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    O'Malley Has Big Payday

    Ex-Phillips vice chair unloads shares for $47 million.

    WASHINGTON -- Thomas O'Malley, the mastermind behind Tosco Corp.'s ascent as a refining and convenience store powerhouse before selling it to Phillips Petroleum Co., recently converted more than 800,000 shares of the oil company, where he had become vice chairman.

    The former commodities trader, who earlier this year took over the helm at refiner Premcor Inc., sold 809,200 shares valued at $47 million last month, a U.S. regulatory filing showed yesterday.

    O'Malley unloaded the shares in 15 separate transactions between Feb. 1 and Feb. 28, according to a filing made with the U.S. Securities and Exchange Commission. The SEC filing showed O'Malley directly held 1,477,744 shares in the Bartlesville, Okla.-based company at the end of last month. He resigned from Phillips in January 2002 and promptly joined the privately held Premcor.

    In related developments, Phillips and Conoco Inc. shareholders on Tuesday overwhelmingly approved an $18 billion union creating the third-largest U.S. oil company, after months of speculation that a rival bid could break up the proposed deal.

    The agreement, which the companies are billing as a merger of equals, must still get past U.S. antitrust regulators.

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