The Rising Influence of Rising Affluence

[DewDiligence]

COP finalizes plans for upstream/downstream split-up; the refining successor company will be known as Phillips 66 and will have the ticker, PSX:

http://www.reuters.com/article/2012/04/04/conocophillips-idUSL2E8F4A3120120404

The companies will be separated through a tax-free distribution of shares of Phillips 66 to holders of ConocoPhillips common stock after the market close on April 30. Conoco 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. Phillips 66 will trade on the New York Stock Exchange under the symbol, PSX, and both companies will be headquartered in Houston. Prior to the distribution, Phillips 66 shares are expected to trade in a "when-issued" public market under the symbol PSX WI.

As previously noted, I think this split-up will end up destroying rather than enhancing shareholder value. On this score, I concur with the Barron’s piece in http://blogs.barrons.com/stockstowatchtoday/2012/01/23/conocophillips-downgraded-spin-off-could-send-shares-lower-says-ubs/ .