04 April 2012 22:36 [Source: ICIS news]
HOUSTON (ICIS)--ConocoPhillips’ board of directors has approved the formation of its downstream spin-off company, Phillips 66, the US-based oil major said on Wednesday.
Phillips 66 will include its refining, marketing, midstream and chemicals businesses, while ConocoPhillips will become a pure-play exploration and production company.
“The two new companies will be separated through the distribution of shares of Phillips 66 to holders of ConocoPhillips common stock,” the company said. “This distribution is expected to occur after market close on 30 April 2012.”
Phillips 66 will become an independent publicly traded company once its common stock is distributed, ConocoPhillips said.
Additionally, Phillips 66 will include ConocoPhillips’ 50% stake in Chevron Phillips Chemical (CP Chem).
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