will help it leapfrog Chevron in the Permian. Exxon’s marquee Guyana project rapidly is expanding output of low-cost barrels while the company’s $60 billion purchase of Pioneer Natural Resources Co. “This was an internal employee communication to drive continued focus on improving Chevron’s performance and is not an update to the guidance provided during the company’s third quarter 2023 earnings conference call.”Ĭhevron’s problems have been compounded by better performance among its peers, especially Exxon and Shell Plc. “Chevron is a performance-driven company and recognizes that we have not been performing to our potential,” the company said in an emailed statement. Hess’s key asset is a 30% stake in Guyana’s massive oil development, which is being operated by rival Exxon Mobil Corp. While no job cuts have been announced, Hess, like Chevron, has a large workforce in Houston. The company also recently agreed to buy Hess Corp. The unusually blunt message, which made no mention of the holiday season, comes around the time Chevron typically pays bonuses. Read more: Chevron Plunges, Exxon Slides as Big Oil Earnings Miss Mark

“Chevron is next-to-last among our peers in improving earnings per share on a three-year rolling average.” “Upstream production, refinery availability and carbon abatement projects are all below plan,” Breber said. In October, executives revealed yet another cost increase for its $45 billion Tengiz project in Kazakhstan and said it would come online later than expected. The oil giant has faced a multitude of operational difficulties, ranging from refinery disruptions to lower-than-expected production in the Permian Basin to the threat of strikes in Australia. “We’ve delivered industry-leading performance before, and we will do it again with consistent and disciplined execution.”Ĭhevron shares have tumbled 16% this year, a steeper drop than its supermajor peers. “We can - and must - do better by focusing on what we can control,” Breber said in an email to staff earlier this month seen by Bloomberg. Chief Financial Officer Pierre Breber rebuked employees for failing to deliver on several key performance metrics in 2023, a year in which the stock lagged Big Oil peers.

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