What are you talking about? Debt is NOT a weight on COP and there is plenty of cash on hand. Go take a look at their financial rating and what financial experts have to say about the financial health of the company. You really should do your homework before you make statements that are absurd.
Debt IS a weight on COP! It is the ghost of Mulva. I think if you check you will see that COP has very little cash on hand. Both XOM and CVX have MORE cash than debt! If you do the math COP is carrying $20+/common share of debt. IT IS weighing down the share price and interest expense sucks $ away. Fortunately the cash flow is ample and easily pays the divi.