Does our "leadership" have any other ideas other than obsessive cost cutting? What is with MKW's addiction to laying people off non stop? No one should enjoy doing it so much. How did he get in the position as he's as toxic as you get.
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Cutting payroll is huge money back to the company, immediately! Imagine how much money he has to play with now.
Yawn
Someone is clearly manipulating the votes on this thread. Somebody upstairs didn’t like the message. So much for trying to convey honest opinions.
This one clearly hit a nerve! Truth hurts.
MKW applied a downstream mentality to upstream operations: Complete risk aversion and a focus on cost containment within detailed, step-by-step, pre-planned capital investments. Wall Street MBA types love the model because it feels like control, but it's the wrong model for exploration, where you need to accept a 90% failure rate in frontier areas. His management locks us out of generic growth and forces us to spend a lot more to buy proven reserves through acquisition. Each incremental management decision makes perfect sense at the micro time scale, while missing the big picture of how hydrocarbon companies make real money.
@c0 Sadly, it’s not a pack. It appears to be one person who would like everyone to think there’s that many people who think that way that participate here.
Chevron is financialized like many businesses now. Generating product and innovation are secondary or even tertiary objectives versus mindless balance sheet manipulations like stock buybacks to shift P/E ratio or Earnings per Share.
@cd Cost Discipline? This is straight up sacrificing American employees due to no ideas on how to make money. When layoffs and cost cutting is the only way to grow leadership has failed miserably. MW is a Scrooge who refuses to burn firewood for anyone but himself. Terrible person who should be ashamed of himself and all the boot li---rs at his feet!
The real question is, what do we do when we run out of high cost geography employees to layoff?
If you disagree with me, I will call you a "bootlicker". It has no basis in facts, logic or common sense. It's just the latest cringey adolescent hate word and that's who I am and what I do.
The bootlicking is strong on this thread
Any company should have cost discipline
My read is that MW rose to prominence during Accelerate Downstream in 2010. It was a pretty miserable time, but he got accolades for the turnaround . Impacts to so many. I don’t think MW has any other levers he knows since it worked for him then. If a company has to reorganize as often as Chevron, there really is something fundamentally wrong with leadership. My 2 cents.
Not sure why you're downvoted. Must still be a small pack of bootlickers still on payroll. For now...