ConocoPhilips said that it will try and ramp up its sales for next year and also will put its refineries on a two year plan to shore up finances. Initially Conoco did not wish to sell its refining properties in order to avoid selling their assets at deep discounts because of the recession. But now the company is changing track after a rebound in fuel demand pushed prices higher for refineries. It reported that in its third quarter earnings more than doubled benefiting from higher oil and gas prices and improved margins for refined products.
The sale of their assets marks a new shift from their debt fueled acquisition spree when commodity prices were soaring. However there is also a good chance that this corporation will spend billions next year on assets. They also have some stakes in the political world as they hope republicans will take over in the congress so that taxes will be lowered and regulations will be reduced. Overall Conoco has been doing very well as their earning have doubled.
In my own personal opinion this would be a great company to invest in as gasoline prices are continuing to rise and thus will continue to increase their earnings.
http://online.wsj.com/article/SB10001424052702304173704575578031256512428.html?mod=WSJ_Energy_leftHeadlines
Ryan Parker
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