Current business plan roll ups are so far off that it is impossible to fund beyond the largest few assets. The rest of the businesses are going to get starved of capital this next cycle and you know what that means. Underfunding means bigger declines means too much future capital needed to recover bbls lost means future asset sales. This business plan is going to be a huge signal that we have sales coming and sales means layoffs for those who don’t go with the assets sold. Watch how the business plans are finalized next few months and then you will see this verified. Going to milk most of the portfolio next year while feeding pretty much only the biggest assets and the business (development?) sales team goes into high gear. Who out there is already seeing this play out in your business plan recycles!!???
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We’ve been hearing about CBU imminent demise every year for the last decade, but somehow we are still around.
CBU is toast
I’m interested to see what CBU’s plan will look like, morale is pretty low there after they stopped the 2H2023 completions activity. Maybe they will go the way Shell did and sell out of the Duvernay, which would be a shame to stop operating in Canada (again!)
Those screeching sounds you hear are just the Axeman sharpening his blade!
Yep, the recycle is in full swing now and the cuts to capital are extreme. It looks like they are only funding the biggest 4-5 assets and the rest of the portfolio is getting defunded. The word is they are now bringing the hatchet to opex and that hatchet is now starting to swing. One way or another, the word is MW is going to hit his legacy promise to the street of greater than 12 percent returns on capital at 60$ oil no matter what. If you underfund both capital and opex for most of the portfolio, they all go into both production decline and reliability/safety decline and we know that means a short term focus on milking cash from those assets and then selling them. Layoffs are definitely coming in 2024.
When you think about it, Layoffs really bring us together and those are the bonds that always remain!!
Who cares anymore. Go collect the healthy paycheck, do the bare minimum and work on your side hustle. Cause if you dont have one, then you are going to be doomed and humiliated whenever those useless leaders decide to cut off the cord.
Business plan recycles happen just about every year, but this time we have to ask ourselves a very important question - are we an oil company or not? Take a look at our web page - fronted by discussions of diversity, used cooking oil, hydrogen, and baby seals. Part of the financial confusion is that SR is uncertain and inconsistent in what they want to fund. Do we go all out in alternative energy? (only half-hearted efforts so far) Do we do like Exxon and put a strong effort into exploring for and developing oil and gas reserves? (They're about to book billions of barrels in Guyana reserves, while we're using our bookkeepers to "increase" reserves.) Do we continue to quietly take money away from conventional resource efforts to bail out the faltering Permian? Chevron is at a real turning point in its history, and currently our management wants to go in all directions rather than focusing on something we can win at.
@1maz, one small correction. Assets, not talent. Chevron hasn't been interested in talent for at the ten years I've been here. When I joined, they told me about all the wonderful training, career development, and foreign assignments available. None of it came to pass. Instead, I'm watching diversity videos and getting paid a lot of money to work on Habitat for Humanity projects.
You'll note that on many of the threads there's a single post that says, "Oh, no, things are fine! We're growing! We need more people!" Those are your 3 tip-offs that the post is a HR/RM plant.
My group has stopped back filling jobs, someone leaves and no one fills the place. Wish they would do that with the high up people.
We haven't seen any issues with our budget. Some of our optional projects have been pulled forward for funding. Oil prices are high now, so the company wants to maximize value capture. We need a bit more staff, actually.
Obviously the plan is to acquire companies with actual assets and talent…
This is the impact of RM sh-t
We are all living the hill of her toxic approach that put useless socially engineered id--ts to run our business
The real talent is not giving a sh-t anymore when we are her sisters and the id--ts she polished unfairly taking our company and our livelihood down the pipes
Is the board that blind or is the board is also corrupted?
It is obvious a miles away that she is taking the company down and yet they still keeping. They are either blind, stupid, corrupted or she has something to blackmail them
She must go
Actually it’s a sign of: 1) how out of touch upper management is with reality; 2) what happens when “do more with less” delusion go unchecked; 3) how little actual accountability there is on performance objectives. Everyone knows we can’t/wine do what we’re saying; it’s just “aspirational”.
This entire enterprise is awash with delusion, but you lifers don’t know any better. It’s laughable to those of us who’ve been other places.
Layoffs are on the horizon. Batten down your hatches and get ready.