US ConocoPhillips names downstream spinoff, to locate in Houston

10 November 2011 20:52  [Source: ICIS news]

HOUSTON (ICIS)--ConocoPhillips’ newly named refining and chemicals business, Phillips 66, will be headquartered in Houston, the company said on Thursday.

Phillips 66 is the result of ConocoPhillips’ decision to spin off its refining, marketing, midstream and chemicals businesses while ConocoPhillips becomes be a pure-play exploration and production company. Both companies will maintain a presence in Oklahoma, where ConocoPhillips was founded, the company said.

Bartlesville, Oklahoma, will be the global centre for Phillips 66 technology organisation as well as the transaction services organisations for both companies. The ConocoPhillips exploration and production technology organisation will be based in Houston.

ConocoPhillips said it would announce the specific Houston location for the Phillips 66 headquarters at a later date.

“Phillips 66 has strong brand recognition and value and it provides a link between our rich history and our exciting future,” said Greg Garland, designated chairman and chief executive officer of Phillips 66.

ConocoPhillips said it expects the spin-off and its own “strategic repositioning” as a pure-play exploration and production company to be completed in the second quarter of 2012.

Chevron Phillips Chemical, the JV between ConocoPhillips and Chevron, will be part of the Phillips 66 organisation.

By: Brian Ford
+1 713 525 2653

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