ConocoPhillips (COP.N) will split itself into two by spinning off its refining and marketing operation, the oil giant said on Thursday, sending its shares up more than 9 percent. With the move, ConocoPhillips becomes the first of the so-called super majors to shift away from the strategy that caused the industry to consolidate into a handful of players with global reach in the oil and gas production and oil products businesses. Over the past two years, ConocoPhillips has embarked on a massive portfolio shift to sell assets and reduce its debt load. It is the third-largest integrated U.S. oil company, and the smallest of a peer group that includes Exxon Mobil (XOM.N), Royal Dutch Shell (RDSa.L), Chevron (CVX.N), BP Plc (BP.L) and Total SA (TOTF.PA). Conoco's 2002 purchase of peer Phillips was among the last of the megamergers that began in 1998 when BP bought Amoco.
ConocoPhillips is an international, integrated energy company. Shares of COP remained unchanged at $74.40. 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 1126704.
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 remained unchanged at $82.48. 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 8494.
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 remained unchanged at $105.09. 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 4181.
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