Well, it is coming again. I was hoping Springs but it going to be fall. No numbers have been mentioned. But all agree it will be more than first round. :-( "Project Alpha was not based on the current economic reality. Further efficiency measures will take place in August. The pricing reality for the next 18 months will be $30. Staffing reductions are being worked through immediately and will be executed in August of this year, with final staffing requirements being in place by October 1st. The organization will match current buisness needs and activity levels we face in the upcoming months."
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I had been eyeing the intersection at South Voss-Westheimer. Three of the spots on the intersection were taken but one spot is open. Please be generous when I am out there next month. I have 4 mouths to feed and no health insurance, I will hang a sign on my neck "laid-off from Chevron".
Lol at Bum strategy. How exciting this ESP is for new opportunities and how good Chevron is for making the company more efficient. That's funny.
"The Bum Strategy" was the premise of the movie Office Space. It's not a new idea, but it will baffle management when you have a meeting to discuss your new opportunities in the ESP.
You see @3bul, you have just stumbled onto gold. You discovered a paradigm shift that works at Chevron. Let's dub it "The Bum Strategy".
My bum strategy got me through Alpha. I used to work quite hard, but now I don't care. All the politics, attitudes, and such. It's depressing.
@2eei, your plan (just to be a bum this time), although you may be saying so in jest, may end up being a genius move. Much like the old saying; "If you can't dazzle them with brilliance, baffle them with bullshit", this no-care attitude toward whether you stay or if you go could actually throw the inept management for a loop. Go for it.
Technical experts in ETC to be laid off will be sorted out by level of occupancy and billabe time %s
Multiple sources 26+ tell me the same. I'm not going to look for a new job. I'm just going to be a bum this time.
Amazing....I love this board. I was told this over a few beers this evening. Layoffs in August...so at least two data points. It came from a solid source out of concern. I will start job search tomorrow. My job is not secure at sub 30 oil.
@FR0a0TO-jum You Realize Houston is a City right. Many BU's are in Houston.
Here you go jack waggon. Look for yourself on a 100k a year. Is everyone at Chevron clueless? BTW Capitol Grille is a great place to work. https://www.glassdoor.com/Salary/The-Capital-Grille-Server-Salaries-E303311_D_KO19,25.htm
The cuts in April are for CNAEP BU's. We/ Houston had a ROM this fall. And as OP said we will have another.
Waiting until October is too late. Cuts should be aggressively started in April and be fully completed by August.
$30 may be ambitious lol....
Jeff told AMBU the same thing, minimum cuts and we are doing great, yet we are not working nights drilling or construction. But most people here truly think we are ramping up in 2017!!!!!! So the lies work.
Trinkle down effect will start if history repeats itself. Housing market will drop, car sales, non industry businesses will be hurting also. If your spouse is also working it will be felt their also. I was in Midland in the 80's where even little leaque sign up was down by 50% . Brace yourselves as it will get ugly. Banks where hit so hard also.
Dividend will stay. It is what it is. Not the companies first time through this. Find a job now if you want to work. If you resign and they really want to keep you they will intervene trust me. Not worth stickingv around for severence. It will run out and no jobs left. You are most attractive working than not. You would be surprised how few they can operate with if need be.
Absolutely a cut in Houston. For ETC you will be billable or gone. No overhead charge codes. And with PDC and BU' cutting Billions there are no charge codes. I am flying out Thursday for an interview as this place is toast. No one is talking much as they either are gripped in fear or so Chevonized they think things are pretty dam good! This is in no way over reacting. Most on here realive that.
OP , Who is the Quote from?
I agree with OP. The knife has to come back to Houston once the bleeding at the BU is finished. Sad but expected
If only the arrogant dickhead of CEO John Watson would make the decisive move to lower the dividend, this company wouldn't need to cut as deep. Someday, Chevron will be in the position to grow again and having the experienced staff in place will give it the edge it will need.
I recommend everyone consider starting your job search now. If you find something with reasonable close compensation, take it and don't look back. The job market will be awful.
However, if you do survive past October and are willing to have your career and pay stagnate for about 5-10 years, you will be well positioned for the next "boom"...even if the boom isn't as big as the one that just ended.
Yes on 1986. I feel you. I rented a room off of an elderly couple in 1981. I put my money in Tbills. Interest rates were 20%, down to 10% in 1986. I moved home after getting layed off and went back to school. I was not bad off at the time thinking back. But at the time, it was bad. This imo is worse.
Oh PG 28 and below are in scope for August reductions. Different than Alpha.
Hello 1986.
It's is going to be better to be cut now than in the fall. By October there will be no jobs in other industries to transfer to.
Correct on to the marrow. It is a must not a want. Chevron's negative cash flow is brutal at this price point. And yes there is another staff reduction. I don't think we are surprised?
If a $30 basis will truly be used for the Fall cuts, we are going to be cutting not just to the bone but to the marrow. You're talking a true skeleton crew. PRC centers will be essentially closed with perhaps one "lead" role remaining when before there was a staff of 20. Might as well shut down most ETC functions.
Well now I know why August is the date for new package retirements.