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Created: 11/15/2005 03:14:01 PM - Followers: 42 - Board type: Free - Posts Today: 0

ConocoPhillips (ConocoPhillips) is an international, integrated energy company. The Company's business is organized into six segments. Exploration and Production segment primarily explores for, produces and markets crude oil, natural gas and natural gas liquids on a worldwide basis. Midstream segment gathers, processes and markets natural gas produced by ConocoPhillips and others, and fractionates and markets natural gas liquids, primarily in the United States and Trinidad. Refining and Marketing segment purchases, refines, markets and transports crude oil and petroleum products, mainly in the United States, Europe and Asia. LUKOIL Investment segment consists of its equity investment in the ordinary shares of OAO LUKOIL (LUKOIL). The Chemicals segment manufactures and markets petrochemicals and plastics on a worldwide basis. Emerging Businesses segment includes the development of new technologies and businesses outside the Company's normal scope of operations.

600 North Dairy Ashford
Houston, TX 77079
(281) 293-1000

ConocoPhillips' Board of Directors Approves Spin-off of Phillips 66
Conocophillips (NYSE:COP)
Today : Wednesday 4 April 2012
ConocoPhillips [NYSE:COP] announced today that its board of directors has given final approval for the spin-off of its downstream businesses. The resulting upstream company will keep the ConocoPhillips name and will be led by Chairman and CEO Ryan Lance. The downstream company, led by Chairman and CEO Greg Garland, will be known as Phillips 66. Both companies will be headquartered in Houston.
The two new companies will be separated through the distribution of shares of Phillips 66 to holders of ConocoPhillips common stock. This distribution is expected to occur after market close on April 30, 2012. ConocoPhillips shareholders will receive one share of Phillips 66 common stock for every two shares of ConocoPhillips common stock held at the close of business on the record date of April 16, 2012. Fractional shares of Phillips 66 common stock will not be distributed and any fractional share of Phillips 66 common stock otherwise issuable to a ConocoPhillips shareholder will be sold in the open market on such shareholder's behalf, and such shareholder will receive a cash payment with respect to that fractional share.
Following the distribution of Phillips 66 common stock, Phillips 66 will be an independent, publicly traded company, and ConocoPhillips will retain no ownership interest. Phillips 66 has received approval for the listing of its common stock on the New York Stock Exchange under the symbol PSX.
ConocoPhillips has received a private letter ruling from the Internal Revenue Service to the effect that, based on certain facts, assumptions, representations and undertakings set forth in the ruling, for U.S. federal income tax purposes, the distribution of Phillips 66 common stock and certain related transactions generally will not be taxable to ConocoPhillips or U.S. holders of ConocoPhillips common stock, except in respect to cash received in lieu of fractional share interests, which generally will be taxable to such holders as capital gain.
No action is required by ConocoPhillips shareholders in order to receive shares of Phillips 66 common stock in the distribution, and ConocoPhillips shareholders should retain their ConocoPhillips stock certificates. Shareholders entitled to receive the distribution will receive a book-entry account statement reflecting their ownership of Phillips 66 common stock, or their brokerage account will be credited for the shares.
ConocoPhillips expects that a "when-issued" public trading market for Phillips 66 common stock will commence on or about April 12, 2012 under the symbol PSX WI and will continue through the distribution date. ConocoPhillips also anticipates that "regular way" trading of Phillips 66 common stock will begin on the first trading day following the distribution date. In anticipation of this trading, the company will issue a first-quarter interim update to provide investors with an update on the company as well as market and operating conditions experienced during the first quarter of 2012. A full first-quarter earnings announcement is scheduled for April 23, 2012.
Beginning on or about April 12, 2012, and through the distribution date, it is expected that there will be two ways to trade ConocoPhillips common stock - either with or without the right to receive shares of Phillips 66 common stock. Shareholders who sell their shares of ConocoPhillips common stock in the "regular-way" market (that is, the normal trading market on the NYSE under the symbol COP) after the record date and on or prior to the distribution date will be selling their right to receive shares of Phillips 66 common stock in connection with the distribution. It is anticipated that shares of ConocoPhillips common stock will also trade ex-distribution (that is, without the right to receive the Phillips 66 distribution) during that period under the symbol COP WI. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling shares of ConocoPhillips common stock on or before the distribution date.
Prior to the distribution, ConocoPhillips expects to mail an information statement to all shareholders entitled to receive the distribution of shares of Phillips 66 common stock. The information statement will describe Phillips 66, including the risks of owning Phillips 66 common stock, and other details regarding the distribution.
Upon repositioning, Phillips 66 will offer a unique approach to downstream integration, comprising segment-leading refining and marketing, midstream and chemicals businesses, while ConocoPhillips will be the industry's largest and most diverse global, pure-play, upstream company. The repositioning into two leading energy companies will help grow the value of both companies for shareholders by unlocking the potential of their assets and employees.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,800 employees, $153 billion of assets, and $245 billion of revenues as of Dec. 31, 2011. For more information, go to

