ConocoPhillips to Split into Two Companies

By Admin
Marathon Oils decision to split into two companies, one focused solely on refining activities, caused the companys shares to jump 30 percent. Now, Cono...

Marathon Oil’s decision to split into two companies, one focused solely on refining activities, caused the company’s shares to jump 30 percent.  Now, ConocoPhillips is planning on doing the same, and has announced today the decision to split its refining operations off from the company to form a separate entity. 

"We have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies," says ConocoPhillips CEO and Chairman Jim Mulva.

Mulva plans to retire upon finalization of the split.

SEE OTHER TOP STORIES IN THE WDM CONTENT NETWORK

Streamlining Inspection of Oil & Gas Well Sites & Processing Facilities

Consensus Building for Arctic Offshore Oil & Gas Drilling

Marathon Petroleum goes Public

Read the latest issue of Energy Digital!

The breakup of ConocoPhillips will create the largest independent refiner in the world according to analysts.  The company’s refineries produce roughly 2.3 million barrels per day of gasoline, diesel and other petroleum products. 

Originally, ConocoPhillips planned to scale back its refining operations amidst low profit margins in 2008’s oil price hike.  Splitting the companies had not been an option until reports of how successful Marathon Oil’s decision to split had been.

The split will likely be completed in the first half of 2012, leaving ConocoPhillips as solely an exploration and production company. 

Share

Featured Articles

UK and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy