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Phillips Petroleum Company News

29 Jun 2011

Hornbeck Offshore New Directors, Promotion of Exec Officer

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced today that John T. Rynd and Kevin O. Meyers, Ph.D. have been appointed to its Board of Directors (the "Board"), effective June 23, 2011. Mr. Rynd and Dr. Meyers were appointed to fill the vacancies created by a prior resignation and the Board's decision to increase the number of its directors from seven to eight members. In addition, at the Company's Annual Meeting on June 23, 2011, the shareholders reelected Todd M. Hornbeck and Patricia B. Melcher to the Board. John T. Rynd. Since June 2008, Mr. Rynd, 54, has served as the Chief Executive Officer and President, and as a director, of Hercules Offshore, Inc. (NASDAQ: HERO), a publicly traded global provider of offshore contract drilling, liftboat and inland barge services.

21 Jul 2010

The BOPstopper, by American Int’l Industries

American International Industries, Inc. announced that Subsea Oil Technologies, Inc., 50% owned by AMIN, has been assigned U.S. patent application number 12/822,324 entitled "Method and Apparatus for Containing an Undersea Oil and/or Gas Spill Caused by a Defective Blowout Preventer (BOP)," filed on June 24, 2010. The prosecution of the patent application at the United States Patent and Trademark Office (USPTO) has been entrusted to the law firm of Volpe and Koenig, P.C., which is located in Philadelphia, Pennsylvania. Mr. Dror stated, "We believe that the invention disclosed by this patent application (the "BOPstopper") is one of the first to be filed at the USPTO to specifically present possible solutions to contain oil and/or gas spills…

09 Jan 2002

Northrop Grumman Names Retired Rear Adm. Yount To Head Operations At Avondale Facility

Grumman Corporation announced today that Rear Adm. George R. Yount, USN (Ret.), has been named vice president of the company's Ship Systems sector, with responsibility for operations at the Avondale facility. Rear Adm. Yount, 55, will join Ship Systems' senior management team in mid-January. ship management personnel involved in ship construction as well as production planning, scheduling and facility engineering. Rear Adm. Yount will also serve on the Ship Systems Policy Council which influences all future Northrop Grumman Ship Systems business decisions.\Rear Adm. for Integrated Warfare Systems, Naval Sea Systems Command. "We are delighted to have George Yount join our Ship Systems team," said Dr. Philip A. of Northrop Grumman Ship Systems. Rear Adm.

12 Mar 2002

Keppel FELS Delivers Rig

Keppel FELS Limited, the world leader in the construction of jackup rigs, has successfully designed and built its first KFELS MOD V “B” class ultra premium jackup drilling unit. Built for Chiles Offshore Inc. (AMEX: "COD") (CHILES), Chiles Discovery is the benchmark for a new generation of ultra premium deep-well drilling rigs. Keppel FELS received an early delivery bonus for Chiles Discovery, a testament of its excellent project management and executing capabilities. The company was also awarded bonuses for good safety performance, as well as delivering a rig that exceeds its original design parameters. The Chiles Discovery showcases…

12 Apr 2002

Polar Discovery to be Christened at Avondale

Polar Tankers, Inc. is set to unveil its third state-of-the-art Endeavour Class double-hulled tanker, the POLAR DISCOVERY, during a christening ceremony on Saturday, April 13, at the Northrop Grumman Ship Systems Avondale shipyard in New Orleans. Phillips Petroleum Company, parent of Polar Tankers, is building five Endeavour Class tankers. The contract cost of the POLAR DISCOVERY is valued at $168 million. The Endeavour Class tankers, also known as the Millennium Class, are the first crude-oil carriers being built for the Alaska trade in compliance with the federal Oil Pollution Act of 1990. The first tanker, the POLAR ENDEAVOUR, arrived in Valdez, Alaska, on its maiden voyage in July 2001. The new POLAR DISCOVERY tanker will join the Polar Tankers fleet in 2003.

31 May 2002

Northrop Grumman Delivers Second Double-Hulled Tanker

Northrop Grumman Corporation's Ship Systems sector delivered the tanker Polar Resolution in a brief ceremony at its Avondale Operations in New Orleans, La. Polar Resolution is the second of five 140,000 deadweight (DWT) Endeavour-class double-hulled crude oil carriers Northrop Grumman Ship Systems is building for Polar Tankers, Inc., a wholly owned subsidiary of Phillips Petroleum Company. "The delivery of this second double-hulled tanker underscores our commitment to compete in profitable commercial shipbuilding," said Dr. Philip A. Dur, corporate vice president and president, Northrop Grumman Ship Systems. The Endeavour-class tankers are the first crude oil carriers being built for the Alaskan trade in compliance with the federal Oil Pollution Act of 1990.

