Conoco to split
Source: Agencies |
July 15, 2011, Friday
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Print Edition
Print Edition
CONOCOPHILLIPS, the third-largest US oil company, yesterday said it will split itself into two separate publicly traded companies and its CEO and Chairman Jim Mulva plans to retire once the transaction is complete.
The breakup would create the largest independent refiner in the world, an analyst said.
"We have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies," Mulva said in a statement.
Conoco said its board has approved separating its refining, marketing, exploration and production businesses by spinning off the refining and marketing segment to shareholders in a tax-free transaction.
The breakup would create the largest independent refiner in the world, an analyst said.
"We have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies," Mulva said in a statement.
Conoco said its board has approved separating its refining, marketing, exploration and production businesses by spinning off the refining and marketing segment to shareholders in a tax-free transaction.
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