Phillips Petroleum Co cited lower oil and gas prices in its first quarter loss of 32 mln dlrs or 16 cts a shares compared with net income of 96 mln dlrs or 39 cts a share in the year-ago period. It also said there was a decline in crude oil production due to its recently completed asset sales program. Phillips also said it expects crude prices will continue to be soft in the second and third quarters but will improve toward the end of the year. Phillips also said that foreign currency transaction losses in the first quarter were 10 mln dlrs compared with a gain of 46 mln dlrs in the fourth quarter of 1986 and a loss of one mln dlrs in the first quarter of 1986.
PHILLIPS <P> CITES LOWER OIL PRICES IN DECLINE