Phillips Debt Repayments to Total $4.7 Billion through 1988

By Robinson, Robin | THE JOURNAL RECORD, May 31, 1988 | Go to article overview

Phillips Debt Repayments to Total $4.7 Billion through 1988


Robinson, Robin, THE JOURNAL RECORD


If Phillips Petroleum Co. of Bartlesville meets all its required debt repayments through 1998, it would pay $4.7 billion, starting with $178 million this year.

In a presentation to the New York Society of Security Analysts earlier this month, the company said the required annual repayments average $200 million through 1994.

The following year, the required repayment tops $1.76 billion. However, the company noted that prepayments in addition to the required repayments would reduce that year's payment and the following years' payment.

The debt has been compiled in fighting off two takeover attempts this decade. . .

- A public auction of Osage mineral leases is scheduled for 10 a.m. June 15 in Pawhuska.

Lease Sale No. 225 includes three natural gas leases, three oil leases and 27 leases for both oil and natural gas.

The Osage Agency has a list of tracts in this lease sale that have open well bores and an evaluation of four oil and natural gas prospects in western Osage County prepared by the Bartlesville-based National Institute for Petroleum and Engineering Research.

The leases have a three-year term and are for 160-acre tracts. . .

- The Interstate Oil Compact Commission is holding its mid-year meeting June 19-22 in Colorado Springs.

Among the topics scheduled for discussion are Federal Energy Regulatory Commission Orders 436, 451 and 500, the consumer's viewpoint, the U.S. Department of Interior's report on oil production within the Alaska National Wildlife Refuge, industry needs for carbon dioxide flooding - for enhanced oil recovery projects - in the United States and the Federal Onshore Oil and Gas Leasing Reform Act and accompanying legislation.

The meeting events are scheduled to be held in the Clarion Hotel. . .

- Mickey Thompson has been named vice president of governmental relations for the Oklahoma Independent Petroleum Association. …

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