Monday, January 19, 2009

ConocoPhillips Takes $34 Billion Charge

ConocoPhillips is the third largest U.S. based oil company after Exxon Mobil Corp and Chevron. It has a market capitalization of $74 billion. Now the company is taking the write down and laying off 1,350 workers, 4% of its workforce.

The Center hopes this will not negatively affect their Kentucky NewGas project. Of course, partnering with Peabody Energy [coal] should keep this project on track. [The Wall Street Journal, 1/17/09]

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