I don't know if you noticed, but in term of market cap, Occidental is now bigger than ConocoPhillips.....
Many mid-size and large companies are shrinking, but Conoco is shrinking very fast, and doesn't do enough to address fundamental weaknesses - high cost of drilling, sub-par production compared to competitors.
And for the last few months, under cover investors are snapping the best oil and gas fields in the U.S.
It will be interesting to see what the oil industry in the U.S. will look like when oil prices will go up, very fast and very high (I don't know when, but it will happen - and it will be a killer for the economy).