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News > Companies
Phillips year looks strong
April 11, 2001: 1:09 p.m. ET

Phillips Petroleum expects to meet or beat consensus estimates for 2001
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NEW YORK (CNNfn) - Phillips Petroleum expects to meet or beat analysts' expectations for 2001 because of increased production from an Alaskan acquisition.

Phillips (P: up $0.16 to $57.75, Research, Estimates) said Wednesday it plans to meet or surpass consensus earnings estimates of $6.92 per share for the year, according to First Call, and also announced its shareholders have approved its acquisition of Tosco Corp. (TOS: up $0.41 to $44.51, Research, Estimates).

"We expect first-quarter net operating income to be up 75-85 percent from the same period last year," said Jim Mulva, Phillips chairman and CEO, in a statement. "The expected increase is due primarily to increased production as a result of the company's second-quarter 2000 Alaskan acquisition."

Phillips agreed to buy Tosco for $7 billion in stock in February. Tosco shareholders also approved the acquisition. graphic




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