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

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

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