ConocoPhillips, the third-largest U.S. oil company, is expected to unveil more details regarding its planned spin-off of its refining and market business when CEO Jim Mulva presents at the Barclays CEO Energy-Power conference in New York on Wednesday.
Texas-based ConocoPhillips (COP) announced plans to separate its downstream businesses into a separate publicly traded entity in July, but analysts and investors are still asking for clarity on how the move will impact the company's chemicals joint venture and its assets in Canada's oil sands region.
The company may also announce plans to sell its East Coast Linden and Trainer refineries, according to a note published on Tuesday by Simmons & Co. ConocoPhillips said it has not made a public statement to that effect.
Conoco shares a chemicals joint venture with Chevron (CVX), the second-largest U.S. oil company, that is expected to be part of the downstream business. When the spin-off happens, Conoco will become the largest U.S. independent oil and natural gas producer.
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