Report says companies are seen as likely fit

(Tulsa-AP) -- A spokesman for Bartlesville-based Phillips Petroleum says he's not aware of negotiations between the company and the British company B-G Group.

The London Sunday Times cited an unidentified investment banker in reporting that Phillips may buy the exploration and production company. Phillips spokesman Rich Johnson declined to comment on the report that says a deal between Phillips and B-G would be a merger of equals.

Phillips is hoping to consolidate its refining, marketing and transportation assets in a joint venture with another company. A deal to combine those assets with Ultramar Diamond Shamrock fell apart in March 1999.