Phillips to sell its share of Cook Inlet Pipeline Co.

Posted: Tuesday, July 16, 2002

ANCHORAGE (AP) -- Forest Oil Corp., Phillips Petroleum Co. and Union Oil Co. of California have notified the Regulatory Commission of Alaska that Phillips is selling its 20 percent stock ownership in the Cook Inlet Pipeline Co.

Cook Inlet Pipeline operates 42 miles of 20-inch diameter pipeline on the west side of Cook Inlet, transporting crude oil.

Phillips has no oil production in Cook Inlet. However, the company produces natural gas from the Tyonek platform and at the Beluga River field on the west side.

Phillips' shares will be sold in equal amounts to Forest and Unocal, pursuant to a first right of refusal clause in the pipeline shareholders agreement.

The companies told the commission June 20 that they do not believe commission approval is required.

However, if approval is required, the companies want the RCA to give its blessing no later than July 31. Cook Inlet Pipeline's annual stockholder meeting is in August and resolution of the matter by the commission by the end of July would resolve the voting shares for the August meeting.

The filing with the commission was a notice of stock transfer, or in the alternative, an application for approval of the sale of Phillips' stock.

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