Thread regarding Chevron Corp. layoffs

Not Watson's family and friends.

Watson is a polished salesman. He sold the amazing stories of Big Foot, Gorgon, Wheatstone, and the Atllas Marcellus shale projects to Wall Street, and has rode the myth this long. He's safe. The Chevron family and friends are the ones to worry.

No need to grow up. He works at Chevron.

Post something mature @5bzh. Do you make assertions like that in public? If you do, nobody will ever take you seriously, not even if you are joking or being sarcastic. Grow up or hold yourself back in life. Sad.

Chevron will get bought by the Trump Organization. It will become great again.

I doubt very much that Chevron will get bought out. The company will definitely become much smaller before a buyout ever takes place. In the event it does get sold down the road, I expect my pension annuity to be honored. I will not accept a lump sum settlement for the lifetime monthly annuity I contracted as a retiree after leaving Chevron. Chevron or any buyer will not put that monkey on my back without a vigorous legal fight. I have enough risk in the market already with my 401 money.

Granted that Watson has been a disaster for Chevron, we may want to hold on to him a bit longer to hold the investors on the hook until we get acquired by someone else. Watson is an accountant and would be better suited to navigate the intricacies of a take over.

@NAWGcak-3gut, is that supposed to be an insult, "must be a womans response"? You think 6 sentences is a long paragraph? Reading must be quite the exercise for you. Apply this statement to your post as well, "No one writes a long paragraph response to a jerk gag post without being overly sensitive, must be a womans response". I am a little sensitive I guess. Not a woman though. Work for a couple of them. No complaints about their leadership either.

@NAWGcak-4ijd, spot-on.

Even as I agree that most who visit and post here are butthurt losers (including myself), I think the statement "the point he made about the other person deluding himself into thinking he is happy" reflected more self projection than objective analysis.

No one who has lost their job is deluding themselves into thinking that they are content and happy. It is more that they have accepted the reality of their situation and are adjusting their lifestyles accordingly. Well, at least most people. Sure, there are some who cannot accept what has happened and that is just not a mentally healthy attitude. There will be more employees laid off at Chevron in small numbers here and there as this downturn trough drags on. It is these people, the ones who think they are safe and are somehow superior to the previous laid off employees, who will have the big shock of reality. None of them will see it coming, unlike before.

I agree, that butthurted loser poster is quite the jerk. however, the point he made about the other person deluding himself into thinking he is happy and content is quite real and is common today in these tough times. This is not a site that attracts truly happy and content personnel. It is sad to see so many individuals in denial of their circumstance. Also, It seems that many of you are terribly full of hatred and vitriol that the previous post must have really struck a raw nerve. No one writes a long paragraph response to a jerk gag post without being overly sensitive, must be a woman's response I suppose. I am happy that I do not work at Chevron anymore. Good luck to you all.

Hang in there folks. Oil jobs are on the upswing:

https://www.bloomberg.com/gadfly/articles/2017-06-02/may-payrolls-report-oil-jobs-a-pleasant-surprise

@3unb, don't waste your time with @3eqr. He's the kind of person that thrives off of trying to bring others down to his low level. He lacks self-esteem and confidence and sees nothing but doom on his horizon. I think most of us understand and ignore people like him. Just leave your positive comments and respectful opinions. We are all different in our current situations and aspirations, so there's no single comment or advise we can offer that will fit everyone. It should be suffice to read and take only the positives you can use. Chastising the frequent immature remarks only feeds the trolls. Ignore and move on.

I watched the EPC companies rape Chevron on multiple multi-billion dollar projects with very little effective push back. The OP is correct that the EPC has no skin in the game and it shows.

Also - Chevron has unique work methodologies, esp. at overseas locations. Figure 2 to 3 years before an outsider can work highly effectively in the CVX environment. So its not just finding replacement talent, but training them to do the work the CVX way.

@NAWGcak-3eqr, you are a miserable individual. Do some research and see what type of person has the same basic needs and desires as you. Figure out who you are. Choose whether you will remain the small-minded miserable sadist you currently are, or if you will try to grow intellectually and become a decent human being. Does it make you feel good to constantly belittle folks and kick them when they are down? Beware the seeds you sew, you will harvest them one day.

