Azerbaijan International

Summer 2002 (10.2)
Page 76

Business and Opportunities
Another Merger - Conoco and Phillips

Conoco and Phillips Petroleum Company have agreed to a merger of the two companies, which will create the third-largest U.S.-based energy company. The new company, ConocoPhillips, will be the sixth-largest company in the world based on reserves and the fifth-largest global refiner.

The new company will be headquartered at Conoco's current location in Houston. Conoco Chairman and CEO Archie Dunham will serve as Chairman of ConocoPhillips, and Jim Mulva, Phillips Chairman and CEO, will be President and CEO of the combined company.

The merger is expected to be completed in the second half of 2002, following the customary regulatory approvals. Shareholder approval was obtained on March 12, 2002.

"With a very strong balance sheet, more capital for upstream investment, and greater operational efficiency downstream, ConocoPhillips will be a tough new competitor to the larger global majors," Dunham said.


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