Phillips Petroleum sells coal assets for $191 million
Thursday, October 12th 2000, 12:00 am
By: News On 6
BARTLESVILLE, Okla. (AP) _ Phillips Petroleum Co. has sold its coal interests for $191 million and plans to use the cash from the three separate deals to reduce its debt.
The Oklahoma-based oil and gas exploration and production company announced the sales Thursday.
Phillips said it sold its 50 percent interest in the Walnut Creek Mining Co. joint venture in Texas to Kiewit Construction Co., of Omaha, Neb., and its 50 percent interest in the Dry Fork coal assets in Wyoming to Western Fuels-Wyoming Inc., based in Denver.
The balance of Phillip's coal interests, located in Texas, Louisiana and Mississippi, was sold to North American Coal Corp., Dallas.
``These transactions are consistent with our approach to focus on our core businesses and will further our efforts to reduce debt and strengthen our financial position,'' said Jim Mulva, chairman and chief executive officer.