ConocoPhillips plans to name its emerging new independent downstream company Phillips 66, which will be based in Houston, ConocoPhillips said. The corporate repositioning remains subject to market conditions, regulatory approvals, and final corporate board approval.
In July ConocoPhillips announced plans to separate its upstream and downstream businesses into two stand-alone, publicly traded corporations via a tax-free spinoff of the refining and marketing business to ConocoPhillips shareholders (OGJ Online, July 14, 2011).
Phillips 66 will be involved in refining, marketing, midstream, and chemicals. Greg Garland, designated chairman and chief executive officer, noted the name has strong brand recognition and provides a link with corporate history.
ConocoPhillips, which will be a pure-play exploration and production company after the repositioning, will continue to be based in Houston. Bartlesville, Okla., will be the global center for the Phillips 66 technology organization. The ConocoPhillips exploration and production technology organization will be based in Houston.
The strategic repositioning of ConocoPhillips is expected to be completed in second-quarter 2012. ConocoPhillips plans to file a preliminary Form 10 with the US Securities and Exchange Commission during the week of Nov. 14.