ConocoPhillips to split into two separate companies
New York, NY, United States
July 14, 2011 10:20 am EDT
Economy, Business And Finance, Company Information, Spin-off, Economy, Business And Finance, Energy And Resource, Petrol, Economy, Business And Finance, Business
Multinational oil and gas producer ConocoPhillips on Thursday announced plans to create two separately publicly traded companies by spinning off its refining unit.
Company officials said the plan was part of its focus on creating value for its shareholders.
The refining and marketing arm of the Houston, TX-based oil company will operate separately from its exploration and production sector.
CEO Jim Mulva said he would retire from the company when it completes the split sometime during the first half of 2012. The spin-off will be tax-free to shareholders.
Shares of ConocoPhillips (COP, Fortune 500) jumped 10 percent in pre-market trading on news of the plan.
Copyright © 2011 AHN - All rights reserved.Content including text, photos, videos, audio, graphics and logos may not be used for commercial purposes, reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium without permission and license from AHN.
[ Close ]
When publishing articles from AHN we require that you follow several simple rules and that you abide by our Terms and Conditions.
Use and display the provided article text on a website or blog.
Under the following conditions:
You may not republish the article(s) wholesale, automatically or systematically; articles must be republished individually.
You may not sell license or redistribute the content without specific permission. Email us if you’d like to.
You must display and attribute the article in the manner specified by AHN (but not in any way that suggests that we endorse you or your use of the work).
You may not remove ads, logos or tracking information from the article.
You may display the article on a website, but you may not use the article for any other commercial purposes.
You may not alter, rewrite, transform, or build upon the article.
Copy and paste the following into your blog entry or the HTML on your page. It will automatically deliver the article as the page loads.
<< Return to script page
THE WORK (AS DEFINED BELOW) IS PROVIDED UNDER THE TERMS OF THIS LICENSE ("LICENSE"). THE WORK IS PROTECTED BY COPYRIGHT AND/OR OTHER APPLICABLE
LAW. ANY USE OF THE WORK OTHER THAN AS AUTHORIZED UNDER THIS LICENSE OR COPYRIGHT LAW IS PROHIBITED.
BY EXERCISING ANY RIGHTS TO THE WORK PROVIDED HERE, YOU ACCEPT AND AGREE TO BE BOUND BY THE TERMS OF THIS LICENSE. TO THE EXTENT THIS LICENSE
MAY BE CONSIDERED TO BE A CONTRACT, THE LICENSOR GRANTS YOU THE RIGHTS CONTAINED HERE IN CONSIDERATION OF YOUR ACCEPTANCE OF SUCH TERMS AND
"Collective Work" means a work, such as a periodical issue, anthology or encyclopedia, in which the Work in its entirety in
unmodified form, along with one or more other contributions, constituting separate and independent works in themselves, are assembled into a
collective whole. A work that constitutes a Collective Work will not be considered a Derivative Work (as defined below) for the purposes of this
"Derivative Work" means a work based upon the Work or upon the Work and other pre-existing works, such as a translation,
musical arrangement, dramatization, fictionalization, motion picture version, sound recording, art reproduction, abridgment, condensation, or any
other form in which the Work may be recast, transformed, or adapted, except that a work that constitutes a Collective Work will not be considered a
Derivative Work for the purpose of this License. For the avoidance of doubt, where the Work is a musical composition or sound recording, the
synchronization of the Work in timed-relation with a moving image ("synching") will be considered a Derivative Work for the purpose of this License.
"Licensor" means the individual, individuals, entity or entities that offers the Work under the terms of this License.
"Original Author" means the individual, individuals, entity or entities who created the Work.
"Work" means the copyrightable work of authorship offered under the terms of this License.
"You" means an individual or entity exercising rights under this License who has not previously violated the terms of this
License with respect to the Work, or who has received express permission from the Licensor to exercise rights under this License despite a previous
2. Fair Use Rights. Nothing in this license is intended to reduce, limit, or restrict any rights arising from fair use, first
sale or other limitations on the exclusive rights of the copyright owner under copyright law or other applicable laws.
