Pictured here on Nov. 10 is a ConocoPhillips sign in front of the Adams Building, one of the many buildings that make up the ConocoPhillips campus in downtown Bartlesville.
Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
HOUSTON - The split of ConocoPhillips into two separate, publicly traded companies announced in July is now complete.
The new companies — ConocoPhillips, the exploration and production side, and Phillips 66, the pipeline and refinery portion — completed their first day of trading as two separate entities Tuesday.
Phillips 66, now an independent, publicly traded company in which ConocoPhillips retains no ownership interest, according to a ConocoPhillips press-release, traded Tuesday on the New York Stock Exchange under the ticker symbol PSX.
According to the release, to effect the spinoff, stockholders in ConocoPhillips received one share of Phillips 66 common stock for every two shares of ConocoPhillips common stock held on April 16, 2012.
Greg C. Garland, the new chairman and chief executive officer of Phillips 66, said the split combines one of the world’s most competitive refining and marketing operations with rapidly growing midstream and chemicals businesses.
“Phillips 66 will be clearly differentiated from pure-play refining companies with specific plans for enhancing returns and growing shareholder distributions,” said Garland. “We have an exciting future ahead of us.”
On the ConocoPhillips side, chairman and chief executive officer Ryan Lance, said ConocoPhillips' size, scope and capability position the company to compete successfully in exploration and production business.
"With an exclusive focus on exploration and production, we will pursue opportunities and take actions to create value for all our stakeholders. We will emphasize execution and operations excellence, the principles that made us what we are today and that will shape the ConocoPhillips of tomorrow."
Both companies, headquartered in Houston, have maintained their global shared-service hub in Bartlesville.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.