Mike Wirth, this week in Bloomberg, “In 2023, Chevron produced more oil and natural gas than any year in our company’s history”. However, you, my fellow employees, got to do f$&@ing better because daddy wants a bigger yacht.
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Production is only one metric. We could be the biggest producer of all but if we don't make more money (revenue/income/cashflow/earnings) per BOE than competitors (or lose money as we have some years), it doesn't matter.
And the ELT and board had the nerve to give a CIP factor of 0.95.
It's time to unionize.
Only producing more because acquisitions. Growth is inorganic, and without the acquisitions the last couple few years, production would be less that 2020. The brass knows it and is rewarding it accordingly.