PHILLIPS TO REDUCE VALUE OF ARGUELLO

Phillips Petroleum Co. last week disclosed it will take an estimated $280 million after tax writedown on assets related to giant Point Arguello field off California. The writedown is to be charged against fourth quarter 1989 earnings, resulting in "substantial negative results" for the quarter, the company said. Phillips holds 40% and 50% interests in Point Arguello field and related offshore and onshore production/processing facilities. "We intend to begin production of Point Arguello as soon

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