Pat Yarrington inadvertently admitted to reporters today, the company is weighing the prospect of selling its midstream pipeline business. Chevron has been in talks with KinderMorgan for the last 2 months. Details of the ongoing discussions were not disclosed, except to clarify the chemicals pipelines, owned by ChevronPhillips and operated by Chevron Pipe Line Company were not part of the talks. The timing of a possible sale was not disclosed.
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Fine, Anon148600... Let YOU be the first to lose your job in the next wave. What's best for the shareholders is to KEEP hard working employees. Obviously you are not one.
Yes BLAH BLah BLah with no proof or evidence. This is like a rumor mill, not a layoffs forum. Stick to the subject. You need to worry about if you will still have a job or if you are a useless POS. You know who you are, and if you should be worried. Everyone else, you will be fine of will find and even better job somewhere else and that's why you're not worried!!! Layoffs are the best thing that could happen to shareholders. Clean up time!!! YEAH!!!
Well Anon148024, a lot of us didn't see the drastic oil price drop and all these layoffs coming either. While I find it surprising the company could get rid of our pipeline business, really nothing does shock me too much anymore about the decisions made by our Chevron execs. They obviously live in a different world than the working employee. I'm convinced they think of themselves foremost. Getting out of the pipeline business surely could make sense to them.
I just cant really see it. The only pipelines that are left are ones that service Chevron facilities. The offshore GOM pipelines go to the Pascagoula refinery, the Chemical pipelines serve ChevronPhillips Chemical Co., which is very profitable, the Rangely to Salt Lake crude lines deliver the crude from Rangely, CO. to Salt Lake City Refinery, and the San Joaquin Valley Fuel Gas System is strictly for the production fields out in Bakersfield and Taft. There is not really much left to sell off in CPL that would be worth much to Kinder Morgan, and few if any of those lines connect with pipelines that Kinder Morgan owns.
Pat Yarrington has spoken to no reporter. This assertion is flat out false.
This certainly hasn't been a "secret", as divestiture of CPL has been well known (in CPL, anyway) for more than a year, now. West Texas LPG (CPL's largest asset, I believe) was sold, almost a year ago. Believe this action was prompted by the fact that Chevron, for whatever reason(s), never really operated company owned or operated lines as actual mid-stream businesses, their earnings were sub-par, and it was worth more to Chevron to get out of the pipeline business. Personally, I think it would be giving Management more credit than they deserve, to assume the sale of PL assets (given when it all began) as having anything to do with the company's current situation.
It wasn't a group of reporters she talked to, but a local TV reporter who had interviewed her. A friend watching the news on Friday said she saw the interview and was shocked to hear this from Pat Yarrington. Pat went on to talk about other asset sales that had already taken place and the layoffs in Houston and elsewhere.
I can't find any source quoting Yarrington saying this. What reporter was she talking to?
You misunderstand. The pipeline company will be gone completely. The chemical lines will be kept, but operated by another company.
If I'm not mistaken, the chemicals lines are almost everything the pipeline company still has. If they still own or operate some lines in the GOM and elsewhere, the sale of those assets probably won't make a big impact.
The pipeline company sold off 50% or more of their assets to several buyers last year. Selling the rest of the pipelines, save the chemicals business, sounds a bit odd. But given Chevron's cash crunch, maybe there could be something to the story.
Link?
sign of old age