FTC OKs Merger of Phillips, Conoco

Phillips Petroleum Co.’s $25-billion merger with Conoco Inc. to form the largest U.S. oil refiner was approved by U.S. antitrust enforcers after the companies agreed to sell two oil refineries in the West.

The company, to be called ConocoPhillips, will be based in Houston and rank behind Exxon Mobil Corp. and ChevronTexaco Corp. as the third-largest U.S. oil company.

The merger was approved by the Federal Trade Commission.

Conoco shares rose 60 cents to $24.55 on the NYSE, where Phillips shares rose $1.03 to $52.58.