Phillips CFO Outlines Production Growth
Phillips Petroleum expects to be reporting a 52% oil and gas production
increase in 2000 over last year, according to Tom Morris, Phillips CFO,
who spoke last week at the Lehman Brothers CEO Energy Conference. Morris
said that he expects the company will follow up with a 17% increase in
He attributes the sharp increase this year to Phillips acquisition of
ARCO's Alaskan properties and strong performance from the company's Norwegian
holdings. With the Alaskan acquisition, Morris said that Phillips is now
the largest oil and gas producer in Alaska. The CFO said the company expects
a 3% production gain for the year 2002 and 2003. The 17% increase in production
in 2001 will be the result of the first full year of production from the
Alaska properties, as well as new production from the Alpine field in Alaska
and the Hamaca region of Venezuela's Orinoco Oil belt, and continued output
from Phillips' Norwegian assets.
Phillips quarterly operating income increased from the $271 million
during the first quarter to $439 million at the end of the second quarter
Within the last seven months, Phillips has entered into joint ventures
with Duke Energy to create Duke Energy Field Services, and Chevron to form
Chevron Phillips Chemical Co (see NGI, April
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