Conoco/Burlington Shareholder sheikhdown

In the current oil-flick Syriana, an American investment banker berates a Middle Eastern prince for squandering his Emirate’s oil wealth. ConocoPhillips chief JJ Mulva looks to be doing the same with the $36bn takeover of Burlington Resources. While the US oil boss has not wasted money quite like a spendthrift sheikh, he hasn’t hit a gusher. If this is how the oil industry plans to spend its prodigious cash flow, investors should be wary. Conoco is paying over $18 per barrel of oil equivalent f...