https://seekingalpha.com/article/4326188-conocophillips-hits-liquidation-accelerator
I honestly hope they do it as fast as possible.
3 replies (most recent on top)
We are incapable of finding, developing and operating assets at even industry average costs. That would require competence from our leadership. We know how to be competitive at the work face but management perceives true design as too risky. So we add layer upon layer of costs to address their lack of understanding and faith in our technical capabilities. Often wrapped up in the guise of Safety or Environment but it’s really just for the protection of their compensation. And considering what the Leadership Forum is paid you can see why they are so risk adverse.
Management’s philosophy is optimizing their millions in compensation. Nothing more.
"Several of the buyers, such as Cenovus Energy (CVE) are reporting excellent results from the purchase of properties from ConocoPhillips. Therefore, the properties sold may not have been as high cost as management suggested. Instead, it points to a management philosophy that does not include optimizing operations. That could mean this company will be in a similar squeeze during a future economic downtrend."