The merger of Phillips Petroleum Co., Bartlesville, Okla., and Conoco, Houston, could result in a combined $14.8 billion defined contribution plan and a $1.9 billion defined benefit plan.
Phillips also has a $1.4 billion long-term stock savings plan, which contains the shares held by Phillips former ESOP. The plan had about 16 million allocated and about 9 million unallocated shares as of Dec 31, 2000, according to documents filed with the SEC.
Both companies have thrift plans. As of Oct. 8, Conocos defined contribution plan has been run by J.P. Morgan/American Century; the defined benefit plan is managed internally. Conoco, which had been a subsidiary of E.I du Pont de Nemours & Co until Jan. 1, 1999, unveiled a new standalone plan in October.
Phillips defined contribution plans are run by The Vanguard Group. Its defined benefit plan has BNY Asset Management as trustee and Bank of New York as custodian, according to the 2001 Money Market Directory. Under the merger agreement, Phillips shareholders will receive one share of new ConocoPhillips common stock for each share of Phillips they own, and Conoco shareholders will receive less than half a share, 0.4677, for each Conoco share they own. About 58%, $667,000, of the Phillips thrift plan is in company stock; and Conocos thrift plan contains a new form of Conoco company stock created in October by combining two former classes of shares.