3. License Grant. Subject to the terms and conditions of this License, Licensor hereby grants You a worldwide, non-exclusive,
revocable (for the duration of the applicable copyright) license to exercise the rights in the Work as stated below:
to reproduce the Work, to incorporate the Work into one or more Collective Works;
The above rights may be exercised on freely and openly accessible web media formats . The above rights include the right to make such
modifications as are technically necessary to exercise the rights in other media and formats, but otherwise you have no rights to make any alterations
or Derivative Works. All rights not expressly granted by Licensor are hereby reserved, including but not limited to the rights set forth in
Sections 4(d) and 4(e).
4. Restrictions.The license granted in Section 3 above is expressly made subject to and limited by the following restrictions:
You may publicly display the Work only under the terms of this License, and You must include a copy of, or the Uniform Resource Identifier
for, this License with every copy of the Work You publicly display. You may not offer or impose any terms on the Work that restrict the terms of this
License or the ability of a recipient of the Work to exercise the rights granted to that recipient under the terms of the License. You may not
sublicense the Work. You must keep intact all notices that refer to this License and to the disclaimer of warranties. When You publicly display the
Work, You may not impose any technological measures on the Work that restrict the ability of a recipient of the Work from You to exercise the rights
granted to that recipient under the terms of the License. This Section 4(a) applies to the Work as incorporated in a Collective Work, but this does
not require the Collective Work apart from the Work itself to be made subject to the terms of this License. If You create a Collective Work, upon
notice from any Licensor You must, to the extent practicable, remove from the Collective Work any credit as required by Section 4(c), as demanded.
You may not exercise any of the rights granted to You in Section 3 above in any manner that is primarily intended for or directed toward
commercial advantage or private monetary compensation. The exchange of the Work for other copyrighted works by means of digital file-sharing or
otherwise shall not be considered to be intended for or directed toward commercial advantage or private monetary compensation, provided there is no
payment of any monetary compensation in connection with the exchange of copyrighted works.
If You publicly display the Work (as defined in Section 1 above) or Collective Works (as defined in Section 1 above), You must, unless a
request has been made pursuant to Section 4(a), keep intact all copyright notices for the Work and provide, reasonable to the medium or means You are
utilizing: (i) the name of the Original Author (or pseudonym, if applicable) if supplied, and/or (ii) if the Original Author and/or Licensor
designate another party or parties (e.g. a sponsor institute, publishing entity, journal) for attribution ("Attribution Parties") in Licensor's
copyright notice, terms of service or by other reasonable means, the name of such party or parties; the title of the Work if supplied; to the extent
reasonably practicable, the Uniform Resource Identifier, if any, that Licensor specifies to be associated with the Work, unless such URI does not
refer to the copyright notice or licensing information for the Work. The credit required by this Section 4(c) may be implemented in any reasonable
manner; provided, however, that in the case of a Collective Work, at a minimum such credit will appear, if a credit for all contributing authors of
the Collective Work appears, then as part of these credits and in a manner at least as prominent as the credits for the other contributing authors.
For the avoidance of doubt, You may only use the credit required by this clause for the purpose of attribution in the manner set out above and, by
exercising Your rights under this License, You may not implicitly or explicitly assert or imply any connection with, sponsorship or endorsement by
the Original Author, Licensor and/or Attribution Parties, as appropriate, of You or Your use of the Work, without the separate, express prior written
permission of the Original Author, Licensor and/or Attribution Parties.
5. Representations, Warranties and Disclaimer
UNLESS OTHERWISE MUTUALLY AGREED TO BY THE PARTIES IN WRITING, LICENSOR OFFERS THE WORK AS-IS AND ONLY TO THE EXTENT OF ANY
RIGHTS HELD IN THE LICENSED WORK BY THE LICENSOR. THE LICENSOR MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE WORK, EXPRESS,
IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, MARKETABILITY, MERCHANTIBILITY, FITNESS FOR A PARTICULAR PURPOSE,
NONINFRINGEMENT, OR THE ABSENCE OF LATENT OR OTHER DEFECTS, ACCURACY, OR THE PRESENCE OF ABSENCE OF ERRORS, WHETHER OR NOT DISCOVERABLE. SOME
JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO SUCH EXCLUSION MAY NOT APPLY TO YOU.
