Chevron Thailand to cut 800 jobs under $500 million cost-savings plan

[webfact]

Chevron Thailand to cut 800 jobs under $500 million cost-savings plan
BY KHETTIYA JITTAPONG

BANGKOK: -- U.S. oil firm Chevron plans to lay off 800 staff this year in Thailand as it looks to cut $500 million in costs at the Thai business to weather the fall in global oil prices, the company said on Monday.

Chevron has slashed costs worldwide but the cuts were not deep enough to prevent the firm reporting its biggest quarterly loss in 15 years.

Chevron is Thailand's largest oil and gas producer, supplying about half of the Southeast Asian country's natural gas demand. Thailand relies on gas to fuel around 60 percent of its power generation capacity.

Full story: http://www.reuters.com/article/us-chevron-thailand-idUSKCN0Y70T8


-- Reuters 2016-05-17

[leeneeds]

Alone on 300 baht a day totals to around 87 million over the year in

lost wages , never mind the 100 expats already shown the door ,

who most I am sure would have spent some of their hard earned

in Thailand

funny how announcements of economy forecasting gets caught out

when large corporations pull out and down size, the taxes lost

must be so insignificant, or just a matter of moving the decimal point.

[chainarong]

The heat is starting to arrive in Thailand's kitchen , the car industry next, this has been going on elsewhere for about 2 years, with the mining slow down , China sliding downwards , commodities prices at all time lows , and how long has the oil price been down at $35 -40 a barrel , surprised this hasn't happened before this , that's what happens on low wages, you can survive a little longer................................................ .

[rkidlad]

I know a guy here who works for Chevron, and he's on insane money. His work and duties were not relative to his inflated salary - even he admitted that. He could be in for shock.

I'd love to get a nice expat job and package, but it's becoming less and less permanent. Know a few guys who thought they were permanent and got moved back to the UK, etc. Now that would blow.

[EricBerg]

This doesn't fit in well with the story Somkid is telling us.

[Koosdedooes]

I know a guy here who works for Chevron, and he's on insane money. His work and duties were not relative to his inflated salary - even he admitted that. He could be in for shock.

I'd love to get a nice expat job and package, but it's becoming less and less permanent. Know a few guys who thought they were permanent and got moved back to the UK, etc. Now that would blow.

In this day and age "permanent jobs" ie one your in for just about your whole working life are a thing of the past, although this news will impact the expats, one assumes they have done the smart thing and have a nice slush fund put away, further one assumes the vast majority of expats let go will be close to retirement, or wouldnt have had many years left anyway,

the people this will really impact are the 800 odd Thai nationals let go, as although they will be on good money from a Thailand perspective, they will have assumed for a MNC in Thailand their jobs would be secure "for life" and where would they go from here, the only other big oil company is PTT and would guess they are going through similar restructuring"

From what i have read, in addtion to the low oil prices, a lot of the losses recorded on Chevrons books have come from the massive budget overruns on two big projects in Aussie, and this is the reason they are hurting so badly

[elgordo38]

The heat is starting to arrive in Thailand's kitchen , the car industry next, this has been going on elsewhere for about 2 years, with the mining slow down , China sliding downwards , commodities prices at all time lows , and how long has the oil price been down at $35 -40 a barrel , surprised this hasn't happened before this , that's what happens on low wages, you can survive a little longer................................................ .

Giving out dodgy numbers can postpone bad news but not indefinitely. We will see how car sales fare once all the companies that have lied about their performance are revealed. Once the truth on car lies comes out which manufacturer will you spend big money with??? Buying a car will soon be like politics hold your nose and buy.

[Rimmer]

Off topic post removed

[BSJ]

Yes reality sucks. When the worse of it comes, and it will soon, it will be the ordinary Thai's that suffer. The government and those working for the government will carry on as usual!