Phillips put two operations up for sale.

Phillips Petroleum, trying to whittle down huge debts incurred in two takeover battles, said it has put its coal and geothermal energy operations up for sale. The company had to borrow $4.5 billion this year to buy back about half of its stock to escape a takeover bid from New York financier Carl C. Icahn after earlier surviving a bid from a group led by oilman T. Boone Pickens Jr.