The CIP will be less than 1.0, confirmed in recent ELT discussions (directionally 0.75 to 0.8). In addition, I’ve heard from someone who attended the GLF in November that MW rebuked the GLF attendees in his comments. He communicated that for any of them that like money, to simply check their LTIP factors. The StockPlan Connect site is extremely lagging and showing 1.4 multiplier for the performance shares paying out in January. However, in actually, the true factors is currently 0.8 as TSR for 3 years is 5th place (tie) and could slip to sixth place (no payout) before end of December. The 2nd year tranche and 3rd year tranches are currently factors of 0.0 multiplier (no payout). Get ready, the CIP and LTIP payouts are going to hurt given this is still roughly a top 5 financial performance AND noting that the massive stock drop and TSR decline came in 2H of this year with 2 announcements - TCO overruns and delays and HESS acquisition. We dropped $35 on those 2 announcements and have only recovered about $10 of that drop to date. Combine this with the January rebuke we will get on MUST BE IN OFFICE 3 days and associated tracking and reporting and you have the makings of a cr-ppy atmosphere in 2024………thanks MW for winning in any environment, you should check your leadership therein……….
30 replies (most recent on top)
Last 5 years CVX has been going downhill - laying off highly qualified experienced staff whilst promoting jobs worth yes people who put their careers ahead of doing the right thing for the company and its employees. Too many people who have been promoted beyond their level of competence running the organisation.
When will the harvesting of cow fářts start paying off?
This is a bunch of sh$t….MW blowing money on new energies business, they got cr&p to show. CP blew a bunch of money on buying operatorship of Bayou B. CCS project and he can’t sign up any customers. AK acquires Aces hydrogen but that is so far out and lots of hair on making it truly scalable beyond just the initial storage and off takes quoted in the press. Meanwhile XOM is printing progress with acquisition of Denbury, initial acqusiiton of CCS customers and now is already drilling a lithium well after a major land and minerals acquisition. Our company culture is one of risk aversion, being slow as he-l on anything called “change” and cronyism of who we promote (didn’t NASA learn a devastating lesson about this many decades ago). I think MW is feeling the heat big time, but is finding himself stuck between a rock and a hard spot and will be doing everything to salvage his career with shorter term actions until he can slide EB into the spot in 3 years. Really stinks this is where our company is today……total lack of leadership from the top.
Exec LT need to learn that a brutally demoralized workforce is what's causing these issues. The employees can only take so many layoffs and cuts before motivation is cut too. We were promised we would "Win in any environment" if we handled the destructive layoff and deal with the many changes. Now we get punished for management failing the employees. Wake up management! You catch more Flys with honey!
Yes most companies do have leadership that don't care about the rank and file but it isn't the way it has to be. We need to force change. Companies used to care about their employees once upon a time. After the 80s everything changed. We need leadership that believe in one team behavior and the Chevron Way. Human Energy shouldn't mean burning our employees for the Shareholder but working as one team. MW and management have lost their way we need new leadership to get things on track without layoffs.
Our biggest shareholders are etfs and mutual funds.
The reality is that our management doesnt care about rank and file. As was stated earlier it is the same in any company.
The only way to get rich is to own yoir own company. But its not easy being the boss. No hybrid schedule, you work 24/7. No benefits. No vacations. Until you make it, it is brutal.
It is simple. Our big shareholders are bunch of mafia crooks and they make sure that the BOD are bunch of dirty rats that follow the orders without using any emotional intelligence nor common sense.
Any decent human will stand against these snakes even if they offer millions. However, this world has a lot of dirty rats that are willing to do anything for money and rank.
When someone has accumulated loads of money, large trading accounts, assets, etc, the emotional intelligence goes out the window. They can't relate anymore with the lowly employees (think of rich folks in our society saying the weirdest stuff). And because they don't relate anymore, they simply don't care. Why is this so difficult to understand?
The question is: can anything be done about it? My experience says, not really much because this is how the corporations are made to protect themselves from workers.
@2qux It is not about money here and highpots. Trust me, even if they offer me a VP position, i would not take it. Why? Because I dont want to be leading demoralized unmotivated workforce. Any highpot or senior management with a bit of empathy and emotional intelligence can see and feel the misery of the employees.
