December 2011 Company News, Mergers & Acquisitions

December 2011, Vol. 238 No. 12

ConocoPhillips has created a new independent downstream company named Phillips 66 that will be headquartered in Houston. Phillips 66 will have leading businesses in refining, marketing, midstream and chemicals.

“Phillips 66 has strong brand recognition and value and it provides a link between our rich history and our exciting future,” said Greg Garland, designated chairman and chief executive officer of Phillips 66. “Our name reflects an independent spirit and drive – two attributes of our future company.”

The specific location in Houston for the Phillips 66 headquarters will be announced at a later date.

ConocoPhillips, which will be a pure-play exploration and production company after the repositioning, will continue to be headquartered in Houston at the existing ConocoPhillips facility.

Larrett Energy Services, Inc. is expanding its operations to the South Texas Eagle Ford Shale. Larrett will be opening a new 35 acre office, shop and lay down yard at 12048 Hwy 83 in Asherton TX. The facility expansion is to meet the growing customer demand in the area. Operations are scheduled to commence this month.

Larrett Energy, which is headquartered in Dallas, TX has concentrated its resources in the Barnett Shale and the installation of the urban pipelines. The company also operates a pipeline maintenance division that operates in Texas, Oklahoma and Louisiana.

In the Win A Cat® Truck contest, which drew more than 300 entries and 47,500 votes, LPA Marine of Peaks Island, ME came out on top - winning a new Cat CT660 Vocational Truck, the first in a full line of vocational trucks from Caterpillar.

“We think Caterpillar can do for our trucks what it has consistently done for our marine and excavating equipment,” said LPA Marine’s Coley Mulkern in his “Win a Cat Truck” contest entry, a video that showcased how the company uses Cat equipment and engines to serve the communities and islands that make up coastal Maine.

The Vermeer Corporation, along with Jeff Wage - a veteran professional of the underground construction industry - has made a minority equity investment in the McLaughlin Group Inc. Dave Gasmovic, president of McLaughlin, is the primary shareholder and will continue to lead operations. Wage joins McLaughlin as vice president and an equity partner, while the minority equity investment by Vermeer provides a deeper strategic relationship with McLaughlin.

“The Vermeer investment in our company is a strategic business partnership that positions both for further success,” said Gasmovic. “Our current partners and customers will not be affected by this change and can count on the consistent support they’ve come to expect with McLaughlin.”

The new arrangement will not affect the current branding or distribution of McLaughlin products, including vacuum excavation systems, auger boring systems, locators and attachments.