COMPANY NEWS: Merger done; ConocoPhillips now 3rd largest US oil firm

09/09/2002
Conoco Inc., Houston, and Phillips Petroleum Co., Bartlesville, Okla., completed their $15 billion merger into the third largest US-based integrated oil firm Aug. 30 just hours after the Federal Trade Commission approved that move.Under the consent decree unanimously approved by FTC commissioners, the new ConocoPhillips must divest some assets. "Especially noteworthy is our action in the Rocky Mountain region where divestitures will maintain competition in the gasoline refining market," said Joe Simons, head of the FTC's competition bureau.Divestitures plannedAmong the divestitures will be Phillips's 25,000 b/d Woods Cross refinery just north of Salt Lake City and Conoco's 60,...
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