Wachtell Reps ConocoPhillips In Business Split

Law360, New York (July 14, 2011, 4:55 PM EDT) -- Houston-based ConocoPhillips announced Thursday that it would separate the refining and exploration arms of its $226 billion energy business into two publicly traded corporations in order to raise shareholder value and adjust to the changing downstream oil market.

Company executives said in a conference call that their former integrated strategy increased reserves and production, and created competitive returns for shareholders, but that there was greater potential in creating a refining company separate from the exploration business.

“As a separate company, the refining and marketing business of...
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