Exhibit 99(b)
FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the year ended December 31, 1993
-------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
----------- ----------
Commission file number 33-50283
---------------------------------
LONG-TERM STOCK SAVINGS PLAN OF
PHILLIPS PETROLEUM COMPANY
(Full title of the Plan)
PHILLIPS PETROLEUM COMPANY
(Name of issuer of securities)
Bartlesville, Oklahoma 74004
(Address of principal executive office) (Zip code)
FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements
--------------------
Financial statements of the Long-Term Stock Savings Plan of
Phillips Petroleum Company, filed as part of this annual report,
are listed in the accompanying index.
(b) Exhibits
--------
Exhibit 1 Consent of Ernst & Young.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Long-Term Stock Savings Plan Committee has duly caused
this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
LONG-TERM STOCK SAVINGS PLAN
OF PHILLIPS PETROLEUM COMPANY
/s/ D. R. Divelbiss
-----------------------------
D. R. Divelbiss
Member
Long-Term Stock Savings
Plan Committee
June 22, 1994
1
- - - -----------------------------------------------------------------
Index To Financial Statements Long-Term Stock Savings Plan
And Schedules Of Phillips Petroleum Company
Page
Report of Independent Auditors ............................. 3
Financial Statements
Statements of Net Assets Available for Benefits
at December 31, 1993 and 1992
Total Plan ........................................... 4
Fund EP .............................................. 6
Fund K ............................................... 8
Fund L ............................................... 10
Temporary Fund ....................................... 12
Statements of Changes in Net Assets Available for
Benefits for the Years Ended December 31, 1993,
1992 and 1991
Total Plan ........................................... 5
Fund EP .............................................. 7
Fund K ............................................... 9
Fund L ............................................... 11
Temporary Fund ....................................... 13
Notes to Financial Statements ............................ 14
Supplemental Schedules
Schedule of Assets Held for Investment Purposes at
December 31, 1993 ...................................... 18
Schedule of Reportable Transactions for the Year Ended
December 31, 1993 ...................................... 19
2
- - - ------------------------------------------------------------------
Report Of Independent Auditors
The Long-Term Stock Savings Plan Committee
Long-Term Stock Savings Plan of Phillips Petroleum Company
We have audited the financial statements of the Long-Term Stock
Savings Plan of Phillips Petroleum Company (Plan) listed in the
accompanying index to financial statements and schedules. These
financial statements are the responsibility of the Long-Term Stock
Savings Plan Committee (Committee). Our responsibility is to
express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by the Committee, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements listed in the
accompanying index to financial statements and schedules present
fairly, in all material respects, the net assets available for
benefits of the Plan at December 31, 1993 and 1992, and the
changes in net assets available for plan benefits for each of the
three years in the period ended December 31, 1993, in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment purposes as
of December 31, 1993, and reportable transactions for the year
ended December 31, 1993, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act
of 1974, and are not a required part of the basic financial
statements. The supplemental schedules have been subjected to the
auditing procedures applied in our audit of the 1993 financial
statements and, in our opinion, are fairly stated in all material
respects in relation to the 1993 basic financial statements taken
as a whole.
/s/ ERNST & YOUNG
-------------
ERNST & YOUNG
Tulsa, Oklahoma
June 22, 1994
3
- - - -----------------------------------------------------------------
Statement Of Net Assets Long-Term Stock Savings Plan
Available For Benefits Of Phillips Petroleum Company
Thousands of Dollars
----------------------
At December 31 1993 1992
----------------------
Assets
Investments
Common stock $984,885 872,703
Commingled fund 7,073 10,123
- - - -----------------------------------------------------------------
991,958 882,826
Company Contributions Receivable
Before-tax deposits 79 38
Interest Receivable 27 33
- - - -----------------------------------------------------------------
Total Assets 992,064 882,897
- - - -----------------------------------------------------------------
Liabilities
Securities Acquisition Loans 527,850 554,050
Interest Payable 1,553 1,765
Stock Distributions Payable 26 -
Securities Purchased 148 220
Administrative Expenses Payable 100 100
- - - -----------------------------------------------------------------
Total Liabilities 529,677 556,135
- - - -----------------------------------------------------------------
Net Assets Available for Benefits $462,387 326,762
=================================================================
See Notes to Financial Statements.
