Based on what I see on the message board, no one bothered to listen to the conference call. They talked about the dividend, which will most likely be raised and funded in the future by a much smaller company and one that was a great deal of free cash flow. Nothing about the split up was directly stated but was eluded to by the CEO. California is assets are much different than the Permian and will be split off from the rest of the company. Sounds like into a separate company that can be an aggressive E&P that probably will not pay a dividend. No mention of the chemical company or the pipes; however, I tend to think they may keep both and divest most of the international. Whatever comes in as cash will most likely be used to buy back stock and shrink the company down by that amount.
When asked about the CEO search, Chazen commented that he would probably be running more of these quarterly meetings than he had hoped. Based on what was said, I would expect a special conference call sometime this year to roll out the changes or multiple calls as the restructuring continues.
I also see the stock went positive as all the fast change artists who trade on the headlines and don't bother to listen to the call may have finally woke up. Maybe the analysts have gotten the word out on what Chazen had to say. I think the reason why this process is going slow is that there are a lot of oil properties on the market and one needs to be patient rather than take bad offers.
Finally margins are improving and their goal is to raise returns on capital from a little over 12% to north of 15%.