Fuels

Phillips 66 Rises Again

ConocoPhillips' downstream spinoff will revive storied name

HOUSTON -- Although the brand has never gone away, the company name Phillips--as in Phillips Petroleum Co.--was absorbed a decade ago into what has become ConocoPhillips. Now ConocoPhillips said that the new independent downstream company created through its previously announced strategic repositioning will be named Phillips 66 Co.

With headquarters in Houston, Phillips 66--with a history that goes all the way back to petroleum industry "birthplace," Bartlesville, Okla., in 1917--will be a leading independent company with refining, marketing, midstream and chemicals businesses operating across the globe. The consumer-facing marketing businesses of ConocoPhillips will transfer to Phillips 66 and continue to operate under the brands Phillips 66, Conoco, 76 and JET, as well as other specialty brands.

ConocoPhillips doesn't own any gas stations, but about 8,300 stations operate under its brands.

"Phillips 66 has strong brand recognition and value and it provides a link between our rich history and our exciting future," said Greg Garland, designated chairman and chief executive officer of Phillips 66. "Our name reflects an independent spirit and drive--two attributes of our future company."

The specific location in Houston for the Phillips 66 headquarters will be announced at a later date.

"Our decision to make Houston our global headquarters leverages the city's supportive business environment and strong economic climate," Garland said. "Houston is a major energy center and Phillips 66 will benefit from its ability to attract the top business and technical talent in the field."

On July 14, ConocoPhillips announced its intent to reposition the company's exploration and production and downstream businesses into two standalone, publicly traded corporations.

ConocoPhillips, which will be a pure-play exploration and production company after the repositioning, will continue to be headquartered in Houston at the existing ConocoPhillips facility.

Both companies will maintain a significant presence in Oklahoma, where ConocoPhillips was founded, and support a large number of jobs in the state. Bartlesville will be the global center for the Phillips 66 technology organization as well as the transaction services organizations for both companies. The ConocoPhillips exploration and production technology organization will be based in Houston.

As reported in a Morgan Keegan/CSP Daily News Flash yesterday, The strategic repositioning of ConocoPhillips is expected to be completed in second-quarter 2012. The company is making progress on the regulatory steps needed to complete the repositioning transaction. The preliminary Securities & Exchange Commission (SEC) Form 10 will be filed the week of November 14.

ConocoPhillips' repositioning is subject to market conditions, customary regulatory approvals, the receipt of an affirmative ruling from the U.S. Internal Revenue Service (IRS), the execution of separation and intercompany agreements and final board approval.

For more information on ConocoPhillips' repositioning click here.

The company recently launched a new Phillips 66 website: www.phillips66.com.

Phillips Petroleum Co. was founded in 1917 by L.E. Phillips and Frank Phillips in Bartlesville. According to the company's website, in 1927, during a test drive on Route 66 of a newly developed high-octane gasoline, the vehicle reached a cruising speed of 66 mph. The new fuel was named Phillips 66.

Also in 1927, Phillips began marketing gasoline through the first of more than 10,000 gas stations. The first Phillips 66 service station opened November 19, 1927, in Wichita, Kansas.

In 1952, Phillips began expanding the company's marketing beyond the Midwest by opening Phillips 66 stations in Texas and Louisiana.

Phillips acquired major refiner-marketer Tosco Corp.-- which included Circle K convenience stores and Union 76 gasoline--in 2001. Phillips and Conoco Inc. agreed to merge in November 2001. The merger, completed in August 2002, created the sixth-largest publicly traded oil company in the world and the third-largest in the United States. ConocoPhillips licenses the Phillips 66 brand to Suncor Energy for its Phillips 66-branded stations in Colorado.

Click here to for more details on the company's history. And click here to view a pictorial timeline of the company.

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,700 employees, $155 billion of assets, and $247 billion of annualized revenues as of September 30, 2011.

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