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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: ItsAllCyclical who wrote (51848)	9/24/1999 7:22:00 PM
From: Lee Fredrickson	Respond to of 95453

Jim, "...boost next year's exploration budget by 83% thru drilling..." That's the kind of news I've been waiting to hear since the fall (FALL ?) of '97. Unfortunately, I'm not a Bloomberg registrant, so can't read it. Any chance of a cut 'n' paste or such? Thanks in advance either way. Lee

To: ItsAllCyclical who wrote (51848)	9/25/1999 12:05:00 AM
From: ItsAllCyclical	Read Replies (1) \| Respond to of 95453

Complete Bloomberg/Phillips article... Bloomberg Energy 9/24 15:06 Phillips Petroleum to Boost Oil Exploration Spending by $1 Billion in 2000 By David Wells Phillips Petroleum to Boost Spending on Oil, Gas by $1 Billion Bartlesville, Oklahoma, Sept. 24 (Bloomberg) -- Phillips Petroleum Corp., the seventh-largest U.S. oil company, plans to increase spending on finding and producing oil and natural gas 83 percent next year to $2.2 billion. About $1 billion is earmarked for acquisitions, mostly in the U.S., that will boost Phillips's oil and gas output, Chief Executive Jim Mulva said. The company has expressed interest in buying fields in Alaska that BP Amoco Plc and Atlantic Richfield Co. might sell to win approval of their merger. Mulva told analysts at company headquarters in Bartlesville, Oklahoma, this week that Phillips wants to boost profit primarily by expanding oil and gas production. At the same time, Mulva, Phillips's former chief operating officer, has vowed to cut costs since taking his new post in July. Last year, Phillips spent more than twice as much to produce each barrel of oil as its larger rivals, according to PaineWebber Inc. Phillips expects to spend about $1.2 billion this year on exploration and production. This week, Bloomberg reported that Phillips was in talks with Chevron Corp., the No. 4 U.S. oil company, about a chemical alliance and the sale of a $1.1 billion natural-gas processing unit, citing a person familiar with the talks. Both companies declined to comment on the talks. A joint venture would allow the companies to cut jobs and costs. Phillips's gas-processing unit extracts propane, ethane and other liquid fuels from natural gas. Phillips wants to find a partner or buyer for it by year-end. Phillips hasn't give a time frame for finding alliances for its chemicals or refining and fuels sales businesses. Phillips valued the chemicals unit at $2.8 billion in February. Its refining unit has three U.S. refineries and a 50 percent stake in a U.K. refinery. In March, Phillips and Ultramar Diamond Shamrock Corp. scrapped plans to combine their North American fuel-selling networks. Phillips shares fell 4 1/16 to 49 13/16 in late trading.