Thread regarding Chevron Corp. layoffs

-7kld do not forget to put Mafumeira Sul Project in Angola on the list of examples of poor project execution! This is another example of a project way behind schedule and way over budget. And this is just for conventional steel platforms in 200 ft water depth. Kind makes you think if Chevron and PRC knows anything about project execution. I kind of believe that PRC has now over-thought project management and made it too complex to execute any project.

Regardless, I was retired last year and CVX needs to maintain and grow the dividend just as JW has said.

Oil down more than 4% today. Sign of the times for oil. Will remain low for a very long time...Years. Don't expect CVX to go out of business or get sold, but bet on more assets and personnel will be jettisoned.

"Turning of the Turd" is more like it, spiraling slowly around and around down a flushed toilet.

CVX future depends on execution. Gorgon, Wheatstone, Bigfoot, Angola LNG, EGTL are examples of poor execution. With focus on Permian, the key question is can CVX execute on Shale oil and can CVX do it as low cost and timely as EOG, Pioneer or XTO. If CVX is not as good as these shale players, and not as good as XOM and Shell in deepwater/LNG, then what will CVX be good at.

CVX has no growth, only dividends. U.S. Treasuries are a better bet for retirees.

@N5SV4Ne-6sif If your portfolio was not well enough diversified to begin with, that's not Chevron's or anyone else's fault but your own. Next time, choose more wisely, if you even have a next time......

What does that mean, 6zai? (A stock for sheeple). Do you mean that CVX stock is for people who are led around blindly?

Chevron will remain a stock for sheeple.

Go ahead and hold on to your CVX stock, 5rmk. Don't come back here crying in the end. I dumped my CVX shares for a more diversified portfolio. Glad I did too. I'm earning a tidy return and I sleep much better at night for it.

The dividend is going up quite nicely this year which is wonderful for us shareholders, past and present employees who hold stock, which is the majority of us, including the laid off ones. Sorry that you nay-sayers are not getting your way. Keep up the pathetic anecdotes, though, it's quite entertaining. I'll go get some popcorn.

3TDB, your post is unwelcome, we on this board only want posts stating the company will ultimately sell all assets to the Chinese and the brown nosers that remain will be unemployable because we have no skills, only s---ing up. You take your noise elsewhere, stock only has one direction and that is down.

"Turning of the Ship"??? More like Turning of the Turd.

It's obvious the stock price will drop if the dividend is cut, but regardless of how much it falls, it will be very temporary. Think about it before idlely responding.

If the dividend is cut, stock price drops by 30 to 40%. Period.

JW has repeatedly stated that his number one priority is maintaining and growing the dividend. You all should know that. So it should be no surprise or mystery as to the corporate decisions that are being made. Chevron seems to be stealing from the future to pay for today. Hindsight is always 20/20 as they say, and only a year or two from now will the results of current decisions be known.

-2nal, You are correct in that the shareholders own the company, BUT they don't run the company. As soon as there is no company left to run, these fickle self gratifying investors will turn and flee. Can't you realize that simple reality? It's only a matter of time before that happens. The Chevron brass are playing a 'wait and see' game with oil prices. One in which they will need to go something different very soon. Oil slid 5% today mainly because OPEC is coming to terms with the fact they lost control on setting the price of oil. Other factors were also involved, but nobody can refute that low oil prices are here to stay for a long time. Chevron cannot wait out the calendar hoping for a sustained lift in prices. We need to cut the dividend, stop the fire sale of viable assets and bite the bullet for the repercussion that will come. We should have dealt with the dividend 2 years ago. The longer the time CVX waits, the worse it will be for Chevron as a company.

Sah you think the Chinese are paying their ops personnel 6 figures? How about their engineers? Answer is no, sooooo they do have lower head cost.

2oar You almost had a point. China bought two of the latest major assets and would not consider them as small low overhead companies. Irrespective of what excuses are made Chevron is a poor performer when compared to others. In a tight market there are only so many seats at the table and excuses does not get you a seat. After reading these posts and getting an insight into the company I am not surprised it is lagging behind. "Bed wetters" was funny the first hundred times but now suggest you see someone about this infatuation you seem to have.

