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.
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 the size and resources to compete globally.
The future ConocoPhillips will continue to be headquartered in Houston at the existing ConocoPhillips facility. The company will be led by Ryan Lance, 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.