With the massive profits the company is raking in, it might go a long way with the employees who have hit rock bottom morale to give an additional bonus. I know there's a f a t chance of that happening with MW ,but all of us who have suffered through his leadership should get an extra piece of the pie!
42 replies (most recent on top)
@1f5 In September but no specifics offered yet as to exact timing
When will we see this recognition??
@rg it is real— the working on nights, weekends, vacations. Obviously by your comment you are one that doesn’t have this issue. This has really been happening a lot more since the reorganization. I go home and continue to work to support operations in my same time zone and those around the world. It gets pretty exhausting when you don’t get a single day off where you can just forget about work for the day and have this be the case for months at a time. Don’t get me wrong. I am thankful for my job and appreciate all the pay and such but I need a day off for goodness sake! I am thankful for the extra paycheck bonus, but do realize one paycheck doesn’t really make up for all the extra time I have been putting in. I will take it because the ELT could have given us nothing. The cynic in me wonders what they may be planning to do next. Were they just giving us a little to only hit us with something bad here in the near future? Were they doing it just to fight off the negative publicity about large profits? Maybe it was just to be able to say, “Yes, we made some enormous profits, but we shared it with our employees.” I don’t know if the bonus was just good will or something else, but I am glad to have it.
@k8 "all that extra time on nights and weekends and working on vacations"
ROTFLMAO!!! That' adorable! Where do you work, or do you actually work?
@q7 there are many consultants raking 50-80K in overtime while running own business during work hours.
@m1 well hold up a minute. If greed wasn’t the issue then why not spread it evenly? Keep it even across the board instead of by pay? Looks like the lowest peasants will always get the lower package, and don’t even talk about the contractors that Never receive a Dime. Most of which have given this company 5+yrs and do any n all above n beyond just to hope that one person believes in them enough to give them a “permanent” position. No, I guess greed really isn’t the main topic here.
This is really a reason to justify a 1.25 corporate factor on upcoming CIP bonus. It should at least meet or exceed (2012?) cf of 1.8. If CF is anything less than 1.5… no comment
@kq I don’t know about you but I also am a stockholder and have been steadily accumulating it through our benefit plan for years. Hope you are too. Employee + owner makes me think about things both ways.
@kq How much pay cut you took during COVID when company was barley making profits ?
Chevron management had a choice to not give us anything, but they chose to recognize our hard work and give something extra. If anyone feels they are too good for Chevron, they are always free to make their way out.
There is no end to greed. If we are going to talk about Chevron’s greed, we should also ask ourselves—what about ours?
At the end of the day, be happy and enjoy your life. Work hard, do what you can, and maintain a healthy work-life balance. Knowing that you are being fairly rewarded for your hard work is what should keep you motivated and stress-free.
Yes, the more I think about it the more distasteful it feels. Our profits jumped 400%. Let that sink in. 400% and we get one extra paycheck. They will reap tens of millions and trickle down to their consultants
Great to get a little extra, but at the end of the day, add up all that extra time on nights and weekends and working on vacations versus one small extra paycheck. This is on the heals of 12B record earnings. I’ll take it though.
Email touts that it excludes xlt as if this small bonus is at their expense.
A straightforward extra full month of base salary would have done more to bridge the wide divide and boast morale. Do I like the little extra? Of course. Does it feel like they were searching for the absolute bare minimum based on low survey results? Yes. Yes it does
@dh
I disagree with you about the financial decision to repurchase stock. but, I repsect yur opinion. The stock repurchase also allows Chevron to have their own personal "piggie bank" for future acquisitions. Chevron is not a R&D company anymore, Chevron is an investment bank that invests in the "Energy Industry". R&D is too expensive and fraught with risks. Acquisitions are a proven reserver for a known price. Much less risky and easier to profit from a "Return on Capital Employed (ROCE)" persepective. Much easier to forecast and you should recognize this acronym from the Feb Town Hall PowerPoint slides. You should have noticed the investment Chevron is making in the electricity / power creation business. Power generation is a next gen industry that will expand significantly over the next 20 years. There are a limited number of companies that have the financial capital to invest and operate power generation. However, Chevron has sucessfully operated COGEN power plants for decades. They are well positined to get into commercial power generation for the AI Data Center market. Low margins but steady growth and easy to forecast a % profit and this fits the dividend growth stock portfolio sector that Chevron caters to. Well said, I must say :)
@jt this got approved after the earnings call and announced at GLF. It did not need board approval. Think about it… this is in total less than our consultant spend for the year even though we made over $12B
Some people never happy. Company extends a surprise bonus to us and some still find a reason to complain. Your life must be pretty miserable to not just say thank you and move on.
It will shut everyone up for a little while. Don’t blow it and put into savings. What happens when crude and the crack spread normalizes will be interesting to watch.
@ja you must be new here and not a Cvx employee. We have been complaining for months. Likely the survey was the big push for this bonus
Sorry to disappoint you @j2+1, but a move like this takes Board of Director approval and has a lead time longer than a few days.
This does not just happen because someone made a post on this bulletin board last week.
@hg I think the complaining is why we got this bonus. Complaining here and in the survey. No way this bonus happens otherwise. Happy to get something for the endless nights and weekends
Throwing cash at people usually helps them forget how bad things have become. Good strategy in light of CIP results - just bury the lead.
Do who is ELT ? If anyone can explain
I guess all the complainers on here were wrong.
They heard you loud and clear! Thanks for posting this. I'll take an extra $5000
haha yall called it
Half a months pay it’s legit
Funny you should mention that…
lolz at "bonuses" at psg 24, 25, 26
It's not changing your life.
This place is a dead end.
The “additional bonus” is that they’ve not yet announced the next round of layoffs.
Yea they would rather give a decent CIP than give an increase to base pay, which is much more expensive in the long run.
Don’t worry the c-suite will wet their beaks and we will get the scraps, per usual.
Being fair. When profits rise, so does our CIP. Look at 2022/2023. Just hope safety does not tank us, as essentially we all got some extra. For all the critiscism on MKW he does generally come through with good CIP numbers. It may be self serving because he gets it too. But I dont mind because I get it.
Give us a company wide EOI instead
@da buying back stock at records highs, as opposed to actual reinvesting in the business, is not a savvy move. It’s financial engineering, and what short sighted companies do to juice stock so the CSuiters can get their massive bonuses. That’s money that could’ve been used for R&D, staff compensation, etc.
@a7 they are happy paying hundreds of millions to consultants to make the decisions they should
@dc
Do you see this watch?
This watch is worth more than your car.
Have you watched Glengary Glen Ross?
@cm
MW announced on CNBC they used the extra revenue to purchase the outstanding stock they used to purchase Hess. MW stated they have already repurchased 75% of the stock that was used for the Hess purchase. That was a great business decision because the future (Hess) revenue will add to free cash flow. Free cash flow allows for greatly flexibilty in a capital intensive business like Chevron's. People on this forum criticize MW, but his team of financial managers are doing a great job adjusting the business investments for the future of Chevron. Yes, I am disappointed they have decided to layoff the USA based workforce, but many American companies are doing this to reduce costs of labor and increase profits, so Chevron is doing what the market is creating. Wall Street is about profits and the workforce is just a line item in the balance sheet. This is the new labor market in the USA and other western countries. Unfortunately, labor is a commodity and as much as I dislike the term "AI", technology advancements are changing the workforce.
Tell the one about the fairy princess next!
Gotta increase the almighty dividend first.
So much winning!
Zero chance for regular employees, but a big bump for executives.