6. Limitation on Liability.
EXCEPT TO THE EXTENT REQUIRED BY APPLICABLE LAW, IN NO EVENT WILL LICENSOR BE LIABLE TO YOU ON ANY
LEGAL THEORY FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES ARISING OUT OF THIS LICENSE OR THE USE OF THE WORK, EVEN IF
LICENSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
This License and the rights granted hereunder will terminate automatically upon any breach by You of the terms of this License. Individuals
or entities who have received Collective Works (as defined in Section 1 above) from You under this License, however, will not have their licenses
terminated provided such individuals or entities remain in full compliance with those licenses. Sections 1, 2, 5, 6, 7, and 8 will survive any
termination of this License.
Subject to the above terms and conditions, the license granted here is perpetual (for the duration of the applicable copyright in the Work).
Notwithstanding the above, Licensor reserves the right to release the Work under different license terms or to stop distributing the Work at any
time; provided, however that any such election will not serve to withdraw this License (or any other license that has been, or is required to be,
granted under the terms of this License), and this License will continue in full force and effect unless terminated as stated above.
Each time You distribute or publicly digitally perform the Work (as defined in Section 1 above) or a Collective Work (as defined in Section
1 above), the Licensor offers to the recipient a license to the Work on the same terms and conditions as the license granted to You under this
If any provision of this License is invalid or unenforceable under applicable law, it shall not affect the validity or enforceability of the
remainder of the terms of this License, and without further action by the parties to this agreement, such provision shall be reformed to the minimum
extent necessary to make such provision valid and enforceable.
No term or provision of this License shall be deemed waived and no breach consented to unless such waiver or consent shall be in writing and
signed by the party to be charged with such waiver or consent.
This License constitutes the entire agreement between the parties with respect to the Work licensed here. There are no understandings,
agreements or representations with respect to the Work not specified here. Licensor shall not be bound by any additional provisions that may appear
in any communication from You. This License may not be modified without the mutual written agreement of the Licensor and You.
There are no third-party beneficiaries to this Licesnse.
You waive any right to jury trial in connection with any action or litigation in any way arising out of or related to this License. You
agree to pay all reasonable attorney fees and other costs incurred by Your breach of this license.
This agreement will be governed and construed in accordance with the laws of
the State of Florida without regard to its conflicts of law provisions. You agree to submit to the personal jurisdiction of the state and
federal courts located in Palm Beach County in the State of Florida, and any cause of action which arise from use of this web site or from
interpretation of these terms and conditions must be filed in the state and federal courts located in Palm Beach County, State of Florida. If
any provision of this agreement shall be unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from this
agreement and shall not affect the validity and enforceability of any remaining provisions. Any remaining provisions shall be given effect to
the fullest extent possible.
Need more news? visit FeedSyndicate for all of your content needs
This is a BETA service and subject to change or cancellation.
