ConocoPhillips Company

ConocoPhillips Company (NYSE: COP) is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States. It is also one of the Fortune 500 companies and 22nd on Forbes Global 2000.ConocoPhillips is the fifth largest private sector energy corporation in the world and is one of the six "supermajor" vertically integrated oil companies. It sells fuel under the Conoco,Phillips 66 and Union 76 brands in North America, and Jet in Europe. ConocoPhillips was created through the merger of Conoco Inc. and the Phillips Petroleum Company on August 30, 2002.

ConocoPhillips employs approximately 29,600 people worldwide in nearly 40 countries. ConocoPhillips is the second-largest refiner in the United States, with crude oil processing capacity of approximately 2.0 MMBD; and the world’s fourth-largest nongovernment-controlled refiner, with crude oil processing capacity of nearly 2.7 MMBD globally.

History

Conoco Inc. was an American oil company founded in 1875 as the Continental Oil and Transportation Company. Based in Ogden, Utah, the company was a coal, oil, kerosene, grease and candles distributor in the West. Marland Oil Company (founded by exploration pioneer E. W. Marland) later acquired the assets (subject to liabilities) of Continental Oil Company, for a consideration of 2,317,266 shares of stock. On June 26, 1929, Marland Oil changed its name to Continental Oil Company and moved its headquarters to Ponca City, Oklahoma. The acquisition gave Conoco the red bar-and-triangle logo previously used by Marland. Conoco used the logo between 1930 and 1970, when the current red capsule logo was adopted.

Numerous state corporation filings are identified "Continental Oil Company" and "Continental Oil Corp." and "Continental Oil Company of Texas" as recorded with the Texas Secretary of State and Delaware Secretary of State. Merger of San Jacinto Petroleum Corp. and Continental Oil Corporation is recorded in 1964 with Delaware Secretary of State.

In 2005, ConocoPhillips began rebranding its (Union) 76 gas stations, which Phillips had acquired from Tosco Corporation before the merger with Conoco. The move prompted a petition campaign by fans hoping to save the historic 76 orange ball signage. On January 20, 2007, a Wall Street Journal article on the petition campaign included a statement from ConocoPhillips that it was changing course and would save several dozen orange and blue 76 balls to give to museums. The company also announced that it would fabricate about 100 new 76 ball signs in the ConocoPhillips color scheme of red and blue, to be placed at select 76 stations.

In March 2006, ConocoPhillips bought Wilhelmshavener Raffineriegesellschaft mbH in Germany, and Burlington Resources in the United States.

On May 10, 2006, Richard Armitage, former deputy-secretary of the U.S. State Department, was elected to the board of directors of the ConocoPhillips oil company.

In 2007 the Chevron Corporation purchased all of the Conoco gas stations in Mississippi to the Texaco brand, a process to be completed by the end of the year.

In late 2009 the company announced asset sales to increase investor returns. Included are debt reduction and stock buy back. In march 2011 the program was enlarged up to $10 billion assets sales in the next two years.

ConocoPhillips intends to implement a floating liquefied natural gas facility by 2016-2019, and has completed quantitative risk analysis of a design that will undergo pre-feed study in 2011.

On July 14, 2011, ConocoPhillips announced its intent to separate the company’s upstream and downstream businesses into two stand-alone, publicly traded corporations, with the intent of maximizing shareholder value. Following the separation, ConocoPhillips will be a large and geographically diverse exploration and production company with a diversified portfolio, and sufficient size and scale to compete globally. Refining and marketing will be done by the independent Downstream Company. The separation of the companies is expected to be complete in the second quarter of 2012.

On November 10, 2011 -   ConocoPhillips [NYSE:COP] announced that the new independent downstream company created through its previously announced strategic repositioning will be named Phillips 66 and will be headquartered in Houston. Phillips 66 will have leading businesses in refining, marketing, midstream and chemicals.

Net income $11.358 billion(2011)