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

To: gregor who wrote (31036)	10/22/1998 8:37:00 PM
From: Gameboy	Read Replies (2) \| Respond to of 95453

Phillips plans to keep E&P spend on track biz.yahoo.com Thursday October 22, 12:31 pm Eastern Time New York, Oct 22 (Reuters) - Phillips Petroleum Co.'s Chairman and Chief Executive Officer Wayne Allen said on Thursday the Bartlesville, Okla.-based company would keep its capital spending on oil and gas exploration and development on track despite weak industry fundamentals. Allen told a conference call after third-quarter earnings that capital spending, after stripping out the effects of its recently announced refining and marketing venture with Ultramar Diamond Shamrock Corp.(NYSE:UDS - news), would be $1.5 billion to $2.0 billion in 1999 -- after some $2.0 billion this year. Phillips will get $800 million in payments from UDS as a result of the deal. Allen said he wanted upstream operations, or exploration and production, to account for 70 percent of the company, up from 55 percent. He also said Phillips would not be cutting E&P staff as a result of the drop in oil prices to 12-year lows. Allen said the drop in crude oil prices would open opportunities for Phillips to acquire other companies.