ConocoPhillips (COP.N) will divulge more details on Wednesday about its plan to split in two and analysts say the focus will likely be on its chemical joint venture, Canadian oil sands assets and pipelines. In July, ConocoPhillips sketched out a plan to spin off its refining arm as part of its effort to boost shareholder value. At the time, it remained mum about where some assets would go, either to the refining arm or the exploration and production company. Now, more details are expected to come from Chief Executive Jim Mulva in scheduled remarks at the Barclays CEO Energy-Power conference in New York on Wednesday morning. Marathon Oil Corp (MRO.N), a much smaller competitor,has announced a similar plan, but ConocoPhillips, unlike Marathon, has a maze of joint-venture deals, thousands of miles of pipeline and sophisticated assets that make its split more complicated, analysts said.
ConocoPhillips is an international, integrated energy company. Shares of COP fell by 1.11% or $-0.74/share to $65.70. In the past year, the shares have traded as low as $53.59 and as high as $81.80. On average, 11458400 shares of COP exchange hands on a given day and today's volume is recorded at 11019390.
Marathon Oil Corporation (Marathon) is an integrated international energy company engaged in exploration and production; oil sands mining; integrated gas, and refining, marketing and transportation. Shares of MRO fell by 2.83% or $-0.73/share to $25.05. In the past year, the shares have traded as low as $23.32 and as high as $54.33. On average, 10295700 shares of MRO exchange hands on a given day and today's volume is recorded at 10127570.
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