OGJ Newsletter

01/11/1999
U.S. INDUSTRY SCOREBOARD 1/11 [44,082 bytes] U.S. oil and service companies continue to reel from low oil prices. Phillips will cut 1,400 jobs, mostly E&P-related. The cuts will include 850 U.S. jobs-of which 400 will be lost at its Bartlesville, Okla., headquarters-and 550 elsewhere. The move is expected to pare costs by $230 million. "I cannot visualize year after year after year of these unhealthy-type margins," said Chairman Wayne Allen. "I can't tell you absolutely that this is the bottom, but we haven't seen anything like this." Conoco is cutting 975 jobs as part of a plan to cut $500 million in spending, bringing its 1999 capital program to $1.8 billion,...
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