As ConocoPhillips splits, it reveals which assets are set to be part of its new exploration-and-production company. ConocoPhillips plans to complete the spinoff of its refining company in the second quarter of 2012, providing stockholders with one share in the new refining entity for every two shares they currently own, the Wall Street Journal reported.
Lykins Enterprises Inc., based in Maysville, Ky., and three of its related companies filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy code on Jan. 29, 2010, according to David Lykins, CEO and founder of the business, The Ledger Independent reported. Lykins Enterprises sells fuel on a wholesale basis to customers in
Royal Dutch Shell Plc is planning new, deeper cuts to its oil refining and retail operations after downstream weakness caused a 75% decline in fourth-quarter profits to $1.18 billion, Reuters reported. According to CEO Peter Voser, in 2010 the company plans $1 billion in cost cuts and 1,000 job cuts, mainly to come from the
Excentus Corporation and Safeway Inc. have entered into a settlement and licensing agreement settling all outstanding litigation between them. “We are pleased to put this litigation behind us,” said Safeway spokesman Brian Dowling. “We respect the breadth of the Excentus intellectual property portfolio and look forward to exploring ways to work together on fuel rewards.”
Calgary-based Suncor Energy has plans to lay off an another 1,000 workers this year as it continues to digest the assets of Petro-Canada it gained in a $20-billion merger last fall, the Calgary Herald reported The decision was announced at an investor’s conference in New York last Tuesday. The new round of layoffs would bring