The ConocoPhillips board of directors voted last week to separate its downstream refining and marketing divisions (including lubricants) from its upstream exploration and production divisions. The upstream portion of the company will retain the ConocoPhillips name and headquarters. The company has not yet announced what the knew company will be called or where it will be headquartered, though the company does expect to have the spin-off completed by mid-2012.
Currently, ConocoPhillips markets lubricants under the 76, Conoco, Kendall and Phillips 66 brands. No word on whether the new company will continue to do so or attempt to consolidate under a new brand identity (Kendall perhaps?).
(This post written while listening to “Rio” by Duran Duran.)