Pros
Very talented co-workers. Chevron does a good job of hiring excellent engineers and support staff. Houston (1400 Smith) is top shelf, offices are nice. Work/life balance is better than average, depending on the project you are working on. Chevron offers a lot of internal education and learning courses, for all aspects of the oil/gas industry. If you are a contractor, you are treated very well at Chevron - just like staff.
Cons
Politics mean more than talent. It is nearly impossible to get a promotion, unless you know someone. Base pay is very low compared to service companies, and the huge bonus just gets you back to even. The problem is that the bonus isn't guaranteed. The pension plan sounds good on paper, if you can survive 20+ years without getting laid off. Chevron just laid off 1,500 staff this past month, many of them 20+ year staff members who were not close to retirement age. They gambled their careers on company loyalty and job security, and lost. At Chevron, you are just another number. When they are done with you, they don't recognize your hard work or achievements. The annoying micro-breaks and corporate trainings are fluff. Middle management is inexperienced and costs the company millions in bad decisions. Layers of micro-managing supervisors is the norm.