ENERGY BRIEFS

ENERGY BRIEFS

Contract Settlement

To Boost Phillips NetBARTLESVILLE, Okla. - Phillips Petroleum Co. said that it settled natural gas contract disputes recently that will add $25 million to the company's first quarter earnings, before taxes.

The settlements involve resolution of long-term take-or-pay contracts and other disputes arising out of contracts to purchase Phillips' gas. Phillips said that the identity of the parties to the contracts will not be released, at their request.

The gas contracts involve onshore production in Texas, New Mexico and Oklahoma and offshore production in Louisiana and Texas.

Parker Drilling to Buy

6 Rigs From Manning

TULSA, Okla. - Parker Drilling Co. will buy six complete diesel-electric drilling rigs from R.L. Manning Co. of Denver, officials said.

Parker also signed a letter of intent to buy a substantial quantity of drill pipe, ancillary equipment and other property from R.L. Manning.

No purchase price on either transaction was disclosed.

GE Completes Plant

For Stanford University

General Electric Co. said that it completed a 49-megawatt cogeneration facility that will provide all of the electricity and steam needed by Stanford University in Palo Alto Calif.

The $66.5 million plant is owned and operated by GE in a limited partnership with Kaiser Engineers Inc. Under an initial 15-year contract, the partnership will sell electricity and steam to the campus at a discount over what it would cost otherwise.