I am wondering if perhaps COP is struggling more than other oil companies (seems like it at least) because this is the first real down turn they are going through as an upstream vs an integrated oil company. Could it be that in downturns past the downstream segment prosperity with low oil prices offset the upstream losses. And now without the this "protection" the company just hasn't made the adjustments necessary and maybe isn't sure how as most of the leaders come from the integrated background.
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winters are not as cold cause of global warming
Shale oil must be the cause What do you do? Make more shale oil or give away gas? In the end Conoco loses. COP Canada is in the toilet. OSBU is the future and it was the worst investment this company has made.
Many gas assets will be sold by many companies because they are mature assets that have become more difficult and costly to operate. Another reason gas assets will be sold is that Gas prices will remain low for many years to come. Gas is a byproduct of shale oil and only allowed to flare for one year so companies will give gas away if they have to in order to produce more profitable oil.
What assets have been sold? Even if some have or will be sold they will not show on first quarter results!
COP is not on track to demonstrate that. Generating cash through asset fire sales will only take you so far.
Actually every oil company including big integrated and independent upstream companies are all struggling. All of them have lost 20% - 30% of their market cap and interprise value since August 2014. Some have been able to claw back 5%, many haven't. The winners will be those able to adjust and show profits in new lost cost volitile environment. It appears COP is on track to demonstrate that with it's first quarter announcement coming up in April.
Yes they are. They are slow to react to the market and can not manage their assets.