The effort at cutting costs is at best feeble. The cuts have to be far deeper than this under such dire circumstances than just one person here and there. Too little too late! Chevron will continue to bleed badly unless they follow it up with a fall ROM that is far more of a serious effort. I am afraid of holding Chevron shares of which I have a considerable amount.
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You are doing a very basic analysis. Chevron's pensions, benefits, bonuses and gold-plated health care for retirees are an expensive obligation that more than doubles the cost of FTEs.
Selling buildings and assets at record low value is nearsighted. There will be EPA fines and environmental restitution payments far more expensive than the sale of the assets. I sold my CVX shares 18 months ago. If I were you, I'd sell after the next dead cat bounce.
Do you realize that the % of cost that is C&E total expenditure per BOE is ~4%. This means if you laid off everyone and did not change the physical work you did you would only save 4% off of the BOE cost for that field.
This is about chevron making the company the right size to effectively and efficiently perform work. They realized they over hired in the bad times and now we are going to loose some good people due to this. It's not about cut people to prop up stocks or dividen it's about getting to the sweat spot so that the preople who do work so not have not have to spend 1/2 of there day explaining why and how and when to someone who is suppose to be doing this for work.
You are correct in my opinion about the stock price I believe it is high but C&E is not where you costs are at.