Phillips Petroleum -- Capitalizing on technology
Phillips Petroleum Co., one of the largest international oil companies and the largest producer of natural gas liquids in the US, recently reported that first half 1996 net income was $916 million, up from $224 million for the same period the year before. During the past 5 years, reserves have increased 11% and production by 8%. Exploration expenses are down 32% and production costs per boe are down 24%. Compared to other majors involved in worldwide E and P, Phillips has the second highest 5-year percentage of reserves replacement--117%--and the second lowest finding and development cost/boe--$3.46--in the industry. How did the company do this while decreasing headcount by 5,300? The paper discusses focused growth, paring down assets, E and P projects, research and development, and electronic document management.
- OSTI ID:
- 438967
- Journal Information:
- Petroleum Engineer International, Vol. 69, Issue 9; Other Information: PBD: Sep 1996
- Country of Publication:
- United States
- Language:
- English
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