O'Malley Resigns From Phillips Board

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O'Malley Resigns From Phillips Board

01/22/2002

BARTLESVILLE, Okla. -- Thomas O'Malley, formerly the chief executive of oil refiner Tosco Corp., has resigned from board of directors of Phillips Petroleum Co. in order to pursue other business opportunities in the energy sector.

O'Malley's joined the Phillips board in 2001 upon Phillips' acquisition of Tosco. Phillips acquired Tosco for $7 billion last September. O'Malley's resignation is effective immediately and reduces the number of Phillips' directors to 10, nine of whom are outsider directors, the company said.

"Jim Mulva and his team have built a terrific company," O'Malley said. "I intend to remain a large, long-term holder of Phillips shares, and believe that the pending merger with Conoco will create a truly great company. I intend to vote in favor of this merger."

Mulva, Phillips' chairman and chief executive officer, said "I regret that Tom has elected to resign as a member of our board, but understand his decision to pursue direct investment opportunities in the industry and respect his desire to avoid any potential conflict of interest with his role as a director of Phillips."