Can vote for or against any or all 10 BOD on the ballot including CEO
By Phone: 1-800-690-6903
By Internet: www.proxyvote.com
Can also vote during the meeting: www.virtual shareholder meeting.com/COP
Just a reminder, during the last five years since COP traded as the "worlds largest independent", there has been a decline in: share price, dividend, reserves, production, employees, morale, employe confidence in the ELT & BOD while there has been an increase in the total debt obligations.
We are currently selling off significant Lower 48 assets and Canadian assets resulting in a further decline in: reserves, production, employees, morale & confidence in the ELT & current passive BOD.
Asset sale proceeds are to be used for: debt reduction & share buy-back. Apparently, high-yielding investment opportunities are limited and can not commercially complete for funds.
COP has leveraged the future on 3 unconventional shale plays: Eagle Ford, Bakken and Permian-Delaware. All 3 are in the red on a cumulative cash flow basis with no prospect of break even at a $40-$60 oil environment. At the present time, "the world' s largest independent" is operating: 5 rigs in Eagle Ford, 4 rigs in Bakken and only 2 rigs in Permian-Delaware. The most active unconventional play in the US is the Permian-Delaware. Do we have our priorities in order?
Do think management should provide an accounting as to the commercial viability of each of the shale plays. To be in a negative cumulative cash flow position in each of the 3 plays is concerning. The fact that asset sale proceeds will be used for debt reduction & stock buy-back suggest that additional investment in the shales plays may not be that commercially attractive as indicated by the negative cumulative cash flow for each of the 3 plays.
Management may want to consider alternatives regarding the unconventional shale potential: joint-venture or farm-out to best-in-class shale operators EOG & Pioneer or possibly outright sale (acreage is selling at a bubble-like premium).
We the shareholders, the owners, demand a discussion of the past 5 year performance metrics, the over reliance on future unconventional shale and alternatives for the future unconventional shale.