ConocoPhillips Pursuing Plan to Separate Into Two Stand-Alone, Publicly Traded Companies

Consistent with ConocoPhillips previously stated strategies and focus on value creation for its shareholders, ConocoPhillips board of directors has approved pursuing the separation of the companys Refining & Marketing and Exploration & Production businesses into two stand-alone, publicly traded corporations via a tax-free spin of the refining and marketing business to ConocoPhillips (COP) shareholders. ... Consistent with our strategy to create industry-leading shareholder value, we have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies, said Jim Mulva, chairman and chief executive officer. Both companies will continue to benefit from the size and scale of their significant high-quality asset bases and free cash flow generation, allowing them to invest and create shareholder value in a changing environment. [Ummmmm....]