4
- - - -------------------------------------------------------------------
Statement Of Changes In Net Long-Term Stock Savings Plan
Assets Available For Benefits Of Phillips Petroleum Company
Thousands of Dollars
----------------------------------
Years Ended December 31 1993 1992 1991
----------------------------------
Additions
Company Contributions
Funds for debt service $ 6,605 13,216 23,990
Dividend replacement - - 1,427
Basic allocation requirements 286 188 -
Before-tax deposits 6,449 6,501 6,678
- - - -------------------------------------------------------------------
13,340 19,905 32,095
- - - -------------------------------------------------------------------
Investment Income (Loss)
Dividends 38,514 39,445 39,849
Interest 321 363 358
Net appreciation
(depreciation) 134,935 40,582 (75,771)
- - - -------------------------------------------------------------------
173,770 80,390 (35,564)
- - - -------------------------------------------------------------------
Other - 20 -
- - - -------------------------------------------------------------------
Total Additions (Deductions) 187,110 100,315 (3,469)
- - - -------------------------------------------------------------------
Deductions
Distributions to Participants
or Their Beneficiaries
Common stock 31,869 32,598 7,322
Cash 20 29 3
- - - -------------------------------------------------------------------
31,889 32,627 7,325
Interest Expense 19,496 24,015 37,037
Administrative Expense 100 100 198
- - - -------------------------------------------------------------------
Total Deductions 51,485 56,742 44,560
- - - -------------------------------------------------------------------
Net Increase (Decrease) 135,625 43,573 (48,029)
Net Assets Available for
Benefits
Beginning of Year 326,762 283,189 331,218
- - - -------------------------------------------------------------------
End of Year $462,387 326,762 283,189
===================================================================
See Notes to Financial Statements.
5
- - - -----------------------------------------------------------------
Statement Of Net Assets Long-Term Stock Savings Plan
Available For Benefits Of Phillips Petroleum Company
FUND EP
Thousands of Dollars
------------------------
At December 31 1993 1992
------------------------
Assets
Investments
Common stock $170,772 155,462
Commingled fund 10 7
- - - -----------------------------------------------------------------
170,782 155,469
Interest Receivable 1 1
- - - -----------------------------------------------------------------
Total Assets 170,783 155,470
- - - -----------------------------------------------------------------
Liabilities
Stock Distributions Payable 18 -
Administrative Expenses Payable 100 100
- - - -----------------------------------------------------------------
Total Liabilities 118 100
- - - -----------------------------------------------------------------
Net Assets Available for Benefits $170,665 155,370
=================================================================
Number of Units 33,285,802 34,947,937
Unit Value $5.1272 4.4458
- - - -----------------------------------------------------------------
See Notes to Financial Statements.
6
- - - -------------------------------------------------------------------
Statement Of Changes In Net Long-Term Stock Savings Plan
Assets Available For Benefits Of Phillips Petroleum Company
FUND EP
Thousands of Dollars
----------------------------------
Years Ended December 31 1993 1992 1991
----------------------------------
Additions
Investment Income (Loss)
Dividends $ 6,734 7,185 7,359
Interest 2 4 17
Net appreciation
(depreciation) 24,082 7,800 (14,013)
- - - -------------------------------------------------------------------
30,818 14,989 (6,637)
Other - 20 -
- - - -------------------------------------------------------------------
Total Additions (Deductions) 30,818 15,009 (6,637)
- - - -------------------------------------------------------------------
Deductions
Distributions to Participants
or Their Beneficiaries
Common stock 15,407 19,100 4,813
Cash 16 14 6
- - - -------------------------------------------------------------------
15,423 19,114 4,819
Administrative Expense 100 100 198
- - - -------------------------------------------------------------------
Total Deductions 15,523 19,214 5,017
- - - -------------------------------------------------------------------
Net Increase (Decrease) 15,295 (4,205) (11,654)
Net Assets Available for
Benefits
Beginning of Year 155,370 159,575 171,229
- - - -------------------------------------------------------------------
End of Year $170,665 155,370 159,575
===================================================================
See Notes to Financial Statements.
