Exxon should buy all the assets of ConocoPhillips to replace the reserves but for this to work they should layoff all the trash employees and useless managers.
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New opinion article May 23, 2016
"How About Exxon Mobil Buys ConocoPhillips"
http://seekingalpha.com/article/3977094-exxon-mobil-buys-conocophillips
If you cannot pull the oil out of the ground at a profit it is no longer a proven reserve; and so the billions of dollars in write downs by the North American producers.
We know how good the assets are ... three onshore drilling rigs in the L48
Shhh, it's a secret!
Really? It is the goal of ALL oil companies to replace reserves. And it gets tougher with the easy oil gone, and the International Oil Companies (IOCs) owning most of the easy reserves.
This is a good response. On top of the debt issues, how good are COP's assets? The gas, heavy oil, and most of the shale assets will be uneconomical for a very long time. Realistically, other than EF, GOM, and a few other assets, why would another company be interested in COP, unless it drops to a distressed price point, significantly below market value?
Listen here you ignorant millennial! In this market, why would a company buy out another company that is in debt and losing significant money each quarter and has near term interest to pay on long term debt. The purchasing company would have to pick up the remaining debt tab and pay the short term interest tab. Or they could wait until the company declared bankruptcy and has to liquidate their assest for pennies on the dollar. Which in this market is a real possibility especially if we sit at these prices for another year. Now take notes because school is in session moron!