July 14, 2011
-Since the end of 2005, ConocoPhillips shares have risen 27.8%, compared with Exxon Mobil and Chevron, up 46.8% and 85.12%, respectively.
– Blow to legacy of CEO Jim Mulva, who said he’ll retire once the separation is complete.
– Analysts: Conoco may have felt spinning off downstream assets a more immediate way to boost share price than continuing to try to sell refineries at prices buyers seem unwilling to pay.
– UBS analysts said split unlikely to unlock meaningful incremental value.