Why is Chevron going through a restructure? I hear they have the best additive company in the business? I also hear they have the best field testing team in the country? I just don't understand.
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Restructuring helps reduce waste,, change even if for change sake always helps you reinvent .. what they are doing will add value
Or so I was told !
Chevron can’t show profit under $60 bbl, actually laying off more people might help things short term but....
Back to the subject, I’ve worked for Lubrizol and Infineum. I understand the technology that the industry requires. Knowing that Oronite is the best of class in field testing, and the best resource for understanding engine deposit ratings, the restructure seems a bit unnecessary. Industry peers from ASTM classes depend on Oronite employees as resources for engine deposit ratings. The value in this division should not be shaken by any restructuring.
Reduce expense, try adjusting the salary of the "High pots" and you get there with minimal effort.
We are not restructuring. We are reducing headcount to reduce expenses to improve earnings. Anyone who says otherwise is blowing smoke up your a–.
That may be true in the last 5 years due to commodity prices, but I'm talking about long term trends.
@cft, well, the only sad part about your comment/excuse is it's not true. In fact, statistics show that the majority of people are retiring EARLIER than they have in the past due to severances, layoffs, among various other reasons etc. But don't let pesky facts get in the way or your narrative. You can use that as your excuse! Go for it!
It's true. Boomers are working longer than their parents and retiring later. Which squeezes the generation below them. Less jobs and less opportunities.
I read this as someone external to Chevron fishing for some inside information
Companies that adjust the workforce by restructuring due to changes in business are acting responsibly. There are some companies out there who just add to the problem by not restructuring. Some of this behavior is due to the false “The Great Crew Change” BS that was started in the last decade. People have not just retired in the industry like they thought would happen. This industry is such a joke in how they manage the workforce.
To cut costs and streamline operations in a drive to boost profitability, the company is trying to stay ahead of weakness in shale that has hurt other large oil exploration companies. With expectations that U.S. oil prices $60 per barrel for an extended period, Everyone, not just Chevron, will be revisiting their structure with an eye on cost-cutting. There are some area in Chevron that are massive cost overruns like a giant Tengiz oil project in Kazakhstan. Overall costs are projected to rise 25% to $45.2 billion, with Chevron’s share of the overrun expected to be about $4 billion to $5 billion.
Yes, I've worked for Chevron for 22 years now and I hear the same thing?