Thread regarding Chevron Corp. layoffs

best way to deal with it is to make a plan of getting out of the oil/gas sector

Hey @vry, so you think anyone on this site can't have an opinion? Why do you have to be a smartass? If you disagree, fine. But offer the readers a reason for your disagreement. Obviously, you don't have an intelligent point of view or even a clue. Sorry ass you.

Hey deadwood @GdBrKN0-knv, thanks for providing us with the entertainment from a person who thinks that they are an economist and investment genius who can time the market, an impossibility. We all are loving this up as we eat our popcorn and watch idiots like you crash and burn!!!

Downturn yes but the colossal fck-ups known as Gorgon, Wheatstone, Bigfoot, etc are the root cause of the >50 % downsizing of upstream. This action cripples Chevron's future and is a signpost of extraordinary management fck-up. Chevron leadership, Watson, his collection of yes-men and -women, and the clueless rubber-stamp board are desperate for operating cash and desperate people do desparate things. The desperation is reaching a crescendo now that the Gorgon Train1 cooldown failed. We cannot continue to borrow 8 billion a year to payout a dividend- this is reckless and unsound. The Gorgon fiasco will generate an equivalent loss this year and if you arent completely stupid, all now realize that the project will never make a profit and will not even break even and this pressures both the balance sheet and earnings. So to point, yes the prive drop is a driver, but forcing mechanism behind the deep, deep cuts is about failed MCPs. The actions being taken today, in terms of delivering future value, cripple us for decades to come. Desperation prevails. I am enjoying watching the effort to spin it otherwise as I happily buy other dividend bearing shares from company's stocks trading at 10 yr lows but far, far less risky. The sh*t has hit the fan ladies and gentlemen.

I've been laid off 2 times during my career going back to about 1980. So far in my 5 years with Chevron I've avoided the axe. And I'm not sleeping with anybody nor am I friends and family. But I've got embarrassing evidence that makes me bulletproof. I know where the bodies are buried.

0-bsh is 100% correct. The OP is also correct. Allow me to tie these 2 "arguments" together. I'll say that it was mid-late 2Q2014 when San Ramon realized the impending cash crunch. I offer our hiring and recruiting numbers in 2013 as evidence, with tempered guidance in 2014 as further guidance on reigning in company expansion. Next, was a shift in CAPEX spend, not a broad-public cut, but a shift. The money was beginning to be cut off to BU's with the guidance that it was going to fund the MCP's money shifted to ABU and Kazakhstan. CVX was actually on a diet going into this crash. This global commodities crash- slowdown in China/ OPEC market grab- was the staff infection to our hospital stay, couldn't have scripted a worse scenario for CVX. Lack of action by the corporation is because of 2, allbeit huge, fundamental problems... 1) Leadership is in shock at the enormous financial problems the corporation faces and 2) a softness in the fundamental personnel leadership qualities of "our leadership". Calling the pitches from the dugout isn't the same job as standing on the mound and we don't even have bat girls in our dugout.

Reality pipe smoker here - There are ups and downs in the oil business. Companies pay multi million dollar salaries to leaders with the expectation that they position the company for the ups and downs by making sound investments over the long term. If you look at the last decade of major projects for Chevron, there are only a couple that aren't complete economic failures - Agbami, Maf. Norte, SGI, come to mind. These opportunities were too good for even CVX to F them up. That is about it. Then comes the long line of epic busts - projects Chevron would NEVER do again knowing the final outcome......SNX, EGTL (silent turd), ALNG, CRX, MSP, Bigfoot (bka Big F U), Gorgon, Wheatstone, ABU......on and on and on. Hell, even the crown jewel of GoM (JSM) is a loser. Pretty sad when your most prized development is a flop. It is even more sad that the key leaders that inked these bad deals are still drawing a check. Ya'll hang in there...maybe Kitimat or BSM will save you from Spendosaurus and Wasteosaurus Rex. Will someone ask me again what I am smoking????

Your family will be feeding from tits on a duck, @GdBrKN0-cer? That's not a very good plan. I suggest that you apply for foodstamps and feel the Bern. Since Obummer put the political climate in place for this Oil price downturn and played golf all day and did nothing about it, I suppose I can't blame the Idiot in the white house. I hope he doesn't steal everything that isn'y nailed down on the way out, but maybe it will be for the best, they probably destroyed everything. I wonder if Obama will ever get an actual job in his entire life. You know, he hasn't actually had one? One that requires work beyond reading a teleprompter, speeches written my others. I would hate to have to feed a family after getting kicked out of the oil 'Buisness" that's a weally bad bidness dese daze. Maybe I can get a job holding Obummers jock. That's all I know to do , I voted for him, because I am a gruber idiot.

@GdBrKN0 - "Frankly, I'm tired of seeing all these posts about mismanagement, or nepotism as the root cause of this companies problems." Be serious, are you going to blame this oil downturn on Obama, or some other politician that is an @$$hole. I guess you did not read my entire post, I can handle it and I already have a plan for my family. So stop complaining about all the folks that have been screwed over by the management team. CVX has lots of good managers, but unfortunately too many managers at CVX are as worthless as tits on a duck....

Have you been reading the posts for the other companies? All are going through the same thing, and on each board someone is crying about mismanagement.

It's the big bad world out there. If you can't handle it, get your teaching certificate.

"if you get laid off", don't you mean when you get laid off? By EOY 2017 over 50% of the current staff will remain. If you think the downturn in the oil business is the only reason CVX is having financial problems you are dreaming. CVX has mismanaged their resources and made investments in very expensive projects that have run over budget and past schedule. That is poor planning, not the downturn in the oil business. Some day, MBA students will be reading case studies on how CVX made poor investments, took too many risks and the company was negatively impacted financially.

BTW, I do already have a plan for taking care of my family, so thanks for the advice. If you do not like the posts on this web site then find some other place to read your news!