ConocoPhillips Plans To Spin Off Refining Unit; Shares Jump 7% In Pre-Market
ConocoPhillips (NYSE: COP) announced its plans to split off its refining unit into a separate, publicly-traded company. The company's CEO and Chairman Jim Mulva also announced its plans to retire once the transaction is complete.
The company projects to complete a tax-free spin-off to shareholders during the first half of next year.
COP shares surged 7% to $79.61 in pre-market trading.
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Posted-In: Spin-OffsNews Movers & Shakers Pre-Market Outlook