7
- - - -----------------------------------------------------------------
Statement Of Net Assets Long-Term Stock Savings Plan
Available For Benefits Of Phillips Petroleum Company
FUND K
Thousands of Dollars
------------------------
At December 31 1993 1992
------------------------
Assets
Investments
Common stock $31,758 23,274
Commingled fund 503 264
- - - -----------------------------------------------------------------
32,261 23,538
Due from Temporary Fund 602 601
Interest Receivable 1 1
- - - -----------------------------------------------------------------
Total Assets 32,864 24,140
- - - -----------------------------------------------------------------
Liabilities
Securities Purchased 148 220
Stock Distributions Payable 1 -
- - - -----------------------------------------------------------------
Total Liabilities 149 220
- - - -----------------------------------------------------------------
Net Assets Available for Benefits $32,715 23,920
=================================================================
Number of Units 26,428,925 22,213,066
Unit Value $1.2379 1.0768
- - - -----------------------------------------------------------------
See Notes to Financial Statements.
8
- - - -------------------------------------------------------------------
Statement Of Changes In Net Long-Term Stock Savings Plan
Assets Available For Benefits Of Phillips Petroleum Company
FUND K
Thousands of Dollars
---------------------------------
Years Ended December 31 1993 1992 1991
---------------------------------
Additions
Allocation of Deposits and
Earnings from Temporary
Fund $ 6,463 6,518 6,704
- - - -------------------------------------------------------------------
Investment Income (Loss)
Dividends 1,134 904 613
Interest 12 13 22
Net appreciation
(depreciation) 3,463 830 (1,436)
- - - -------------------------------------------------------------------
4,609 1,747 (801)
- - - -------------------------------------------------------------------
Total Additions 11,072 8,265 5,903
- - - -------------------------------------------------------------------
Deductions
Distributions to (refunds from)
Participants or Their
Beneficiaries
Common stock 2,278 1,883 355
Cash (1) - (1)
- - - -------------------------------------------------------------------
Total Deductions 2,277 1,883 354
- - - -------------------------------------------------------------------
Net Increase 8,795 6,382 5,549
Net Assets Available for
Benefits
Beginning of Year 23,920 17,538 11,989
- - - -------------------------------------------------------------------
End of Year $32,715 23,920 17,538
===================================================================
See Notes to Financial Statements.
9
- - - -----------------------------------------------------------------
Statement Of Net Assets Long-Term Stock Savings Plan
Available For Benefits Of Phillips Petroleum Company
FUND L
Thousands of Dollars
------------------------
At December 31 1993 1992
------------------------
Assets
Investments
Common stock $782,355 693,967
Commingled fund 6,038 9,290
- - - -----------------------------------------------------------------
788,393 703,257
Interest Receivable 24 30
- - - -----------------------------------------------------------------
Total Assets* 788,417 703,287
- - - -----------------------------------------------------------------
Liabilities
Securities Acquisition Loans 527,850 554,050
Interest Payable 1,553 1,765
Stock Distributions Payable 7 -
- - - -----------------------------------------------------------------
Total Liabilities 529,410 555,815
- - - -----------------------------------------------------------------
Net Assets Available for Benefits $259,007 147,472
=================================================================
Number of Units 120,191,086 99,543,753
Unit Value** $1.6583 1.4368
- - - -----------------------------------------------------------------
See Notes to Financial Statements.
*The amount of total assets that was not allocated to
participants at December 31, 1993 and 1992 was $589,098 thousand
and $560,265 thousand, respectively.
