Not uncommon in the oil and gas industry to spin off (again) the worthless assets and the debts. The current asset, both worthless and not so worthless, are not worth selling (nor buying). But based on the past decisions of the current management the worthless asset might be the not so worthless assets.
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US shale is the (economic) marginal production when we have oversupply induced by OPEC - there is so much that there will be no return on capital for this production.
Yes, you just need to look at how ConocoPhillips assets performed last year in Q2, Q3 and Q4. The assets didn't make money (CFO-CFI) even with no financing load. With Vitol (trader) predicting up to ten years with oil in a band from $40 to $60 the fundamental assets that ConocoPhillips has are just not good enough.
Who's inline to be the next CEO? Fox? Hirsh? Silverhair L48?