How realistic is this?
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Apache just sold it's Canadian assets joining a growing number of non-Canadian companies bailing out of Canada due to recently elected socialist government. Business climate is expected to deteriorate rapidly for energy companies, especially for non-Canadian companies.
My bet is the best they will get is .50 on the dollar for the world class Surmont asset and all the leadership that comes with it. COP is losing their shirt at 1M a day so who would want to buy that sinking ship unless you get it for pennies on the dollar. Good luck to the staff they have left and hope we all have jobs when the new buyer comes in.
Unfortunately there are not many buyers left.
CNRL - too much debt
Cenovus - ha
Suncor - maybe but doubtful
Unless if they unload for really low prices - not many buyers interested in the world class asset Surmont
Especially with all that field management that comes with it
I was in a BU that was being marketed. A small group will know, but the standard policy is to keep the marketing process from employees until the final announcement. The sales price offered may not get to the Value Neutral Sales Price which is required (manipulated) by the ELT.
Still drunk off the kool aid being served by the ELT? They debooked over a billion oil sands barrels... They are out of Canada as soon as they can unload Surmont and Blueberry. They lied straight face about thier plans to sell off the WCBU right till the bitter end when they could not contain the leaking of details anymore...
Reserves...? Oil sands? Just waiting for a good price that baby is gone!
ConocoPhillips isn't selling what's left in Canada. It's 25% of their total reserves. An O&G company can't grow without reserves. You sound like a disgruntled CVE employee.
All you need to do is look at the Canada operations as a whole. With only Surmont and Blueberry (not producing) why would COP need a office in Calgary? They do have a very large agreement for office space that was signed for a long term just a couple of years ago but will sublease and take the loss. Really don't need any support staff in Calgary as it can all be done from site or from another location (Houston).
If anyone thinks that COP is here to stay in Canada you are sorely mistaken. It will be lights out as soon as they sell Surmont and Blueberry or within he next 3 months if no buyer comes forward.
Good luck and take a EOI as soon as you can.
always be a few clowns left in that office.
cop needs a place to burn money
No