The shareholders of Phillips Petroleum Company have voted to approve the proposed merger of equals with Conoco.
The merger is expected to be completed in the second half of this year, pending approval by the federal government..
The combined company, to be called ConocoPhillips, is expected to achieve annual recurring cost savings of at least $750 million within the first full year after the completion of the merger.
Jim Mulva will serve as president and chief executive officer of ConocoPhillips, while Archie W. Dunham, currently chairman and CEO of Conoco, will serve as chairman. The new company will be headquartered in Houston.
The merger is expected to be completed in the second half of this year, pending approval by the federal government..
The combined company, to be called ConocoPhillips, is expected to achieve annual recurring cost savings of at least $750 million within the first full year after the completion of the merger.
Jim Mulva will serve as president and chief executive officer of ConocoPhillips, while Archie W. Dunham, currently chairman and CEO of Conoco, will serve as chairman. The new company will be headquartered in Houston.
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