Unfortunately we tend to forget that the dividend is the reason shareholders continue to invest. In many posts it sounds like these are our assets being sold to satisfy the shareholders but forget that the shareholders own the company and we work for their best interests. Without a good return on their investment they would invest in other companies and then there would be no Chevron.

1q17 was good but not enough to pay dividend without asset sales. If prices don't rise or capex fall, we will continue sales or be borrowing to pay dividend. The asset sales are only due to our difficult financial situation. Otherwise we would keep their production and earnings.

Precisely, -2add

While I do think CVX should have cut the dividend years ago because it has driven us to sell good assets in a down market, it is very clear that the 1st quarter was very good even when excluding asset sales. Pretty telling about some of the posters on this board that they cannot admit something so clearly correct and obvious.

Gorgon cargos shipped. Not just asset sales.

Chevron is attempting to reduce bed-wetter count and is doing so quite effectively. Kudos CVX!!!!!

Yeah dividends!!!!!

ppf, these are smaller operators buying these assets that have lower operating cost, remember you bed wetters are crying because Chevron is attempting to reduce head count to help lower operating cost,

I am not a CVX employee, never was, never will be, but I am quite tuned into the O&G industry and the comment below "According those who benchmark our industry Chevron has always been a bottom end performer" is simply 100% false. Sorry guys. Posting falsehoods because you are bitter about your personal situation does not make them true and is not accomplishing anything.

1nhj - It does not need a Google search to work out that for all the assets up for sale there are other operators purchasing these and turning them around where Chevron was incapable. According those who benchmark our industry Chevron has always been a bottom end performer due to its management, staff and processes performing poorly. There is no apparent business strategy from getting rid of people and in many cases it is those who challenge the processes and decisions and not just the poor performers as many posts suggest. Now a culture of compliance, blind agreement, keeping the boss happy and spending your day driving your PMP and other flavours of the month is being created.

All it takes is a simple google search and you will see tons of operators selling assets during these times that are no longer strategic in this environment. Again I know it doesn't fit the bed wetter narrative, but like others Chevron is making the moves necessary to stay competitive. When times get good they will acquire assets, it's a cyclical business.

It was a rhetorical question. Everyone should know exactly what has changed in the past 2-3 years. I know, there are some who still don't get it. Here is the answer. The price of oil dropped from over $110 down to $20 something and back up to the upper $40's and over 10k employees lost their jobs at Chevron.

All of you nimrods stating that nothing has changed since 2 - 3 years ago must really be blinded by angst. You don't reckon the market and forecasted price of crude and gas has had anything to do with company decisions at all huh? Nothing quite like a scorned Monday morning QB.

-ohv, You are indeed the ever so observant one. "The assets being sold were a perfect long term strategic fit just 2-3 years ago. I wonder what changed? "

Nothing. Absolutely nothing. :)!!!

Man that statement could fertilize a section of cropland.

If Chevron avoids a class action lawsuit for age discrimination it will be amazing.

Chevron has incompetent leaders with no forward vision. That 'turning of the ship' you refer to may be nothing more than the first turn of a death spiral to the ocean floor.

The first signs of a profit in a year does not mean the "ship has been turned" and are far from "stellar". It was due to high refining margins which Chevron had no influence on and made some cash despite themselves. JW's latest comments were far from inspiring.

The pain felt by many could have been avoided and morale maintained if managed by competent leaders.

To jph, it actually is a fire sale. The assets being sold were a perfect long term strategic fit just 2-3 years ago. I wonder what changed? Top decision makers never thought, nor made plans, for the possibility of a large oil price correction. Of course, almost every single oil company had the same mindset as Chevron.

Xpl, you triggered bro?

Whether you look at Chevron's glass as half empty or half full, keep in mind there's nothing in the glass but hot air. What difference does it make, smart @ss?

Again, to all the bed wetters, sit back and relax. Majors including Chevron are restructuring to survive in a low price environment, you can see this from the strong earnings across the board. What you see as a fire sale is actually selling of assets that don't fit the long term strategy.

Again I know most of you live in a glass half empty world, but some of us choose to look at the full side.

Man, you can chalk another one up to stage 4 koolaid poisoning. The leaders of the company are cleverly hiding the results of their consistent, epic blunders of the last decade. Chevron has some if not the worst leaders in the industry. You can't cover up cat poo forever. Sooner or later someone steps in it.

time to close dual hq and consolidate in texas