Phillips Closes on Acquisition of Tosco

Phillips Petroleum has closed on its acquisition of Tosco Corp. after receiving regulatory clearance from the U.S. Federal Trade Commission.

The FTC did not require any divestiture of assets for approval.
"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 officer. "Acquiring Tosco is the fourth integral piece of a strategic growth plan we set for ourselves two years ago. We have successfully positioned our four business lines to compete more effectively and, in doing so, have set the foundation for further profitable growth. Moving forward, our focus will be on integrating and developing synergies in our refining, marketing and transportation business, and further growing our worldwide exploration and production position."
Effective with the close of the transaction, as previously announced, Michael J. Panatier is chief operating officer of Phillips' refining, marketing and transportation business, Phillips 66 Company. Panatier also will retain his current role as executive vice president of Phillips Petroleum Company.
Phillips 66 Company 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 company will market its products nationwide through approximately 12,400 branded outlets using several well-recognized brands, including Phillips 66, '76 and Circle K.