Phillips Petroleum replaces 71 %

Phillips Petroleum replaced 71% of its world-wide hydrocarbon production in 1996 at an average finding and development cost of $ 7.52 per barrel of oil equivalent (boe. From 1992 to 1996, Phillips' five year average production replacement equalled 118% while finding and development costs averaged $ 3.79 per boe. "While our 1996 results were not as good as in previous years, our long-term performance continues to be one of the best in the industry," said Knut Am, senior vice president of exploration and production. He highlighted key new areas of exploration as the deepwater Gulf of Mexico, Algeria and China.