On July 14, ConocoPhillips announced its intent to reposition the company’s upstream and downstream businesses into two stand-alone, publicly traded corporations. This restructuring is consistent with the company’s previously stated strategies and focus on value creation for its shareholders.
Following the completion of the proposed separation, ConocoPhillips will be a large and geographically diverse pure-play exploration and production company with a large, diversified portfolio and size and scale to compete globally. As an independent business, Phillips 66 will have a unique approach to downstream integration, with a diverse and highly competitive portfolio of segment-leading businesses.
Both companies will be well positioned with financial strength and flexibility and experienced management teams committed to continued value creation. The repositioning of the companies is expected to be completed in the second quarter of 2012.
Click on the links below to learn more about the proposed two stand-alone corporations.