To the press and employees upper management has indicated that the layoffs are behind us. For those of you who made it through the storm - well done. Now we need to deliver results with our lower cost structure in place. Get after it!
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2tsj, Word is that around 100 FE's (total) will lose their jobs. Haven't heard anything about the ETC or SJVBU cuts.
What, OP? - The layoffs are behind us? Maybe only behind you if looking the other way on the railroad tracks with a freight train bearing down on you.
um, lottery in June - corn heavy soon.
"Layoffs are behind us": Would seem that reassurances were... how should I put it? .... somewhat premature.
@3hho - You are correct on the Greater Gom reorg. The overlap of positions between GOM and DWEP will lead to layoffs. The cost to produce in the deep water is too high at the current price per barrel. The best place to store the petroleum in the deep water assets is in the ground until the price goes up. With the Bigfoot debacle still waiting to sail and first oil expected sometime in 2018, the cost to operate DWEP / GOM will lead to a consolidation of positions resulting in more layoffs.
I am in ETC and did not get a must move notice. Not surprising since I am pretty awesome. I will stick around until a better opportunity presents itself.
The Greater GOM reorganization will be rolled out on Valentines Day. Many more layoffs to come. D& C for sure. Probably exploration too. That is why you don't see leadership around much right now. And when you do see them, they sure as hell aren't smiling. Sorry to say, but the deepwater business model doesnt work at current price. This year may be the year things turn around but we have 12 billion in cash now, way down from 2 years ago and we are borrowing 8 billion a year to pay the dividend. You don't have to be a CFO to see the exposure. Permian resource is tiny relative to deepwater reservoirs. The current focus on short-turnaround Permian drilling is not a sustainable practice in terms of replacing our reserves. And we just made another huge commitment at Tengiz. Not to mention the continuing Gorgon/ Wheatstone. If oil doesnt make it to near $70 the Chevron (and other majors) business model is toast without another major round of layoffs. Front-loading the vacation might be a good idea this year. Watson spoke out of one side of his mouth this week barely 24 hours after layoffs were ocurring Houston. The Corporate CIP metric reduction foreshadows things to come. Leadership transparency would be greatly appreciated.
Sounds like there are a number of layoffs upcoming. Many at ETC received "must move" notices because their positions are being eliminated. Facility engineers also received notice that there would be layoffs, and I have also heard of expected layoffs at SJVBU. Doesn't sound a bit like layoffs are behind us.
Does anyone know how many employees we are talking about?
The blood letting must continue. The digital oil field does the manual calculations of 10 SMEs
This "Great Crew Change" nonsense has been spouted for at least 15 years now. One day the old timers are going to realize that it's not going to be the end of the industry when they leave.
With interest rates rising anyone with more than 90 points would be crazy to stay after the 2016 bonus is paid. Your lump sum will get smaller every quarter as the Fed pushes rates up.
Lost in all the handwringing and layoffs is that we are in the mists of the great crew change. There are a lot of us with solid bonifids and bottom line contributions who are not quite ready to retire, but are really not that far off. An commodity upswing, even modest, and continued market stability for the 401k will cause a significant number to pull the plug and those that have not already baled on the industry to new opportunities may not be enough to fill the need just a few years from now. The view is always bleakest from the troughs. I wish everyone success!
Depending on how many people opt to retire voluntarily, that will drive what other headcount adjustments need to be made
At corporate level is over, but at BU level it will continue. SJV will have a "transformation" project this year, which will translate to reorg and head count reductions.
I don't think layoffs are behind us, it depends on the BUs like the example above of ABU outsourcing their IT to India. Also there are still 7 billion worth of assets to sell by the end of the year, that could affect a lot of people - any predictions on asset sales?
WARN Act is just another unecessary burden on businesses that try to provide jobs to the poor and downtrodden of this great land. Trump has revoked it via Executive Order.
Lots of private HR appts in HOU this week. Layoffs continue. Has there been a new WARN Act announcement?
I think this means that the enterprise-wide program is done but each BU / OpCo has its own agenda and timeline. It did not sound like it was done on the investor's call
Most of ABU IT is about to get laid off - Mumbai IT is almost here!
Just so everyone is aware... Chevron's CIP Corporate Factor is no longer based on what it used to be, a sort of profit-sharing program. No-no, not for some 4 years. The Corporate Factor is based on a budgeted Dollar amount the BOD has determined is sufficient to be doled out, like scraps thrown from the King's table.
Nope, when I see that Chevron led the IOC's and beat the S&P500 in Shareholder Return, that is adding value to the owners of the company, and then I am told your bonus will be 25% below par, when in 2015 Chevron was second to last and I am told I will receive 20% below par, the answer is an emphatic no. Chevron has decided they will not pay for performance, so no need to perform.
Rubbish. I was laid off last week from f---ing ABU