Plaintiff States sought to enjoin Phillips Petroleum and Conoco from consummating a merger which they alleged would significantly reduce competition for refining bulk supply and sale of gasoline among the plaintiff States. Phillips Petroleum and Conoco agreed to settlement terms which included divestiture of certain assets within the States and payment of
investigation and attorneys fees in the amount of $273,555. In exchange, Phillips Petroleum and Conoco proceeded with the merger. The Federal Trade Commission was also involved in the consent agreement.