ConocoPhillips Picks Houston As HQ For Phillips 66 Spinoff

While Houston may have beaten out Bartlesville for the new headquarters for ConocoPhillips' new independent downstream company, Phillips 66, the nation's third largest oil company says it will still maintain a significant presence in Oklahoma where ConocoPhillips was founded.

In a news release Thursday, ConocoPhillips said the new company was created as part of a previously announced strategic repositioning for the company.

Read ConocoPhillips news release.

ConocoPhillips says it will continue to be a major Oklahoma employer and expects to support a similar number of jobs in the state.

Bartlesville will serve as the headquarters of the Phillips 66 technology organization and the global transactions services or shared services for both companies. It also will continue to house the Phillips Petroleum Company Museum.

Both companies will be active and responsible members of the Bartlesville community, according to the news release.

"Our decision to make Houston our global headquarters leverages the city's supportive business environment and strong economic climate," said Greg Garland, designated chairman and CEO. "Houston is a major energy center and Phillips 66 will benefit from its ability to attract the top business and technical talent in the field."

In July, ConocoPhillips said it would split into two separate publicly traded companies.

7/14/2011 Related Story: Oklahoma Towns Eye Split Of ConocoPhillips Operations

The Conoco half of the company originated in Ponca City while the Phillips 66 half started in Bartlesville. The company now has about 3,500 employees in Bartlesville and about 840 in Ponca City.