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ConocoPhillips will be spinning off its refining and marketing arm into a new business

July 14/2011

(Arabian Oil and Gas) -- ConocoPhillips has announced that it will be spinning off its refining and marketing arm into a new business, two weeks after Marathon Oil split itself up in the same way in order to increase returns for investors, according to a Bloomberg report.


ConocoPhillips will divide into two stand-alone, publicly traded operations. The division is expected to be completed in the first half of 2012, the Houston-based company said in a statement. Marathon Petroleum, Marathons former refining business, debuted on the New York Stock Exchange this month. Marathon rose as much as 11% on the day the split was announced, reports Bloomberg.


ConocoPhillips is the second-largest U.S. oil refiner with capacity of 2 million barrels per day, according to its website. It owns 12 U.S. refineries, and has a two-refinery joint venture with Alberta-based oil producer Cenovus Corp. The plants account for about 10 percent of U.S. refining capacity, according to data compiled by Bloomberg.


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