**Unit value calculated on assets allocated to participants only.
10
- - - -------------------------------------------------------------------
Statement Of Changes In Net Long-Term Stock Savings Plan
Assets Available For Benefits Of Phillips Petroleum Company
FUND L
Thousands of Dollars
----------------------------------
Years Ended December 31 1993 1992 1991
----------------------------------
Additions
Company Contributions
Funds for debt service $ 6,605 13,216 23,990
Dividend replacement - - 1,427
Basic allocation requirements 286 188 -
- - - -------------------------------------------------------------------
6,891 13,404 25,417
- - - -------------------------------------------------------------------
Investment Income (Loss)
Dividends 30,646 31,356 31,877
Interest 293 329 293
Net appreciation
(depreciation) 107,390 31,952 (60,322)
- - - -------------------------------------------------------------------
138,329 63,637 (28,152)
- - - -------------------------------------------------------------------
Total Additions (Deductions) 145,220 77,041 (2,735)
- - - -------------------------------------------------------------------
Deductions
Distributions to (refunds from)
Participants or Their
Beneficiaries
Common stock 14,184 11,615 2,154
Cash 5 15 (2)
- - - -------------------------------------------------------------------
14,189 11,630 2,152
Interest Expense 19,496 24,015 37,037
- - - -------------------------------------------------------------------
Total Deductions 33,685 35,645 39,189
- - - -------------------------------------------------------------------
Net Increase (Decrease) 111,535 41,396 (41,924)
Net Assets Available for
Benefits
Beginning of Year 147,472 106,076 148,000
- - - -------------------------------------------------------------------
End of Year $259,007 147,472 106,076
===================================================================
See Notes to Financial Statements.
11
- - - -----------------------------------------------------------------
Statement Of Net Assets Long-Term Stock Savings Plan
Available For Benefits Of Phillips Petroleum Company
TEMPORARY FUND
Thousands of Dollars
--------------------
At December 31 1993 1992
--------------------
Assets
Investments
Commingled fund $522 562
Company Contributions Receivable
Before-tax deposits 79 38
Interest Receivable 1 1
- - - -----------------------------------------------------------------
Total Assets 602 601
Liabilities
Due to Fund K 602 601
- - - -----------------------------------------------------------------
Net Assets Available for Benefits $ - -
=================================================================
See Notes to Financial Statements.
12
- - - -------------------------------------------------------------------
Statement Of Changes In Net Long-Term Stock Savings Plan
Assets Available For Benefits Of Phillips Petroleum Company
TEMPORARY FUND
Thousands of Dollars
--------------------------------
Years Ended December 31 1993 1992 1991
--------------------------------
Additions
Company Contributions
Before-tax deposits $6,449 6,501 6,678
Investment Income
Interest 14 17 26
- - - -------------------------------------------------------------------
Total Additions 6,463 6,518 6,704
- - - -------------------------------------------------------------------
Deductions
Allocation of Deposits and
Earnings to Fund K 6,463 6,518 6,704
- - - -------------------------------------------------------------------
Net Increase - - -
Net Assets Available for
Benefits
Beginning of Year - - -
- - - -------------------------------------------------------------------
End of Year $ - - -
===================================================================
See Notes to Financial Statements.
13
- - - -----------------------------------------------------------------
Notes To Financial Statements Long-Term Stock Savings Plan
Of Phillips Petroleum Company
Note 1--Plan Description
The following description of the Plan is subject to and qualified
by the more complete information appearing in the Plan document.
The Plan became effective July 1, 1988, and is a defined
contribution plan available to certain employees of Phillips
Petroleum Company and participating subsidiaries (Company).
Generally, any regular employee on the direct dollar payroll of
the Company is eligible to participate, except non-managerial
retail marketing outlet employees.
The Company has a trust agreement with Bankers Trust Company,
280 Park Avenue, New York, New York 10017 (Trustee). Plan
investments are held by the Trustee in the Temporary Fund,
Fund K, Fund L and Fund EP. Temporary Fund investments consist
of specified short-term securities. Funds K, L and EP are
invested primarily in common stock of Phillips Petroleum Company
(Phillips Stock).
Fund L consists of Phillips Stock purchased with the proceeds of
the loans described in Note 2 and Note 5 or with Company
contributions. The Phillips Stock will be allocated to Fund L
accounts of eligible participants. The Plan provides for three
types of stock allocations: semiannual basic allocations,
dividend replacement allocations and supplemental allocations. A
basic allocation will be made as of June 30 and December 31 of
each year. Prior to 1999, 716,846 shares of stock will be
divided among or "allocated to" the Fund L accounts of eligible
participants as of each June 30 and December 31. After 1998 and
through the later of 2003 or the allocation date following the
date the second loan is repaid, the number of shares to be
allocated semiannually will be 477,876. A participant's
semiannual basic allocation is based on the ratio of the
participant's Fund K before-tax deposits to all eligible
participants' before-tax deposits for the allocation period (both
net of Fund K withdrawals during the period). If the Company
does not elect to make a special contribution and if eligible
dividends from participants' Fund L or Fund EP accounts are used
to make loan payments, participants will receive a dividend
replacement allocation. In 1993, the Plan used $11.8 million in
dividends from participants' Fund L and Fund EP accounts and
allocated 400,290 shares valued at $29.38 per share in dividend
replacement allocations. In 1992, the Plan used $10.8 million in
dividends from participants' Fund L and Fund EP accounts and
allocated 434,518 shares valued at $24.75 per share in dividend
replacement allocations. A supplemental allocation will be made
each year-end if all shares released for allocation, based on
loan payment provisions, have not been allocated.