Most Popular Stories
CBS analyst David Feherty joins The Golf Channel
Scarlett Johansson hurt by soon-to-be ex-husband Ryan Reynold's rumored romance with Sandra Bullock
Cuba registering first lung cancer vaccine in South America
Drug cartel murders hurting Acapulco's tourist industry
Britney Spears Single "Hold It Against Me" #1 On iTunes Everywhere
Tom Cruise, Katie Holmes to skip Oscars because of Anne Hathaway
Mass turtle dove death linked to overeating, indigestion
Owen Wilson and girlfriend Jade Duell expecting a baby
LSU football coach Les Miles mulls Michigan move, returns to Tigers
Study links prescription drugs with violent behavior
Most Popular Comments
[ CLOSE ]
[ CLOSE ]
[ CLOSE ]
[ CLOSE ]
Submit News |
Contact Us |
News and Content Feeds |
Follow AHN on Twitter
AHN Social News connects you with friends and the news
© 2011 AHN All Rights Reserved | Hosted on the NewsBahn™
Other News on Thursday, 14 July 2011
Syrian military kills four in renewed assaults
Beyonce's "4" spends week two at #1 on Billboard albums chart
Irish Catholic Church concealed child abuse in 1990s
Brazil plane crashes after take-off, 16 dead
Bancroft Family Members Express Regrets at Selling Wall Street Journal to Murdoch
Yemeni security forces, opposition clash in Taiz
Egypt sacks 700 Mubarak-era policemen
European Commission proposes changes to counting fish quotas
Monfils, Montanes ousted in Stuttgart; Monaco wins Bastad openers
France plans to continue military campaign in Libya
Congressmen berate TSA for airport security lapses and high costs
Arnold Schwarzenegger lines up first post-scandal role
Afghan terrorists kill 5 French soldiers following Sarkozys visit
Rising health care curve won't bend, even for Obama
Netflix price rise draws user ire, investor glee
Exclusive: China Telecom plans iPhone launch near year-end
Ted Danson joins CSI after Fishburne exit
Sister Wives family to challenge Utah polygamy laws
No warnings, clues in deadly triple Mumbai blasts
Analysis: Thai PM-elect survives noodlegate but threats loom
Syrian military kills four in renewed assaults
French writer denies pressured into DSK complaint
Magic of '99 continues for U.S. women: topple France to book spot in finals
Indians return from All-Star Game with great experience
New York man arrested for dismembering missing Jewish boy
China calls on world to normalize ties with Sudan
An AWKward Relationship: The U.S. and Its Ties to Hamid Karzai's Half-Brother
Mumbai Attacks Renew Questions About Pakistan's Crackdown on Militants
Secretary Clinton traveling as scheduled, Obama promises support to India
Meet the Mets, fleece the Mets? GM Alderson denies team dumping salaries
Blink-182 set to release new single on Friday
Greenpeace alleges major clothing brands contributing to pollution of China's waterways
Twitter gears up auto-ads for big clients: sources
Netflix price rise draws user ire, investor glee
Google margins and new social product in spotlight
Royalty payments dog Pandora's Westergren
Three Glee stars to graduate from TV show
Harry Potter seeks box office magic one last time
George Harrison documentary to get Oct debut on HBO
LMFAO keeps party rocking at #1 on Billboard Hot 100
Special report: How fuel smuggling keeps Gaddafi machine running
Arabs to seek full Palestinian upgrade at U.N.: draft
JP Morgan Chase Q2 profits up 13%
Atheists sue to block Texas governor from promoting Christian prayer rally
Libya rebels regroup but battle exposes weakness
Great Dane! Thomas Bjorn leads Open Championship with dream round
Miranda Kerr names baby with Orlando Bloom after late ex-boyfriend
Turban suicide bomber kills Afghan cleric, four others
Survey reveals gaps in HIV programming for gay men
'Mad Men,' 'Mildred Pierce' lead Emmy nominations
In West Bank, settler violence seen on the rise
Syrian revolution gets Islamic seal of approval
ConocoPhillips to split into two separate companies
Analysis: Saleh's vow to return fragments chaotic Yemen
Iraqi lawmakers irked by manipulated manual voting
Putin flies in to mourn as 20 still missing from boat
Mummy Dearest: Ancient Egypts embalmed animals back in favor
Apple pays S.Korean user compensation over iPhone tracking
U.S. and China face vast divide on cyber issues
WikiLeaks files complaint over Visa and Mastercard
China's Alibaba.com in deal with Western Union for AliExpress
Navy to help climate scientists in pirate-infested waters
No link seen between cellphones, brain tumor
Mad Men, Modern Family to defend Emmy wins
Sapphire's The Kid won't get Hollywood treatment
Montreux fetes Miles Davis with soundtrack to his life
Snape voted greatest Potter character in MTV poll
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights