I'm just a troll from another company, but I have a good point.
3 replies (most recent on top)
Yes p66 spilt was stupid ,actually the many other splits that Phillips did was stupid. Oil & Gas cycles always has and a diverse company will survive. Ever hear"don't keep all your eggs in one basket"?
He was given a $260 MM golden parachute:
http://www.huffingtonpost.com/2013/03/28/conocophillips-ceo-golden-parachute_n_2973407.html
In terms of short term stock appreciation, it was great for P66. However, when oil recovers and refining margins become negative, P66 will also really hurt. If COP had access to the cash that P66 has generated over the past four years, they would be a position of power. The decision to split the company was probably one of the worst decisions in American business over the past 10-15 years. COPs current "management" is not much better. Given how poorly they managed the company over the past 10 years, they can not all of a sudden turn the company around. They are just continuously making poor decisions that ultimately hurt both the employees and the share holders. The management has to be completely restructured from the ground up. COP clearly has a management system that does not work.
Too late, he is enjoying his millions