Link here to SeekingAlpha.com.
One share of Phillips 66 (PSX) for two shares of COP.
COP: 4.5% dividend, likely.
PSX: 2.2% dividend, likely.
Annual dividend increases from each company, again likely.
Distribution will occur Monday, April 30, 2012.
The Phillips 66 shares are currently trading at $35.68. The
post-spinoff Conoco is currently trading at $54.52. The combined Conoco
is trading at $72.33. Let's say you owned 100 shares of Conoco, worth
$7,233. Your 50 shares of Phillips 66 would be worth $1,784. Your post
spinoff Conoco shares would be worth $5,452. That equals $7,236 in
total, implying that the "when issued" market is trading at a
negligible premium right now.