The stock is also responding to the great 2Q results. One of the few E&Ps to beat expectations.
Some people on this board don't understand that writedowns - but most people do.
(And that is why the stock price shot up over the last few days).
It looks like the company plan for getting rid of a lot of the dead-wood has started to pay off and we are making money at sub-50 bbl prices. Add to that, the bbl price seems to be drifting up again, hopefully things will only get better.
Your turnaround was short lived buddy! Oil is down 3% and dropping fast. There will be no 'turnaround' for quite some time.
Such a great company - so much integrity! The ELT must be lifting up those "SPIRIT" values! The cheerleaders chanting in the hallways, loud speakers and offering free lunches. So the ELT turned over a new leaf now and have an honest balance sheet!
Now for me, I think I'll sell the remaining portion of my COP stock while the getting is good!
Best of success with those New ELT integrity values!
Ahh the pleasure of iPhone typing and the associated typos
1cbe - my comment was to the previous persons comment about clearing it deadwood. My opinion is that most of the best weee laid off while most of the deadwood remains. Of course only an opinion
Wow, dead wood huh? You realize that many of us who were let go had survived many layoff rounds prior to this? We were not labled slackers for years, but since our number was up we're now "dead wood?" Hopefully, you won't ever have to realize just how arbitrary some of the choices are that management makes during layoffs.
Great to hear positive comments for a change and great to hear the truth. The bust caught us in the middle of a boom and we have been struggling to adjust. I think there was more caution not to over correct and avoid knee jerk reaction until it became apparent how long this economic environment was going to last. More pain to come to restructure and centralize but it is necessary to be profitable in our new environment.
Deadwood? In my personal experience, most of the best were laid off, while most of the worst remain.
So yes, after 3 years, the company should get rid of some deadwood
Clearly your life is much more exciting than the ones that got fired.
Well! At lease, they (fired employees) have reasons to blow some steam in this site, but you, even with your so diserved job you still have a pathetic life and commenting here seems to be an achievement.
While I agree things do appear to be picking up, lets see what happens for the next few earnings reports. If oil does head south again well be in for a rough ride again, but if things stay on track like this then I am excited to see where we are headed.
I feel sorry for the fired guy on here that keeps negative posting, if things do get better he will look like a real loser. Glad we got rid of him.
It does seem that things are getting better. A profitable 3 months and so far a profitable YTD.
Here is a good summary of how things are getting better:
https://seekingalpha.com/article/4092030-conocophillips-q2-shock-awe
ConocoPhillips posts solid Q2 results.
Aggressive debt reduction and share buyback program underway.
Much better than I expected, good job ConocoPhillips.
What made ConocoPhillips' (NYSE:COP) Q2 results so interesting is that excluding special items the company actually posted a profit of $178 million.
Having fully covered those expenditures and then some, Conoco's cash flow situation was rock solid in Q2.
OwMMgub-ttc - Guess Enron stockholders were also told they had clean balance sheet too! So you are saying that management signed off on the SEC reports knowing the reserve calculations and the value of the companies reserves were false. So why was COP carrying an over valued assets on the SEC reports? Guess one could say some of the ELT filed and signed false and misleading SEC reports! Time for a class action lawsuit from the stockholders
"The human mind has primitive ego defense mechanism that negates all realities that produce so much stress for the brain to handle. It is called denial"
The sub book-value assets were sold at sub-book prices because they were over valued on the balance sheet, hence the ensuing write downs..
The point the o/p is making is CoP now have an honest and healthy balance sheet with some cash left over for capital investment.
That oil price increse is only for a short time! A loss is still a loss no matter how much sugar you put on it! This loss also shows an inept management in controlling expenditures! I would also call selling an asset for 2/3 of book value almost criminal! I am sure that there will be class actions against RL & the ELT & COP as a result of the over values prior the sales! If there is, I'll join it!
If the company is doing so well, why did they have a fire sale (or sale at big discount what ever you wanna call it).
About the dead-wood you are right, and you could be a good start.