friends and family criteria in the next ROM?
What da hell ya'll talkin' about "Dead Wood"? I think that must mean me, though, I like to sit around all day and just collect a paycheck for doing nothing. Maybe that's why they sent me a warning letter. Does that mean that I'm a piece of the deadwood or just a do-nothing entitled millennial? either way, I don't get much done. Maybe some of those old 60's-ish sticks in the mud who think that work ethic is some sort of special trait will do it for me!! LOL!
I , as well as many others, were very surprised that Chevron
didn't have a position for you in the ROM. Now that I'm not an employee, I
can say what I really think and I sincerely believe that there were people
on your team who might have felt threatened by your skill set and your
willingness to work closely with customers. Modern skills and customer
relations have never been the strong suit of the XXXXXXTeam.
This is also true of the xxxxx team.
As a xxxxxx, I have relied on xxxxxx products for most of my
career, so I can recognize good work that fits with other data sets. I
wasn't seeing that kind of work at Chevron when I got there sixteen years
ago. Two years ago and I tactfully challenged the team to adopt completive
software to produce what we needed, such as 3D modeling. I immediately
started getting calls from high-level geophysical managers in San Ramon
telling me in essence to mind my own business. Then , I suggested the
project should consider bypassing the Chevron team and send the work out to
competitive contractors. At that point, the shit really hit the fan and I
was lectured on the Chevron Way by several managers in San Ramon. I didn't
fully appreciate how political this team was until that point. After that, I
started using commercially available products to bypass the team altogether.
They didn't care, as long as I wasn't questioning their tool box.
My view is that you didn't do anything wrong. You just landed on a team
bringing modern skills and they didn't want them. After that, they were
probably just looking for an excuse. The truth is that it is Chevron's loss,
and my former colleagues who know you all agree. I learned a long time ago
that Chevron is too stupid to care about OC in a genuine sense. Like most
big companies, everyone is replaceable and only politics matters. For me, I
enjoyed the work, but not much else about the large company environment.
564, depends on your definition of deadwood. Some of the 60ish folks are prolific contributors, and by the same token some of the youngish set are whiners and slackers. But the reality is often that many of these slackers and game players stay on and contributors are let go in the classic "Chevron Way."
564 you are an idiot! I have seen some of the most hard-working employees get laid off and lazy ones keep their jobs.
Dead wood is what you have between your balls, Anon564. This terd doesn't have anything other words in his vocabulary than "dead wood". Grow up, fool.
The more dead wood that gets cut the better!!! Get rid of that dead wood! Get rid of all those whiners and complainers and leave the people who want to and are willing to work and the general work ethic and sentiment will be much better all around.
OP says, "There will be more layoffs". I think you are a bit late in your prophecy. I bet you were an alchemist in a previous life...
The layoffs will stem payroll spending soon enough but not in time to hit a net positive effect for the third or fourth quarters of 2015. Keep in mind that salaries continue for 60 days, then Chevron must payout severances. The cash savings will be seen later, but not now.
It's a fire sale. Not likely to impress anslysts. But the cash will help cushion the 3Q financial report. The layoffs help too, of course, however that is what helped stabilize the stock price. There had to be much more blood letting.
Anonymous185498, I think you just coined the phrase "Dividend House of Cards". It is the best description I've heard of yet for the debacle Chevron put themselves into.
The additional cuts will be discussed during the earnings call to help offset the negative reaction to what will be one of the worst quarters in awhile and to help keep the dividend house of cards upright for a bit longer.
I am expecting the announcement of the sales of the properties in the GOM to be done on Oct 30 when earnings report is given...that will no doubt have a impact on the #'s in the GOM Business Unit. Supposedly the sale will happen on Oct 29....
We might hear some announcements after this upcoming earning report.