Latest news with #MarkNelson
Yahoo
11-07-2025
- Business
- Yahoo
Chevron Cuts Layers, Eyes Guyana and Growth
Cost-cutting among energy companies is all the rage today. Oil prices are stable, but memories of recent devastation are still fresh, so Big Oil is cutting costs to stay in shape. One way to do it: centralize operations, which is what Chevron is doing right now. The idea is straightforward: simplicity is cheaper than complicatedness. So Chevron is going simpler by having just one global offshore business division manage all of its offshore operations, from the Gulf to Nigeria, and just one division handling human resources, information technology and finance—out of the Philippines and Argentina. 'We're working so hard to simplify our structure, take some layers out so that we can execute faster,' Chevron vice chairman Mark Nelson told Bloomberg in an interview this week. 'Best practices are decided upon and applied across the system regardless of what continent they happen to sit on.' The simplification drive follows from a cost-cutting plan announced back in February that would see Chevron shed a fifth of its global workforce and save $3 billion in costs. The plan was prompted by the supermajor's offer to acquire Hess Corp. for $53 billion, even though the finalization of that deal remains uncertain until the International Chamber of Commerce announces its ruling on the dispute with even without the deal, chances are Chevron would go ahead with the cost-cutting—because these days oil companies need to work to win investors, at least according to Bloomberg. The publication pointed out in its report that oil price volatility and what it called 'an uncertain outlook for fossil fuels' had made investors more demanding in terms of dividends and share repurchases. This had, in turn, forced company executives to prioritize shareholder returns over other business objectives. That oil prices are volatile is certainly true, and that volatility is of a new, software-driven sort as a lot of oil trades follow algorithms rather than human decisions. As for the uncertainty in the outlook for hydrocarbons, there are plenty of signs that demand for them is still going to be around decades in the future—and the size of that demand will not be very different from what it is today, despite all the forecasts predicting peak demand growth before 2030. Those forecasts are based on computer models and an abundance of wishful thinking, which has incidentally contributed to the heightened volatility of oil prices as spikes tend to occur when physical, real-world data shows demand to be stronger than assumed. This is why Chevron may be streamlining its operations and laying off staff, but it is also pursuing production growth. Earlier this year, for instance, Chevron announced plans to drill in Namibia, where some other Big Oil majors had made significant discoveries in recent years. The supermajor is also investing in exploration in Nigeria and Angola, and last month won the rights to explore nine offshore blocks in Brazil's Foz do Amazonas basin. Then there is, of course, the Hess Corp. deal, which is perhaps the best evidence that Chevron is realistic about the future of oil demand. Hess Corp. is Exxon's partner in Guyana's Stabroek Block. It has a 30% stake in that block and the over 11 billion barrels of oil sitting underneath it. Chevron wants that stake—and who wouldn't, except the devout believers in peak oil demand? Cost-cutting in oil and gas is all the rage today, but it is easy to focus on just some of the more obvious reasons, such as investor perceptions about the future prospects of the industry, reinforced copiously by media that openly embraces the ideology of net zero. The deeper reason, however, may well be a desire to boost resilience in case of future shocks. By Irina Slav for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
09-07-2025
- Business
- Globe and Mail
Advisory: Chevron Corporation's 2Q 2025 Earnings Conference Call and Webcast
Chevron Corporation (NYSE: CVX), one of the world's leading energy companies, will hold its quarterly earnings conference call on Friday, August 1, 2025, at 11:00 a.m. ET (10:00 a.m. CT). Conference Call Information: Date: Friday, August 1, 2025 Time: 11:00 a.m. ET / 10:00 a.m. CT Dial-in # (Listen-only mode): 888-240-9352 Conference ID #: 7352942 Speakers: Mike Wirth – Chairman of the Board & Chief Executive Officer Mark Nelson – Vice Chairman Eimear Bonner – Vice President & Chief Financial Officer Jake Spiering – Head of Investor Relations To access the live webcast, visit The meeting replay will also be available on the company website under the 'Investors' section. Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations, grow new energies businesses, and invest in emerging technologies. More information about Chevron is available at
Business Wire
09-07-2025
- Business
- Business Wire
Advisory: Chevron Corporation's 2Q 2025 Earnings Conference Call and Webcast
HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX), one of the world's leading energy companies, will hold its quarterly earnings conference call on Friday, August 1, 2025, at 11:00 a.m. ET (10:00 a.m. CT). Conference Call Information: Time: 11:00 a.m. ET / 10:00 a.m. CT Dial-in # (Listen-only mode): 888-240-9352 Conference ID #: 7352942 Speakers: Mike Wirth – Chairman of the Board & Chief Executive Officer Mark Nelson – Vice Chairman Eimear Bonner – Vice President & Chief Financial Officer Jake Spiering – Head of Investor Relations To access the live webcast, visit The meeting replay will also be available on the company website under the 'Investors' section. Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations, grow new energies businesses, and invest in emerging technologies. More information about Chevron is available at
The Verge
09-07-2025
- Business
- The Verge
T-Mobile has officially axed its DEI policies.
