ConocoPhillips Announces Name and Headquarters of Downstream Company
ConocoPhillips [NYSE:COP] today announced that the new independent
downstream company created through its previously announced strategic
repositioning will be named Phillips 66 and will be headquartered in
Houston. Phillips 66 will have leading businesses in refining,
marketing, midstream and chemicals.
'Phillips 66 has strong brand recognition and value and it provides a
link between our rich history and our exciting future,? said Greg
Garland, designated chairman and chief executive officer of Phillips 66.
'Our name reflects an independent spirit and drive ? two attributes of
our future company.?
The specific location in Houston for the Phillips 66 headquarters will
be announced at a later date.
'Our decision to make Houston our global headquarters leverages the
city′s supportive business environment and strong economic climate,?
Garland said. 'Houston is a major energy center and Phillips 66 will
benefit from its ability to attract the top business and technical
talent in the field.?
ConocoPhillips, which will be a pure-play exploration and production
company after the repositioning, will continue to be headquartered in
Houston at the existing ConocoPhillips facility.
Both companies will maintain a significant presence in Oklahoma, where
ConocoPhillips was founded, and support a large number of jobs in the
state. Bartlesville will be the global center for the Phillips 66
technology organization as well as the transaction services
organizations for both companies. The ConocoPhillips exploration and
production technology organization will be based in Houston.
The strategic repositioning of ConocoPhillips is expected to be
completed in the second quarter of 2012. The company is making progress
on the regulatory steps needed to complete the repositioning
transaction. The preliminary Securities and Exchange Commission Form 10
will be filed the week of November 14.
ConocoPhillips′ repositioning is subject to market conditions, customary
regulatory approvals, the receipt of an affirmative ruling from the U.S.
Internal Revenue Service, the execution of separation and intercompany
agreements and final board approval. For more information on
ConocoPhillips′ repositioning click
here.
ConocoPhillips is an integrated energy company with interests around the
world. Headquartered in Houston, the company had approximately 29,700
employees, $155 billion of assets, and $247 billion of annualized
revenues as of September 30, 2011. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE 'SAFE HARBOR' PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of our
operations or operating results. In many cases you can identify
forward-looking statements by terminology such as 'anticipate,'
'estimate,' 'believe,' 'continue,' 'could,' 'intend,' 'may,' 'plan,'
'potential,' 'predict,' 'should,' 'will,' 'expect,' 'objective,'
'projection,' 'forecast,' 'goal,' 'guidance,' 'outlook,' 'effort,'
'target' and other similar words. However, the absence of these words
does not mean that the statements are not forward-looking. Where, in any
forward-looking statement, the company expresses an expectation or
belief as to future results, such expectation or belief is expressed in
good faith and believed to have a reasonable basis. However, there can
be no assurance that such expectation or belief will result or be
achieved. The actual results of operations can and will be affected by a
variety of risks and other matters including, but not limited to,
changes in commodity prices and refining and marketing margins; changes
in expected levels of oil and gas reserves or production; operating
hazards, drilling risks, unsuccessful exploratory activities;
difficulties in developing new products and manufacturing processes;
unexpected cost increases or difficulties maintaining or improving
company manufacturing or refining facilities; unexpected difficulties in
manufacturing, transporting or refining synthetic crude oil;
international monetary conditions; potential liability for remedial
actions under existing or future environmental regulations; potential
liability resulting from pending or future litigation; limited access to
capital or significantly higher cost of capital related to illiquidity
or uncertainty in the domestic or international financial markets; and
general domestic and international economic and political conditions; as
well as changes in tax, environmental and other laws applicable to our
business. Other factors that could cause actual results to differ
materially from those described in the forward-looking statements
include other economic, business, competitive and/or regulatory factors
affecting our business generally as set forth in our filings with the
Securities and Exchange Commission (SEC). Unless legally required,
ConocoPhillips undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
ConocoPhillips
John Roper, 281-293-2073 (media)
john.roper@conocophillips.com
or
Clayton
Reasor, 212-207-1996 (investors)
c.c.reasor@conocophillips.com
