Odd, decent earnings reported and the board is silent? Figured I would see a few comments the only reason for profit is that assets were sold.
25 replies (most recent on top)
No longer Human Energy. Now it's Human Excrement.
4oup - it's true. There are employees turning on each other, and the environment feels hostile. The BU's don't collaborate as one great company, but as separate entities competing against each other. There is definitely a lot of lashing out on this site. Chevron is no longer a 'people' company in this economic environment. Cannibalistic Chevron.
-4oup, How does someone "consume someone else from within"???? I think you are getting your abused, out-of-context, meaningless cliches mixed up. The next time you post gibberish, try to google a few of the lines beforehand so that you can properly misuse them, thanks
Chevron is cannibalistic! I see current employees that are hatefully consuming each other from within, and lashing out at those who are already suffering over a job loss. The creature is dying, obviously.
4oit, Yes indeed. It's pathetic that so many disgruntled ex-CVX employees who got cut have to come here to play make-believe and they actually believe that readers cannot see through their tale-tales of success, getting new great jobs here and there, settling lawsuits for millions, having 6 figure cash gigs, blah blah blah. I guess it's good for the miserable and cast aside former employees to have a place to vent and fantasize. C'est la vie. Good luck to you all, and please quit embarrassing yourselves with fake stories of the places that you now work full of holes like a cheesecloth, it's getting old, and it wasn't believable the first time.
1utc....Exactly
If you subtract the money from asset sales, then the earnings don't look so good. The 2nd and 3rd quarter earnings will be a better indicator for earnings from the core business of production and refining.
$2.7 Bn in earnings and ~$2Bn in dividends to be paid out.
Chevron earned 1.5 Bn this quarter and will pay out $2Bn in dividends.
3ywq, I agree with some of what you said, except with the part about the "stellar 1st quarter results were not achieved with asset sales alone". My point being - if it weren't for asset sales alone, this company better start producing some real profits starting with the 2nd quarter or it's going to lose many shareholders.
As unpopular as some of executive management's post-2014 actions have been, you have to tip your hat and give them credit for an amazingly fast "turning of the ship". It has and continues to be painful in terms of the human aspect. However, this kind of turn-around does not happen without a well-thought-out and executed vision and plan by executive leadership. If you've ever owned a company or business, then you will probably agree with my remarks. Oh, the stellar 1st quarter results were not achieved with asset sales alone.
Chevron is in a pinch with oil prices this low for far too long. If the oil price average stays below $57 for 12 more months, something big will have to give. I can't see many more cash cows being put on sale. Selling Gorgon and Wheatstone will prove impossible because we have a high sunken cost in that "investment" (tongue in cheek). CVX will have to come to terms with halting additional sales, end further borrowing and lowering the dividend to a sustainable level it can pay with existing revenue. It's the only way. Low oil prices is here for the long haul. Everyone knows it, but prefer to whistle past the graveyard.
Wave the Chevron Way flags. CVX continues to sell assets at fire sale prices. If oil remains below $80 for two more years, will there be Gorgon and Wheatstone to hold up the empire?
3nvg- Sounds like you are. I longer Chevron's problem. Mutual admiration!
Figure things out for yourself, 3nft. I did. Chevron is no longer my problem.
Ziy, even better you are the guy no longer with Chevron that likes to come on here and state the Company will no longer exist because we lost folks like you.
Care to share the name of your great company, curious to see the fortune 100 O&G company that turned profits during the downturn.
2qgy- In true "Chevron Way" you have written words and said nothing other than implying you are one of the 10% that can understand the financials. Well good for you, now I would venture a guess that you dont have any idea of what it takes to find oil or get it to market. Strangely enough that is the commodity that determines what results in the financial statement. A company that is downsizing in both staff and assets probably does look good on this quarters financial statement and makes good reading for those fortunate few who can understand it.
One-time asset sales no longer bypass the investor's attention. You can only sell so much until you at out of business. Chevron needs to hold on to its few remaining cash cows or else.
Routed earnings estimates even when correcting for asset sales.
I would venture to guess more than 90% of the readers here could not read a basic financial statement and understand it. They have no idea what led to our poor 2016 performance nor can they fathom what factors contributed to the big surprise last week. What's worse, they have no clue how their currrent or lost job contributed or subtracted from the bottom line. These are the people who are so shocked and surprised that positions have been eliminated.
No, not me -1kca. I'm not showing up for work at Chevron. Not after I EOI'ed in August last year. On Monday, I show up for work at another Fortune 100 energy company. One that I started with 2 months after leaving Chevron GOMBU. We'll be posting profits in the 2nd quarter like we have for years. Not too sure about CVX. Good luck to you all anyway.
Kpe, that's the post I was waiting for. Amazing chevron is still open for business and sanctioning projects. I am sure you will show up to work on Monday like a good boy.
Just wait until the 2nd quarter's earnings call. If oil remains this low and no more assets are off loaded, CVX will be posting dismal news.
Its OK to be ashamed of this company and how far its fallen, 1utc. The facts don't lie and perhaps it was because of people like you. They say true colors come out when times get tough. Don't worry, you still have that application in with Walmart. Something will work out. Best of luck.
Just confirms that most of the posters on this board are butt hurt deadwood that have an agenda.