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$COP "ConocoPhillips has also repeated the Nanushuk success BottomBounce 03/09/2022 11:16:54 AM
COP made the list for Top Gainers today peterquinnvet 03/01/2022 11:12:17 AM
Does this stock pay Divs EL Sueno 01/07/2022 12:39:44 PM
#597 88 energy halted trading. Looks as though Conoco Michael TRed 08/30/2021 08:25:20 PM
#596 Yes cop losses kirk4 08/19/2021 09:53:07 PM
#595 ANYBODY know about the results of the lawsuit Argus63 07/15/2021 07:55:32 AM
#594[/img MRDALE 04/07/2021 02:06:03 PM
#593 On EEENF message board, there is constant discussion magnix2k 04/07/2021 02:03:44 PM
#592 Huh what? You asked. LOL MRDALE 04/07/2021 02:01:57 PM
#591 Huh? magnix2k 04/07/2021 02:00:11 PM
#590 $MMEX. Click on the yellow patch MRDALE 04/07/2021 01:56:58 PM
#589 What company? EEENF? 88 Energy? magnix2k 04/07/2021 01:50:34 PM
#588 No - thanks tho!! MRDALE 04/07/2021 01:32:16 PM
#587 is the ticker EEENF? misterfishman 04/07/2021 01:27:47 PM
#586 Breaking News: $COP Vaccine Hopes Sent These 3 whytestocks 11/14/2020 12:45:19 PM
#585 Solid cash holdings, less debt than most. Agreed. Solid joseytheoutlawwales 05/01/2020 12:43:58 PM
#584 May load more if this sees a further OTCtrips 04/06/2020 12:25:21 PM
#582 The1andonlyt 08/10/2019 09:38:38 PM
#581 ConocoPhillips May Divest Bulk of Its North Sea swanlinbar 04/02/2019 03:36:24 PM
#580 Can anyone please tell me where can we turquoise porpoise 08/04/2018 10:17:23 AM
#579 COP buy option stocktrademan 04/17/2018 01:22:22 PM
#578 Thanks!! MRDALE 12/08/2017 05:58:17 PM
#577 Haven’t heard about the connection but have heard benfrankledger 12/08/2017 04:51:31 PM
#576 COP related. MRDALE 12/08/2017 03:26:16 PM
#575 On a positive note, the company not only benfrankledger 11/24/2017 12:16:56 AM
#574 Approximately a year ago the company had a benfrankledger 11/24/2017 12:16:27 AM
#573 COP also cuts its estimate of how much benfrankledger 11/08/2017 09:50:49 PM
#572 "We can sustain our production, pay our dividend, benfrankledger 11/08/2017 09:50:30 PM
#571 ConocoPhillips (NYSE:COP) CEO Ryan Lance says his company is benfrankledger 11/08/2017 09:50:05 PM
#570 Up 65 cents today. Closed at $45.56 dinosaurbob 08/04/2017 06:06:22 PM
#569 Up 86 cents today. I like it dinosaurbob 08/02/2017 06:36:16 PM
#568 Up 11 cents today. I say it dinosaurbob 07/31/2017 04:54:33 PM
#567 I am long on energy stocks right now. dinosaurbob 07/27/2017 08:02:26 PM
#566 ConocoPhillips completes sale to Cenovus, revises Q2 production guidance eFinanceMarkets 05/18/2017 12:44:46 AM
#565 ConocoPhillips ticks lower after surprise adjusted Q1 loss eFinanceMarkets 05/02/2017 02:46:26 PM
#564 ConocoPhillips could move Australia gas on proposed transcontinental line eFinanceMarkets 04/20/2017 12:27:04 PM
#563 ConocoPhillips says has potential buyers for LNG plant eFinanceMarkets 04/18/2017 05:54:25 PM
#562 ConocoPhillips to sell San Juan Basin assets for eFinanceMarkets 04/13/2017 08:25:33 AM
#561 North Atlantic Drilling Announces long-term contract awards for G2G 04/11/2017 04:07:36 PM
#560 ConocoPhillips +6.5% as divestiture seen as big win eFinanceMarkets 03/30/2017 02:42:53 PM
#559 Negative Blue Leader!! COP going up hard. Prudent Capitalist 03/30/2017 12:06:12 PM
#558 No more hope for this baby ..going down tiger1966 03/24/2017 01:38:58 PM
#557 Feb 2 (Reuters) - ConocoPhillips, the largest U.S. fuzzy 02/02/2017 11:32:37 AM
#556 Just bought a couple hundred more shares. radar72 11/02/2016 11:26:05 AM
#555 Nice comeback today. I'm going to be buying radar72 11/01/2016 03:47:53 PM
#554 Looks like we could have a new leg radar72 10/28/2016 01:31:29 PM
#553 COP UNSTOPPABLE$ Pocket9s 10/01/2016 12:02:39 AM
#552 Good stuff. Yeah, EVERYONE is assuming oil radar72 09/12/2016 04:06:21 PM
#551 hidden tiger --bouncing Lions ernie44 09/12/2016 03:31:10 PM
#550 Love my 31s :) TigerCloud 08/18/2016 09:54:51 PM
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