ConocoPhillips Thursday unveiled the company name of the pending spinoff of its downstream oil and petrochemicals business, Phillips 66, a moniker long-used in US retail stations.
The downstream company, focused on refining, marketing, midstream and chemicals, will be based in Houston, according to a statement.
The spinoff from ConocoPhillips is planned for the second quarter of 2012. Phillips 66 and ConocoPhillips will then be two stand-alone, publicly traded companies.
ConocoPhillips was created after the merger of Conoco and Phillips Petroleum in August 2002.
"Phillips 66 has strong brand recognition and value and it provides a link between our rich history and our exciting future," Greg Garland, designated chairman and CEO of Phillips 66, said in a statement. "Our name reflects an independent spirit and drive -- two attributes of our future company."
Garland has served as ConocoPhillips' senior vice president of exploration and production for the Americas. Garland started his career as a a project engineer with Phillips Petroleum and has worked with ConocoPhillips, its predecessors and affiliated companies for over 31 years, according to an October 7 announcement about leadership planning. From 2008 to 2010, he was president and CEO of Chevron Phillips Chemical Company, the 50-50 joint venture of ConocoPhillips and Chevron. ConocoPhillips' interest in the JV will be transferred to the downstream company after the separation.
ConocoPhillips has previously said that after the spinoff, ConocoPhillips will remain in Houston as a pure-play oil and gas exploration and production company. Ryan Lance will become chairman and CEO of ConocoPhillips, succeeding Jim Mulva, the long-time chairman and CEO of the current ConocoPhillips. He is to retire at the time of the spinoff, which was announced in July.
