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FOR IMMEDIATE RELEASE
August 30, 2002
States, FTC allow Phillips/Conoco Merger to Proceed


Seattle -- Washington state, along with seven other states and the Federal Trade Commission (FTC), today filed settlement papers that clear the way for the merger of Phillips Petroleum Company and Conoco, Inc.

Today’s settlement was reached after the companies made major concessions, including agreeing to sell a gasoline terminal in Spokane; a refinery and related retail outlets in Utah and Colorado; natural gas gathering and processing properties and other related assets in Texas and New Mexico; and propane and retail outlets in Missouri.

The merger will create a company to be called ConocoPhillips, which will be one of the largest oil and gas companies in the world.

The Attorney General’s Antitrust Division asked for the sale of the Spokane facility because the merged company would otherwise own two of three terminals in the area, amassing too much control over gasoline supplies.

"Because of these divestitures, we feel confident that competition will not be diminished by the merger," said Washington Attorney General Christine Gregoire.

The settlement allows states to monitor how the asset sales are accomplished, and it requires ConocoPhillips to report every 60 days until all the divestitures are completed.

Other states that reviewed the proposed merger were Oregon, Colorado, Idaho, Utah, Texas and Missouri.

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