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    Phillips acquires Conoco

    News // December 14, 2001
    Phillips Petroleum Company is to buy Conoco Inc for about $15.4 billion in stock, creating the nation's third-largest oil and gas company.

    The combined market value of the new company will be in the order of $35 billion.

    Under the terms of the deal - described by the two rivals as a merger of equals - the combined company, ConocoPhillips, will have reserves of 8.7 billion barrels of oil, daily production of 1.7 million barrels and $18.6 billion in debt and preferred securities.

    The merger is expected to close during the second half of 2002 pending regulatory and shareholder approval.

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