ConocoPhillips names refining company Phillips 66

November 10, 2011
FILE - In this Oct. 26, 2009 file photo, a customer fuels up his car at a Phillips 66 gas station in Woburn, Mass. ConocoPhillips is naming its new refining business Phillips 66 _ the name it used on gas stations for decades. The oil company has previously said it will separate the part of its business that includes refining, marketing, and chemicals. On Thursday, Nov. 10, 2011 it said it will name that business Phillips 66 and base it in Houston. (AP Photo/Lisa Poole, File)

HOUSTON (AP) — ConocoPhillips is giving its refining business the same name as its decades-old gas station brand — Phillips 66.

The oil company has said it will spin off its refining, marketing and chemicals operations. On Thursday it announced the name for that business and said it will be based in Houston.

The split will leave ConocoPhillips focused on exploration and production, also based in Houston. The company expects to complete the split during the second quarter of 2012.

ConocoPhillips doesn't own any gas stations, but about 8,300 stations operate under its brand names, including Phillips 66, Conoco, and 76.

The company has shed $8 billion in assets since 2010 and expects to sell another $7 billion to $12 billion worth before the end of 2012.