What kind of fulfillment these numbed "leaders" get from running a toxic work environment. Money and ladder advancement will only temporarily fulfill the greedy soulless humans. Any decent human would want a better worplace.
I been in the work world for over 40 years. I've seen the ups and the downs with several companies but one fact remains the same. Senior management and those who are considered HiPots or those to be recognized won't feel any of the pain. They will get promoted while others are let go. They will see a bonus, stock options and other benefits while others won't. It's a fact. I don't like it. It's no fun and it stinks but I can't do anything about it. I used to think that I could find another place to work and it would be better. I was only fooling myself. At their core, all companies are the same. They will circle the wagons and protect themselves. Good luck to all and to all a good night.
@1rxb, I know people are livid, but I don’t think they will leave. They will work less hard and not give a damn, which is a much worse consequence for the company.
The Sunday down vote squad visited. How unbelievably obvious what they’re trying to do. How about these corporate stooges listen to the comments here instead of trying to control the narrative. Guess what, people are livid and will leave. Best of luck running a company with these stooges and DEI rejects.
@1gih, You’re right, one must laugh out loud for the disingenuous remark. Just let someone in HR get a -2 ranking score,and I guarantee the individual will define it as negative. More another example of “Rules for thee and not for me”.
Attrition is going to go up next year once these draconian measures take place.
One of my favorites was in a ranking session and HR actually said a 2- was not a negative message. LOL
Bonuses come from opex. Trimming bonuses is an easy way to make it appear to shareholders you’re improving efficiency. So, in the earnings calls next year when you hear they’re below plan on Opex early in, it’s because plan CIP is set to 1.0…Give bonuses at 0.75, and suddenly you get to claim cost savings.
The metrics were set for the benefit of shareholders, not the workforce. Leadership don’t see sub-1.0 as punishment. Anything above 0 is benevolence.
Increasing dividends every year comes at a huge cost.
Can only work so long if oil prices/production ain't increasing
some nice shiat stirring work here i see.....
Did TCO print money? Wasn’t there some considerable downtime with the fatalities?
Corp affairs is working OP’s post hard by adding all these Martyr comments - we should all fall on the CVX sword b/c mother MW has been so good to us. Stop the bs posts Corp Affairs and all of your down votes. RM may love you for that work, but the rest of the workforce looks through this and it only reinforces why we see your function as a pawn vs. an enabler of us. Get a life you traitors…….
@kqs That s an attitude of a weak beggar.
Any bonus at all is wonderful in the current situation. We should all just be thankful to have work.
Objectively we made money due to high ish oil price.
The TCO debacle really hurt the company. Stinks cause many people dont work anywhere near TCO, but none of us complain when TCO printed money last year so...
If there is any solace we dont have any real MCPs after TCO. So assuming we can get er done in 2024 we could have a good year.
So strange that we are getting punished with a .8 CIP when the company earned over $25B in 2023. That’s worse than we received in 2015-2017 when we were earning much less AND experiencing delays and cost overruns in ABU and GOM. The reason we stick around the downturns is because we were rewarded during upswings. Instead this time we are getting punished for metrics outside the control of 99% of employees.
I don't understand why it's always brought up about the field workers have to go into the workplace so everyone should have to. Their jobs are important but if the shoe were on the other foot the field workers wouldn't care one bit about others. They constantly attack the corporate staff. Make them all salaried and work overtime for free.
No one is getting rid of anyone, there is no revolution or other wokeness related process. While MW and his groupies have the majority of the blame, you need to also think what you have been doing in past couple of years. This is a oil company, where you have to work to produce. Sitting at home and having meeting on teams does not make the barrels. Something gotta give, and it ain't MW. Guess who it is?
MW needs to go. We need true One Team behavior from our CEO and someone with vision beyond layoffs and forcing people back into the office. He seems to be a cranky man now that's mad that the layoffs and cuts didn't energize the workforce like it did for him. The BOD did the company a major disservice keeping him around. He's completely demoralized the workforce and the beatings will continue until we get happy.
You want a hot body? You want a Bugatti?
You want a Maserati? You better work, b*tch
You want a Lamborghini? Sip martinis?
Look hot in a bikini? You better work, b*tch
Get back to work first, both in the office and the field. Then we will have a serious discussion about CIP and LTIP.