Tuesday, March 20, 2012

A new Houston HOME for Phillips 66 after split with Conoco

Phillips 66 will build a brand new home in Houston once its split from ConocoPhillips (NYSE: COP) is complete.
The new headquarters of refining and marketing spin-off company Phillips 66 will be near Interstate 10 and Beltway 8, within 10 miles of ConocoPhillips' current Dairy Ashford location, according to an email sent to employees Tuesday and quoted in the Swamplot blog.
During the two- to three-year construction period on the new facility, Phillips 66 employees will be located in temporary locations in the company’s current space in Westlake Park office buildings and an unidentified building in the Westchase area. ConocoPhillips employees in those locations will relocate back to the Dairy Ashford complex.
ConocoPhillips was not immediately available for comment on the report.
Last July, Houston-based ConocoPhillips said it would split itself into two publicly traded companies, separating its exploration and production unit from the refining and marketing segment in a tax-free transaction. The split is expected to be complete this summer .

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