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Investors - News and Presentations

News Release

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Phillips and Anadarko Announce NPR-A Discoveries
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ANCHORAGE, Alaska, May 21, 2001 --- Phillips Alaska, Inc., a wholly owned subsidiary of Phillips Petroleum Company [NYSE: P], and Anadarko Petroleum Corporation [NYSE: APC] today announced the first discoveries in the National Petroleum Reserve-Alaska (NPR-A) since the area was reopened to exploration in 1999. The NPR-A is located west of the Colville River on Alaska's North Slope.

During the past two winter drilling seasons, six wells and a sidetrack were drilled in the NPR-A. Five wells and the sidetrack, which targeted the Alpine producing horizon, all encountered oil or gas and condensate. These wells are Spark #1 and Spark #1A, Moose’s Tooth C, Lookout #1, Rendezvous A, and Rendezvous #2. A sixth well, targeting a different interval, was a dry hole.

“These discoveries mark an important milestone in the Alaska oil industry,” said Kevin Meyers, president of Phillips Alaska, Inc. “Though the results are preliminary, we're confident the discoveries will prove to be of commercial quantities. We believe that the five successful wells have encountered three separate hydrocarbon accumulations.”

Extensive testing was completed at the Spark drilling location this winter, in addition to an unstimulated test at the Rendezvous A well. The Spark #1A well tested at 1,550 barrels per day of liquid hydrocarbons and 26.5 million cubic feet per day of gas at a flowing tubing pressure of 1,500 psig. The Rendezvous A well tested at an unstimulated rate of 360 barrels per day of liquid hydrocarbons and 6.6 million cubic feet per day of natural gas. Three other wells were temporarily suspended to allow further evaluation next season.

These discoveries are located from 15 to 25 miles southwest of the 430-million-barrel Alpine oil field, which currently is producing 80,000 barrels of oil per day. Extensive environmental and logistical studies will be conducted in the area this summer. Ownership in these NPR-A leases and the Alpine field are: Phillips (operator), 78 percent; and Anadarko, 22 percent.

Phillips Petroleum Company is an integrated oil company with interests around the world. Headquartered in Bartlesville, Okla., the company had 12,200 employees, $20.7 billion of assets and $19.6 billion of annualized revenues as of March 31, 2001.

NPRA Discoveries


Some of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. Actual results could differ materially based on numerous factors, including new information, the realized level of crude oil and natural gas production, and other risks associated with development of a new oil and gas project. Additional information on such matters can be found in Phillips' publicly available filings with the Securities and Exchange Commission (SEC), including its 2000 report of Form 10-K. Copies of the company's filings with the SEC are available free by calling Phillips at 918-661-3700. These reports also are available on the company's Web site at www.phillips66.com.