Woke up with news of another asset sale a few days back. Not that it’s not common but it felt like we are selling company in bits and pieces to get through another quarter of poor performance. I am now firm believer that company is intentionally doing these sales in staggered manner to hide the dismal performance. Is there any weight in this theory?
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LOL waste of space? I think they call those people management and exploration? Good thing oil is up or COP would be down...no credit to anyone and their business skills.
I have a theory - it's that ConocoPhillips still has not completed the weeding out the waste-of-space employees who publicly admit by asking dumb questions on this board that they really have no clue about the industry we work in.
Pinhead at least pick a subject that you know something about when you try to stir up trouble. Perhaps you are just a troll, if so , a dumb one.
-1wbl: don’t give management too much credit for this, even a blind squirrel can find a nut every once in a while.
The silver lining for this deal is it is sold at least at right time. Looks like we are breaking we buy high and sell low mentality, so kudos to management for getting it right this time.
1fup - do you have any examples of what you are referring to when you say “ more price competitive plays”?
No we got out of there because there government. But the strategy will continue to dump non price competitive markets and move that money toward more price competitive plays.
We stagger them to hide poor performance elsewhere, Asset sales keep this company afloat.
+1 smart move to sell off to East Timor.
Selling 30% holding of East Timor asset for $350 million to government is pretty smart. Chevron had already agreed to sell it's 30% holding to the government for $300 million. Government is going to make decisions, 35% stake holder Woodside is left. This is disputed area with Australia and may have been high risk of takeover in future.