Jim Mulva Quotations

It certainly could have an impact on the production and refineries that are up and running today and it certainly would have an impact on the recovery,

We are pleased to be resuming our long and productive partnership with the people and the state of Libya in this strategic asset. This agreement provides a strong basis for us to invest in our aligned goals for increased reserves and production, and in the training and development of our Libyan work force.

This agreement provides a strong basis for us to invest in our aligned goals for increased reserves and production and in the training and development of our Libyan workforce.

I am encouraged that second-quarter operating earnings, although down from year-ago levels, were more than six times higher than in the first quarter,

During the quarter, our U.S. Gulf Coast operations were significantly impacted by Hurricanes Katrina, Rita and Dennis. Despite these impacts, our overall operating performance for the quarter was good, and we continued to benefit from the strong commodity price environment.

In addition to higher industry oil and gas prices, Phillips continued to benefit from cost reductions and strong operations across all business segments,

We'd like to think we have pretty aggressive organic growth in the company, both upstream and downstream,

Domestically, we anticipate another quarter of significant turnaround activity. Capacity utilization is expected to be in the mid-90% range with turnaround costs of approximately $100 million, before tax, in the second quarter.

We expect first-quarter net operating income to be up 75-85 percent from the same period last year. The expected increase is due primarily to increased production as a result of the company's second-quarter 2000 Alaskan acquisition.

We are building on the success we achieved with the formation of Global Systems and Services at the time of our merger in August 2002, as well as our recent achievements with our Human Resources leveraged service center. Continued consolidation of service groups will enable us to further capitalize on opportunities to capture efficiencies and increase the value they provide to our business units globally.