Phillips 66 will be the parent company to ConocoPhillips' convenience store division once the spinoff is complete. As CSNews earlier reported, Phillips 66 will build a new headquarters in Houston and operate from a temporary location in the interim. As for ConocoPhillips' 2012 first-quarter earnings -- its last report as a consolidated company -- the company earned $2.9 billion compared to quarterly earnings of $3 billion during the same quarter last year. If not for one-time items, ConocoPhillips would have earned $2.6 billion for its latest quarter.