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ConocoPhillips Message Board

  • raysw55 raysw55 May 28, 2012 2:16 PM Flag

    Good Job Mulva

    COP/PSX since the announced split last year - DOWN versus other major oil companies, Dow, and S&P. Yeah, the analysts/investors were really impressed.

    COP/PSX since the split - DOWN versus other major oil companies, Dow, and S&P. Analysts/investors still really impressed.

    And while promoting the split Mulva bails out with his options at $77. Mulva not impressed with the split himself.

    Good job Mulva. You left a mess. But you got your millions. Hope you choke on them.

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    • Preface: I am far from a Mulva "fan".

      So you say Mulva chose to 'conceive' of something that hurt the value of his options so he could then sell those options at (what you believe) are a lower price.

      BTW, i don't believe that Mulva's exercise of options is related to what he feels about the spin off. First does COP even still issue options to execs? (I thought they went all to restricted shares back in '02 or '03?) If not, these are likely options that are/were set to expire soon if not exercised. But even if they are not expiring, the sales are likely tied to the fact that he is retiring.

      Mulva is/was like (nearly) all execs of large corps over compensated. But that is more 'pandemic' than localized to COP/PSX or Mulva.

    • Would like to know how you arrived at the fact that COP is down vs. a number of bench marks you quoted. I pulled the closing numbers form last friday and compared to the closing price on 4/30, the day before the split. Floowing are the results:

      XOM -4.93%
      COP -5.40% (Fri price = COP + 1/2 PSX)
      S&P 500 -5.72%
      DJIA -5.74%
      CVX -7.22%
      RDS-B -8.44%
      OXY -11.18%
      BP -11.63%

      So contrary to your assertion, only XOM out performed COP/PSX since the May 1 spin off. I am not defending Mulva; however, you have made misleading statements concerning COP/PSX. I do not think will really know how this plays out for at least a year. Right now the European circus trumps everything.

      • 1 Reply to rgchjr1945
      • I apologize. You are correct on your comparision for split date to current. I had done several comparisions for various time periods and mixed up my comments between different time periods.

        The time frame I was meaning to comment on was pre-announcement date to current (5/25 at the time). That is the longest time period to reflect the market's "digestion" of the split. It is almost a year. That comparision is:

        Dow UP .14%
        S&P UP .69%
        Exxon DOWN .19%
        Chervon DOWN 5.81%
        COP DOWN 10.38%

        I did not include BP because their stock is distorted because of all their problems. Occidental was not included because they are just not in the same league as the others so it wouldn't be a good comparision.

        Looking at the longest comparision available, the market has definitely not rewarded COP for the split. I question whether it ever will. The flustrating comment that has continuely been mentioned on this board for years is that this stock is undervalued. When is that going to change? Or will it?

        Sorry, just venting my flustration. Have been invested is this stock for several years. I am very familiar with their assets and the potential. But instead of utilizing and growing their assets they have spent their time liquidating assets to fund their stock buybacks.

        Also flustrated on a personal note in that many of their employees are friends, neighbors, and business collegues. The rank and file are not supportive of the split. They do not believe it is the right business decision. And I agree with them. Only upper, upper management supports it. I was in their office last week and it was a very depressing atmophere. Didn't see anybody smile the entire time I was there.

        I apologize for sometimes getting emotional. The financial disappointment is part of it. What really gets me going is when I see what it has done to the people there.

32.90+1.02(+3.20%)Feb 12 4:02 PMEST