UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 2
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
September 14, 2001
PHILLIPS PETROLEUM COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-720 73-0400345
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
Phillips Building, Bartlesville, Oklahoma 74004
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
918-661-6600
Item 7. Financial Statements and Exhibits.
(b) Pro Forma Financial Information.
The attached corrected unaudited pro forma statement of
income for the year ended December 31, 2000, is being filed
to replace page 3 of Phillips Petroleum Company's Current
Report on Form 8-K for September 14, 2001, as amended by
Amendment No. 1 on Form 8-K/A filed October 31, 2001. The
pro forma income statement information for the year ended
December 31, 2000, in this amendment correctly reflects the
pro forma adjustment for Tosco's sale of the Avon refinery.
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Unaudited Pro Forma Phillips Petroleum Company
Statement of Income
Millions of Dollars
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Pro Forma
Pro Forma Adjustments
Adjustments Phillips for Phillips
Phillips/ and Tosco DEFS, CPChem Pro Forma
Year Ended Tosco Pro Forma Alaska, Avon As
December 31, 2000 Phillips Tosco* Transaction Combined Transactions Adjusted
-------- ------- ----------- --------- ------------ ---------
(a)
Revenues
Sales and other operating
revenues $20,835 24,545 - 45,380 (1,896) 43,484
Equity in earnings of
affiliated companies 114 - - 114 117 231
Other revenues 278 51 (21)(j) 308 (33) 275
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Total Revenues 21,227 24,596 (21) 45,802 (1,812) 43,990
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Costs and Expenses
Purchased crude oil and
products 12,131 20,809 - 32,940 (1,971) 30,969
Production and operating
expenses 2,166 1,836 81 (b) 4,083 (266) 3,817
Exploration expenses 298 - - 298 21 319
Selling, general and
administrative expenses 636 338 - 974 (122) 852
Depreciation, depletion
and amortization 1,179 354 (37)(b) 1,496 54 1,550
Property impairments 100 - - 100 - 100
Taxes other than income
taxes 468 154 - 622 88 710
Accretion on discounted
liabilities - - 13 (c) 13 - 13
Interest expense 369 198 (19)(d) 548 48 596
Foreign currency
transaction losses 58 - - 58 (1) 57
Preferred dividend
requirements of
capital trusts 53 17 (17)(e) 53 - 53
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Total Costs and Expenses 17,458 23,706 21 41,185 (2,149) 39,036
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Income before income taxes 3,769 890 (42) 4,617 337 4,954
Provision for income taxes 1,907 361 (17)(f) 2,251 134 2,385
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Net Income $ 1,862 529 (25) 2,366 203 2,569
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Net Income Per Share of
Common Stock
Basic $ 7.32 3.66 6.25 (g) 6.79(g)
Diluted 7.26 3.47 6.17 (g) 6.70(g)
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Average Common Shares
Outstanding
(in thousands)
Basic 254,490 144,500 378,549 (g) 378,549(g)
Diluted 256,326 155,400 383,211 (g) 383,211(g)
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See Notes to Unaudited Pro Forma Financial Statements.
*Certain amounts have been reclassified to conform to Phillips' presentation.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
PHILLIPS PETROLEUM COMPANY
/s/ Rand C. Berney
November 12, 2001 ------------------------------
Rand C. Berney
Vice President and Controller
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