-3eqr: Why ... just a deep seated need to be a jerk?

That reply made no sense. Blown cover? Anybody who really gave a good effort in their job and got axed would definitely be angry. They're sure not going to be happy or indifferent.

@2lws, I am so sorry that you were laid off but there's no reason to be butthurt about it. They have laid off a lot of deadwood better than you, I'm sure. You would not be on this site if you were all happy & content about your situation. This is a Layoffs site, not a site for retired, financially independent individuals. There are many sites for that, and lots to learn, for those who move on and if what you say is true, that's where you would be, not here. Sorry to blow your cover, dude. Good luck finding something.

"This 'downturn' ... is fundamentally different because." I agree but disagree. Each downturn has been different but the same if defined by uncertainty. In the 1980's it was well known to be over for big oil due to the rise of national oil companies (particularly Aramco but also the rest), except when those surpluses worked through the pile the need for technology and big financial reach proved overwise. How many times has peak oil been just around the corner, only to disappear with technology advances? This time the potential rise of alternatives and the ability to develop low cost low pay plays changes the equation yet again... or maybe not. I can not predict the future, but know with certainty the lookout is darkest at the bottom dip and the worlds unsatisfiable energy needs continue to expand.

You are correct 2lws. I was around during the bust of 1986 and lost my job then when my company went out of business, along with many others. This 'downturn' (to be mild) is fundamentally different because of really big advances over the last 10 years in drilling and production technology, both conventional vertical wells and horizontal drilling fracing wells. Oil companies can drill much more efficiently with higher production at lower costs with fewer employees. Last year I was thinking that the industry, as a whole including service companies, would recover in 2018, but now it looks like 2019 to 2020 at the earliest. There will always be some openings as people retire, change jobs, or die. But a full scale, healthy recovery is not going to happen in the near future. It will be a long crawl out of this hole. Like you, I really enjoyed working in the oil business. Chevron was my third layoff and the last for me due to my age. Looking back, I should have left for a new career when I was much younger. To be honest, I am somewhat bitter at all the long hours, nights, weekends, holidays I worked to meet management deadlines and commitments when I could have been with my family or just enjoying my life in my free time. Oh well.

@2pkm: Don't expect a bounce back in O&G anytime soon. This so-called energy downturn will trump the 1985 event by a long shot. I don't say this to disparage Chevron or anyone. I was laid off but was ready and able to retire in any case. Enjoying my retirement very much. But, I really loved the energy industry as a place to work. It has been the most rewarding experience of my working years. I worked alongside the most excellent of people in the world, both professional and technical folk in the office and in the field. I can only wish we get through the downturn as soon as possible and that everyone can go home confident they will have a job to secure their family's future. But I remain soberly non-optimist. We will have to weather this downturn for a few more years.

I sure hope that you guys are correct, for mostly your own sake. I am pretty much prepared to throw in the towel but it sure would be nice to see an upturn again. And "ignorant" I certainly am 100%, of what the future may hold, in spite of past fluctuation. I do believe that anything can happen in this rapidly changing/advancing technological environment.

-2uvl: You "retained shining stars" and could hire top talent now from those looking for work or recently retired... yes I agree 100%, but we are still in the middle of a bad down turn so that is not surprising! A few years into the next boom your "retained stars" are all getting big offers from competitors, the available pool of sidelined talent will be depleted, and the retired experts on your speed dial will find their knowledge atrophied on the links along with their desire to answer the phone. We'll have seen this before, every cycle in fact, which is why they call it boom bust. The past does not forecast the future, but it generally is a fairly good reference point!

@NAWGcak-2gwe, Perhaps you are right. I will say that the portion of Chevron I am familiar with was able to retain the shining stars of their respective fields of expertise. Many others who have great potential but perhaps were outside their area of expertise, were relocated within the company. I honestly do not believe management will be scrambling to find these folks with 25+ years in the industry, and still remember how to do the job, upon an uptick in the market. Most of these folks are either on speed-dial or have moved on to other ventures. Some have accepted an early retirement and adjusted their finances accordingly. Long story short, I am not speaking from ignorance that I have very recently observed firsthand how quickly applicants are drawn to job postings by O&G organizations, and that the caliber of individuals responding to those postings is extremely competitive. There will be no scramble to source highly qualified and competent personnel, if and when that time comes.

