The resulting company would be a MAJOR player in the L48 with strong positions in the Permian, Eagle Ford, Bakken, and Niobrara.
And once the office move is complete, we will already be co-located.
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That's just silly! I was heritage 66, and was at COP 16 years so I know them well. I took a package and after a year off have doubled my income. That company has deteriorated in all regards. Low morale, most money-making assets divested to raise cash, absolutely zero commitment to any relevant long-range plans, and most importantly they've NEVER been able to find oil on their own. Bah humbug!
That's also true. This deal could be a disaster, but at least we are so loaded up with debt that nobody will want us for a while. If we do get bought, I'd rather it be almost anyone besides COP.
Oh please! OXY will be lucky to survive this insanity as it is!
Agree that COP has a horrible corporate culture. I also interviewed there a few years ago. The interview process was disorganized and the attitude of some of the interviewers was downright offensive. They didn't even seem to know what business unit they were interviewing me for. Since then, i have spoken to several ex-COP people who also told me the culture was toxic. Not to mention the huge layoffs they have had... I want no part of COP.
Do NOT want a merger with COP. COP has an employee ranking system that causes a lot of competiveness and dissension among technical employees. I interviewed there and saw interviewers at odds with each other and pitting people against people. I walked away. Several month later we hired a new employee from COP. This person validated she left COP for this very reason. Who wants to work in a dog eat dog no collaborative company? After my COP interview I promptly sold all of my COP stock!
The CEO of ConocoPhillips recently said that the entry costs into more acreage in the Permian is too high. This merger wouldn't be that...
Also, ConocoPhillips has a lawyer with mergers and acquisitions expertise that was hired somewhat recently to their leadership team. They are likely there for a move like this.
WOW.....make it happen!