Part 2 Consents
A final consent order allows the merger of Phillips Petroleum and Conoco Inc. but requires certain divestitures and other relief to maintain competition in the gasoline refining market in specific areas of the United States. Among the assets to be divested are refineries, propane terminals, and natural gas gathering facilities. The combined firm will be known as ConocoPhillips. On 11/16/2011, the FTC approved an application by ConocoPhillips to reopen and modify a final FTC order that settled the agency's competition concerns arising from Conoco Inc.'s 2002 merger with Phillips Petroleum Company. The FTC has also approved a change to the license agreement that ConocoPhillips has with Holly Corporation, an independent oil refining company. The changes approved by the Commission allow ConocoPhillips and Holly to make the licensing of the "Phillips" and "Phillips 66" brands non-exclusive in two states for the last two years of the FTC-required agreement between them.