Phillips announces completion of ARCO deal

(Bartlesville-AP) -- Phillips Petroleum Company is staking a claim in Alaska. <br><br>The Bartlesville-based company announced the completion today of its acquisition of Arco's Alaskan businesses.

Wednesday, April 26th 2000, 12:00 am

By: News On 6

(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.