ConocoPhillips (COP.N) will spin off its refining arm in a bid to improve investment returns for shareholders, abandoning the bigger-is-better strategy that drove oil giants into mergers. As an integrated oil major with exploration and production, as well as refining and marketing, ConocoPhillips ranked sixth globally and was often overshadowed by larger rivals such as Exxon Mobil (XOM.N), Royal Dutch Shell (RDSa.L) and Chevron (CVX.N). By splitting the $107 billion Conoco into two, each unit becomes the No.1 pure play in their segments, a move the company hopes will attract new investors and boost market valuations. Shares of Conoco initially jumped 7.5 percent on the news, but those gains faded and the stock closed up only 1.6 percent at $75.61 per share.
ConocoPhillips is an international, integrated energy company. Shares of COP traded higher by 1.63% or $1.21/share to $75.61. In the past year, the shares have traded as low as $48.06 and as high as $81.80. On average, 8350620 shares of COP exchange hands on a given day and today's volume is recorded at 61966920.
Exxon Mobil Corporation (Exxon Mobil) is a manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a range of specialty products. Shares of XOM fell by 0.29% or $-0.24/share to $82.24. In the past year, the shares have traded as low as $55.94 and as high as $88.23. On average, 18796000 shares of XOM exchange hands on a given day and today's volume is recorded at 19413500.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in petroleum operations, chemicals operations, mining operations, power generation and energy services. Shares of CVX fell by 0.4% or $-0.42/share to $104.67. In the past year, the shares have traded as low as $70.96 and as high as $109.94. On average, 7599530 shares of CVX exchange hands on a given day and today's volume is recorded at 7279941.
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