14
The Company makes contributions to the Plan which, when
aggregated with the Plan's dividends from Funds L and EP and
interest earnings from Fund L, equal the amount necessary to
enable the Plan to make its regularly scheduled payments of
principal and interest due on its loans. The Company may also
elect to make dividend replacement contributions to the Plan, as
an alternative to utilizing the dividends from shares in Fund EP
or allocated shares in Fund L. Finally, the Company may make
contributions to the Plan in the amount necessary to bring the
number of shares of stock released for allocation up to the level
required to complete the basic allocation.
Eligible employees may elect to have their salaries reduced and
before-tax deposits made by the Company on their behalf equal to
one percent of pay. These deposits are held in the Temporary
Fund up to 45 days, and then, with the earnings thereon, are
transferred into the employee's Fund K account. The interest of
participants in each fund is represented by units allocated to
them.
Assets of the Employee Stock Ownership Plan of Phillips Petroleum
Company (ESOP) and the Payroll Stock Ownership Plan of Phillips
Petroleum Company (PAYSOP), which were merged into the Plan on
July 1, 1988, are held in Fund EP and credited to eligible
participants' accounts.
Participants are always vested in their deposits and amounts
credited to their accounts. Total withdrawals from Funds K, L
and EP may be made upon the occurrence of specified events,
including attainment of age 59 1/2 (after December 31, 1998, for
Funds EP and L) or separation from service. Partial withdrawals
are permitted in cases of specified financial hardship and
certain other cases. For a participant who retires or becomes
totally disabled, distribution will be deferred to a date not
later than February of the year after the year age 70 1/2 is
attained. If the participant dies, distribution to a surviving
spouse beneficiary will be deferred to the second valuation date
prior to the date on which the participant would have attained
age 70 1/2. This deferral is revocable by the participant or the
surviving spouse. Distributions to non-spouse beneficiaries may
be deferred approximately five years.
Since January 1, 1993, a participant may elect a direct rollover
of the taxable portion of most distributions to an Individual
Retirement Account or another tax-qualified plan. The taxable
portion of any such distribution that is not rolled over directly
will be subject to 20 percent federal withholding.
The Plan is administered by the Long-Term Stock Savings Plan
Committee, the members of which are appointed by the Board of
Directors of Phillips Petroleum Company. Members of the
Committee serve without compensation, but are reimbursed by the
Company for necessary expenditures incurred in the discharge of
their duties. Administrative expenses of the Plan will be paid
15
by the Trustee from assets of the Plan to the extent allowable by
law, unless paid by the Company. In 1993 and 1992, the Trustee
made cash payments of $100,000 for administrative expense to
Phillips from Fund EP. Plan administrative expenses of
approximately $437,000 and $406,000 were paid by Phillips to the
Trustee in 1993 and 1992, respectively.
Note 2--Securities Acquisition Loans
The Plan borrowed $250 million and $400 million (Loans) in 1988
and 1990, respectively, and purchased 14,336,918 and 14,159,292
shares of common stock from Phillips Petroleum Company
(Phillips), respectively. The shares are held in a Fund L
suspense account until allocated to eligible participants based
on the provisions of the Plan. At December 31, 1993 and 1992,
the market value of unallocated shares was $583 million and
$551 million, respectively.
The Loans are guaranteed by Phillips. They are being repaid
through contributions made by the Company, dividends on
unallocated and certain allocated shares and earnings on the
short-term investment of contributions and dividends. The notes
payable under the $250 million loan had scheduled maturities
through 1998. (See Note 5 for information regarding the
refinancing of these notes.) Annual installments of $25 million
and $24 million were paid on the notes in 1993 and 1992,
respectively.