Posted Jul 9, 2025 at 8:58 PM UTC T-Mobile has officially axed its DEI policies. In a letter to the FCC, T-Mobile executive Mark Nelson confirms that the company is 'ending its DEI-related policies... not just in name, but in substance.' He adds that the carrier 'will no longer have any individualroles or teams focused on DEI.' Earlier this year, T-Mobile updated mentions of diversity, equity, and inclusion (DEI) on its website to appease FCC Chair Brendan Carr, who said he would not approve mergers — like T-Mobile's joint venture deal with Lumos — if companies have DEI-related policies. T-Mobile wipes out DEI programs [
Yahoo
09-07-2025
- Business
- Yahoo
Chevron Shifts From Regional to Centralized Hubs in Cost-Cutting
(Bloomberg) -- Chevron Corp. is reducing local and regional business units in favor of a more centralized model to improve performance and cut as much as $3 billion of costs by 2026. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Are Tourists Ruining Europe? How Locals Are Pushing Back Can Americans Just Stop Building New Highways? Denver City Hall Takes a Page From NASA Philadelphia Trash Piles Up as Garbage Workers' Strike Drags On A single offshore division will operate assets in the US Gulf, Nigeria, Angola and Eastern Mediterranean while shale assets in Texas, Colorado and Argentina will also be brought under one roof, Vice Chairman Mark Nelson said in an interview with Bloomberg Tuesday. Service centers in Manila and Buenos Aires are set to take on finance, human resources and information technology work that used to be done in multiple countries. Centralized engineering hubs are planned for Houston and Bengaluru, India. 'We're working so hard to simplify our structure, take some layers out so that we can execute faster,' Nelson said. 'Best practices are decided upon and applied across the system regardless of what continent they happen to sit on.' Low oil prices and an uncertain outlook for fossil fuels have led investors to demand more cash returns from the world's largest energy companies over the past few years, forcing executives to focus on reducing costs to help fund dividends and share buybacks. Even so, energy stocks now make up just 3.1% of the S&P 500 Index, less than half the weighting a decade ago, despite the US becoming the world's largest producer of oil and exporter of natural gas. Chevron has climbed 5.8% this year as of Wednesday midday trading, ahead of the S&P 500 Energy Index's 3.1% increase and the wider market. 'If we're going to continue to win and be an investment choice in the market, we have to just always be more effective and look for new ways and better ways to work,' Nelson said. The changes, which include the oil major's production and refining divisions, are part of a plan the oil giant announced in February to reduce its global workforce by as much as 20%, or 9,000 employees, by the end of next year. Structural cost savings between $2 billion and $3 billion could be enough to pay one of Chevron's quarterly dividends. Last month, Bloomberg News reported on several major changes at Chevron's trading division, which included promoting some traders and offering severance to others. 'These are hard decisions for us to make,' Nelson said. 'We don't take them lightly.' He declined to comment on whether the number of US employees would decrease as a result of the growth of global service centers in Asia and Latin America. Exxon Mobil Corp. and Shell Plc have or are undergoing similar corporate restructuring and have moved some functions to lower-cost regions. Until this year, Chevron ran decentralized global operations with powerful country managers leading large divisions with the ability to adapt to local business conditions. But the company has changed significantly in recent years with the acquisitions of PDC Energy Inc. and Noble Energy Inc. in the US and the completion of major projects such as the expansion of the Tengiz oil field in Kazakhstan. Chevron now wants to speed up execution and use more technology while keeping its 'local strength,' Nelson said. Chevron plans to reduce the number of business units in the upstream division to between three and five from about 18 to 20 a few years ago, according to Nelson. The simplified model will optimize drill rig schedules globally rather than regionally and will enable innovations developed in one operations to be rolled out to others quickly, without having to go through layers of management, he added. 'When you standardize and centralize work, it gives you greater opportunity to apply technology,' he said. Artificial intelligence is already having an impact on Chevron's downstream operations. At its El Segundo refinery in California, employees are using AI to run mathematical models that determine the optimal mix of petroleum products to maximize revenue. 'It doesn't take a day to run it,' Nelson said. 'It takes seconds to run your linear program to figure out what's the best product to make, where's the best place to sell it.' Will Trade War Make South India the Next Manufacturing Hub? 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate 'Telecom Is the New Tequila': Behind the Celebrity Wireless Boom SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
