Lower 48 has gone all-in on 3 oil shale plays: Eagle Ford, Bakken and Permian Delaware. The ELT has been less than forthcoming concerning the commercial value of these plays. All 3 plays are in the red on a cumulative cash flow basis with no prospect of reaching breakeven in the future. The ELT will be unable to paper over this. There will be a significant adverse effect on the stock price after analysts realize they have been mislead again as they were with the dramatic cut in the dividend.
Perhaps, after COP loses credibility with the Street, there will be pressure to turn out the BOD and the current ELT. Unfortunately, many shareholders will incur significant market value losses.
The ELT has an obligation to the shareholders to give an accounting of the magnitude of the current cumulative cash flow loss to date for each of the 3 shale plays as well as provide an explanation to continue investing in each of the plays.
As other posts have stated, the time may be here for the ELT to resign along with BOD. Shareholders are being mislead.