Phillips Spinoff Means More Retail
Phillips 66 will invest more money than before into its retail marketing segment -- parent to its convenience store and gas station operations -- once it becomes an independent company on May 1, according to designated CEO Greg Garland.
Phillips 66 is being spun off from parent company ConocoPhillips Inc. The new downstream company will be "simple and less complex," per Garland.
He said the company will spend more on its retail marketing division, as it represents a high-margin business. Phillips 66 will continue to have c-stores and gas stations under the Conoco and 76 banners, as well as its eponymous brand name, in 49 states.