Why was the annual general meeting held in Midland this year rather than California?
Is it to do with the resolutions that were voted? (Climate change, lobbying, business in conflict prone regions, independent chairman). Or performance issues, voting on the new board?
https://www.chevron.com/-/media/chevron/shared/documents/chevron-proxy-statement-2017.pdf
1xug. Yeah, but if you got laid off and have no CVX salary then the dividend I a good income source. No ?
As an ex employee and shareholder I support positive dividends. Not bankrupt the company but at least be efficient.
Ha! 2016 was a Jenner year for chevron!!!! Lol -1irs
JW stated that 2016 was a transition year for Chevron. (WTF?) So, is that what chevron is calling mass layoffs now? This is just more double talk corporate code-speak. Truly Orwellian. From now on, all laid-off employees will be referred as having been 'transitioned' from Chevron. Who knows, with all of the LGBT propaganda everywhere in Chevron, he might have been referring all of the men wanting to become women. (Jennerized, so to say)
@1oyr, Sure, it's never "personal" until it happens to you, right?
Chevron does an excellent job providing a paycheck to overpaid, underworked, and especially non-value adding employees. Just look around you everyday on the escalators, elevators and cafeteria in the Houston towers.
Get rid of the waste. Preserve the dividend. Workforce reductions are needed. It's not personal. It's business. CVX is in business to make money not to provide a paycheck for overpaid, underworked, non-value adding workers.
For JW's greedy @ss, the dividend is HIS priority. Ask others and the answer will vary.
JW confirmed, again, yesterday that maintaining and growing the dividend is THE number one priority.
Every large company/corporation has a lot of beaurucratic staff. Some of it is for compliance for various state and federal laws and regulations and some is internally generated junk. Lots of overstaffing and paper pushing everywhere that adds zero value. Chevron had, and still has, lots of fat on the payroll, not all that different from government employees. An honest review of all employee positions, job titles, duties and relevance is needed. Anyone here who has seen the movie Office Space knows what I mean. The two Bobs are needed for one on one interviews with all employees.
Chevron, or any company, does not exist to provide pay checks to employees. A company is in business to make money for the owners...the shareholders. Perhaps a government state run enterprise in China may be more suitable for those that think the company exists for a paycheck.
If we are honest with ourselves, we know Chevron is over over staffed. Could decrease workforce 30 percent or more. Chevron has a tinge of a government bureaucracy. We all know it. A lot of unnecessary staff and support functions that add little value. That all has to go.
The dividend does not matter to all of the people who have lost their jobs and also happen to own Chevron stock. I doubt that they are sleeping better knowing that they still have that dividend check coming in. A good paying job at Chevron is worth more than a few hundreds or thousands of dollars in dividend payments.
@kgx - Investors don't give a crap about anything but themselves. Once the unsustainable dividend takes its toll on the company having to layoff more employees, sell more of its assets and dry up on the vine, they will vanish like a fart in the wind. As an employee and shareholder, I prefer to see the company finally realize it's time to cut the dividend and stop bleeding assets and employees. Once oil rebounds, the company stock will surge and the investors will return in droves.
Don't most of you guys receive the "dam dividend"? Why so bitter? It seems like you would want to keep receiving the milk from the cow that you helped milk. Either way, the rest of us do. Cry all you want, you need investors to exist.
Hotel and Conference rent space is cheaper there than in Houston or San Ramon. Remember, we need to save as much as possible to pay the damn dividend.
Well the crude price is not misbehaving too much, Gorgon has train 1 on it way up but yet the share price is at its lowest for the year? Perhaps there is not much confidence coming out the decisions taken yesterday which is probably why the remote location.
OP here - to add some more detail why i'm asking. The last time they moved the AGM to Midland I believe was in 2014 when they were hiding out to avoid confrontations about Ecuador. This time there were a few resolutions so was wondering which one would cause this behavior? (or am i reading too much into it)