Aspects of the Merger of Phillips Petroleum and Tosco Corporation

Background

On February 5, 2001, the Wall Street Journal reported that Phillips Petroleum and Tosco Corporation agreed to merge in a $7.49 billion transaction, not including assumption of nearly $2 billion of Tosco's debt. This transaction would create a company that will be the second-largest U.S. refiner and third-largest U.S. seller of motor gasoline (see "Phillips Petroleum Will Acquire Tosco in $7.49 Billion Stock Deal"). In April 2000 Phillips acquired the Alaskan oil and gas production assets of the Atlantic Richfield Company for $6.7 billion (see "Phillips Completes ARCO Alaska Acquisition," Phillips Petroleum, News Release (April 26, 2000)). The acquisition added 2.2 billion of barrels of oil equivalence (BOE) of reserves and 340 thousand barrels per day of BOE production. The resulting worldwide upstream position of Phillips is shown below.

The following links provide company-level data from various public sources to inform discussions of the Phillips-Tosco merger. This data presentation is similar to data presentations that have been previously requested from EIA for other significant energy company mergers and/or corporate alliances.

U.S. Petroleum Refining

U.S. Motor Gasoline Marketing