Conoco says refining co will be Phillips 66

Thu Nov 10, 2011 8:12pm GMT
 

* Spun-off refining company will be Phillips 66

* Headquarters to be in Houston

HOUSTON Nov 10 (Reuters) - ConocoPhillips's spun-off refining arm will remain headquartered in Houston and go by the name of Phillips 66, the company said on Thursday.

In July, the company announced plans to split and create the top U.S. independent refining and exploration and production companies by mid-2012.

The exploration arm will retain the ConocoPhillips name as well as the integrated company's current headquarters. The refining company, which also will include midstream, chemical and marketing divisions, will be in another location that has yet to be announced.

The Phillips 66 name has been among the company's most-recognized brands for decades, first with Phillips Petroleum and then ConocoPhillips after its merger with Conoco in 2002.

The first Phillips 66 gasoline station opened in 1927 in Wichita, Kansas. The same year the company acquired its first refinery near Borger, Texas, which is now a 146,000 barrel-per-day (bpd) plant co-owned with Canada's Cenovus .

The refining company owns 11 plants outright in addition to the Borger plant and a second co-owned with Cenovus. In September the company idled its 185,000 bpd Trainer, Pennsylvania, refinery in the struggling East Coast market in hopes of selling it.

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