Phillips Petroleum’s earnings dropped 73% to $31...

Phillips Petroleum’s earnings dropped 73% to $31 million for the third quarter, compared to the same quarter last year. Revenue totaled $2.8 billion, up 28% from the 1986 quarter. The Bartlesville, Okla.-based company said last year’s results included several non-recurring items such as restructuring the company’s retirement plan, selling assets and retiring debt.