At the analyst meeting they mentioned $5-$8 billion in asset sales. They also showed us moving away from gas. Has anyone heard if their asset is on the block? Will we be told which ones we are selling? It is going to hurt bad if we do another round of layoffs because of this.
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Just curious... Does your BU still have a meeting immediately after the layoffs are wrapped up with the usual "you are still here for a reason" and "it's still a great company" speech?
A company only buys back their own stock if it's failing to prevent a hostile takeover. The ones that stay better start practicing their Mandarin language skills...😂
Conoco's bleeding out so bad. They are selling all cash flow positive BU's just to try and band-aid their dying butts. Feel sorry for the ones that stay on the sinking ship.
I was with Conoco when Seagram's bought controlling interest in the company, and for awhile we actually worked for a liquor company. I was there when DuPont bought out Conoco. I was there when Conoco sold off all the oil fields in Wyoming and shut down the Casper Division. I was there when Conoco sold the Colorado and Uintah Basin assets, and when Conoco regained its independence from DuPont. I went through the Amoco asset purchase, the merger with Phillips, the Burlington buyout, and the split back to COP and Phillips. Buying and selling oil and gas assets, business units, or the entire company happens all the time. COP is no different than any other business, large or small. Point is, if you want to stay in the oil and gas business you need to learn that change is always constant, sometimes good, sometimes not so good, but it is inevitable.
Get out of oil sands. Terrible management and will save the company money once out......that bu is throwing money in the toilet
SJBU and WCBU.
Let's be honest. Everything is for sale if the price is right. Should take 8-12 months to close, meaning the annual Fall purge to continue nest Sept/Oct.
And don't be fooled... It's only a matter of time before the other 50% is up for sale. It's been said countless times in Canadian town halls that the WCBU is an very important part of the the COP portfolio - it's up to you if you want to buy into that crap.
WCBU is on the block, 50% of it (!) to be precise.
Why are they not putting WCBU on the block?
It is pretty obvious that we need to close Bartlesville. Do you think they will announce they are shutting down Bartlesville at November 17h town hall!
I'm surprised this hasn't been taken down because of the email posting.
Thanks for sharing it though....
If an asset is sold office people will be hit hardest, Field hands not so much. For the fact they are where the money is made and know the wells, there's not that many spare pumper hanging around
what is next after asset sales? Are we done? More layoff ? What's going on with COP. Pretty sad.
What do you mean IF we do another round of layoffs? You can't sell that many assets and not drop people with it. Anyone tied in way to the sold asset will be a goner, whether they're an engineer, an accountant, an IT guy, or an admin. It just won't matter this time. And do not count on the new owner to pick up staff...they will only want the asset, not the people. Sad state, but that's the way it is.
50% of the current production in WCBU
Yes, we have asses for sale and there are lots of them in Bartlesville!
I have heard San Juan and Western Canada Gas are the big sales candidates and my suspicision is that this time people working those assets will be gone-no more major high grading exercises. Hopefully these people can get jobs with whomever buys the asset.
What's for sale? Any asset that can be sold.
Will there be layoffs? Most definitely.