PETROLEUM EXECUTIVE OF THE YEAR 2002
Chairman and Chief Executive Officer (Phillips Petroleum Company)
James Mulva was singled out for the award by a group of his peers because of the leadership and initiative he has shown in transforming Phillips since becoming
Chief Executive in June 1999. Under his leadership, Phillips has grown its asset base from $15 billion to one that will exceed $75 billion when the company's merger with Conoco is completed later this year.
Immediately after being named CEO, Mr. Mulva began to grow Phillips aggressively and to position the company to compete long-term in an increasingly difficult business environment. His first step was to enhance the competitive position of each of the company's four business lines, while maintaining Phillip's financial strength and the benefits of integration.
The steps Mr. Mulva has taken over the past three years have not only increased the company's size and scope, but also given it the financial flexibility to compete effectively and to provide strong shareholder returns for the long-term. A joint venture with Duke Energy created a premier midstream business in the US; and other joint ventures with ChevronTexaco created one of the world's largest chemicals company. Two major acquisitions quickly followed ARCO's Alaska oil and natural gas business and Tosco's refining and marketing assets. These transactions set the stage for the company's next and most important move, its merger with Conoco. Expected to by approved in the second half of 2002, the merger will create ConocoPhillips, the fifth largest global refining and marketing company, and the sixth-largest energy company in the world, based on reserves.
Under Mr. Mulva, Phillips has built a portfolio of legacy assets - large oil and gas developments that will contribute to production and income throughout the decade and beyond, and at competitive costs. Three of these are well in the development stage: a heavy oil project in Venezuela; a natural gas project in the Timor Sea; and a major oil development in China's Bohai Bay. Going forward, Mr. Mulva's primary emphasis will be on organic growth.
Mr. Mulva joined Phillips in 1973, after serving four years in the U.S. Navy. A native of Green Bay, Wisconsin, he holds a bachelor's and master's degree in Business Administration Finance from the University of Texas.