FOX Translator
No data currently available.
No data currently available.
Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
Home / Markets / Commodities
Wednesday, August 27, 2008
ConocoPhillips to Sell Remaining U.S. Gas Stations
Associated Press
NEW YORK--ConocoPhillips will sell the remainder of its gas stations in the United States, the company said Wednesday, though Conoco, Phillips 66, and 76 will continue to operate under those familiar signs.
The 600 or so stations are being sold to Pacific Convenience & Fuel LLC, a subsidiary of PetroSun Fuel.
The deal is "in the ballpark" of $800 million, said Sam Hirbod, chairman and chief executive of PetroSun and Pacific Convenience.
The sale has yet to be approved by regulators.
Part of the deal includes a long-term contract in which ConocoPhillips would provide fuel for the stations.
"If our brand is at that site, we will be supplying the gas," ConocoPhillips spokeswoman Terry Hunt said in a phone interview.
The purchase will help boost Pacific Convenience's presence in major West Coast urban areas, Hirbod said.
"We see opportunity in the future," he said in a phone interview. "As the oil companies exit, we think there will be more flexibility."
Houston-based ConocoPhillips began several years ago to spin off its retail stores, focusing more on exploration and refining.
Shares of ConocoPhillips rose $1.11 cents to $83.49.
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
