ConocoPhillips will split itself into two by spinning off its refining and marketing operation, the oil giant said on July 14. With the move, ConocoPhillips becomes the first of the so-called super majors to shift away from the strategy that caused the industry to consolidate into a handful of players with global reach in the oil and gas production and oil products businesses.
Over the past two years, ConocoPhillips has embarked on a massive portfolio shift to sell assets and reduce its debt load. It is the third-largest integrated US oil company, and the smallest of a peer group that includes Exxon Mobil, Royal Dutch Shell, Chevron, BP Plc and Total SA.
Conoco's 2002 purchase of peer Phillips was among the last of the mega mergers that began in 1998 when BP bought Amoco. Houston-based ConocoPhillips said it expected to complete the separation in the first half of 2012.
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