Thread regarding Chevron Corp. layoffs

Supposedly Musk was a bigger influence on the Houston move than Exxon.

Lost your luster indeed. And I’m not talking about 25 years ago, I’m talking anytime before 2015. That seems to be the start of the decline - ax employees with not care, eliminate jobs just because, F all the hard workers.
After that is was like working in he-l, for the worst managers I’ve ever encountered - from GMs right up to MW and his id--t followers.

We may regain some shine if we can outmaneuver Esso on the big move to Texas.

The entire industry is eerily quiet. The world is pivoting away from oil and gas frantically. Long term investments no longer make any sense to management or shareholders.

Fake news

"These days it all seems eerily quiet." This is all part of MW's business plan, covid or no covid. MW absolutely hates high-risk, high-margin projects (i.e., any exploration project, particularly deepwater or overseas wildcatting). His time in Downstream taught him to maximize low-risk, low-margin projects (i.e., Permian), which only requires that you buy proven reserves every five years or so (i.e., Anadarko or Noble) in lieu of actually finding it yourself. Yes, @zdw, we are making money ($100 oil sure helps), but we are doing so by foregoing our future, putting money into stock buybacks and the dividend rather than growth opportunities. Unless, of course, we keep buying a significant Permian acreage holder every five years or so.

@lba SASBU has been a losing proposition from Day One for Chevron. No project has lived up to its pre-development reserves or production. No project has come in under budget. Angola LNG is uneconomic, and subject to the same project bungling and cost overruns as Australia LNG. All expats get out as soon as they can, training of nationals is a joke. Don't believe me? Ask anyone who has worked there, even the high-pots avoid getting assigned there.

I thought the piano keys were related to strike slip faulting...

Maybe the company should retrain it’s employees for a green energy future as Shoe Shine Boys or Snow Cone Stand Operators. I hear that these careers are shining these days.

Found it:

Lustor™ Lubrication Storage Systems
Lubrication Management

Best-in-class lubrication programs depend on the methods applied for storing, transferring and applying lubricants to your valuable equipment, and the first step to help ensure clean oil enters your equipment is to filter it to an acceptable level. Lustor systems deliver the storage and dispensing benefits you trust, in cost-effective, compact and expandable units. Designed to protect every liter of oil from on-site environmental conditions, Lustor systems combine proper storage, filtration and identification to create an efficient and organized workflow. This, in turn, ensures that your lubricants remain dry and contaminant-free before they enter your equipment; saving you time and money.

I lost my langosta

I wonder if XOM or CVX will come out on top in the Permian. They seem to have a high production goal compared to us.

OP you’ve lost your spell checker

We like to imagine we are stronger than Shell and Exxon but they are far larger and better organized companies with excellent leadership. They have retainer their “lustor” it seems.

@zdw: ."..kicking XOM’s rear-end all over the place." What? You must have (conveniently) forgotten about the 10Bboe of conventionally recoverable high-quality oil XOM has in Guyana and Suriname. Oil XOM will be producing for decades after the Permian becomes uneconomic. An opportunity the current Exploration management walked away from because they "didn't think it would work" (direct "scientific" quote, heard that in a Town Hall). Also, the Permian is a dead-heat in terms of production between the two companies. Brazil? Egypt? XOM may be taking a lot of heat in the press, but they're still a formidable company.

No one is forcing you to work here. If you don't like it feel free to leave.

Great post. We are still doing frantic BB work in SASBU. Just on severely reduced headcount. By beasts of burden who don’t complain.

On the downstream side, too little is said about gasoline business in Mexico (current gov't doesn't want multi nationals) and the changing consumption patterns in Asia Pacific.

I agree, it’s a very different business. Romance has been replaiced by process. Sad.

Chevron used to burn up good money on poorly executed projects. Which drove declining financial performance even when oil prices were high. EGTL, Gorgon, Wheatstone, TCO, Frade, BBLT, etc. And production was stagnant. These days we are making money, executing better, adding quality assets in Eastern Med and DJ, growing production every year and kicking XOM’s rear-end all over the place.