Antitrust Nod For Phillips Conoco Deal Close; Some Painless

Oil Daily, The, August, 2002

Antitrust Nod For Phillips Conoco Deal Close; Some Painless Divestments Likely

Antitrust officials appear to be on the verge of giving the green light to the proposed merger between integrated oil companies Phillips and Conoco, but most likely will require the sale of some downstream assets -- mainly owned by Phillips -- located in the Padd 4 (Rocky Mountains) states of Colorado, Utah, and Wyoming.

Last November Phillips announced "a merger of equals" with Conoco in a $15.2 billion deal, creating a US major oil company that would also be the largest refiner in the country with refining capacity of 2.2 million barrels per day (OD Nov.20,p1).

And the Federal Trade Commission (FTC) is ready to give the stamp of approval within weeks, in line with...