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Tosco Receives FTC Request for Additional Information About Phillips Merger.

OLD GREENWICH, Conn., April 9 /PRNewswire/ --

Tosco Corporation (NYSE: TOS) today said that it has received from the Federal Trade Commission (FTC) a request for additional information and documentary material regarding the proposed acquisition of Tosco by Phillips Petroleum Company (NYSE: P). The company is continuing to work closely with the FTC staff.

As previously announced, the acquisition is expected to close by the end of the third quarter of 2001, pending expiration of the Hart-Scott-Rodino waiting period, a favorable vote by both Phillips and Tosco shareholders, scheduled for April 11, and other customary closing conditions.

Tosco Corporation, which currently has over $28 billion in annualized revenues, is the largest independent refiner and marketer of petroleum products in the United States, and is the nation's largest operator of company-controlled convenience stores.

Tosco's company literature including Press Releases, Forms 10-K and 10-Q are available on Tosco's website: http://www.tosco.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain statements contained in this news release are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks and uncertainties. The words "believe," "expected," "could," "looks forward," and other similar expressions identify forward-looking statements. Important factors (but not necessarily the only important factors) that could cause the results to differ materially from those expected are: delay in completing a project or projects, operational difficulties, varying market conditions, actions of government, and other risks noted from time to time in the Company's Securities and Exchange Commission and other filings. The company's forward-looking statements are expressed in good faith and believed to have a reasonable basis, but there can be no assurance that they will be achieved.

Contact: Jefferson F. Allen or Colm T. McDermott, both of Tosco Corporation, 203-698-7500.
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Date:Apr 9, 2001
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