TENNECO, PHILLIPS MOVE TO ENHANCE PROFITS

Echoes of restructuring continue to rumble through the U.S. petroleum industry. The latest examples are campaigns disclosed last week by Tenneco Inc. and Phillips Petroleum Co. Tenneco outlined a $2 billion program designed to bolster its balance sheet, enhance financial flexibility, assure long term earnings prospects, and respond to depressed markets served by its J I Case agricultural and construction equipment unit. Phillips spelled out further steps to boost cash flow by rationalizing

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