I used to work at COP in Houston and was always wondering what COP was going to do with this asset. I know COP can't sell it now for what they want but are they willing to keep those land leases even if a drilling rig doesn't get close to for 5+ years? It wasn't producing very much when i was at COP and i doubt it has received any capital for anything this year.
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Ill take a wild guess and say for sale...WHAMMY!
No drilling, no further investment, too much staff both in CO and Houston. Lots of folks laid off last year, more to come this year. COP values the asset too highly and cannot sell anywhere near their number. Still low production and declining quickly