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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (14683)	1/7/1999 9:09:00 AM
From: Kerm Yerman	Read Replies (17) of 15196

IN THE NEWS / Phillips Cuts Jobs By AP and CP BARTLESVILLE, Okla. -- In the latest sign of trouble in the oil industry, Phillips Petroleum Co. is cutting 1,400 jobs worldwide to save money. Most of the eliminated jobs will be in exploration and production. Phillips, which employs 17,200 workers worldwide, plans to eliminate 550 jobs from its foreign operations and 850 positions in the U.S. The planned cuts won't affect Canada, where 123 people work at Phillips' Canadian headquarters in Calgary and oil and gas operations in northwestern Alberta. The sharp drop in crude oil prices to 12-year lows has been wreaking havoc on the oil industry. In turn, that has meant widespread layoffs and mergers as firms attempt to keep costs down.

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