Thread regarding Chevron Corp. layoffs

The US divestment team is a dedicated team who will be responsible for divesting KD. They are in the plaza to kick start the process, this doesn't mean sale has gone through

@5xol, don't expect an answer to your question because you responded to a fake troll post with misleading, false, fake information.

Who is transitioning?

The US Transition team arrived in Calgary plaza. Perhaps things are moving faster than we thought? The race is on, before our field operations get caught up in the next wave of wildfires.

I wondered same…I think that Jv relationship is going to be unattractive to otherwise interested buyers but time will tell. Maybe they will sell their 30% too.

Just wondering if Duverney Energy Corp, recently formed JV between Athabasca Oil and Cenovus, would be interested in cvx assets. Not sure they will seek partnership with KUFPEC.

there's a buzz that Paramount or whitecap may buy CVX Duvernay assets, are their portfolio complimenting Chevron assets? Do they have finance after recent acquisitions? Who got 900 million cash flow?

I believe the main concern with the Duvernay is the rock / reservoir quality. In terms of the attributes you need to make a good prolific shale play, it just doesn’t check the right boxes.

Good summary post and sound advice, thanks for that. Mind if I ask what psg you were at and years of service when terminated? Did they factor in damages for loss of the bonus as well? (I’ve heard conflicting info on if an amount is or isn’t included for that).

Here is some legal tips from experience with CVX severance that changed my package from 300k to 900K

• Never accept the first offer no matter what they say
• Never accept without consulting your lawyer
• Trust no one specially your supervisor and HR (They are worst in Canada despite the fake yellow smile) they will try to pay the minimum
• Ask your lawyer to be present before any offer is presented to you
• Collect every single piece of information you can as they will lock your access the minute they feel something is fishy. You still can force them to provide information by a court order.
• Here is the most important Tip, collect all your bonus history and your PMP’s. These are key specially if they are high
• They will scare you by showing you the minimum they have to pay according to Alberta Employment Standards, just ignore this information and your lawyer will tell you why
• They will lure you with potential rehire, well that would make sense in the US but in Canada it does not. It is a dying business here
• Another critical point, make sure you document in writing or via emails that you need to keep copies of the stress that you are suffering during the transition and the impact on your ability to secure employment with a clear head as well as the long term impact on your mental health. The company is global and if they are sincere about finding work for people, they could have placed the small number of CBU employees in their global operations. They can be easily absorbed
• Watch for Social Engineering during the layoff process. If you notice any discrimination, collect all the evidence as this may be your wild card for a huge compensation if they discriminate in any shape of from and trust me on this, it will happen

I will keep posting whatever I remember and best of luck to all you folks

Does anyone know a good employment lawyer in Calgary to consult with who is reasonably priced yet competent?

Most everyone I know at work completely forgot Chevron was still in Canada years ago. It is like finding nickels in the sofa cushions. We can sell it and earn some cash!

Was PSG20 fair considering your experience or low? Are you in a protected group? Were you treated differently at work or during the layoff process? Lawyer up!

Were you hired as a permanent FTE? If so and I were in your shoes I would make sure I download all my records from Workday, make sure I have a copy of the job description too. Were you influenced to come over to Chevron? Eg, did you leave long-term permanent employment to accept the new role? Did you reject the first offer and negotiate? Lots of info online about this if you search…factors which can help increase your severance size. Also, I would keep doing the high priority work and do your best to stay positive. Your next job may come from the company that buys or from someone you’re working with who lands somewhere else.

i was hired only 5 months back in PSG 20, what should i do next ? suggestions please, don't troll.

I know quite a few Canadians who missed out on the lavish 2020 package and have been eager for another one. They are hop8ng for a quick sale.

Please ignore comments from US based workforce as they have no idea how things work in Canada with regards to severance pay or medical coverage. Currently all full time employees if Chevron Canada receive $600 annually in their Health Spending Accounts. If you have 25 years of service with chevron or can achieve 75 points then you are eligible to receive $2500 instead of $600 after you are let go during layoff. Canadian HSA is not the same as Health Savings Account that's available under US payroll.

“In Alberta, the seller of the business owes you severance pay if you lose your job as a result of the sale.

Example: Suncor Energy sells Petro-Canada to Husky Energy. If you work for Petro-Canada, and Husky Energy doesn’t want to keep you as an employee, then Suncor Energy must provide you with a severance package.

If you receive an employment offer from the new owner, and have a good reason for why you don’t want to accept it (i.e. different hours or pay), you can still get full severance pay from the company that sold the business.”

Not sure why everyone is asking about CVX severance and quoting that CVX is good about this or not. Layoffs will be done by the buyer, not Chevron. Same as when we have bought other companies. The buyer is the one that will decide when and how much to cut. Also it will be their policy or offer that will apply.

“ keep some of the technical knowledge”: Don’t be ridiculous, we don’t need no old petrotechs yesterdays skills. If something comes up in Canada we will just ship a couple of young USA-based HiPo’s up there to sort out any opportunities and then put in assortment of generaic staff to get the job done using our new AI tools from Microsoft … that’s the new agile Chevron way.

