I recently spoke with Phillips about the future success of the company. With out compromising any confidentiality the following information was shared.
Stock Buy Back Program: Approved $500million by the end of 1998. 1st quarter only $85million executed. This means only 17% of the allotment was purchased; therefore, increasing the remainder before the end of the year. Hold your stock. This buying pressure will drive the price up.
Russia with Love: Currently Phillips is in negotiations with top oil/gas companies in Russia. Interested in the Caspian Sea fields. Hopefully optimistic but declined comments on details: dates, %, $, amounts, etc� So what does this mean to Phillips, well point of reference - ELF (France oil/gas company) signed an joint venture partnership with one of Russia�s oil/gas companies and ELF�s stock jumped 14% on same day speculation. Largest natural reserves in the world.
NGL: Still interested in partner, but clarified not as urgent as before. Laughed when inquired about Williams Companies, but declined comment. "Currently the only interest we have in WMB is that they keep their pipeline on-line. We use them extensively for transportation ". Expects good profitability in NGL 98, 99, etc..
Petro-Chemicals: Grew 60% in the last 5 years, and feels that is a good start. Will continue with that strategy and would consider acquisitions. Declined to offer details.
Increase in Efficiency: Although Phillips has lower revenue, they increased profits by decreased operating costs. This
Norway Production Reduction: Equal to less than 3% of overall company, anticipating a 20% increase on the price per barrel. This is part of Phillips effort within the Global Oil/Gas community to maintain a profitable market price per barrel.
I agree, this company has good potential, but this board is weak.
I am impressed with your input, it offers insight to some current issues. Thanks for addressing the WMB rumor. I don�t have much of a history with "P" but would like to build some. Look forward to following your postings.