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Phillips Petroleum Plans Layoffs

December 16, 1987|Associated Press

BARTLESVILLE, Okla. — Phillips Petroleum Co. announced today that it is laying off 7% to 10% of its worldwide work force as part of a cost-cutting move designed to trim spending by as much as $200 million a year.

Phillips said it will consolidate two of its largest units--exploration and production, and natural gas and gas liquids. Further organizational changes will be made throughout the company, it said. Chairman C. J. Silas said that there will be no voluntary retirement program to achieve work-force reductions but that Phillips will institute a $50-million "enhanced severance" program.

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