ConocoPhillips chops jobs, spending

Discussion in 'News / Current Events' started by KenH, Jan 20, 2009.

  1. KenH

    KenH
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    Who would have thought six months ago that we would start seeing this in the oil industry.


    ConocoPhillips chops jobs, spending

    Falling energy prices trigger $33 billion in balance sheet write downs

    By Jim Jelter, MarketWatch
    Last update: 8:17 p.m. EST Jan. 16, 2009

    SAN FARNCISCO (MarketWatch) -- ConocoPhillips announced late Friday it will cut 4%, or about 1,300 employees, from its payroll and slash capital spending this year to cope with falling oil prices and lower refining margins as a severe economic downturn saps global energy demand.

    The company also warned it plans to take nearly $33 billion in non-cash, after-tax write downs in the fourth quarter to reflect the falling value of existing reserves and operations, including a $7.3 billion write-down of its stake in Russian oil company Lukoil.

    "We are positioning ourselves in the current business environment to live within our means in order to maintain financial strength. We are doing this by reducing our cost structure, addressing our balance sheet, and continuing to manage the company through prudent capital discipline," Jim Mulva, chairman and chief executive officer, said in a statement.

    - rest at http://tinyurl.com/9onjpk
     
  2. Bro. Curtis

    Bro. Curtis
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    Why are you surprised ? The "progressives" have been wanting us off fossil fuels for decades. I would think you'd be happy about this.
     
  3. Magnetic Poles

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    The oil companies must view themselves in a larger context...see themselves as energy business and adapt and be the leaders in producing the new sources of energy we need. Just as 100 years ago, if you were a buggy manufacturer, you had better have seen yourself in the transportation industry and start building automobiles. Companies with a myopic view of their industry and their place in the economy expire. Those who take a broader view, survive and thrive. Fossil fuels have their place, and will for many years. However, until we gain independence in all forms of energy; oil, gas, solar, hydro, nuclear, wind, and others; we will find ourselves in wars over the competition for limited resources controlled by hostile nations. America needs, and has needed for years, to become independent of foreign sources to fuel our economy and lifestyle. The issue is not oil or no oil; the issue is energy independence.
     
  4. LeBuick

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    Wow Ken, when will this nightmare end? More job losses.
     
  5. Bro. Curtis

    Bro. Curtis
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    So perhaps the left should let us drill for our own oil and put up some nukes. It's they that truly stand in our way.

    I still don't know why this is a surprise.
     
  6. LeBuick

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    Most I know on the left want to drill but want to do it responsibly so we don't ruin the creation God put us in dominion of. Nuclear power, we still haven't figured out what to do with the waste. Until we do, it is the path to self-destruction.
     
  7. Bro. Curtis

    Bro. Curtis
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    What does Europe do with it's waste ?

    And responsibility my foot. What the left does is nothing short of obstructionist.

    Which is why when I hear a "progressive" complain about layoffs & "energy independence" I wanna puke.
     
  8. Magnetic Poles

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    It's a false choice to say it's either energy independence or destroy the environment. We can have both.

    Yes We Can!
     
  9. Bro. Curtis

    Bro. Curtis
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    Apparently, we can't. The left won't let it even come up for debate. Pelosi & Reid have shut down every attempt. They are the ones who want us beholden to foreign oil.

    FTR, I am NOT for destroying the environment. That was you typing words in my mouth.
     
  10. Alcott

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    Sure we can both have energy independence and still destroy the environment.
     
  11. Magnetic Poles

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    It is not my intention to misrepresent your words. Thanks for clarifying. However, are you misrepresenting Pelosi and Reed's position...saying they want us 'beholden to foreign oil'? Somehow I doubt that is their position.
     
  12. Bro. Curtis

    Bro. Curtis
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    They won't even let it come up on the floor. And they did try to pass a few bills recently, on weekends, no less, to pre-emptively block drilling in millions of acres. If you want, I will take the time to look up the links, but I think you know I don't purposefully tell untruths.

    Sorry I misspelled Harry's name, and you are right. The cognitive skills of the both of them probably don't handle cause & effect principles very well.

    And maybe they did it just to block Bush, like a few republicans did to Clinton on a few issues. Maybe the both of them are just playing politics. That doesn't make them any better in my eyes.
     
  13. Magnetic Poles

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    Actually, I think you were right and I was wrong on the spelling.
     
  14. Bro. Curtis

    Bro. Curtis
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    Cool avatar. :wavey:
     
  15. Revmitchell

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    Incorrect, We have our own ability to drill, build refineries, etc. The oil industry is far form dying.
     
  16. Magnetic Poles

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    Incorrect. Learn to read what I said. I never said the oil industry is dying, but we do need other sources as well.
     
  17. Revmitchell

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    Well that is what you insinuated suggesting if they do not encompass bad sources of energy they will die. So why else would they die?
     
  18. Magnetic Poles

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    Because any business that limits its market by defining itself too narrowly runs that risk. And I wouldn't call those other sources "bad". Howdya figure?
     

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