ConocoPhillips announced Thursday that its downstream spinoff
company will be named Phillips 66 and be headquartered in
Phillips 66 will have leading businesses in refining, marketing, midstream and
chemicals, according to ConocoPhillips officials.
Phillips 66 has strong brand recognition and value and
it provides a link between our rich history and our exciting
future, said Greg Garland, designated chairman and CEO of
Phillips 66. Our name reflects an independent spirit and
drive -two attributes of our future company.
The specific location in Houston for the Phillips 66
headquarters will be announced at a later date.
Our decision to make Houston our global headquarters
leverages the citys supportive business environment and strong economic
climate, Garland said. 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.
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
Both companies will also maintain a significant presence in
Oklahoma, where ConocoPhillips was founded, and support a large
number of jobs in the state. Bartlesville will be the global
center for the Phillips 66 technology organization as well as
the transaction services organizations for both companies.
The ConocoPhillips exploration and production technology organization will be
based in Houston.
The strategic repositioning of ConocoPhillips is expected to
be completed in the second quarter of 2012. The company is
making progress on the regulatory steps needed to complete the
repositioning transaction. The preliminary Securities and
Exchange Commission Form 10 will be filed the week of November
14, company officials said.
ConocoPhillips repositioning is subject to market
conditions, customary regulatory approvals, the receipt of an
affirmative ruling from the US Internal Revenue Service, the
execution of separation and intercompany agreements and final