Zim: I first learned of this when I got a letter in
the mail telling me I now own some 66 shares of
Philips 66 . . .
Zim.
http://www.examiner.com/article/conocophillips-spins-off-refinery-group-relaunching-phillips-66-name
Houston's ConocoPhillips, the oil giant formed ten years ago by merging Conoco Inc., with Phillips Petroleum, will spin off its refinery business effective tomorrow, May 1, 2012. The company first announced it would separate the exploration and production functions from its refining and transportation arm in 2011. The spinoff follows similar moves by other mid-sized petroleum companies such as Marathon Oil, which split along functional lines in July of 2011.
The company's move will result in some shuffling in the overall standings for oil and gas producers and refiners. The upstream company, which will retain the ConocoPhillps name and continue to headquarter in Houston, is the largest independent oil and gas in the US. The refining and distribution company will be named Phillips 66 and will also be headquartered in Houston.
(Article does continue.)
Mad Poet Strikes Again.
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