Tosco, Phillips merger is official

Published on Thu, Oct 11, 2001
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Tosco, Phillips merger is official

There’s a new sign over the gate but Tosco refinery manager Gary Goodman said that’s the biggest change the Cherry Point facility will see under the Phillips 66 corporate wing.

“It’s very transparent,” Goodman said. “The only change will be the signs. Everyone will have their jobs, we will maintain our high safety and quality standards and our capital program will continue.” Tosco founder and primary individual shareholder Tom O’Malley will become vice-chairman of Phillips to oversee the transition and will continue to sit on the company’s board of directors.

With the acquisition of Tosco’s eight refineries and marketing and transportation systems, finalized last month, Phillips more than doubled its refining capacity. “Phillips is very strong in the upstream end – exploration and production. With Tosco being very strong in refining, it’s a good fit,” Goodman said. “The new Phillips will be one of the top three refiners and producers in the United States.” Tosco shareholders got 0.8 Phillips shares for every share of Tosco stock in the deal.

Goodman said the Cherry Point refinery will now produce the Phillips 66 line of branded gasoline, but generic gasoline without additives will still be available to local gas stations who now buy Tosco gas.

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