ConocoPhillips (COP.N) will divulge more details on Wednesday about its plan to split into two companies, with its chemical joint venture, Canadian oil sands assets and pipelines likely the focus, analysts said. Details are expected to come from Chief Executive Jim Mulva's scheduled remarks at the Barclays CEO Energy-Power conference in New York Wednesday morning. In July, ConocoPhillips sketched out a plan to spin off its refining arm as part of its ongoing effort to boost shareholder value. At that time, the company remained mum about where some assets would go, either to the refining arm or the exploration and production company. Now, more details are expected. Marathon Oil Corp (MRO.N), a much smaller competitor, announced a similar plan to split. But Conoco, unlike Marathon, has a maze of joint-venture deals with other companies, thousands of miles of pipeline and sophisticated assets that make its split strategy more complicated, analysts said.
ConocoPhillips is an international, integrated energy company. Shares of COP fell by 2.26% or $-1.5/share to $64.94. 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 8566726.
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 4.19% or $-1.08/share to $24.70. 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 7666779.
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