ConocoPhillips reported a large Q1 loss, but the market was impressed with the earnings beat.
The independent E&P is still struggling towards reaching cash flow neutral as the debt load soars.
The company lacks a credible plan for lower oil prices with a focus on flat production and keeping a dividend.
My last article remained neutral on ConocoPhillips (NYSE:COP) from a prior bearish stance throughout 2015, as the independent oil exploration firm has cut cash outlays to the point that a future cash crunch wasn't likely. Since the original neutral call in early February, oil prices and hence the stock have rallied, providing big returns for those willing to take the risk.