ConocoPhillips (COP) to Split into Two Separate Companies; CEO Mulva to Retire
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Price: $64.09 +1.23%
Overall Analyst Rating:
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Dividend Yield: 4.1%
EPS Growth %: -29.7%
Overall Analyst Rating:
NEUTRAL (
Up)Dividend Yield: 4.1%
EPS Growth %: -29.7%
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ConocoPhillips (NYSE: COP) reports it Board has approved pursuing the separation of the company’s Refining & Marketing and Exploration & Production businesses into two stand-alone, publicly traded corporations via a tax-free spin of the refining and marketing business to ConocoPhillips shareholders.
Completion of the move is expected in H112. Current CEO Jim Mulva will retire. Until that point, he will continue to serve as ConocoPhillips’ CEO and lead the separation efforts. The work to determine the detailed allocation of assets and liabilities, the management and governance of the companies, and the mechanics of completing the separation will begin immediately. Further details will be disclosed as they are determined over the next several months.
A shareholder vote will be required to move forward with the split.
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Completion of the move is expected in H112. Current CEO Jim Mulva will retire. Until that point, he will continue to serve as ConocoPhillips’ CEO and lead the separation efforts. The work to determine the detailed allocation of assets and liabilities, the management and governance of the companies, and the mechanics of completing the separation will begin immediately. Further details will be disclosed as they are determined over the next several months.
A shareholder vote will be required to move forward with the split.
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