1cpx, no Buddy, I choose the term Ignorant and ignorant it is, This is essentially settled science, from any prudent individual's evaluation of your comments.

JW should be fired by the stockholders immediately. All this craziness with the dividend aristocrat status has to end now or the company will be crippled beyond recovery. To hell with the silly status. Some semblance of intelligent thinking is needed, for crying out loud.

A dividend aristocrat is a company that has increased its dividend for 25 consecutive years. JW will not allow this dividend streak, and the associated status it represents, to end on his watch. The stock dividend must be increased, not stay the same, every year. The initial 2017 CAPEX budget has already been lowered due to the continued low price of oil. JW stated late last year that Chevron is expected to have enough free cash flow in 2017 to pay the dividend. That was based on a projected price of crude oil of $60 - $70, and since been lowered to $55. So far this year, the price has been steady at $46 - $50. Not good.

They will not recover from their ignorance. It is over. Once they sell all the property that made the company to subsidize the loans needed to pay the dividend, it's over. You can liken this reign to pancreatic cancer. You may make it for a bit longer, but in the end it's over.

@NAWGcak-1gzy, they kept a few good ones on staff in anticipation of just the event you describe. You would do better to call me stupid. Ignorant, I am not.

Good point, 1hey, yet I really don't think that a small decrease in dividend would kick them out of the dividend aristocrat status. I think XOM has a significantly lower Div and is still considered a dividend aristocrat, whatever that is, probably an arbitrary category to start with.

Good point, 1hey, yet I really don't think that a small decrease in dividend would kick them out of the dividend aristocrat status. I think XOM has a significantly lower Div and is still considered a dividend aristocrat, whatever that is, probably an arbitrary category to start with.

@1app, there are as many rational reasons to keep the dividend yield the same as there is to lower it. Many companies in the same dilemma as Chevron have lowered theirs and are still around today. I think Chevron's hesitation or reluctance to deal with dividend has more to do with keeping a long history of being a Dividend Aristocrat. All for the sake of maintaining a "title" and track record. Many have recognized that our industry is a volatile one, a cyclical one. Well, our Executives and Stockholders, alike, need to realize that receiving stock dividends in this industry is something that will also go through volatile times as well. The bottom line should always be the survival of the company. Our executives should never lose sight of maintaining the proper control and balance. They are acting like gamblers, trying to "time the market", hoping that oil prices will rebound in time as to not have to lower the dividend and thus keep their stupid title of Dividend Aristocrat. Insane.

"The overall majority of these 25+ year employees ... are nearing the end of their beneficial service to the company". This is simply a nonsense statement based on ignorance. It will not take much of an uptick in commodity prices before management is scrambling to find someone who still remembers how to do the job! At the end of the day O&G production is a tech heavy endeavor.

@NAWGcak-psv, Most of the people posting here only have sarcastic back-talk and insults, no actual legitimate counter arguments with any facts supporting their irrational comments. So far I haven't read anything of substance supporting lowering or getting rid of the dividend. The dividend is the best incentive for investors to buy and also hold existing CVX shares, which have held most of their value throughout the downturn, and kept Chevron solvent and able to continue to pay what some may call outrageous salaries to people doing little to nothing daily. I believe it is still highly regarded as a dividend stock, one of the Dividend Aristocrats. That can go a long way for shareholders in a volatile market as well as company employees.

"No need to eliminate the dividend. But lowering it some is probably a well advised move. Just a question for you, @psv."

Is there a question in there somewhere? If so, let everyone reading know. Thanks.

What will it take to fire Watson? Bankruptcy!!!!

We will never ever be a lean operator in this decentralised model. Every single function has a parent central global function then a bunch of embedded functions underneath all pushing their agendas.

mnt: I agree, CVX cannot compete in the Shale business and it cannot execute in the international major project business. The only alternative is to sell assets. Headcount needs to come down another 15,000.

Easy solution is to decrease dividend, fire Watson (with a golden parachute), appoint Mike Wirth as the new CEO and start fixing this mess. But common sense is very uncommon ...

No need to eliminate the dividend. But lowering it some is probably a well advised move. Just a question for you, @psv.