Officially today. $2.7 billion in cash with potential for $300 million later
13 replies (most recent on top)
Hilcorp will pay Conoco $6MM/month for every month gas price is above $3.20 with $300MM/year cap for 7 years.
COP headcount needs to be below 5000
Who ever gets an offer take it. It's better then conoco that's for sures. Field people would be ok but office people don't think so.
So sad. So sad.
Although necessary, COP is unloading marginal holdings which make up an extremely large portion of Lower 48 assets. The question is what will be left. Oil Shale plays? How many people are needed for that? What kind of an organization is needed for that limited play. COP has struggled in the past to make these plays work. How did the company get into this position?
So sad. So sad.
Great for field folk.. hilcorp won't keep and office staff look at their history
Canada is happy all moving over to Cenovus a well run good old fashioned Canadian company.
S.J just hit the lottery!
Great purchase for them. Now if we can get away from years and years of layoffs stressing everyone out. They will have a new assett with superior returns.
OK, who is next. No Canada. No San Juan. Next Panhandle? Anadarko Basin? Barnett? Onshore Gulf Coast gas & marginal oil interest? Permian gas & marginal oil interests?
Looks like leftover folks will be corralled in EC3. Won't need many with what will be left of Lower 48.
Time to ask what the eventual organization will look like after the asset sales. People deserve a heads-up. Got to be looking at a 30-40 percent reduction in current employee head count. Let's get this behind us as soon as we can.
All the best to those in Canada & San Juan.
Divine intervention for San Juan! Free at last! Free at last!
Smart Growth, Superior Returns, SPIRIT Values...
News hard a tremendous effect on the stock!
WOW the market is smarter than the CEO.
http://www.marketwatch.com/story/conocophillips-to-get-up-to-3-billion-from-sale-of-san-juan-basin-assets-2017-04-13