ABMU Is a prime example of accountability. Failed BU but first VP gets huge promotion to go the MCBU, sent another VP in from a failed BU, and came up with manufacturing mode that never took place. Drilling and Asset managers came and gone after 1 year, but all got promoted to other jobs. The worst HES Manager was promoted to Houston and left a mess behind, while another HES Manager moved in and made a mess. Then you have OPS & The OPS Manager that never makes a decision, just looks at you , OPS think they do no wrong, but have 15 engineers and lots of TL running around doing nothing, Operators sucking up the overtime, but doing nothing but driving around all day. PGPA is a laughing stock with people acting like they really care. Finance Manager and their incompetent accountants. Then you have HR , a geologist as a manager with a staff of HRBP's that are worthless and useless. This is a prime example of Accountability at its finniest.
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Our leadership is to blame. They speculated on $100+ BBL and overspent in record numbers, over-staffed the last 4 years, and then the bottom fell out. Couple that with rampant mismanagement of MCP's and the endless change orders (blame the crappy contract drafters here), and you end up with the perfect storm of failure. But, the worker bees will pay the price for this downfall.
Who approved spending all this money - OUR money - on the overrunning MCPs, starting with Gorgon, ALNG, EGTL, Wheatstone etc? Not OPEC, it is the Chevron executives who bear the blame. Like a previous poster mentioned, hoping for eternal $100/bbl oil is not a strategy.
— B. Obama I agree your mothers bush needs shaved or at least trimmed. I don't mind going through a little brush to a picnic, but your mother takes it to a new level.
It's all Bush's fault
Business Process "Consultants" in a nutshell, combined with some seriously bad judgment on the part of management
Kirkland is one of the chief culprits for sure.
Meesa thought $100/bbl oil was here to stay
White people.
Unfortunately the leaders that are responsible for the actions that put chevron into this position which cannot weather the dramatic drop in crude prices can stand up and be accountable and still not being financially impacted to the degree in which the common employee will be. But then again they will not be held accountable, the letter to the Houston mayor ref the external forces as the reason to layoff Houston based employees and did not state any internal factors as the cause. That is not taking accountability that is scapegoating in its purest form.
Anonymous137398
The shareholders who approved BOD people who do not know enough about the industry to question top management's decisions. The whole lot screwed the pooch on this one.
The price of WTI mainly, which is determined by many macro economic factors such as OPEC, emerging markets, China, and the robustness of our economy among other factors. On the other hand, the top brass, who are paid to make strategic decisions and be forward-looking, hoped that the price of oil would keep going up and continued to overspend on that premise. Unfortunately, hope is not an investment strategy. They should have seen this coming and made gradual moves when oil dipped below $100, and continued to slip further.
the top dogs mainly, OPEC partially.