I'm thinking not anytime soon, considering the prices of oil and their upward trajectory, but you can never be 100% certain.
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It's hard to see how CTC was the "savior" of MCBU. On projects I've worked with CTC people, I've had to give them a quick run-through of what horizontal drilling was all about.
@2dcw, not so. Chevron was years behind the rest of the industry in drilling Permian horizontals. Perhaps you remember that Chevron laid off most of their MCBU petrotechs in 2015/16, then realized they were needed to do what Pioneer, Apache, etc. had been doing for several years in the Permian. CTC didn't jump on the UCR bandwagon until, what? 2018?
If not for CTC. mCBU would still be drilling vertical wells to this day.
The regular employee count (non-service station) went from 42.6K at the end of 2020 to 37.5K at the end of 2021, with % men / % women remaining the same at 75% / 25%
more to come... more to come my friend
MW's big "transformation" was meant to rid the company of expensive Boomers (almost all white males, by the way) lingering at the end of their careers. Mission accomplished. Now he wants to do trendy things so he'll get a feature article in the SF Chronicle and get invited for an interview on CNBC. He's only got a few more years to maintain the dividend before he retires. Ironically, lingering just like the Boomers he so desperately wanted to get rid of. Layoffs? Not in the short term. As someone pointed out, more likely when Permian starts declining in 5 years or so.
90% of CTC can be wiped and it would make no difference to the business
Management has obviously figured out that raising attrition is easier than laying off. Once the finances start to go south, look for worse working environments and stagnating compensation. Chevron will survive on suburban midwits that just want a stable job and have no aspirations of career/compensation growth.
Hopefully soon! I don’t want to have to wait a couple years to hear about layoffs on the layoffs site! Instead I will have to endure people asking how they can turn I fellow workers for not wearing a mask or how HR and IT are losing people and how terrible management is. You all know, the stupid stuff to keep it occupied until what this should really be about! JUICY LAYOFFS!!!
It probably will not be necessary because of the wave of resignations after RTW. Otherwise it will be 2023/2024.
Next big round is when the Permian peaks in 2027-2028.
No layoffs. We’re hiring.
Any oil company that has a layoff in this price environment is beyond stupid.
Just proceed forward, work and enjoy life. You won’t see it coming anyway so why fret?
We're not allowed to discuss layoffs on thelayoff.com. It's only for false rumors, childish gossip and complaints from idle employees who don't actually work, just post here all day.
We would do one next year, but attrition will take care of most of the need.
Less people more work. If anything we will try to hire due to attrition