Conoco's Downstream Business to Fly Solo

摘要

ConocoPhillips is shaking things up again. This time, the third-largest US integrated oil company has announced that it will split itself into two distinct upstream and downstream firms next year. Conoco said Thursday that it is launchin a tax-free spinoff that would create a new company comprised of its existing refining and marketing business as well as a host of midstream assets. Such a move follows a similar demerger process that Marathon Oil completed just two weeks ago.