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ConocoPhillips Seeks Identity With Planned Spinoff

ConocoPhillips will conclude a three-year restructuring program by shedding its fuel-making business next year to refocus the company on more profitable oil and natural-gas production.

The company will become two separate, publicly traded entities by the end of next June, Houston-based ConocoPhillips said today in a statement. Chief Executive Officer Jim Mulva, who engineered the creation of ConocoPhillips through a $25 billion merger in 2002, will retire once the spinoff is finished.