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by Freddie Mooche - Senior Financial ColumnistConocoPhillips (NYSE: COP) fell 1.07% or $0.59 Friday after the oil and gas company announced that it was calling $250 million of notes, saving the company over $3.7 million annually.

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Banc Of America Investment September 27, 2003 (AXcess News) - ConocoPhillips (NYSE:COP) delighted shareholders Friday morning by announcing that it was calling its 7.2% notes due November 1, 2023, or you'd think it would have delighted them, as shares closed down $0.59 to finish the week at $54.56.

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Banking Investment According to Friday's announcement, "the terms of these notes provide ConocoPhillips with the option to redeem the notes at 103.60 percent of face value on or after Nov. 1, 2003. This action by the company will redeem all of the 7.20 percent notes."

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Investment Solution Strategic COP said it would call $250 million of the notes on November 1st, an option available to the company under its financing terms, which would save the Company over $3.7 million a year based on current market conditions.Also Friday, COP announced another cost saving measure in down sizing middle management in its refinery organization effective October 1st.

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Investment Banking Services According to that announcement, "U.S. Refining will be placed under the leadership of a Central/West Coast president and an East/Gulf Coast president. The operational general manager roles in US Refining will be eliminated, resulting in the removal of that layer of management."

Bank Investment "ConocoPhillips' Specialty Businesses will be consolidated with the Strategy, Optimization and Business Development group to become Strategy, Integration and Specialty Businesses."

Alternative Investment "As part of ConocoPhillips' plan to sell a substantial portion of its marketing assets and exit certain geographic markets, the company's wholesale and retail marketing functions will be consolidated."COP's moves were taken more as a cop out than an improvement to operations by investors, falling over 1.07% on volume of 2,4465,500 shares. Average volume was reported to be 1,788,954 shares.

Online Investment Services The Company is the result of the merger between Conoco Inc. and Phillips Petroleum Company, which was consummated on August 30, 2002 and these recent actions may yet be hangover from that merger.

Accompany Essential Investment Analysts have had a mixed view of COP for months with Deutche Securities raising their rating from "hold" to "buy" earlier this month, while Prudential lowered their rating from "buy" to "hold" that same week. In June A G Edwards and Lehman Brothers had lowered their ratings to "hold" and "equal weight" (fancy term for hold).With Prudential's track record being in the "dog house" with Axcess News since last year, its rating calls seem to lag behind markets with Deutche Securities analysts hitting hard and quick with fairly accurate calls.Although the consensus is that Cop's target price is $57.58, its recent up turn with Deutche analysts may mean that target's in sight. OPEC as well had stated recently that it was going to lower production, which could buoy NYSE: COP or rally its shares as domestic markets heat up heading into the winter fuel season.AXcess News has added NYSE: COP to its Stock Guide's 'best picks' column in support of Deutche's opinion, OPEC's actions and the company's own attempts to consolidate operations and lower costs.

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