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Phillips Petroleum.

Phillips Petroleum is taking additional steps to boost cash flow by rationalizing assets, reducing costs and improving the performance of its core businesses, the company said. The program is expected to yield at least $500 million from assets sales by the end of 1993 and add more than $200 million annually in cash flow within the next two to three years. The company will offer for sale assets that do not have a long-term fit with the company's strategic direction, such as oil tankers, a Utah refinery, advanced composites business and part-interest in a pipeline. Asset replacements and expansions, such as new ethylene and poly-ethylene manufacturing facilities, will focus on gaining increased cash flow. Reduction of support functions associated with sold assets, and personnel reductions resulting from streamlining are expected to lower operating costs. The company said no special early retirement plan is included in this program.
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Title Annotation:plans to boost cash flow
Publication:Rubber World
Article Type:Brief Article
Date:Oct 1, 1991
Previous Article:Phillips 66.
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