CVX board believes it's unfair to layoff people as they have done nothing wrong but work their backsides off. It's a once in a lifetime time event that smashed the oil prices, but in due course prices will be back to $50 a barrel and hence we believe it's foolhardy to cut jobs. We will play the waiting game and see how the situation until the end of the year before cracking the whip. Meanwhile we hope the staff work as diligently as before and deliver great results so that we can please the share holders.
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Way too many drillers, subsurface and geologists. Too many project people. Cut 25% of upstream and 15% of downstream...20% across all other disciplines. I Survived layoffs in 1983, 1986, 1991, 1998, 2015 layoffs. This is by far worse than 1986 which resulted in 30% layoff. Way too many people earn 250k and more, so cutbacks need to be in high salary jobs. Then downgrade these jobs to lower job classification and let them grow into the job over the next 5 years. Risk is low because activity is low. Competition is cutting jobs and compensation. Freeze pay raises and promotions and variable compensation. Re-patriate 50% of expats. Offer early retirement or salary 30% cut to 55 and older people ranked in bottom half. IT will be UGLY
Not a chance, sorry. The company will be "right-sized", JJ told us again earlier this week in his video chat on workplace. MW is soon to tell us more high level information about what to expect. My sources continue to say that ~15% on average will be cut in most areas of the enterprise. Anything can happen I suppose, nothing is certain until its in the past. Hope for the best.
Good post and great idea!
OP, you’re too late in posting this. Save it for next April Fool’s Day.
Nice try Popcorn, but the guy with the nonsense about three weeks severance already out-trolled you.
crawl back into your hole