Among the many happy to see the crude export ban lifted was Ryan Lance, CEO of Houston-based ConocoPhillips (NYSE: COP). But that didn't stop his company's retreat from Russia.
ConocoPhillips sold its last assets in Russia after being one of the first companies to invest in the country more than 25 y ears ago. The energy giant sold its 50 percent stake in Polar Lights Co. to Trisonnery Asset Ltd. Polar Lights, located in far northwest of Russia, was previously owned by Rosneft, a Russian state oil company, which sold its stake in the joint venture last week for about $200 million.
Short positions in COP in this situation will increase the negative market sentiment will likely deepen. Currently NYSE: COP is priced at USD 47.19 52W Range: 40.55 / 67.49, Beta = 0.90 and Week Volatility = 3.05%.
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