Phillips Petroleum Co. has closed on its purchase of Tosco Corp. after receiving regulatory clearance from the U.S. Federal Trade Commission (FTC). The acquisition creates the second-largest refiner in the United States.

Following the deal, each share of Tosco common stock was converted into the right to receive 0.8 of a share of Phillips common stock. Phillips shares closed at $55.86 Tuesday on the New York Stock Exchange.

Phillips 66 now owns 10 U.S. refineries with a combined capacity of 1.7 million barrels per day, along with a 75,000 barrels-per-day refinery in Ireland. The company will market its products nationwide through about 12,400 outlets using several brand names including Phillips 66, '76 and Circle K.