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Phillips Petroleum Co. closed its $7 billion acquisition of Tosco Corp. today, after getting regulatory clearance from the U.S. Federal Trade Commission.
The purchase creates the second-largest refiner in the country. It also creates the fifth-largest convenience store and petroleum retailer with a branded network of 12,400 Phillips 66, 76 and Circle K stores.
There were no requirements for divestiture of assets, the companies said in a news release.
"We have combined two strong complementary companies into a significant refining and marketing competitor in the United States," said Jim Mulva, Phillips' chairman and chief executive.
Effective with the close, Michael J. Panatier became chief operating officer of Phillips' refining, marketing and transportation business, Phillips 66 Co. Panatier also will remain executive vice president of Phillips Petroleum Co.
Tom O'Malley, chairman and chief executive of Tosco, became vice chairman and a member of Phillips' board of directors. O'Malley will remain an employee and vice chairman through Dec. 31. Afterward, he will remain only on the board.
Phillips 66 now owns 10 U.S. refinery systems with a combined capacity of 1.7 million barrels per day, along with a 75,000 barrels-per-day refinery in Ireland. The refining headquarters is in Linden, N.J., with marketing headquarters based in Tempe, Ariz.