Canada has some interesting potential for CNE, CCUS looks attractive in Alberta/British Columbia, geothermal opportunities, cheap natural gas for blue H2, etc..Wonder if they’ll keep some of the technical knowledge up there to work future CNE projects.

@3foa, that "$2500 HSA for life" is against HSA & Medicare eligibility rules. Are you confusing that with some other benefit or just explaining it poorly?

How soon will they start letting people go? For awhile now CBU has been shrinking and replacing people with contractors or not backfilling, if they are planning on continuing all operations for 2024 I’m not sure how much more they can thin the herd. Maybe they’ll do expression of interests to make it voluntary in the first round.

@43hag - they were also offerred 6 months of extended health coverage after their release date from cvx. If your age plus years of service with chevron is equal 75 points at the time of the layoff you are eligible for $2500 HSA coverage for life. Some of the packages in 2020 conveniently forgot about it, and it was up to employee to get back to HR and ask for it. Had talked to few old timers that caught this error before signing on the dotted line

In 2020 layoff some employees who only were with chevron Canada for 6 to 8 years walked away with a payout equal to annual or a little bit more than annual salary depending on their age and current situation of the job market. So my advice is to be patient and don't jump ship yet...

Chevron plans to sell between 12 to 25 billion $ assets by 2028, so this is not the only one going for sale, already east Texas unconventional is up for sale and I suspect bakken will be next.

@2dap - last layoff in Canada most were given a month+ per year of service as severance, plus support services to find a new job (resume writing service, a year of LinkedIn premium, etc.).

MW's favorite magic number is $1 billion. He is obsessed with it. Many suspect it his personal goal to get his net worth there (thus the need to stay on seat forever). Anyhow, he likes to throw it out as the target for any effort - savings from layoffs, savings from IT, etc. The TCO fiasco just cost us $1 billion, so he ordered upstream to high grade a list of assets worth selling for around $1 billion so he can tell Wall Street he offset TCO delays. KD bubbled to the top. Sorry, Canucks, the music stopped and your chair was lost.

Canadian employment laws are quite generous… I don’t know the finer details far as how vacation, bonus, pension etc are treated, and if they do a re org first they can make certain positions conditional on staying until the sale closes and in certain circumstances that can reduce the length of severance, and they were pretty vague about any retention bonuses being given.

anyone able to share what’s the standard severance pay calculation by CVX in the past?

So back to CBU….

ExxonMobil is sooooo ready to sell off the Vaca Muerta assets, that it has just launched a tender for a $75 million project to build a pipeline in Argentina, as the US-based company seeks to increase oil production in the Vaca Muerta shale play, a company spokesman said Nov. 8.

https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/110823-exxonmobil-launches-tender-to-build-oil-pipeline-in-argentina-to-boost-vaca-muerta-output

The reason UCR worked in US, is not the geology, it was the infrastructure, equipment access, rail road, roads, trucks, lot of water, and pipelines. This needs to run as a factory with lot of supply chain and logistics in place, no other country has this much infrastructure in place to support the intense requirement for harvesting the asset and yet a large market to sell it/use it. So yeah, Argentina would be next just like ExxonMobil decided to leave the basin and focus on onshore US Permian.

@1jdm, Vaca Muerta might be geologically good, but Chevron doesn't like dealing in shaky 3rd world countries. (Are there any productive and profitable UCRs outside North America?) Sounds too much like Venezuela, and the history of YPF being nationalized doesn't make for good long-term forecasting. Not a surprise that VM has been sitting on the sidelines for a long time now.

https://www.reuters.com/business/energy/chevron-begin-marketing-shale-gas-assets-canadas-duvernay-2024-01-19/

@1avb, before you jump ship, just consider that if you’re left standing you’ll get a decent package. Chevron is pretty good with these sorts of things and if you have a decent tenure, might be worth sticking around (unless something unbeatable comes up) and getting a payout.

sad day for the CBU, updating my resume right now. Almost got moved to the Houston last year and didn't take it.. now I want it

"Vaca Muerta may become the new Permian"... not likely. There are some local sweet spots that might make money, but no where near to acreage being developed in the Permian.

What’s gonna happen to taco Wednesday's in the space?

Not surprised at all, but a sad day for many there. Maybe a happy day for the RIP (retired in place) folks who’ve been waiting and counting on this happening.

Lots of speculation on who the buyer will be right now. The question was asked of what happens if they don’t find one, but I don’t think that is going to be a problem. Hopefully it will be one that has the capacity to take on some of the good people.

Will be interesting to see what happens in the aftermath to the BU. I don’t think it will look like it did in the 2000s, this time I wonder if they will sell the building and keep a skeleton crew in the St. John’s office or run it all from Houston and shared services. It’s a valuable piece of real estate in the core of Calgary, and they can charge extra for the moss walls in the Space!