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Show GPM offers 51 of stock Phillips Petroleum Company has announced the approval by the board of directors to file a registration registra-tion statement for an initial public offering of up to 51 percent of the common stock of its gas gathering and processing subsidiary. The offering will establish the subsidiary, GPM Gas Corporation, among the largest publicly-held gatherers and processors of natural gas in the United States, with 1991 operating revenue of just over $1 billion. GPM is also the largest domestic producer of natural gas liquids. li-quids. C.J. Silas, the chairman and chief executive officer of Phillips, said the offering in which both Phillips and GPM will sell shares will make the strengths of GPM's business more apparent to investors. The move has also been taken in an attempt to strengthen Phillips' capital structure. Phillips has taken several steps in attempting to increase its cash flow O including the failed attempt at selling sell-ing the Woods Cross Refinery in West Bountiful. B.M. Thompson, vice chairman of the board of Phillips, has been designated chairman of the board, president and chief executive offi- af GPM. He will step down lis current position at Phillips ril When the official offering will be made. |