ConocoPhillips' board of directors approves refining-unit spinoff

04/4/2012 | CNBC

The spinoff of ConocoPhillips' refining unit secured final clearance from its board of directors. The oil-production arm will maintain the ConocoPhillips name, while the new refining unit will be called Phillips 66. Greg Garland will become chairman and CEO of Phillips 66; the new ConocoPhillips will be headed by Chairman and CEO Ryan Lance.

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