ConocoPhillips Completes Spin-off of Refining Business
ConocoPhillips completed the spin-off of Phillips 66, its refining, marketing, chemicals and transportation arm, creating the newest independent U.S. refiner.
Phillips 66 aims to focus on growth in its midstream and chemical segments, more than double shale oil run at its refineries to 460,000 barrels per day and double refined product exports to 200,000 barrels per day within two years.
The spin-off completion came a day after ConocoPhillips agreed to sell its 185,000 barrel-per-day (bpd) refinery in Trainer, Pennsylvania, to Delta Air Lines for $150 million. The deal is expected to close in the first half of 2012.
Phillips 66 also is marketing its 247,000 bpd Alliance refinery in Belle Chasse, Louisiana. Including Trainer, the company owns or has an interest in 11 U.S. refineries, three in Europe and one in Asia.