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Linn’s stock value dropped Friday from $1.20 a unit at Thursday’s close down to about 50 cents per unit after the struggling, heavily-indebted business said Thursday it is considering all strategic options, including a bankruptcy filing.
Oil’s collapse has affected BG less than some of its peers because it’s one of the few producers increasing output as projects start in Australia and Brazil.
Berkshire now owns 73.98 million Phillips 66 shares worth roughly $5.9 billion.
Pickens has sold all his oil holdings and is waiting for the best moment to get back in, he said Thursday in an interview on “Bloomberg Go.”
CEO Eldar Saetre said the company was stepping up its cost-cutting program and reining in spending.
The Houston-based oil and gas producer said it booked a total of $5.4 billion of after-tax charges, mostly due to cheap oil eroding the value of its assets.
ConocoPhillips, the No. 3 U.S. oil company, announced a quarterly loss on Thursday and said it is cutting its shareholder dividend by two thirds.
The Anglo-Dutch oil major’s upstream earnings fell 71 percent to $493 million, though the company said lower costs offset the plunge.
The job cuts will have brought the company’s workforce down by 20,000 since the oil-market crash began in 2014.
The price of oil turned higher after a two-day slump.