USA: ConocoPhillips Reports on Restructuring
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Monday, 05 December 2011 |
ConocoPhillips has issued an update on the progress of its restructuring, which is to include the spin-off of its downstream business next year. The company announced that its upstream arm, which will retain the ConocoPhillips name, will have a capital spending budget of $15.5bn in 2012, while the downstream arm (Phillips 66) will have a $1.2bn capital budget.
Phillips 66’s capital budget will be focused on safety, regulatory compliance, efficiency and reliability, said the company, which has allocated approximately $1bn to United States businesses and $0.2bn for international operations. ConocoPhillips also said its spin-off project was still on track to be completed during the second quarter of 2012. “Phillips 66, will offer a unique approach to downstream integration, comprising segment-leading refining and marketing, midstream and chemicals businesses,” said a statement.
The company also reiterated its commitment to an asset divestment programme of $15-20bn between 2010 and 2012.
PetrolWorld 05122011
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