The $400 million loan is a fifteen-year-term bank loan. Any
participating bank in the syndicate of lenders may cease to
participate on November 30, 1997, by giving not less than 180
days prior notice to the Plan and Phillips. Also, each bank
participating in the loan has the optional right, if the current
directors of Phillips or their approved successors cease to be a
majority of the Board, and upon not less than 90 days' notice, to
cease to participate in the loan. Under the above conditions,
such banks' rights and obligations under the loan agreement must
be purchased by Phillips if not transferred to another bank of
Phillips' choice. Repayment of the loan is scheduled to begin in
1999 with a $30 million installment, increasing each year through
the date of maturity. Early payments of $900 thousand and
$2 million were made on the loan in 1993 and 1992, respectively.
The Loans provide for variable interest rates. At December 31,
1993 and 1992, the rates were 2.91% and 3.25%, respectively, for
the $250 million loan. The rates for the $400 million loan at
December 31, 1993 and 1992, were 3.63% and 4.31%, respectively.
Note 3--Investments
Phillips Stock is valued at the closing quoted market price. For
commingled funds, cost and market value are the same.
16
Note 4--Taxes
The Internal Revenue Service has determined that the Plan, as
amended through November 9, 1990, is qualified under Section
401(a) of the Internal Revenue Code of 1986 and the Trust is
exempt from federal income tax under Section 501(a). Subsequent
amendments have been adopted, but are not expected to affect the
qualified status of the Plan. The Committee is not aware of any
activity that would affect the qualified status of the Plan.
Note 5--Subsequent Event
During April 1994, the Plan signed a $131 million term loan
agreement to refinance the outstanding notes payable issued in
1988, which were redeemed on May 16, 1994. The new term loan
will be repaid in annual installments of $17.4 million,
$25.6 million, $27.5 million, $29.4 million and $31.1 million in
the years 1994 through 1998. The Company continues to guarantee
the payment of Plan debt.
17
- - - ------------------------------------------------------------------------------
Schedule of Assets Held for Long-Term Stock Savings Plan
Investment Purposes Of Phillips Petroleum Company
Item 27a EIN 73-0400345, Plan 022
At December 31, 1993
Description of investment Thousands of Dollars
Identity of issue, including maturity date, rate of --------------------
borrower, lessor, or interest, collateral, par or Historical Current
similar party maturity value Cost Value
- - - ---------------------- -------------------------------- ---------- -------
Phillips Petroleum 33,961,553 shares of common
Company* stock, $1.25 par value $704,625 984,885
Bankers Trust Company* 7,072,963 units of participation
in General Employee Benefit
Trust, BT Pyramid Government
Securities Cash Fund 7,073 7,073
-------- -------
$711,698 991,958
======== =======
*Party-in-interest
18
- - - ------------------------------------------------------------------------------
Schedule of Reportable Transactions Long-Term Stock Savings Plan of
Item 27d Phillips Petroleum Company
EIN 73-0400345, Plan 022
Year Ended December 31, 1993
Thousands of Dollars
Total Total -------------------------------
number of number of Gain or
Identity of party purchases sales Value (loss) as
involved and during the during the Value of of a result of
description of asset plan year plan year purchases* sales* transactions
- - - --------------------- ---------- ---------- ---------- ------ ------------
Bankers Trust Company
General Employee
Benefit Trust, BT
Pyramid Government
Securities Cash
Fund 215 279 $59,274 62,323 -
*This is also the current value at time of transaction.
19
Exhibit 1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration
Statement (Form S-8, File No. 33-50283) pertaining to the Long-
Term Stock Savings Plan of Phillips Petroleum Company and in the
related Prospectus of our report dated June 22, 1994, with
respect to the financial statements and schedules of the
Long-Term Stock Savings Plan of Phillips Petroleum Company
included in this Annual Report (Form 11-K) for the year ended
December 31, 1993.
/s/ ERNST & YOUNG
-------------
ERNST & YOUNG
Tulsa, Oklahoma
June 22, 1994
20