Phillips announces completion of ARCO deal - - Tulsa, OK - News, Weather, Video and Sports - |

Phillips announces completion of ARCO deal

(Bartlesville-AP) -- Phillips Petroleum Company is staking a claim in Alaska.

The Bartlesville-based company announced the completion today of its acquisition of Arco's Alaskan businesses.

Phillips Chairman and Chief Executive Officer Jim Mulva says Alaska offers a platform for the growth of the company's worldwide exploration and production.

Phillips doubles its oil reserves with the acquisition.

The deal will cost Phillips $6.5 billion in cash and up to an additional $500 million based on a formula tied to oil prices.
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