https://www.bloomberg.com/news/articles/2020-10-14/conocophillips-is-said-to-be-in-talks-to-buy-concho-resources
Ouch
26 replies (most recent on top)
Concho-noco...Concho-noco...Concho-noco!!!
It has a Mexican ring to it - HR will be so excited!!! HR will be able to check off the Diversity box on their little checklists they run around with!!! It’s an HR company these days, not an oil company. This acquisition was probably too little too late....COP has done zippo, especially in Permian and Alaska. Assumably waiting on the word from HR as usual. Still waiting.
You know it's bad when COP stock no longer tracks WTI.
Look at cop’s stock after the news...
Concho has so much fat out here at Midland, Delaware Basin it’s a freaking Joke
@5cor+17qV62om...you are right, but they got extremely lucky on that because they bought Burlington for the gas assets and by chance, the acreage around Kenedy/Karnes City was included which was in the oil sweet spot of the Eagle Ford.
It’s a sad day for Concho, COP will run them into the ground. COP lets HR make all their decisions, the ELT and Board are all lazy, fat cats, spending money on stupid sh–, that can’t make a good decision to save their life. COP is nothing like Chevron! I’ve worked for both companies, and COP, although smaller is encumbered with layers of MICRO managers, HR people around every turn driving ALL the decisions, Overspending on non-oil related expenditures, stupid, egotistical leaders that meet every day just to hear themselves talk...blah, blah, blah, blah, blah!! It’s crazy. No wonder the stock is still tanking - get rid of all the HR and service related organizations - lose all the excess baggage before you fail completely. You ain’t no Chevron!
Actually, based on past rounds, the clock is ticking for anyone who doesn't have a "sponsor" who will survive the next round.
Concho CEO will be VP of L48. Which seems to make the retention of the Concho Permian staff more likely. COP Permian and New Ventures folks the clock is ticking on your time at COP.
This is Burlington 2.0 - the next disaster purchase.
The purpose of this acquisition is simple - ConocoPhillips leadership needs something to cover for their repeated failures. Just like the child's game "follow the leader", ConocoPhillips wanted to be viewed like Chevron - smart and opportunistic; just without the smart...... tune the musical chairs people, layoffs will continue into 2022....RIP.
And who did you “hear” this from?
Just heard Concho rejected COP’s advances, exploring alternatives with another big player
Pruning a little dead wood won’t be bad.
RSP merger was a huge mistake. Concho was a great company, but they lost their way the last few years and it is sad to see them become a takeover target at a very cheap price.
Concho screwed up with the purchase of rsp, paid a premium price for it too. Then the dominator experiment, from what I know this has been tried before and failed. So I have no idea why they thought it would work. Got big and dumb, exactly what they warned us they didn’t want to be. Then COVID hits, threat of Biden administration, I think they want out, but won’t get the premium price this company could have demanded a couple years ago. Sad turn of events for concho.
What has COP done in the Permian? Over promise, over spend, under deliver, and loose money.
At least Concho has been trying things. Tell me, what has COP done in the Permian? I'll wait.
COP L48 is an Eagle Fart business and doesn't bother with the Permian.
Conochos permian expertise? You’re kidding right? Like the expertise present in their dominator pad? Remember that? Stock sank by almost half the day they announced that expertise.
Kinda explains why cOP has not had layoffs. Waiting to finalize this and then get rid of the dross in both companies. As the other poster said, COP Permian team should be very concerned and layers of management also.
Story is 109% wrong. ELT wants to buy nachos (not Concho) for next group lunch.
Burlington 2.0
Good time to sell Alaska Ops! They could never find anything up there on their own.
Had to wait for Armstrong, the smallest of Independents to make a discovery
adjacent to COP acreage. Then they bragged to the market about twin WIllow, like they had
really found it all by their little selves,
This just fuels the dumpster fire that's already blazing at CXO. The smart employees are sitting back and eagerly awaiting to see what comes of this. The repetitve layers of management have gotten out of hand. A COP buyout wouldn't make it much worse.
That’s a whole lot of redundancy that needs to be sorted in 2021. Or earlier.
Might as well call the COP Permian Team ConchocoPhillips if this happens, because if leadership is smart they would defer to Concho's Permian Basin expertise. If you are on the COP Permian team I'd be worried for your job.
Ouch for Concho, COP will run it to the ground.
Ouch for who?