ConocoPhillips' Board Approves Spin-Off of Phillips 66

摘要

ConocoPhillips (Houston) said April 4 that its board of directors has given final approval for the spin-off of its downstream businesses. The 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 GregGarland, will be known as Phillips 66. Both companies will have their headquarters in Houston.The two companies will be separated through the distribution of shares of Phillips 66 to holders of ConocoPhillips common stock. The distribution is expected to occur after market close on April 30. ConocoPhillips shareholders will receive one share of Phillips 66 common stock for every two shares of ConocoPhillips common stock.