Kurt Wulff: ConocoPhillips shares price gives no value to downstream.
In a report published December 6 and just released to non subscribers, Kurt Wulff claims that the current price of ConocoPhillips shares in effect do not incorporate a value for the downstream businesses. Those assets are planned to be spun off into the new Phillips66 company some time by the middle of next year.
It appears to me that his assumption is based on his valuation of the O&G reserves and presumed production growth over the next several years, which may or may not hold true. Here's the URL: