Conoco and Phillips to merge

Conoco Inc. and Phillips Petroleum Company have signed a merger agreement. The new
Company, to be called ConocoPhillips, will be the third-largest integrated US energy company based on market capitalisation and oil and gas reserves and production. Worldwide, it will be the sixth-largest energy company based on hydrocarbon reserves and the fifth-largest global refiner. Advantages of the merger are considered to include substantial growth opportunities, world-class technology, workforce and operational practices, and significant opportunity to enhance its exploration portfolio.
chief executive officer, will be president and chief executive officer of the combined company, and also become chairman upon Mr Dunham’s retirement. The ConocoPhillips board of directors will consist of 16 directors, eight designated by each of the two companies, including Mr Dunham and Mr Mulva. ConocoPhillips will be headquartered in Houston, with a significant and continuing presence in Bartlesville and Oklahoma.

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