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2 weeks from Today..., page-77

  1. 695 Posts.
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    Let me spell it out for you in a timeline...

    13 July:
    So day zero WPL says buying the company.

    Day zero COP "35% interest in three exploration permits"
    "the agreement, which is through subsidiaries of ConocoPhillips and Australia’s Woodside Petroleum Ltd."

    So a little ambiguous.

    SEC files: 2nd Q: 2nd Aug filing
    "sell our 35 percent interest in three exploration blocks"
    "We have stated an intention to exit deepwater exploration, as well as pursue other non-core dispositions. In July 2016, we signed a sale and purchase agreement for exploration blocks offshore Senegal."

    Close of sale: 8th October
    "ConocoPhillips (NYSE: COP) today announced it has completed a transaction for the sale of its shares in ConocoPhillips Senegal BV, which holds a 35 percent interest in three exploration blocks offshore Senegal."

    SEC 3rd Q. 11th November Filing
    "we sold our 35 percent interest in three exploration blocks offshore Senegal for approximately $440 million, including net customary adjustments of approximately $90 million."

    SEC 4Q then has ConocoPhillips Senegal BV

    The messaging didn't suddenly change, they had messaging which clearly stated sale of subsidiary while their SEC filings didn't mention that.. By just looking at SEC filings and not checking the other announcements you are missing half of what COP is saying.

    Although I cannot find a single mention of "Working Interest" it is always 35 percent interest which is a lot more ambiguous. Although if you have ever read a Sales and Purchase Agreement, what is and isn't included is very clear from the start, they take months to negotiate between lawyers to the point their is no ambiguity over what is and isn't included in the sale. I really struggle to believe there is any evidence to point to COP not intending on selling the holding company from day zero.


 
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