ConocoPhillips Plans To Spin Off Refining Unit; Shares Jump 7% In Pre-Market

ConocoPhillips COP announced its plans to split off its refining unit into a separate, publicly-traded company. The company's CEO and Chairman Jim Mulva also announced its plans to retire once the transaction is complete. The company projects to complete a tax-free spin-off to shareholders during the first half of next year. COP shares surged 7% to $79.61 in pre-market trading.