Jul 15, 2011
ConocoPhillips' (NYSE:COP) CEO Jim Mulva is abandoning a decade-long effort to compete with the world's biggest refiners, according to a Bloomberg report, amid a growing glut of plants that are crude-processing.
The company plans to spin off its refining business to focus on upstream projects such as drilling for crude and natural gas in Texas, Norway, China and the U.K.
Mulva plans to retire when the spinoff is complete.
ConocoPhillips has a potential upside of 10.5% based on a current price of $76.37 and an average consensus analyst price target of $84.38.
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