07-09-00 Tom Morris, CFO of Phillips Petroleum, spoke at the Lehman Brothers Energy Conference and provided an update on the progress Phillips has made in implementing its strategic plan.
In his remarks, Morris pointed out that the company expects its 2001 production to increase 17 % over 2000 production. The expected increase is primarily due to realising a full year of production from Phillips' recently acquired Alaska assets, new production from the Alpine field in Alaska and the Hamaca region of Venezuela's Orinoco Oil Belt, and continued strong production in Norway.
Morris also indicated that the company expects 2000 production to be up more than 50 % over the previous year, largely due to Phillips' acquisition of Arco's Alaskan businesses and strong performance from the company's Norwegian assets.