Phillips Petroleum Sees Meeting or Beating 2001 Consensus Estimate

Phillips Petroleum(P Quote) said its shareholders approved the proposed acquisition of petroleum refining outfit Tosco(TOS Quote), and the company added that it expects to meet or beat Wall Street's consensus earnings estimates for 2001.

Twenty analysts polled by Thomson Financial/First Call are expecting the company to earn $6.92 for the year. The Bartlesville, Okla., company expects to close the Tosco acquisition in the third quarter.

Shares of Phillips lost 44 cents, or 0.8%, to $57.15 in recent New York Stock Exchange trading, while Tosco was down 11 cents, or 0.3%, to $43.99, also on the Big Board.