So we gave away $200MM in value on Barnett. How much was our misguided generosity this time?
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OuyfU7y-3lqj
Then questions needs to be asked. A number of years back, a company called Enron had many assets they said was for sale. They opened a data room and many companies came to review the data. Each company that reviewed the data could make bids on each of the fields or blocks! When all the bids were in and reviewed they only sold a couple. Then they used the highest bids and spun off and started a company called EOG. The company's value was the sum of all those bids! So one question could be, why did COP not do the same thing and string together the assets they wanted to sell into a company of it's own? It seems to me the ELT needed to make some quick money to stave off the sharp knives! I believe they have falsely signed reports documenting the value of those assets in annual reports which might be criminal offense. I for one will join the class action lawsuit should one be forthcoming. I enjoy mailbox money!
Just because it is on the books for 600 does not mean that it is its market value. It's market value is 200 mm, remember we are selling to high bidder.
Assets were reported over valued by ~$600mm. That to me is criminal!