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To: Captain James T. Kirk who wrote (32822)	12/14/1998 5:17:00 PM
From: Crimson Ghost	Respond to of 95453

I think this has been discounted but tomorrow morning will tell. Very bullish if OSX ignores another capital spending cut. Phillips to cut capital spending in 1999 vs 1998 NEW YORK, Dec 14 (Reuters) - Phillips Petroleum Co.'s chief executive Wayne Allen said on Monday that capital spending in 1999 is likely to be lower than this year's spending, amid a slump in world oil prices. Asked about a previously discussed range for spending of between $1.5 billion and $2.0 billion, Allen said ''I would say we are toward the bottom end of that,'' confirming that 1998's spending on capital projects would be about $2.0 billion to $2.1 billion. (Note: this article is ''in progress''; there will likely be an update soon.) Related News Categories: US Market News Help