Bracewell Represents ConocoPhillips in Phillips 66 Spin-Off

May 7, 2012

Bracewell & Giuliani LLP represented ConocoPhillips in the spin-off of Phillips 66, now an independent downstream energy company with industry-leading businesses in refining and marketing, midstream, and chemicals. This included an offering by Phillips 66 of $5.8 billion of senior unsecured notes, a $5 billion bridge loan facility, a $2.8 billion term loan facility, a $4 billion revolving credit facility, a $4 billion commercial paper facility, a $1.2 billion receivables securitization and other securities, regulatory and commercial matters.

ConocoPhillips and Phillips 66 separated through the distribution of shares of Phillips 66 to holders of ConocoPhillips common stock. Phillips 66 became an independent, publicly traded company on the New York Stock Exchange on May 1, 2012. ConocoPhillips retains no ownership interest.