Phillips Petroleum Co.’s 1988 net income jumped...

Phillips Petroleum Co.’s 1988 net income jumped to $650 million from $35 million, while revenue edged up to $11.3 billion from $10.72 billion in 1987. The Bartlesville, Okla., firm credited the results to continued strong demand for petroleum products, chemicals and plastics, which have kept its plants and refineries running at capacity and allowed higher margins.