https://www.houstonchronicle.com/business/energy/article/On-the-road-to-a-deal-Conoco-and-Oxy-ended-up-in-15687724.php
6 replies (most recent on top)
Natural Gas price tanking caught a lot of companies off guard. The companies that survived the best had a diversified portfolio of oil and gas assets and could refine capital spend and production based upon market conditions.
In 2005 ConocoPhillips acquired Burlington Resources for $35.6 billion during the height of the nat. gas bubble. Four years later, they were forced to write down $25.4 billion of that purchase due to the total collapse of nat. gas prices.
The only thing that saved ConocoPhillips at that time was the rapidly rising oil price. Had the O&G industry experienced a global pandemic in 2009, ConocoPhillips would have been in the same crippled state that Oxy finds itself today.
Gambling and stupidity are rampant in every E&P company, not just Oxy.
COP's motto is to Buy low and Sell high. Oxy's motto is to Buy high and Sell low. What a bunch of BOZOS we work under!
They need to bring back Uncle Ray!
The sad part of this story is the leadership at Oxy hasn’t changed and the current reorganization is only going to reenforce the current bad leadership of nepotism and cronyism.
Capable CEO vs Incompetent CEO
This is what happens when a company management knows what they are doing, are patient and are not willing to risk company finances ahead of sentiment, COP. Oxy: Get APC at any cost was the motto. A poison pill to preserve their jobs. Sound decision making hasn't been part of Oxy in the last 4 years or more.