The ConocoPhillips board of directors has given final approval to spin off the downstream businesses as Phillips 66 at close of business on April 30, which would result in ConocoPhillips becoming the largest pure-play, upstream independent in North America (see Daily GPI, July 15, 2011). The companies would be headquartered in Houston. Chairman and CEO Ryan Lance would lead ConocoPhillips. Phillips 66, to be traded on the New York Stock Exchange as “PSX,” would be led by Chairman and CEO Greg Garland and would comprise the refining and marketing; midstream and chemicals businesses.
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