InPlay: COP Approves Spin-Off of Phillips 66; Effective April 16, 2012 -- One Share PSX For Every Two Shares COP

ConocoPhillips' Board of Directors approves spin-off of Phillips 66: Co announced that its board of directors has given final approval for the spin-off of its downstream businesses. The resulting upstream company will keep the ConocoPhillips name and will be led by Chairman and CEO Ryan Lance. The downstream company, led by Chairman and CEO Greg Garland, will be known as Phillips 66. Both companies will be headquartered in Houston. The two new companies will be separated through the distribution of shares of Phillips 66 to holders of ConocoPhillips common stock. ConocoPhillips shareholders will receive one share of Phillips 66 common stock for every two shares of ConocoPhillips common stock held at the close of business on the record date of April 16, 2012. Following the distribution of Phillips 66 common stock, Phillips 66 will be an independent, publicly traded company, and ConocoPhillips will retain no ownership interest. Phillips 66 has received approval for the listing of its common stock on NYSE under the symbol 'PSX'. In anticipation of this trading, the company will issue a first-quarter interim update to provide investors with an update on the company as well as market and operating conditions experienced during the first quarter of 2012.