ConocoPhillips to name its downstream company Phillips 66

By OGJ editors

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.

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected