Everyone can tell something is coming down the line. Little hints here and there from superiors and such but nobody knows for sure.
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Maybe more than 7000! If they keep selling assets there will be no employees!
Downsizing by 7,000.
Big, go big
-tyu Agree completely. Best locations have already been drilled. Reservoir pressure experiencing depletion effects. Oil prices in the tank. We need to clear out. Either sell out or farm-out. Either alternative will deliver more value to COP w/ no CAPEX outlays required. Yes, there will be downsizing.
This is the medicine we must take not only for Bakken but for Eagle Ford, Delaware & Niobrara. Lwr 48, as well as Canada, are a drain on COP and can no longer be supported. And yes, there will be downsizing.
I heard business development group is gearing up for a large venture into Antarctica. All the execs are going on cruises in the Arctic sea and various expeditions deep into the polar frontier to check it out. Our research groups tell us there are trace hydrocarbons trapped in the ice. If we melt the polar ice cap, we can probably recover a few barrels of oil after processing. It will take somewhere between 10 and 100 billion dollars but I'm sure it will pay off as ConocoPhillips best venture yet. We'll have to sell off all of our assets and take on some debt but it's going to be awesome
Bakker has been a commercial failure. COP will never recover all the CAPEX that has been invested. If it is any consolation, Eagle Ford, Delaware & Niobrara are in the same shape. Throw in Surmont failure, where does COP commercially grow production and reserves. Lwr 48 and Canada are not long for COP. As the song goes.....going down for the last time.
Thanks for the "information". What a worthless post.
Silence here on the ground