ConocoPhillips to split refining and oil production businessesConocoPhillips

ConocoPhillips is splitting its refining and oil and gas and production businesses into two publicly traded companies. Jim Mulva, ConocoPhillips CEO, said the company will announce the new CEOs for the new companies later this year. “We came to the conclusion that [the split] was the best way to create value to our shareholders,” Mulva said. He said ConocoPhillips plans to increase its presence in deep water areas such as the Gulf of Mexico by acquiring assets in that area while selling non-core assets, including low margin refining operations. Mulva is expected to retire once the two new companies are in place. Mulva was responsible for the original merger between Conoco and Phillips Petroleum that created ConocoPhillips. The two new companies will produce the largest independent U.S. oil and gas producer. (July 15, 2011)