ConocoPhillips

“Trying to forecast oil demand, supply and price in today’s market is like trying to paint the wings of an aeroplane in flight. Even if one succeeds in covering the subject, it’s unlikely to be a tidy job.

John Gapper

The move by ConocoPhillips of the US to split its upstream and downstream operations and become a “super-independent” oil company focussed on exploration feels like one of those turning points beloved by investment bankers.

Industry mergers and demergers tend to progress on a supercycle, in which investment bankers first persuade companies to merge in order to achieve scale and then later tell them they need to demerge to gain focus. Read more