ConocoPhillips upstream/downstream split does not halt refinery sales

Chemical News: ConocoPhillips upstream/downstream split does not halt refinery sales

https://www.chemnet.com Jul 15,2011 Platts
The split of ConocoPhillips into an upstream and downstream company does not affect refinery sales plans, CEO Jim Mulva said during a conference call Thursday.

"We're not going to delay" selling some less-sophisticated refineries as the company works to create two standalone companies by the first half of 2012, Mulva said.

He said the company had looked off-and-on for years at splitting the integrated company, and the decision to do so was taken as the result of a review that started last fall. The new downstream company will be "strong" and have "positive cashflow," Mulva said.

Decisions on what to do with midstream assets and chemicals joint ventures will be "determined over the next several moonths," Mulva said. He did say, however, that his "initial thought" was that the US Seaway Pipeline would go to the downstream unit while the Trans Alaska Pipeline and pipelines connecting North Sea production would go to the upstream unit.

ConocoPhillips Thursday announced plans to separate its upstream and downstream divisions

Print | add to Favorites | Close