• 10 hours Thanksgiving Gas Prices At 3-Year High
  • 14 hours Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 16 hours South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 19 hours Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 20 hours Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 21 hours Iraq Steps In To Offset Falling Venezuela Oil Production
  • 23 hours ConocoPhillips Sets Price Ceiling For New Projects
  • 3 days Shell Oil Trading Head Steps Down After 29 Years
  • 4 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 4 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 4 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 days Venezuela Officially In Default
  • 4 days Iran Prepares To Export LNG To Boost Trade Relations
  • 4 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 4 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 4 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 5 days Rosneft Announces Completion Of World’s Longest Well
  • 5 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 5 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 5 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 5 days Santos Admits It Rejected $7.2B Takeover Bid
  • 5 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 5 days Africa’s Richest Woman Fired From Sonangol
  • 6 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 6 days Russian Hackers Target British Energy Industry
  • 6 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 6 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 6 days Lower Oil Prices Benefit European Refiners
  • 6 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 7 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 7 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 7 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 7 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 7 days OPEC To Recruit New Members To Fight Market Imbalance
  • 7 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 7 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 7 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 8 days GE Considers Selling Baker Hughes Assets
  • 8 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 8 days Saudi Aramco To Invest $300 Billion In Upstream Projects

Breaking News:

Thanksgiving Gas Prices At 3-Year High

China Resumes Oil Hoarding Despite Higher Prices

China Resumes Oil Hoarding Despite Higher Prices

Satellite imaging data suggests that…

Energy Majors Hit Hard By Climate Regulations

Energy Majors Hit Hard By Climate Regulations

Siemens and General Electric have…

ConocoPhillips Board Approves Plan to Split into Two Companies

ConocoPhillips Board Approves Plan to Split into Two Companies

Over the past several years ConocoPhillips has invested billions of dollars to help it grow into the third largest oil company in America, behind Exxon and Chevron. They bought Burlington Resources for $35 billion, and invested billions more in the Rockies Express pipeline, and Russia’s Lukoil. In a move that continues their evolution the oil giant has now been given permission by its board of directors to progress with the plan to split it into two companies; one which produces oil, and the other which refines it.

The split was first announced back in July 2011 in the hope that it will bring advantages of efficiency and productivity due to the ability of a more focussed running of operations. The oil production company will retain the original name of ConocoPhillips, whereas the oil refining company will take on the name of Phillips 66.

On the 30th April new shares for Phillips 66 will be issued to the owners of ConocoPhillips common stock, and herald the official split of the company.

The company has stated that current CEO Jim Mulva will retire when the split is completed, at which point; Ryan Lance, current senior vice president of exploration and production international, will become the Chairman and CEO of the new ConocoPhillips; whilst Greg Garland, current senior vice president of exploration and production in the Americas, will become the CEO and Chairman of the new Phillips 66.

Phillips 66 will trade on the New York Stock Exchange under the symbol PSX.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News