A headline on a news release today: ConocoPhillips Co"c""""""""""""ntinues Focus on Creating Value.

But the release that followed said nothing about creation.

The first paragraph read:   ConocoPhillips provided new information regarding sources of future reserves and production growth during its annual presentation to the financial community today in New York. In addition, the company announced plans to sell an additional $5-10 billion of non-core assets over the next two years. ConocoPhillips initiated its multi year returns-enhancement plan in 2010, designed to improve capital efficiency, reduce debt and increase shareholder distributions. Proceeds from the increased asset sales are expected to be used primarily to fund the company’s recently announced $10 billion share repurchase program and for capital investment opportunities.

To this reporter, that sounds more like monetizing previously created value.

No new energy supplies are being created by this effort to harvest inflation. But I'm betting the company would complain about any form of excess profits tax.