Finance History | 11 Wall Street — One PSX Share for Every Two COP Shares
· 2012-5
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Finance History | 11 Wall Street — One PSX Share for Every Two COP Shares
kevin
People treat Phillips 66 as a Houston refiner that always printed PSX after a finished New York book.
The April 2012 issuer was Phillips 66, the downstream company ConocoPhillips distributed to its own holders.
A ConocoPhillips 8-K dated 30 April 2012 records the close of the separation after the New York tape that day: one share of Phillips 66 for every two ConocoPhillips shares of record as of 16 April 2012.
Fractional shares were aggregated and sold; cash went to the holders.
Phillips 66's own 1 May 2012 release states that regular-way trading in PSX opened that morning on the New York Stock Exchange.
Period tape for 1 May 2012 puts the open at 33.74 dollars and the close at 32.76 dollars in 2012 currency, on volume of about 6.9 million shares.
The present tape is still PSX on the New York Stock Exchange.
The mechanism is a tax-free downstream spin-off. An integrated oil book split so the refining, marketing, midstream, and chemicals operations could trade apart from the exploration company that kept the COP letters.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that has printed PSX since that Tuesday.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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