TULSA, Okla. — A massive merger between Phillips Petroleum and Conoco will result in the companies forming the third largest integrated oil company in the U.S.
The newly-formed company — called ConocoPhillips — will control more than $60 billion in assets after the deal closes in the second half of 2002 (provided shareholders approve the move).
Plans are to house the head offices in Houston while keeping a presence in Bartlesville, where Phillips currently employs 2,400 people.
“This is really a growth story for Conoco and Phillips,” Conoco chairman Archie Dunham tells local media. “We think this is the best way to create long-term and short term value for our shareholders.”
The end result of the deal is that ConocoPhillips will now be the fifth largest refiner in the world and the third largest oil and gas producer in the U.S. The companies expect to save at least $750 million each year as a result of the merger.
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