ConocoPhillips said it would spin off its refining and marketing arm into a new business, following Marathon Oil Corp. in splitting itself up to increase returns for investors.
The company will split into two stand-alone, publicly traded operations. The division is expected to be completed in the first half of 2012, the Houston-based company said in a statement today.
ConocoPhillips rose 3.5 percent in premarket trading in New York.
Marathon Petroleum Corp., Marathon’s former refining business, debuted on the New York Stock Exchange this month. Marathon rose as much as 11 percent on the day the demerger was announced.
After the split is completed next year, Conoco Chief Executive Officer Jim Mulva will retire, the company said.
Extracted from Bloomberg.com