The Rising Influence of Rising Affluence

[DewDiligence]

COP gives some details of planned spinoff:

http://online.wsj.com/article/SB10001424053111904836104576556522998577458.html

ConocoPhillips said it expects to complete the spinoff of its refining arm in the second quarter of next year and that under the deal stockholders will receive one share in the new refining firm for every two shares they currently own in the company.

…The new refining firm is expected to have an annual dividend of 80 cents, an integrated model that would include pipelines and chemical businesses, and would start with new debt [how much?].

… the upstream assets of its joint venture with Canada's Cenovus Energy Inc. will be part of the new exploration and production company, including the Foster Creek and Christina Lake assets. The joint venture's two U.S. refineries will go to the new refining company… Chevron Phillips, Conoco's chemical joint venture with Chevron, will also be part of the new refining company…

As previously posted, I think the separation of COP into two companies will end up reducing shareholder value.