Revenue for the period totaled $40.72 billion, a 32 percent increase from $30.84 billion at the same time last year.
The performance continued a recent roll for ChevronTexaco, which is well on its way to the most prosperous year since the company's inception in 1879.
Through the first nine months of the year, ChevronTexaco earned $9.89 billion, or $4.65 per share, nearly doubling its profit of $5.5 billion, or $2.66 per share, at the same juncture last year. Revenue through the first nine months totaled $112.57 billion, up from $90.88 billion last year.
(and Wall Street gave it .55 today??? - oh, you would rather pay 300 times earnings for Google. . . .no dividend??. . .right)
My friend also left Texaco and his experience is similar to yours. He was made an offer by this privately owned company that more than equalled his added 40 percent foreign assignment pay overseas. This company evidently realises that to attract engineers from the majors that their benefits and salaries must be far better than what the majors are giving. There is no way in this day and age that any company could offer wages that were far below industry standard and hope to win away employees from major oil companies. That is a fact.
Sure your company could be bought over or something could happen, who knows. At CVX you could also lose your job as part of Project Compete, as good a worker as you may be.
It is tough cutting the CVX umbilical cord. It seems better to reach for the safety of the cubicles. And so it is. And good luck to you. But you may be more than pleasantly surprised by what is out there, especially at this time.
I read this post and smiled. Isn't it amazing how profitable a company can get when its product price almost doubles in the short run. An ex-CVX employee friend of mine once asked me the question: just how much of that profit do you think gets trickled down to the common CVX grunts? He told me, if you were really a top performer maybe 5 percent but if you were in upper management, the sky was the limit. He left CVX and is now working for a small privately owned oil company and is now getting the kinds of reward in stock options, salary action and the like reserved only for upper CVX management. My point: a company has to earn its respect first with its employees and treat its employees with respect. A 5 percent merit increase doesn't do it.
5%? You are dreaming. This company hasn't seen a 5% salary program since the late 70's. Expectations beyond 3.5 to 4% are unrealistic unless Management actually dictates to HR what it will be. That is unlikely...HR will do their usual market study and set the program based on the overall average of the competition, which doesn't include the independents by the way. HR then submits to Management for approval, which because of the tremendous bureacracy involved never makes any changes, because after all it's market-based and CVX pays the average of the competition. That's policy. Period. And so it is.
re <The performance continued a recent roll for ChevronTexaco, which is well on its way to the most prosperous year since the company's inception in 1879.>
The current high performance roll is based on high price - the revenue is going to exceed all expectations. The founders drilled in and created a company in the spirit of entreprenuerial gusto, unabashed drive, and desire to build a great company. Did benchmarking exist in 1879?