Conoco (COC) - The biggest U.S. IPO ever Message Board

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Gold/Mining/Energy : Conoco (COC) - The biggest U.S. IPO ever

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To: Weekapaug who wrote (23)	12/30/1998 10:54:00 PM
From: Night Writer	of 123

Conoco (COC) said it will take a charge of $50 million or 8 cents a share in the fourth quarter. The company said the charge was for anticipated costs associates with measures to improve operational efficiencies which includes cutting 975 jobs. The realignment is projected to save the company $60 million annually. "We are expediting these plans to position the company to deal with the lingering problem of low crude oil prices," said Archie W. Dunham, president of Conoco. The company will also reduce its 1999 capital budget by about $500 million, or 21 percent from 1998 levels, to $1.8 billion. Analysts currently project a profit of $1.17 a share for the quarter. Shares closed up 3/8 to 20 5/8. See related story. cbs.marketwatch.com

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