Phillips Completes Purchase of Tosco

Phillips Petroleum Co. completed its purchase of oil refiner Tosco Corp. after getting approval from the Federal Trade Commission.

The companies didn’t have to sell assets to win FTC approval, Phillips said.

Phillips now is the second-biggest U.S. refiner, able to process 1.7 million barrels of oil a day. The company, based in Bartlesville, Okla., will sell gasoline through 12,400 stations under the Phillips 66 and 76 brands and Tosco’s Circle K brand. The acquisition will bring cost savings of at least $250 million next year, Phillips Chief Executive Jim Mulva said.

The company’s refining headquarters will be in Linden, N.J., and its marketing headquarters will be in Tempe, Ariz.

Phillips’ shares rose 3 cents to close at $58.59 on the NYSE.