ConocoPhillips to Split into Two Companies
ConocoPhillips (COP-N) announced today that it will separate into two companies, spinning off its refining arm. The move comes shortly after Marathon Oil (MRO-N) did the same with what is now Marathon Petroleum Corp (MPC-N). COP, the third largest oil company in the US, saw its shares rise as much as 7.5% before it closed the day up 1.6%. Though the deal does not require shareholder approval, today’s price fluctuation calls into question whether current investors will support the split.
This report identifies the current shareholders as well as those of the separate entities before the megamerger in 2002.