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Summer 2002 (10.2)
Page
76
Business and Opportunities
Another
Merger - Conoco and Phillips
Conoco and Phillips Petroleum Company have agreed to a merger
of the two companies, which will create the third-largest U.S.-based
energy company. The new company, ConocoPhillips, will be the
sixth-largest company in the world based on reserves and the
fifth-largest global refiner.
The new company will be headquartered at Conoco's current location
in Houston. Conoco Chairman and CEO Archie Dunham will serve
as Chairman of ConocoPhillips, and Jim Mulva, Phillips Chairman
and CEO, will be President and CEO of the combined company.
The merger is expected to be completed in the second half of
2002, following the customary regulatory approvals. Shareholder
approval was obtained on March 12, 2002.
"With a very strong balance sheet, more capital for upstream
investment, and greater operational efficiency downstream, ConocoPhillips
will be a tough new competitor to the larger global majors,"
Dunham said.
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