The gorgon problem that is stated in the previous post is now on Google news. Some of the postings are actually true. Also, the 700 layoffs are for downtown Houston.
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They don't want to mess around with Exxon. Those guys are ruthless and will have no qualms of taking over and showing Chevron how to do it the right way.
Nigel Hearne will fix it lol. He is a slugworth just like the rest of them. He is making us sign confidentiality agreements. Fvck him. He does not want "Information that will be detrimental to Chevron to get out". Yes it's that bad here.
Exxon is running a Safety Case as I write this and the list is long and the problems are shut it down bad. It's much worse than a propane issue.
@-sde "4) They want to advise their colleagues to get out now before the floor drops out from under them."
No. For so many reasons, just no.
no one from leadership will ever be blamed for the $54B debacle. they will just blame the 'market' and collect their bonuses and/or golden parachutes when they are forced to 'retire'
Christ, the dam has cracks and is about to bust wide open. It's probably true our partners are talking negligence.
Yes it is old news to insiders but it has been hidden from shareholders, and the investment community at large. The picture has deceptively been painted as all is well at Gorgon when that is not the case. And the figure of 100 million to repair/ replace is complete bullsh*t. The true cost is expected to exceed 1 billion. The change in leadership needs to go far, far past Melody.
The post was not an appeal to sell shares dumbass. It was an appeal to cut the dividend and replace the executive leadership.
Relax guys nobody is going away. This is old news in Chevron. Melody Mayer already took the fall for this and higher management is moving on. Is a big f***up up so what? Not the end of Chevron. I wish it was but reality is that they will make it just fine so will the incompetent management
Such as life
Would it be a good justification to use the ESP to terminate the Gorgot leadership and management team that run the company into the ground. At least when they leave the company they have the golden parachute and nested eggs.
@ldc, or 4) They want to advise their colleagues to get out now before the floor drops out from under them.
Why would a Chevron shareholder get on this site and preach that others should sell their shares?
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- They sold their shares already, and don't want to have to watch the stock hold it's value or increase, making their decision a poor one.
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- They are shorting CVX. They WANT it to go down so they can profit. That would happen if a lot of shareholders dump the stock.
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- They are just stupid and don't have a clue.
1Q16 earnings call end of April. Will be interesting to see how Johnny-SWAT's team spins the the Gorgon debacle, poor earnings an a price point below our current low-price deck, and borrowing another 2 billion to pay a dividend. They will keep spinning it up till the net debt elephant in the room is visible to all and it becomes obvious the emperor SWAT has no clothes. Then the leadership team will shrug their shoulders and exit with their millions leaving shareholders to hold the bag of diminished returns. This will not end well. Wake up shareholders, your dividends are not sustainable at $30-something oil.
http://www.offshorepost.com/major-issues-shutdown-54-billion-chevron-gorgon/
but this board confirmed laying off 2000 people would be impossible.