International energy company ConocoPhillips is splitting in two after the board of directors gave it the go ahead, it has announced. The Texas-headquartered firm with interests in oil and natural gas said the split would be good value for its shareholders.

The move will separate the Refining & Marketing and Exploration & Production businesses into two stand-alone, publicly traded corporations.

Jim Mulva, chairman and chief executive officer, who plans to retire when the split is completed in 2012, said: “Consistent with our strategy to create industry-leading shareholder value, we have concluded that two independent companies focused on their respective industries will be better positioned to pursue their individually focused business strategies.”