On the brite side, I can say for sure that I have nothing to do with this loss. :) ( and so a lot of other people that got laid off).
On the sad side, the policy of laying off hardworking people and keeping the useless, pathetic, managers running the sinking ship is paying off. What a joke company!
And please don't blame it on the oil price. Other companies have already trimmed their losses and have reduced their spending.
@Ouu8P4S-2tdg Thank you for enlightening us.
"denial is a dangerous drug" Don't do drugs
*Lots of brilliant people on here!😊
Yes warren Buffett dumped a bunch of his COP stock but has been buying billions $ since.
*It was great to get out of gas assets now before they were really depressed.
*Write offs or losses with lots of cash up front for gas assets is great. COP can carry the losses for years to cancel taxes.
The day that signified the beginning of the end of COP was when it became public knowledge that Warren Buffet dumped his stake in COP. This should have been a warning to both investors and employees. The current management has shown that they truly s--- at managing risk. COP has a 10 year history of making poor decisions. Sure, they have made some good ones, but in general they have a bad history of poor decision making.
The bulk of the losses are from the asset write downs (fire sale) and extraordinary items. These losses will help us going forward as tax credits. The 3.4 billion although it sounds bad is not a reflection of current operations.
The scary part was the jump in per barrel cost as a result of the asset sales. AKA reduce total mboe without equivalent opex reduction.
This will take a generous dose of Vaseline for lower 48 and the center.
I guess Warren Buffett was right (as always), 5 years ago, when he was asked why he sold his cop stokes, he said "the new conocophillips is a shadow of a once-was- great company"
I'm not trying to be a hater. I'm also tired of the seemingly endless state of layoffs, but I think we should all educate ourselves on the difference betweeen gains and losses vs. revenue and expenses: http://www.investopedia.com/ask/answers/101314/what-are-differences-between-gains-losses-and-revenue-expenses.asp
The more you know 🌈
To put things in prospective, the company is tragically losing a little less than $40MM a day.
If the company has that much cash to wast, why can they open a lottery business. I bet it would have better revenue in couple of months.
"The key catalyst that has accelerated our transformation is the success of our asset sales program this year. " from the conference call ... it's all about the transformation... May We should start a "cop transformer" series
@Ouu8P4S-zxl, of course you are missing the point. Pathetic!
Hey genius, it's bright not brite.
Even the fire sale was not helpful