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Oil and Gas Energy News Update

Thursday, July 14, 2011

ConocoPhillips to Split Into Two Next Year

- ConocoPhillips to Split Into Two Next Year

Jul 14, 2011

ConocoPhillips (NYSE:COP) announced Thursday that it will be splitting into two companies. The division should take place sometime in the first half of 2012.

James J. Mulva, the ConocoPhillips chairman and chief executive, said in a statement, "We have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies."

ConocoPhillips has a potential upside of 13.4% based on a current price of $74.4 and an average consensus analyst price target of $84.38.

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