U.S. refining company Valero Energy Corp said on Thursday its board of directors approved the spinoff of its retail business, CST Brands Inc.Energy companies have increasingly looked to split off business units as a means of achieving a higher valuation for them. For example both ConocoPhillips and Marathon Oil Corp spun off their refining businesses into separate publicly traded companies.Valero said last summer that it would explore options for the gasoline and convenience stores it owns in the United States and Canada, including a spinoff that gives its shareholders ownership of the retail unit.The distribution of 80 percent of outstanding CST shares to Valero shareholders is expected to occur May 1 in a tax-free transaction. Valero will own the other 20 percent of CST for six months before considering divesting its interest, the San Antonio company said.
ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Shares of COP fell by 0.67% or $-0.4/share to $58.88. In the past year, the shares have traded as low as $50.62 and as high as $76.35. On average, 6978200 shares of COP exchange hands on a given day and today's volume is recorded at 4965199.
Marathon Oil Corporation (Marathon Oil) is an international energy company engaged in exploration and production, oil sands mining and integrated gas with operations in the United States, Angola, Canada, Equatorial Guinea. Shares of MRO fell by 1.51% or $-0.5/share to $32.69. In the past year, the shares have traded as low as $23.17 and as high as $35.86. On average, 5006510 shares of MRO exchange hands on a given day and today's volume is recorded at 5019106.
Valero Energy Corporation (Valero) is an independent petroleum refining and marketing company. Shares of VLO traded higher by 2.07% or $0.84/share to $41.44. In the past year, the shares have traded as low as $20.00 and as high as $48.97. On average, 10756900 shares of VLO exchange hands on a given day and today's volume is recorded at 9937230.
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