25 January 2012 18:44 [Source: ICIS news]
HOUSTON (ICIS)--ConocoPhillips is on track with its plan to split the company into separate listed upstream and downstream businesses, with completion to occur “possibly as early as May”, chief financial officer Jeff Sheets said on Wednesday.
“We are progressing well, and [the split] could happen as early as May,” he told analysts during the US energy company’s 2011 fourth-quarter results conference call.
He said there are no major hurdles to the plan, announced in July 2011, under which ConocoPhillips will split its downstream refining and marketing businesses from its upstream oil and gas exploration and production operations.
The downstream business, Phillips 66, will include ConocoPhillips’s 50% interest in the Chevron Phillips Chemical (CP Chem) petrochemicals joint venture with California-headquartered energy major Chevron.
Sheets added that ConocoPhillips would update analysts in late March on CP Chem’s planned cracker project in Texas.
Separately, on Wednesday, ConocoPhillips reported a 32.2% year-on-year increase in its 2011 fourth-quarter chemical earnings to $156m (€120m), from $118m in the 2010 fourth quarter.
The company said the improvement in earnings was primarily because of higher volumes related to the start-up of international projects in late 2010.
($1 = €0.77)
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