EOI or Not - Comments from an Old Guy that no one wants to listen to

Well, the gauntlet has been dropped. The options that sit before us are as follows:

Take the EOI now and get a guaranteed payout (2 weeks for every year, min 8 weeks max 52 weeks), paid education for reskilling, headhunting services, and a lot of stress removed from your life because you can finally do something that you really want to do. Reorg fatigue will be the wave of the future with Chevron if you stay.

Take the EOI in August and get a guaranteed payout if they accept your EOI. Depending on how many take the EOI in the first round will determine if they can give it to you in the second round. All of the other benefits will remain the same.

We are constantly looking at companies to acquire. If Chevron finds a target in 2021, be prepared as we will have another round of layoffs and start the whole thing over again. The days of 2 weeks per year will be over and a standard 12 weeks pay for everyone will become the norm. The 12 weeks is based on a recommend industry norm from BCG.

My recommendation, if you are over 40 and under 55, hang in there and hope for the best. If you are in your 30s or younger, break away now and do something you will enjoy. The oil and gas industry will only bring you stress and heartache. You will buy a nice house, a nice car and put your kids in the Harvard of private schools only to find you are on the verge of a layoff and family financial ruin is a reality. Who the Hell is going to pay for your daughters wedding in Hawaii like you promised when you had a high paying job.

If you are over 55, take the package and enjoy your family. They deserve your time and love that you have been giving to Chevron. You have missed all of their basketball games, birthdays and graduations. Dont miss the last part of your life hanging on to a promotion that will never come. Take the EOI and run.

I am 60 this year. I have 4 kids and I have missed it all. Don't make the mistakes I made. Be present and show your kids that you love them. If you dont, they may just toss you in one of those COVID-19 Senior Living Facilities.

Be safe and I love you guys,

Comment! It's anonymous!

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Holy cow! CY, is that you?

I love the sincerity of the post, sounds like Grandpa talking to you over a beer.

When is your "go time", rest assured that Chevron will do what needs to be done to show you the door. Your home away time, sacrifices, late night meetings, etc... won't matter anymore. So, treat this as a business opportunity with a cold good old finance approach and you will prevail in the long run. I left in 2015 after giving Chevron more than a decade of my life, and went out of the front door with a great training, a nice check and the opportunity to join a totally different company in a totally different industry. This is not about love or loyalty, is about you and your family making the best decision for yourselves. Give Chevron the same cold analysis that it gives you, it is that simple.

Try to stay as positive as you can, don't bad mouth the company, be professional but assertive and deliver your results everyday. Save every penny you can and sharpen as many skills in the meantime. And try, if possible, to shoot for a position where you will grow. Nothing worse than looking back to see that you wasted 3 years of your life by doing something that you hated and took you nowhere. If you end up leaving, thank your mentors, enjoy the liberation and don't look back.

Good luck.

I used to work for COP...everything said about reorgs, second and third rounds are spot on. It just gets a little nastier every time. Best of luck to you all. I am 51 BTW and I changed industries a few years ago after taking a package. It can be done. Some companies will be glad to have someone a little "seasoned". Or just go out on your own and start something up. As many hours as we put into oil and gas, if you put in the same amount for your own thing you will be successful. It s—s right now, but if you look at this as an opportunity, there will be many soon. Yes it may be because of someone else's downfall, but that isn't your fault and nothing wrong with taking advantage of it. For instance if you ever thought about having your own restaurant, in a few months there will probably be many for sale at very good prices. Anyway, I don't want anyone to lose their livelihood, but it is what it is. Good luck everyone.

CVX will be able to get OXY (incl Anadarko) for pennies on the dollar. OXY is hurting so bad and since they are only upstream now they are being crushed by low oil prices and debt. At least CVX is getting product cheap now for downstream (chemicals and refining).

Good post, boomer. Seriously, that was a great post and I wish you good luck.

Old Chevron Dude. You get my vote for best post on this board.

There is the old saying: Oh load just let there be one more oil boom, this time I really will save some money.

Hey Old Guy, that was a nice informative post. Very helpful, thank you :)

Great post. “This is the way.” Godspeed everyone.

If you are prepared to retire, there is no better way to go out!

Be aware of the "paid education for reskilling". It is carefully worded as to only apply to education that is related to this industry and your current profession. They stipulate education that essentially builds upon what you currently are doing. I made a clean break from my oil industry profession, moved on, and engaged in further university/college education leading to new employment. Chevron HR was very happy to deny my education reimbursement for amounts up to $5000. Cheap buggers. $5000 is nothing compared to the severance money they shovel out the door. Why even bother offering this education amount?

Thread regarding Chevron Corp. layoffs

EOI or Not - Comments from an Old Guy that no one wants to listen to

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