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HOUSTON -- Phillips 66 will build a new headquarters in Houston and operate from a temporary quarters for two to three years in the interim, a company spokeswoman told Reuters today.
ConocoPhillips will spin off Phillips 66 to shareholders on May 1, confirmed James Mulva, ConocoPhillips CEO, during an investor update on March 5. Phillips 66 will house all of ConocoPhillips' former downstream assets, including its convenience stores.
Janet Grothe, ConocoPhillips' spokeswoman, told Reuters that Phillips 66 personnel will exit the company's current headquarters in western Houston "in a reasonable time following the repositioning." The news source added that a site for the new building has not yet been selected.
Phillips 66 will have 10,000 branded marketing outlets under its umbrella, Mulva said during his presentation earlier this month. Refining and marketing will comprise 78 percent of all of Phillips 66's revenues.
"It's the right plan for ConocoPhillips," Mulva previously said of the spinoff. "…We think this is really an efficient way to accomplish repositioning. We think this downstream company will be as good or better than any other [company]."