it sounds like it will be worst than the last.
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I am an old ex-Chevroid. I still have plenty of CVX stock. I thought SJVBU was making lots of cash for Chevron? When did they get into this asset sale and layoff mode? Please enlighten me.
A 35% cut will be brutal. That's equivalent to saying, "Look to the person on your right and the person on your left. If it's neither of them, then it's you that will be laid off."
GM of OPS confirmed that the GOM reorg will be the standard the SJVBU follows. There will be limited cuts to O&M and HR. No EOI will be offered.
The brunt of the cuts will be felt by overlapping positions throughout the BU. Expect to see around a 35% cut in this area.
Let the bodies hit floor ... let the bodies hit the floor.... let the bodies hit the floor .....
Sounds like the next layoff code name will be dubbed "Operation Clean House".
O&m employees should be worried, all of that crying about everything is about to come back and bite them.
Chevron SJVBU has been approaching other companies to operate Chevron properties, that can't be good.
Wrooong, cibf. More companies than you can count are NOT dividend aristocrats and some even lower their dividend when necessary, yet they have been around for decades and don't go out of business or layoff their employees to keep afloat. What kind of ignoramos are you?
Keeping the dividend status is critical to maintaining your jobs, in fact. Get a clue, people. Google it. Do something. Do we have to teach a class in finance?
The reality is, the quarterly dividend will continue to be increased by 1 cent, or more, every year until JW retired.
So it's really all about you, right @bkug? Keeping Dividend Aristocrat status by raising the CVX dividend one penny only puts the company in a more precarious position now and Down the road - for all stockholders. If the company suffers a financial setback, all employees and stockholders get burned. Here you are just thinking about yourself. Good thing the company weeded you out already. Good riddance.
I heard someone saying %15-20 cut to O&M. Can someone confirm this?
-9ihf is right, JW should maintain Chevron's Dividend Aristocrat status at all costs. If necessary more layoffs would be OK. I already went through that last year and I unfortunately still have a lot of company stock n my 401k until I can bring it out in a NUA move in a couple of years.
What a dork -9ihf. If anyone asked me if I preferred to get cut before the dividend does, I'd say "Fvck the dividend, I prefer keeping my job."
We'll take your suggestion of keeping the dividend at all cost, 9ihf. If we need to layoff more personnel to do this, your name has already been entered on the lists of those who get cut first. Thanks for being a loyal Chevronite. Do we have any more volunteers?
Pay the dividends. That is all that matters.
Latest is that 2020 team is looking into contracting out as much O&M work as possible. Automation techs and Mechanics especially.
This rumor is terrible if true. When and how will this all end?
Any word on how deep O&M will be cut?
SJVBU is already for sale and has been for sale for over a year. Just looking for the right buyer. I.e. Any buyer. Just like GOM Shelf it takes time to find a buyer it took 2 years for that asset to sell.
Employee reduction by 300-400, no EOI. Will follow similar ROM selection process as GOM.
Will EOI be offered this round?
-ikcp, CVX would sell the assets to get rid of the continuing personnel overhead costs. That will help make more FCF.
I don't think there are any asset sales or swaps as part of 2020. Yes there is going to be deep cut 30% or like and major restructuring. Any asset sales would be earmarked and put in cue for suitable time - why would CVX sell these assets at such a low point.
Yup rumors of some asset sales/swaps with aera