Reuters: Most Read Articles: ConocoPhillips completes spinoff of refining business

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ConocoPhillips completes spinoff of refining business May 1st 2012, 14:02 Tweet Share this Email Print Related News Delta buys refinery, first airline to make own fuel Mon, Apr 30 2012 Exxon Mobil shuts Louisiana oil pipeline after leak Mon, Apr 30 2012 UPDATE 5-Energy Transfer Partners to buy Sunoco for $5.35 bln Mon, Apr 30 2012 LyondellBasell revenue misses, profit drops Mon, Apr 30 2012 Chevron profit rises 4 percent despite output decline Fri, Apr 27 2012 Related Topics Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » A Conoco Phillips gas station in Boulder, Colorado January 24, 2007. Credit: Reuters/Rick Wilking HOUSTON | Tue May 1, 2012 10:02am EDT HOUSTON (Reuters) - ConocoPhillips (COP.N) on Tuesday completed the spinoff of Phillips 66, (PSX.N) 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 spinoff completion came a day after ConocoPhillips agreed to sell its 185,000 barrel-per-day (bpd) refinery in Trainer, Pennsylvania, to Delta Air Lines Inc (DAL.N) for $150 million. <ID:L1E8FUED7> 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. (Reporting By Kristen Hays; Editing by Gerald E. McCormick) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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