30 Aug 2002

ConocoPhillips Merger Completed

ConocoPhillips has completed the merger of Conoco Inc. and Phillips Petroleum Company, following clearance by the U.S. Federal Trade Commission earlier today. Shareholders of both companies and all U.S. and foreign regulatory authorities cleared the merger earlier this year. ConocoPhillips is the third-largest integrated U.S. energy company. On a global basis, it is the sixth-largest publicly held energy company based on hydrocarbon reserves and production, and it is the fifth-largest global refiner. ConocoPhillips has net proved reserves of 8.7 billion barrels of oil equivalent (BOE), daily oil and natural gas production of 1.7 million BOE, and a refining capacity of 2.6 million barrels per day, and has assets of $75 billion.

17 Aug 1999

PGS Awarded Two Seismic Contracts

Petroleum Geo-Services ASA (PGS) was recently awarded a seismic contract in deepwater Gulf of Mexico. PGS will utilize its proprietary 3-D marine seismic vertical cable technology for the contract awarded by Phillips Petroleum Company in deepwater Gulf of Mexico in the Garden Banks area. The contract will involve one month of high-density data acquisition.

23 Aug 1999

Petroleum Geo-Services Awarded Two Seismic Contracts

Petroleum Geo-Services ASA was recently awarded a seismic contract in deepwater Gulf of Mexico. Petroleum Geo-Services will utilize its proprietary 3D marine seismic vertical cable technology for the contract awarded by Phillips Petroleum Company in deepwater Gulf of Mexico in the Garden Banks area. The contract will involve one month of high-density data acquisition.

24 Sep 1999

Earnings Down for Most Oil Companies

Many oil companies reported a decrease in net income for the second quarter, compared to the previous year's results, although - in most cases - the second quarter still outperformed the first. While the decreases ranged in percentage, only a few companies' results were virtually unchanged from the previous year's performance. However, higher crude oil prices resulted in many companies' exploration and production net income actually increasing over the previous year. "I am encouraged second-quarter operating earnings, although down from year-ago levels, were more than six times higher than in the first quarter, reflecting the impact of higher crude oil and natural gas prices…

24 Sep 1999

Earnings Down for Most Oil Companies

Many oil companies reported a decrease in net income for the second quarter, compared to the previous year's results, although - in most cases - the second quarter still outperformed the first. While the decreases ranged in percentage, only a few companies' results were virtually unchanged from the previous year's performance. However, higher crude oil prices resulted in many companies' exploration and production net income actually increasing over the previous year. "I am encouraged second-quarter operating earnings, although down from year-ago levels, were more than six times higher than in the first quarter, reflecting the impact of higher crude oil and natural gas prices…

12 Nov 1999

Oil Price Rebound Means Big Gains for Oil Producers

The third quarter proved to be a prosperous one for oil companies, as most of our sampling realized substantial gains in net income and net operating income for the period, as compared to 1998's third quarter. A higher average worldwide crude oil price was chiefly responsible for the increases, although in some cases, cost-cutting measures also contributed heavily to the financial results. Exploration and production net operating income was up, nearly across the board. However, for the first nine months of 1999, earnings and net income are still down from the same period in 1998. Phillips Petroleum Company reported third-quarter net income of $221 million up from $46 million for the same period last year. Total revenues were $3.8 billion, versus $2.9 billion a year ago.

02 Mar 2000

Quarter and Year-End Earnings

Once again, quarter and year-end earnings reported in the offshore market reflected a familiar trend: oil majors saw gains - sometimes significant; while oilfield service companies continued to struggle, compared to the year-earlier marks. Unocal Corporation reported fourth quarter 1999 preliminary unaudited net earnings of $97 million and adjusted net earnings (excluding special items) of $77 million. The fourth quarter results compare with a reported loss of $29 million for the same period a year ago. Adjusted net earnings for the fourth quarter 1998 were $28 million. The fourth quarter earnings reflect higher oil and gas prices, offset partially by lower net oil and gas sales volumes and a higher international tax rate.

24 Oct 2002

Keppel’s Yard Delivers Rig to ENSCO

Keppel’s yard in Brownsville, Texas, AMFELS Inc. has delivered on time and on budget, a KFELS MOD V “B” class ultra premium jack-up drilling unit to a subsidiary of ENSCO International Incorporated. ENSCO 105 is the second MOD V “B” new generation deep-well drilling rig that has been completed. The total cost of construction and outfitting for the ENSCO 105 was in excess of US$100 million (S$175m), of which work performed by AMFELS formed a major portion. The first KFELS MOD V “B” was Chiles Discovery (now renamed ENSCO 104) built and delivered by Keppel FELS in Singapore in March this year, and currently deployed in the Bayu-Undan field in Timor Sea for Phillips Petroleum Company.