Table of Contents
INTRODUCTION ..................................................................................................................................................... 2
METHODOLOGY ..................................................................................................................................................... 3
STRATEGIC DECISIONS AND CONOCOPHILLIPS ....................................................................................................... 4
MERGER BETWEEN CONOCO AND PHILLIPS ........................................................................................................... 5
CONOCOPHILLIPS SPIN-OFF ................................................................................................................................... 7
MARATHON OIL SPIN-OFF ..................................................................................................................................... 9
CONCLUSION ....................................................................................................................................................... 11
APPENDIX ............................................................................................................................................................ 12
TABLE 1: LIST OF BENCHMARK COMPANIES ....................................................................................................................... 12
TABLE 2: CONOCOPHILLIPS MERGER BENCHMARK ANALYSIS ................................................................................................ 13
FIGURE 1: CONOCOPHILLIPS MERGER GRAPH.................................................................................................................... 13
TABLE 3: CONOCOPHILLIPS SPIN-OFF BENCHMARK ANALYSIS ............................................................................................... 14
FIGURE 2: CONOCOPHILLIPS SPIN-OFF GRAPH ................................................................................................................... 14
TABLE 4: MARATHON OIL PERFORMANCE ANNOUNCEMENT TO SPIN-OFF .............................................................................. 15
FIGURE 3: MARATHON OIL SPIN-OFF AFTER ANNOUNCEMENT ............................................................................................. 15
TABLE 5: MARATHON OIL PERFORMANCE AFTER SPIN-OFF ................................................................................................. 16
FIGURE 4: MRO AND MPC PERFORMANCE AFTER SPIN-OFF ............................................................................................... 16
REFERENCES ......................................................................................................................................................... 17