ConocoPhillips (COP.N) will split itself into two by spinning off its refining arm in hopes that each operation would be worth more as a separate company, it said on Thursday. Shares of ConocoPhillips, the third-largest U.S. oil company, rose nearly 5 percent. With the move, ConocoPhillips becomes the first of the so-called super majors to shift away from the strategy that led the industry to consolidate into a handful of players with global reach in the oil and gas production and oil products businesses. The move comes just two weeks after smaller peer Marathon Oil Co (MRO.N) spun off its refining arm into Marathon Petroleum Corp (MPC.N), and analysts said it could help close a valuation gap with other energy companies.
Shares of COP traded higher by 4.64% or $3.454/share to $77.85. 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 21961038.
Shares of MRO traded higher by 0.22% or $0.07/share to $31.78. In the past year, the shares have traded as low as $30.04 and as high as $54.33. On average, 7816050 shares of MRO exchange hands on a given day and today's volume is recorded at 1921028.
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