Wikipedia. 2006. COP acquired Burlington Resources for about US$35.6 Billion.
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Another Burlington whiner! ConocoPhillips had significant heritage holdings in Bakken, Eagle Ford, and Barnett prior to buying out Burlington. Burlington assets other than San Juan were not that good and we assumed a lot of environmental liability on the Burlington GOM assets. Burlington employees have been the worst performers and the biggest whiners since we bought their sorry company.
Don't forget that COP also got our holdings in Eagle Ford & Bakken (as well as Barnett) unconventional shale from the Burlington acquisition. Where would COP LWR 48 be today and going forward w/o the heritage Burlington assets in EF & Bakken? How much of the Lwr 48 budget is targeted in the EF & Bakken...9 out of the 12 rigs we have in the Lwr 48 are drilling in EF & Bakken. Lwr 48 w/o the heritage Burlington assets would be marginal/non-commercial and would be sold-off in entirety. Imagine the head count of COP w/o Lwr 48. The fact that we are a high-cost inefficient operator and are currently in the red on a cumulative cash basis with no prospect of of breaking even on cumulative cash flow in a $40-$60 oil price environment is all on post-acquisition COP.
208 million cenovus shares are now worth $1.97b,
Shares were valued at 2.7b..
COP now owns 17 percent of Cenovous common. Shrewed?
Cenovus buy cop assets for 13b, shrewd
That was when we had bean counters running the company. Mulva was a finance guy and over paid for everything.