Chevron Corp. is readying a second wave of layoffs and slashing its capital spending by more than $9 billion this year, the oil company said Friday as it reported a surprise fourth-quarter loss of more than half a billion dollars.
Chevron late last year said it would reduce its employee count by about 10%. To achieve that cut, 3,200 workers were let go in 2015 and another 4,000 layoffs are coming this year, Chief Executive John Watson said on Friday.
You cut and pasted that from an unconfirmed internet source, widely available and as feeble as the media can be (out in left field) yet you did not put "quotes" around it. Did you think it was something special that no other troll could spot? I think the first comment was spot on. the OP is a MORON.
Please post info that you at least heard at work, if you you even work, and if you are at CVX, you are dead wood, ready to be cut, which is obvious. Better make it 3201!!!!!
How about the PNZ (partitioned zone) in Kuwait-Saudi border? Chevron is still paying the salary of a thousand workers while the steamflood field was essentially shut down months ago.
When you guys decide to agree on any numbers, the readers on this site will be ready for them. Guesstimation and Speculation and SWAG's not included.
Not sure about "Bad Execution" but yes
Yes Capex spend trended up last quarter because of bad execution on projects that should be done already.
The 7k number will increase. A lot of planning has been based on $50 oil but there will be pressure to cut further if oil doesn't rebound to $50 by mid-year...even more so because cost increases on Wheatstone (and Moho Nord...that one is coming) will make it more difficult to cut capex.
Finally some solid (and supported) info for this site! In the Q4 Watson described 3200 reduction year over year out of a total reorg target of 7000.
You're an idiot. Get some at least partially accurate rumors to pass around, troll. Yours isn't even close.
Thank god for your inside informants