ConocoPhillips unveiled the company name of the pending spinoff of its downstream oil and petrochemicals business, which will now be known as Phillips 66 and will be headquartered in Houston.
Phillips 66 will have leading businesses in refining, marketing, midstream and chemicals.
“Houston is a major energy center and Phillips 66 will benefit from its ability to attract the top business and technical talent in the field,” said Greg Garland, designated chairman and chief executive officer of Phillips 66.
ConocoPhillips, which will be a pure-play exploration and production company after the repositioning, will continue to be headquartered in Houston at the existing ConocoPhillips facility.
ConocoPhillips has previously said that after the spinoff, ConocoPhillips will remain in Houston as a pure-play oil and gas exploration and production company. Ryan Lance will become chairman and CEO of ConocoPhillips, succeeding Jim Mulva, the long-time chairman and CEO of the current ConocoPhillips.
The strategic repositioning of ConocoPhillips is expected to be completed in the second quarter of 2012.
