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    Conoco and Phillips to Cut Jobs

    Positions at headquarters and retail level to be eliminated.

    HOUSTON -- Conoco Inc. and Phillips Petroleum Co., which are merging to create the third-largest U.S. oil company, said it would cut an undisclosed number of jobs as it reorganizes operations.

    The company will cut jobs at its retail marketing organization in Tempe, Ariz., currently the headquarters of Phillips' wholesale and retail marketing operations, which will be transferred to Houston. The combined company's retail marketing unit and support services will be housed there.

    No jobs will be cut at Phillip's current corporate headquarters in Bartlesville, Okla., which will house the new company's global information center, global financial resources and human resource support organizations.

    In Ponca City, Okla., the new company will cut jobs as it retains certain functions, including the operation of Conoco's Ponca City Refinery and research and development activities.

    Conoco has 20,000 employees, while Phillips has 37,400.

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