USA: ConocoPhillips Names New Downstream Spin-off – Phillips 66
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Monday, 14 November 2011 |
ConocoPhillips has announced that, following the split of its Downstream and Upstream divisions into two entities next year, the downstream portion of the business will operate under the name of Phillips 66. The company, which includes ConocoPhillips’ refining, marketing, pipelines and chemical businesses – will be headquartered in Houston.
As a brand, Phillips 66 already has a presence in the United States market through a number of fuel service stations nationwide. In addition to its Houston base – which will help minimize moving expenses for the company – Phillips 66 will have a significant presence on Oklahoma, with Bartlesville selected as the global centre for its technology and transaction services organisations.
The spin-off of Phillips 66 from Conocophillips, part of a three year restructuring process to better shore up company finances, is set to be completed in Q2 of 2012. The company has said it is progressing with the regulatory steps needed to complete the transaction.
PetrolWorld 14112011
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