On July 14, ConocoPhillips announced its intent to reposition the company’s exploration & production 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. 

At the completion of the proposed separation, the downstream energy company – to be named Phillips 66 – will be a leading independent company with refining, marketing, midstream and chemicals businesses operating across the globe. The consumer-facing marketing businesses of ConocoPhillips will transfer to Phillips 66 and continue to operate under the brands Phillips 66®, Conoco®, 76® and JET®, as well as other specialty brands.

Phillips 66 will continue to be headquartered in Houston, at a location yet to be determined. The company will be led by Greg Garland, designated chairman and chief executive officer, and a team of experienced management professionals committed to continued value creation. The repositioning is expected to be completed in the second quarter of 2012