HOUSTON May 1 ConocoPhillips on Tuesday
completed the spinoff of Phillips 66, its refining,
marketing, chemicals and transportation arm, creating the newest
independent U.S. refiner.
Phillips 66 aims to focus on growth in its midstream and
chemical segments, more than double shale oil run at its
refineries to 460,000 barrels per day and double refined product
exports to 200,000 barrels per day within two years.
The spinoff completion came a day after ConocoPhillips
agreed to sell its 185,000 barrel-per-day (bpd) refinery in
Trainer, Pennsylvania, to Delta Air Lines Inc for $150
million. The deal is expected to close in the
first half of 2012.
Phillips 66 also is marketing its 247,000 bpd Alliance
refinery in Belle Chasse, Louisiana. Including Trainer, the
company owns or has an interest in 11 U.S. refineries, three in
Europe and one in Asia.