I was sure I heard him recommending OXY, but I try not to watch him if I can avoid it. I only watch Cramer as a form of extreme self-punishment for some major transgression against humanity or if I have an uncontrollable urge to vomit.
bup.....Its a gamble. I took part in two spinoffs. I'm batting .500 . One I sold after a nice profit but should have 'held' and the other one (that I'm losing on paper) is simply a slight aggravation....until I sell it. If I sold this loser tomorrow, my net overall would be a gain of maybe two or three thousand dollars. Not too bad but the gains are not etched in stone like bup said.
Just received info from Oxy about CRC stock at .4 per share of Oxy stock. But it also said I will have up to 2 years to sell it off plus you can not buy CRC in you PSA account. Why to 2 years divest of CRC stock. Seems like a lot of stock moving in the 2 year time frame.
same for me I own OXY and have cash on hand to pick up more into any weakness. I really think OXY is doing everything right. They are spinning off CRC and selling off non core assets. Todays announcement of the 50% sale of the pipeline is good. OXY's cost per barrel is just under $38. CRC's is closer to $32. I think the biggest hold back to OXY right now is investor's inability to understand the transition.
If you don't aleady own shares, I'd probably wait for a while after the spinoff. CRC shares will likely get sold fairly heavily and you should be able to do some bargain hunting. I'm already in, but have some cash in the account to pick up more if my thesis plays out.
Does anyone know how many shares of PAGP Oxy will own after the sale of 55M and additional 8.2M, if exercised? Not best timing in the world but interested to see what sale price is (not priced yet)
Appreciate your insights as always. Thanks! BTW, is it my imagination or has AG had a recent face lift?
CRC - Well the Elk Hills portion has a b/e of approx. $15 - going on memory from when the good ole Al Gore ( I think he still has 500K preferred shares - so much for green energy right?) orchestrated that deal with OXY for the gov to sell it to OXY back in time. But this is just a guess - I'd have to run the #'s
When the price of oil keeps dropping ($20+) what should we expect? Ya know there is a lot of uncertainty especially with the CA spin. I'm pretty certain Chazen has already laid out the groundwork for investors and although I'm sure some of his ideas have been slow to materialize (the mid-east asset sale), the Mid-continent region is a focal point of growth, and of course there have been others mentioned. Many investors have a vested interest in the success of CA and IMO are poised to do well over time. Not every deal needs an announcement but it sounds like you want the winning pick six now...you're greedy....either sell and get into something else or shut up and wait to be paid...
You are nuts sell now .Its too late your stuck Watch the California trade and then figure out how much you lost.Im aware of the last increase.i want another this year.all this money and no value?You could work for their PR department?Now isn't the time for anyone to be selling,Oxy included,they should be buying now.What are they going to do with 10 billion? Buy back shares to hold up the stock? Still no talk of major assett saleson this board??? 12 cents kiddies take it next year and don't worry we are increasing value?
No they are not.
The same glue factory now after the merger - BofA has essential liquidated the old "thundering herd" entity and only retained the brand. Even if they were different entities the control structure that a) lead BofA to buy CW and look at Lehman with lust calls the shots and b) MLynch - how good can they in reality be if they managed to get themselves effectively out for the count in 2007/08 ?
The stated attraction of OXY is supposedly all the repositioning they are doing - witness the sales, sipn offs etc. I wonder who has the investment banking and advisory fee franchise on all this - perchance BofA ?
Furthermore if OXY has ill advisedly loaded up on all this turd that they are having to spin off and that is such a great strategic move why was all acquired in the first place ? What steps have gone in to ensure this lack of foresight is not repeated ? What are the consequences of structuring some of these sales where the tax position is going to force stock buy back in an environment of low oil prices - why is the cost of not having strategic optionality on the cash ?
What a absolute ball of wax.