Chevron has no choice but to consolidatie everything down to a smaller geographical footprint. It's selling assets to raise cash to operate these remaining assets and continue paying the dividend. With oil closing out 2015 just cents above $37 and our stock having lost 19.5% of its value, we will be starting a bleak 2016 year with more layoffs. Cutbacks will continue slowly and progressively as oil does not recover. The fundamentals do not show a recovery of oil prices for at least another 18 months at best. Hold on, as this ride is not halfway over yet.
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All of Oklahoma will now be up for sale as of announcement a couple of weeks ago. List keeps growing after initial asset sale announcements. It will be interesting to see if more will be added. Seems Chevron will just be putting all eggs in the basket for only Deepwater, Permian (some sales there too), East Texas and SJV in North America.
Does anyone have any insight on the status of changing D&C personnel to a 9/80 schedule? Those that remain after we sell off a profitable part of our business that is
Navy veteran I understand since Chevron is a US Govt contractor and it is now mandated by federal law that we have a 7% honorably discharged (or equivalent discharge status) in our workforce.
What's so special about Mormons?
If you're a Mormon or a Navy veteran you'll be safe. I've seen them bring on non-college degree, non-industry types in at PSG22-26. The OE Team within D&C has done nothing except for increase G&A costs, while OSHA recordabled still increase causing EVERYONE to lose their CIP for 2015.
Chevron will see significant reductions in mcbu personnel, the divesture program will have a similar impact as what we expect from GOM asset sales. Best of luck
Anyone know about Oklahoma?
I'm sorry to hear this. Best of luck to all my Chevron colleagues.
Other asset sales are also underway in other mcbu locations including properties in Colorado and Wyoming.