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

To: Think4Yourself who wrote (51872)	9/25/1999 2:47:00 PM
From: Gameboy	Respond to of 95453

Phillips says to sharply boost oil, gas reserves biz.yahoo.com Friday September 24, 6:05 pm Eastern Time NEW YORK, Sept 24 (Reuters) - Phillips Petroleum Co. (NYSE:P - news), the seventh largest U.S. oil company, said it plans to increase its oil and gas reserves by more than 40 percent over the next five years as it focuses on its exploration and production business. Phillips, based in Bartlesville, Okla., also plans to examine spinning its chemicals division into a joint-venture with another company, chief executive Jim Mulva told analysts this week. Phillips has previously said it would like to find a partner for its refining and marketing operations after a planned $8 billion joint venture with Ultramar Diamond Shamrock Corp. (NYSE:UDS - news) fell apart earlier this year. The company has also said it planned to either sell or find a partner for its gas processing business by year's end. The company's shift toward the exploration and production side of the business comes as oil prices have risen to nearly $25 a barrel, more than twice what they were at the start of the year, because of production cuts by some of the world's leading exporters. Concentrating on the exploration and production, or upstream, side of the business, Mulva said the company hoped to increase its oil and gas reserves to four billion barrels by 2004 from a current 2.8 billion barrels. It also hopes to raise production from 473,000 barrels per day (bpd) to 750,000 bpd over the same period, relying on part on projects in China, Venezuela, and the Timor Sea. Phillips, considered by many to be the oil industry's next big takeover target, declined to comment this week on published reports that it has held talks with Chevron Corp. (NYSE:CHV - news) about a possible merger.

To: Think4Yourself who wrote (51872)	9/25/1999 9:51:00 PM
From: Roebear	Respond to of 95453

John QPublic, Yes, La Nina, which was weakening a bit in July, came back strong in August and now looks like the effect will last into spring. Therefore, a cold winter is more than likely, unless we have a volcanoe eruption or some such to mess things up. -4C is decent, I will note the previous article I had posted a few weeks ago noted an even larger -C number off the coast of Ecuador. The -4C may be an average however. One nice thing about being an oil investor, I always loved white Christmas's when younger and now I have a reason to love'em when I'm older. Saw your Yahoo post, did I ever tell you the joke about the man with two asshxles? Well, its too crude for me to post on an oil forum. UGH, too crude, get it. VBP Roebear