Pros
Smart team members. Team leads care about your professional development. Everyone has a voice when making decisions (which is empowering as an individual contributor). Internal recognition system in place that allows up to 10 $50 gift cards to be sent to peers as a way to say "thank you" (in addition to supervisor-led team event bonuses). Nice touch to encourage collaboration. Nice campus/cafeteria. 9/80 work schedule. 8% 401k matching. 100% approved non-profit matching. Open door policy - literally schedule an appointment for a good reason (Mentorship, networking, etc.) and they will generally accept. High performance culture that focuses on results while considering behaviors; yearly ratings based on 50% results, 50% behaviors called "the Chevron way". Pay scale structure encourages technical excellence which means becoming a manager isn't the only way to have a rewarding career.
Cons
IT organizations (ITC, ETC) have more rungs on the organization chart to climb versus business units. The top of the IT organizations seem to be Earth Scientists or Engineers who transitioned to IT, instead of traditional CS or MIS. Subject to boom-bust cycles. Pretty regular reorganization a every 3-5 years. As expected, the organization slower and less responsive to change. This cascades to the people. This may change as baby boomers retire. Not a con but your direct supervisor (and their peers) have a huge effect on your performance reviews and managed moves. Essentially, all direct supervisors and managers get together to rank you among peers, determine your raise, identify any job opportunities, etc. Networking is a must.