ConocoPhillips names refining company Phillips 66

AP News
Posted: Nov 10, 2011 5:00 PM
ConocoPhillips names refining company Phillips 66

ConocoPhillips is giving its refining business the same name as its decades-old gas station brand _ Phillips 66.

The oil company has said it will spin off its refining, marketing and chemicals operations. On Thursday it announced the name for that business and said it will be based in Houston.

The split will leave ConocoPhillips focused on exploration and production, also based in Houston. The company expects to complete the split during the second quarter of 2012.

ConocoPhillips doesn't own any gas stations, but about 8,300 stations operate under its brand names, including Phillips 66, Conoco, and 76.

The company has shed $8 billion in assets since 2010 and expects to sell another $7 billion to $12 billion worth before the end of 2012.