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Phillips Petroleum CEO Retiring

June 21, 1999

BARTLESVILLE, Okla. (AP) _ The head of Phillips Petroleum Co. will step down as chief executive July 1 and retire as chairman in October.

Wayne W. Allen, who became chairman and chief executive in 1994, is leaving the company after reaching age 63 on Oct. 13.

J.J. Mulva, Phillips’ president and chief operating officer, will become vice chairman, president and chief executive next month, the company said Monday in a news release. Mulva will succeed Allen as chairman in October and retain the titles of president and CEO.

The company has no plans to name a new chief operating officer.

``The company is operating well and has a number of significant growth opportunities. It therefore is an opportune time to pass the corporation’s leadership to Jim Mulva,″ Allen said in a statement.

``We are following our succession plan, and the management team is in place for continued growth of Phillips,″ he said.

Allen was elected president and chief operating officer in 1991 and took over as the head of the company three years later.

During the past five years, the company started new offshore oil production in China and onshore polyethylene production facilities. Under Allen’s leadership, Phillips also has new oil prospects in Venezuela and has started a major petrochemical project in Qatar.

Phillips recently launched a cost-cutting program to counter a tumble in earnings that resulted from low prices at the well and pump.

Mulva, 53, joined Phillips’ treasury department in 1973 and has served in a variety of domestic and international positions. He was named treasurer in 1986 and became chief financial officer in 1990.

In 1994, he was elected president and chief operating officer.

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