ConocoPhillips Resurrects Phillips 66 Name for Spinoff
HOUSTON -- ConocoPhillips is bringing back a name from its past for its future downstream business. The new refining and marketing company will be called Phillips 66 and headquartered in Houston.
ConocoPhillips announced on July 14 that it would create two companies: one that would handle exploration and production and maintain the ConocoPhillips moniker, and a second focused on the downstream businesses of refining and marketing. The downstream business had not been named until now.
Phillips 66 is certainly a familiar name to the American public. "Phillips 66 has strong brand recognition and value, and it provides a link between our rich history and our exciting future," Greg Garland, designated chairman and CEO of Phillips 66, said in a company news release. "Our name reflects an independent spirit and drive -- two attributes of our future company."
An exact location for the Phillips 66 headquarters will be identified at a later date. Although ConocoPhillips also has a significant presence in Oklahoma, where it was founded, Garland said Houston is the best location for Phillips 66 because the city has a supportive business environment and a strong economic climate.
"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," he added.
Once the spinoff is completed, ConocoPhillips will be headquartered at its current Houston location. The company has said on multiple occasions that it expects completion by the second quarter of 2012.