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Company News
ConocoPhillips to split into two
T
he third largest integrated energy company in the US and the fifth in the world, ConocoPhillips is pursuing a plan to split itself into two independent companies. It will spin off its downstream operations to create a refining and marketing business and a separate exploration and production company.When completed in 2012, this move will allow ConocoPhillips to be a "large and geographically diverse pure-play exploration and production company with strong returns and investment opportunities", it says.
Though the contemplated separation of ConocoPhillips into two companies does not require a shareholder vote but is subject to market conditions, customary regulatory approvals, the receipt of an affirmative IRS ruling, the execution of separation and intercompany agreements and final board approval.