CONOCO AND PHILLIPS COMBINE AFTER AGREEING TO SELL SOME DOWNSTREAM ASSETS

Hart's Petroleum Finance Week, September, 2002

In a Labor Day Weekend surprise, Conoco Inc. and Phillips Petroleum Co. closed their long-awaited, multibillion-dollar merger, which was first announced about nine months ago. The deal creates the third-largest integrated energy company in the United States and the sixth-largest publicly held energy company in the world, based on net proved reserves of 8.7 billion barrels of oil equivalent (boe) and daily oil and natural gas production of 1.7 million boe.

The common stock of the new Conoco Phillips began trading Sept. 3 on the New York Stock Exchange under the ticker symbol COP, opening at $52.58 per share. It closed the day at $52.70. Each share of old Phillips stock was converted into a share of COP, and each share of Conoco was converted to 0.4677 of COP.

The...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.