The net book value of ConocoPhillips's assets at SJ was approximately $5.9 billion. The Company plans to record the loss of assets in Q2 2017.
Source: http://finance.yahoo.com/news/blog-coverage-conocophillips-nets-3-121500430.html;_ylc=X1MDMTE5Nzc4NDE4NQRfZXgDMQRfeXJpZAMzODV1YWsxY2Y5aDNkBGcDZFhWcFpEeHVjejVsWWpka1lqRTNOUzFqWmpJeUxUTm1NRFF0T1RJMlpDMDVZVE16T1RjNFptUTNNakE4Wm1sbGJHUStZMjl3BGxhbmcDZW4tVVMEb3JpZ19sYW5nA2VuBG9yaWdfcmVnaW9uA1VTBHBvcwMwBHJlZ2lvbgNVUwRzeW1ib2wDQ09Q?.tsrc=applewf
I remember that phrase 17 months ago....This is not a fire sale.
COP is continuing to liquidate itself. So who's the new "biggest independent?" EOG?
Riiiight, when I go to a store and get something for half price....it is usually on sale. No fine print on this contract like the Cenovus deal. I can't wait to see the lowball offer we take for PAB.
Um yeah...... They sold it at a discount so Hilcorp could snag it, pump it, and dump it. They are known "asset flippers"! The fine print on the sale will entitle COP a share of the profits on a future sale.
This is not a fire sale 😐