ConocoPhillips to finalize spinoff deal in 2012

09/8/2011 | Wall Street Journal, The

The spinoff of ConocoPhillips' refining unit will be finalized in the second quarter of 2012, the company said. The new refining entity is projected to have a budget of up to $2.5 billion annually from 2013 to 2015 and would concentrate on expanding its chemical, storage and pipelines businesses, said Jim Mulva, chairman and CEO of ConocoPhillips. The company intends to continue divesting exploration and production properties as part of a reorganization plan.

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