Most independents realized billions on their hedges in the last few years. And of course, what accountability is there for whoever decided for COP not to hedge and made a multi-billion dollar mistake?
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Shareholders need to demand the board to force change. Clean house with all levels of management if you really want to see the company succeed. Make Conoco Great Again.
This is an important point. Many independents saved billions in 2015 by having hedges. My guess is that COP could have easily saved more than a billion if it had hedges. It is insane that it did not hedge. The management still runs it like an integrated company with a refining division. Once they got rid of the refining assets, aka the golden cash cow, they should have hedged. Basically, if COP hedged in 2015, layoffs could have been avoided and the company would be in better shape. Someone at COP should be accountable for this. The trading divisions of many other companies - Shell and BP - knew exactly what was happening in the oil market and made huge profits during the collapse in oil prices.
Accountability? None! They still get their millions.