Friday 15 July 2011

ConocoPhillips splits in two

International energy company ConocoPhillips is splitting in two after the board of directors gave it the go ahead, it has announced. The Texas-headquartered firm with interests in oil and natural gas said the split would be good value for its shareholders.

The move will separate the Refining & Marketing and Exploration & Production businesses into two stand-alone, publicly traded corporations.

Jim Mulva, chairman and chief executive officer, who plans to retire when the split is completed in 2012, said: "Consistent with our strategy to create industry-leading shareholder value, we have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies."