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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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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.