Saying that the investment was led by Ted Weschler or Todd Combs, Warren Buffett told Bloomberg today that Berkshire Hatahway(BRKB) has increased its holdings of Phillips 66(PSX) while continuing to sell former parent ConocoPhillips(COP). Berskhire reduced its holding in ConocoPhillips and bought into “some of the refining operation,” Buffett said in an interview on Bloomberg Television’s “In the… Read More »
On a recent edition of his CNBC show, Mad Money, Jim Cramer, who, it seems, has an opinion on everything, opined on the prospects for ConocoPhillips(COP) and its new progeny, Phillips 66(PSX). Mr. Cramer compared the spin to last year’s similar transaction involving Marathon Oil(MRO), briefly analyzed the two parts, and concluded that the gains have already been… Read More »
After the close of business on April 30, Phillips 66(PSX) will be distributed to shareholders of ConocoPhillips(COP). Phillips 66 will receive refining, marketing, midstream and chemicals businesses from the integrated oil company. ConocoPhillips shareholders will receive 1 share of the new Phillips66 for every 2 shares they own. At the same time, the new Phillips 66 will join… Read More »
We’ve previously discussed the Conoco Phillips(COP) split here and here. James Shell posts at Seeking Alpha his case for buying Conoco Phillips this week. Shell projects that the companies trade at a 5% discount as a result of being combined. Is that enough to justify the split? Does the trend to dismantle vertically integrated oil companies make sense,… Read More »
While speaking at a recent Barclay’s Energy Conference, ConocoPhillips (COP) CEO Jim Mulva provided an update on the company’s broad strategic repositioning plan including some additional details on its upcoming spinoff (see our earlier article on the spin here). The plan is to create a pure-play E&P company (retaining the Conoco name) along with a new downstream company.… Read More »
ConocoPhillips(COP), one of the world’s six “supermajor” oil companies has decided that the benefits to vertical integration are not all they’re cracked up to be. The company announced today that it will be spinning off its refining business in the first half of 2012, leaving it as a pure-play exploration and production business. At the time of the… Read More »