So what will it be after the spring ROM? Will there be more layoffs? Will there be cuts in benefits?
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ETC will be eliminated. Any needs in this area will be contracted. The decision has already been made.
The company will be reduced down to only Managers? We'll all finally see if these pompous dorks can get anything done. Lol.
The picture coming to my mind is this: All people will be laid off except for the managers. Chevron will be a bunch of managers without pee-ons to harass or order around. And since most of them don't have any skills beyond Microsoft Office suite, the company will be reduced to ...... (fill in the blank)..... !
You heard it hear first. Project Beta....second to Alpha is coming to Houston in August. I am done carrying. Round 2 will be even more brutal.
As long as the price of oil is low, Chevron will keep selling assets and laying off as many employees as it takes to pay the dividend albatross. This will stop either when oil stabilizes above $55 to $60 or the CEO Watson finally understands the dividend must be reduced to save the bleeding company. Ask ConocoPhillips. They just reduced their dividend by more than 50%.
There will be layoffs associated with every PDC going forward until there are enough jobs for people coming off of completed projects, sold assets, zombie BUs, etc. Maybe not 7,000 people but there will be several hundred, at least until oil gets into the $60s and some of our projects become economical again.