ConocoPhillips completes spin-off of Phillips 66 downstream business

01 May 2012 15:16  [Source: ICIS news]

HOUSTON (ICIS)--ConocoPhillips has completed the spin-off of the Phillips 66 downstream businesses to its stockholders, the US-based energy firm said on Tuesday.

ConocoPhillips said that Phillips 66 is now an independent, publicly traded company in which ConocoPhillips retains no ownership interest.

ConocoPhillips stockholders received one share of Phillips 66 common stock for every two shares of ConocoPhillips common stock held on the record date of 16 April 2012.

Phillips 66 includes ConocoPhillips’ 50% stake in the Chevron Phillips Chemical (CP Chem) petrochemicals joint venture with Chevron.

With the completion of the spin-off, ConocoPhillips ranks as the world’s largest independent exploration and production company, based on proved reserves and production of liquids and natural gas, it said.

By: Stefan Baumgarten
+1 713 525 2653

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