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ConocoPhillips Message Board

  • jerryhateford jerryhateford Mar 24, 2010 12:34 PM Flag

    Mulva the Moron strikes again


    Stock buy-back?? Seriously?? You didn't learn enough from getting trashed on the last one? Are you really that desparate? You have handfuls of good growth projects you are foregoing to buy stock?? You have debt out the ass?? Once again, the bean counter finance P66 puke shuns organic growth or debt payback for a "quick fix" ploy. This moron will never learn. Where is the BOD? Are you freaking kidding me?

    Selling Lukoil? The only decent deal he's ever done?? Perfect. Let me get this straight...He sells a money maker for the company and uses those funds, not to grow organically, but to prop the stock price up?? And how long will that last?? As soon as he shoots his wad, the stock will tank right back, or even worse, it may not even move to begin with cause no-one else will be buying with this idiot in charge.

    Look for downgrades and slams of Mulva the Moron to continue until they fire the idiot.

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    • Looks like some Conoco trash still needs to be escorted out of the building..... Thank God, Mulva escorted Dunham, Nokes and Frederickson out.... Appears JJ didnt have much use for them or any of the trash from the Conoco side..... Probably those idiots that bought stock at $90+....

      But if you know the way JJ handled the Tosco aquisition as well as the Conoco aquisition, OMalley and Dunce(Dunham) were basically bought out.... JJ will do the same when he leaves.

      He will sell out the company, and the SEC document will be 1/2 full of a compensation package for he and his Phillips executives.....and then the buyer will/partner will take over....

    • One thing Mulva isn't (or any of the ceo's of major cap energy companies) is an idiot. Don't believe anyone who has the brains to rise up and take over a $70 billion company is a moron.

      Remember, the people making the financials decisions know more about what's going on inside the company then we do. Typically if the company is spending a lot of their assets to buy back shares it's only because they believe the stock is under valued. Crunch the number and you'll find COP's intrinsic value to be somewhere between $100-110 with oiling sustaining around $80. On the other hand XOM and CVX have intrinsic values of around $90 and $110 respectively. COP is on sale and by following basic fundamentals you'll find it is the best deal out of the major oil companies.

    • Mulva is hopeless. I cant understand how he got to be ceo of a major co.

    • When your CEO and COO are both financial folks and own hundreds of thousands of options and restricted shares that you the shareholders had no say in giving them, what else do you expect? Do you really think either of those guys knows what a drill bit even looks like or what an oilfield smells like? They pull little financial tricks and twists to a) make the ANALysts happy (those snot nosed pukes who don't know crap about the business) and b) make their options go up in value so they can cash in and then rape us for a big bonus. Then they'll lay off more of the know, those unwashed masses that make the company run.

      Its what happens when there isn't an engineer, geoscientist or operations guy in charge!! Mulva almost makes Obama look good...almost! Obama is still the work abortion ever to hold ANY public office.

    • Fire the turkey. What a poorly run company

    • Mulva was a genius to everyone when he picked up the Alaska assets, when he did the Chevron JV for Chemicals, when he purchased the Tosco assets, when he closed the deal with Dunham for Conoco, and drove the stock price up and made Phillips a force....

      The BN deal not so good, but for those that bought years ago in the teens, watched the split and sold in the Nineties,,,,,, great job JJ.... Cha Ching

      and now I rebought in the 30's and 40's.....

      Your only other mistake is that you haven't finished purging all the Conoco employees

      • 1 Reply to woodlands7132
      • Actually he snookered CVX getting 800MM which he used to buy the ARCO Alaska assets, then came the Conoco takeover and he was king of the world [in his mind]. Thought he could play tough with Chavez and Putin and lost his assets, literally. Then bought Burlington Resources, at the high of the high. Estimated breakeven on that was ~6/MMBTU. Well with nat gas at ~4/MMBTU it would appear to be a negative cash flow. Oh yes they wrote off the 32MMM last year! Goodwill.

        Like a boxer he moved up out of his weight class and lost. So did the employees in his company as well as shareholders.

    • Further demonstrates that the dumping of the carbon fiber operation was short sighted. Demand for CF continues to increase, COC had the ground floor technology but a poor business strategy. A wise leader would have corrected the business strategy and created a profitable cash cow. That cash stream would have offset the current difficulties.

    • If I felt like you about COP I would:sell my holding,cut my loses and move on, why have a stroke. Maybe you should submit your resume to COP board for Mulva's job. Sounds like you may do a better job running COP. Nobody bitched about the guy when the stock was above $90 and natty gas was over $15/1000 btu's.

      • 3 Replies to just69don
      • Moe, Larry and Curly could do a better job!!!

      • Mulva is a pure finance guy. As such he, believes engineers are technical tools/geeks interested in wasting money on techy projects that have no IMMEDIATE ROI. He believes that to maximize share price and WALL STREET happiness you need spend money on projects that have a big impact immediately so you ignore the engineers long term projects and BUY BUY BUY. Unfortunately most assets for sale are the CASTOFFS of other companies. One asset cited earlier in this string was ARCO Alaska that was acquired because of an FTC mandate, not a castoff. Unfortunately this was a winner that, as we have seen, gave false credibility to a flawed long term strategy.
        Jim is 64 this year and therefore eligible for reduced Social Security benefits. I suggest that the BOD offer him a golden parachute to bridge his payment to FULL RETIREMENT AGE 66 benefits so he can afford to retire NOW!

      • I complained at the time to which you refer. Specifically I was worried about exactly what happened. We bought back shares at inflated prices, bought nat gas (burlington) at inflated prices and got into another version of Venezuela (Russia) by choice rather than heritage.
        Stock buybacks are a tool for internal options and not for stock holders. And don't feed me that bull about EPS. When your $35B in debt nobody cares about your EPS by comparison.
        At least if we get out of LUK now we will get paid something rather than waiting to Putin to pull a Chavez.

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