I've heard rumors COP will be selling off all of the canadian BU if prices stay suppressed. Can anyone confirm this?
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We can only hope that COP sells their share of the canadian assets. If it weren't for the expats running the show it would have already been bankrupt. Thank God for the expats there putting up with all of the local canooks who think good business is done by nepotism and the good ol' boy network. Overstaffed and underworked...the canadian business model.
COP needs oil to be at least $65/bbl if not every asset will be for sale soon. With the COST team moving their people around the company i don't see anything good happening soon. As far as layoffs, i know the entire Process Engineering group in GPE (or what used to be GPE) was laid off and any project within L48 is now being swamped with personnel to keep them employed. Eagle ford facility engineering group is at net 0 after the entire reorg. they laid some folks off and brought on some folks from cost team, asset sales, etc...
Ryan needs a beautiful new office in a shiny new modern tower to reflect his newly bulging bank account!
http://www.houstonchronicle.com/business/article/Oil-may-be-down-but-pay-is-still-up-for-top-6404881.php
http://blog.chron.com/primeproperty/2015/10/report-conocophillips-in-talks-to-buy-office-tower-for-275-million/
http://www.bizjournals.com/houston/morning_call/2015/10/conocophillips-reportedly-plans-to-buy-new.html
Yes, must be true because it makes so much sense to lease something new when you already own the campus. Get your head out folks, what BS.
Main campus being made ready for sale at this very moment and watch for COP to purchase EC4 soon! You are looking at the brand new COP Headquarters (EC3,EC4, and possibly EC5). What they purchase is determined by the number of employees that remain to place in those buildings and if the company that acquires COP wants to remain in those pretty new buildings especially after they cut the remaining workforce due to redundancies! The carving knives are out and the dinner guests are ravenous!
Considering the Expat management in Canada ensured that COP, and its shareholders, paid double for a barrel of oil capacity as compared to Canadian companies, then selling all the Canada assets will be good for everyone.
Itochu Corp. ended its $1 billion foray into U.S. shale by selling its 25 percent stake in Samson Resources Corp. back to Samson for $1. Itochu said it will be “extremely careful” with any future investment in U.S. shale and make a close investigation of risks associated with development and energy prices. http://www.bloomberg.com/news/articles/2015-06-23/itochu-exits-u-s-shale-selling-biggest-energy-purchase-for-1
The asset is of no value at the current price of oil. $1 is too high a price.
Its true, I heard it from a very creditable source, Any asset that consistently loses money no matter the price of oil, WILL, not may, WILL be eventually sold.
Yes I will confirm this. Remember you read it on the internet so it is true.
For the right price, the complex in Houston is for sale. For the right price, everything is for sale.