What’s he setting us up for?
49 replies (most recent on top)
Get ready for the Jelly of the Month club….
Seems all this office time the last two years for collaboration purposes hasn't paid off at all. Is management trying to see how low they can drive morale? They're doing a bang up job on that. Too bad they can't do their real jobs as well.
Hybrid is gonna be dead, sorry. It was good while it lasted.
4 days in the office and Friday will be wfh. Better than pre pandemic I guess.
Oh and badges will be mo itored for compliance in the upcoming layoff.
Come and pry hybrid working from my cold, dead hands
This is nothing more than a warning shot from the higher ups that bonuses are gonna su-k. The vast majority of people do not pay attention to company performance so they are just trying to limit the shock and anger in a few months when we all get sh-t.
Very surprising that this is coming from PB. Think about it, when's the last time you got an email about company performance from PB? In the past he spent all his time putting together PowerPoints to show on CNBC or Wall St. meetings, back in the pre-EB days when people were touting him as the next CEO. It's so obvious that SR told him to sign his name to this MW email since he's on the way out anyways.
Chevron lost $30b in market cap value the morning of Q3 earnings. You don’t just deserve 0.0 CIP, you deserve -2.0 CIP for lighting that much shareholder value on fire.
https://youtu.be/TQXuazYI_YU?si=YZO_ttcjCC8IGkbR
Axeman ready to swing the BIG STICK!!
Cometh the moment, cometh the AXEMAN!
Swing baby swing!
I cometh
CIP is range bound between .75 and 2. So expect.75 for this year, after so many blunders and mistakes by management. The board should be looking to make some changes. What a demoralizing company.
Company Christmas Presents? You Fire McFly!
A cut on a multi million dollar compensation is still in millions, it will not impact any of the luxury life they have or will have, a cut to the worker's bee compensation will have a very different outcome.
Will MW and management take a cut since they drove us to the iceberg?
Remember when we had a really good year in 2019, expecting a decent CIP in early 2020, and the company chose to write down a number of assets at the last minute for Q4 2019 earnings, justifying a much lower CIP than expected.
We know the CIP will be low, but anything below 0.5 would be a huge kick in the teeth to the hardworking rank and file.
Preparing you for a 0.2 CIP.
Interesting there's no mention of Mike's limitless spending spree. Also interesting PB's name is on it and now MW, but with PB on the way out I guess it makes sense.
What I found interesting is the line about right strategy, assets and people. The rest of the memo seems to assert 1, 2 or 3 of these is not true. Can't make this stuff up.
Anyone else notice the word “discipline” doing a lot of lifting here…
For those in management, don’t worry as the LTIP factor will still be greater than CIP factor.
The big boys (and girls) have missed their targets for money they make (due to lower stock price)
… so you guys gotta pay!
WTI has averaged $75 this year, what prices did they even plan for? What a joke. And you can bet the townhall will use Teams or Workplace to avoid real questions posed on PollEv.
Bye bye hybrid...
ROCE above 12% for 9 consecutive quarters... ROCE below plan. Cool.
The biggest shortfall of this company lies in its lack of focus on delivering results and upholding accountability. Unfortunately, management with poor judgment and a record of project failures continues to be promoted to higher positions based on their ability to deliver persuasive presentations or boost the morale of others. Rewards are often tied to proficiency in meetings and the generation of new initiatives, rather than on the ability to actually accomplish tasks. As a result, networking and stereotypes overshadow the importance of delivering tangible results, which is why it's not surprising that the company often falls short.
Under the Chevron executive compensation system, this is the playbook:
- Set high targets
- Include safety in high targets
- Miss unreachable finance/operational targets (saves company money in CIP payout)
- Miss unreachable safety target (saves more money in CIP payout)
- Tell BOD how much opex you’ve saved by gaming the employees and justifying a lower CIP.
- Act like you care in the town hall
- Sc--w the employees and tell them they are lucky to still work here.
- Pray the employees don’t quit.
- ?????
- Profit!
Everything is below target and all of a sudden on the last week of November the management have realized it and panicked! That by itself shows the competence of those who aren't the helm, mostly with their head u Der the sand most of the time and realizing the mess at last minute where there is very little can be done to change it!
Just a set up for screwing us again on CIP…! Last year they cut CIP because of fatalities but announced the largest buy back program in history!!! Reward SR Management with LTIP options and have everyone else pay for it! Time to head for the door, not like the pension program is worth anything. MW and executives will still take home millions…..
Monetizing our royalty position to protect against drainage versus holding onto it for future development is what management is looking at for leading performance.
In the very first sentence commenting to royalty position is not what a leading edge preforming company does. I surely hope our leadership sees through justification like that.
This is somewhat true, but our Royalty position is what is carrying MCBU. Which NOJV coming in second. When we brought NBL assets up to our standards, we eroded the value of the asset.
Let's be honest. NOJV is carrying MCBU, GOM exploration is failed, TCO and ABU have massive problems, NMA and SASBU are declining; CVX has problems and its clears. We routinely over promise and frequently don't deliver. The real only areas of promise are legacy Nobel assets. CVX bought Hess for Guyana and there will be overlap. We should expect a low CIP and headcount reductions.
PB is just giving us the facts. They were all in the last earnings call transcript - we have had a tough year with a lot of terrible mistakes. The stock has suffered as a result. The Corp CIP will be adjusted accordingly since the mistakes affect the whole corporation. It's great that some businesses did well, but not enough to offset the gaffes elsewhere.
Why are we being punished enterprise wide for whatever nonsense is going on in TCO? Seems like some execs should be taking a long look in the mirror on that fiasco…and yet…
We are failing fast
Wait - so every employee survey has pointed out things are broken and ineffective, and management is somehow seems shocked performance is lagging?
Imagine if all that time squandered cramming Agile down our collective throat could’ve been used to…work…
Most of these issues have been driven by upper management and rewarded. They are not running Chevron like a business.
Low CIP
That was a pretty extraordinary email. It’s getting more and more frustrating to work here.
Always prepare for that PB........Plan B in this case for your career.
Managing expectations right after the Thanks giving holiday, that is winning in any environment. Get ready for a major re-org.