ConocoPhillips, which is repositioning itself as a pure-play exploration and production (E&P) company, said its spun-off downstream company is to be named Phillips 66 and will house the refining, marketing, midstream and chemicals businesses. The repositioning is expected to be completed in 2Q2012; ConocoPhillips plans to file preliminary paperwork within the next week (see Daily GPI, Oct. 27). Both companies would be headquartered in Houston but would maintain a “significant” presence in Oklahoma, where the predecessor company was founded. Bartlesville, OK, is to be the global center for Phillips 66 technology, as well as the site of transaction services organizations for both companies. The ConocoPhillips E&P technology organization would remain in Houston.

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