Conoco completes Phillips 66 downstream spinoff
Following the close of trading Monday, energy giant ConocoPhillips completed the spinoff of Phillips 66 as an independent downstream company.
Houston-based Phillips 66, which begins trading Tuesday, has businesses in refining, marketing, midstream and chemicals, with particular focus on the latter two areas.
“Phillips 66 has strong brand recognition and value and it provides a link between our rich history and our exciting future,” said Greg Garland, chairman and CEO of Phillips 66. “Our name reflects an independent spirit and drive.”
Phillips 66 joined the Standard & Poor’s 500-stock index upon its official formation late Monday.
ConocoPhillips, which becomes a pure-play exploration and production company after the repositioning, will continue to be headquartered in Houston at the existing ConocoPhillips facility.
The spinoff includes the 50% stake in Chevron Phillips Chemical, a 50-50 joint venture with Chevron.
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