The Federal Trade Commission will approve the $25 billion merger of Conoco and Phillips Petroleum Corp. within the next few days. The new company, ConocoPhillips, will be the nation's third-largest oil company and the world's sixth-largest.
The companies worked to win favor from the commission by offering to sell refineries in Utah and Colorado, where the two companies have the biggest market share.
Phillips put its 25,000-barrel-a-day refinery near Salt Lake City and 25 service stations in Utah and southern Wyoming up for sale. Conoco will sell its refinery near Denver.
Operations to be based in Houston include worldwide upstream operations, including lower-48 headquarters and upstream technology. Also located in Houston will be refining and wholesale marketing, marine, and the carbon, lubes and specialties businesses. In addition, the company's commercial center will be based in Houston.
Bartlesville, Okla., currently the location of Phillips' corporate headquarters, will be home to the new company's global information technology center, global financial services and human resources support organizations.
There will be layoffs after the closing, but the companies have not indicated how deeply they will cut their combined worldwide work force of about 57,000.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969