Following the close of trading Monday, energy
giant ConocoPhillips completed the spinoff of Phillips 66
as an independent downstream company.
Houston-based Phillips 66, which begins trading
Tuesday, has businesses in refining, marketing, midstream and
chemicals, with particular focus on the latter two
Phillips 66 has
strong brand recognition and value and it provides a link
between our rich history and our exciting future, said
Greg Garland, chairman and CEO of Phillips 66. Our name
reflects an independent spirit and drive.
Phillips 66 joined the Standard & Poors 500-stock
index upon its official formation late Monday.
ConocoPhillips, which becomes a pure-play exploration and production company
after the repositioning, will continue to be headquartered in
Houston at the existing ConocoPhillips facility.
The spinoff includes the 50% stake in Chevron Phillips
Chemical, a 50-50 joint venture with Chevron.