Page 98 - FINAL Phillips 66 50 Year Book

2000s

2000s - Present Day

The new millennium began with great news for the workforce on ‘pie
day’: refinery staff joined 11,000 employees worldwide in sharing almost
$40 million in Conoco Challenge pay-outs. They received payments on
average equal to 8 per cent of their annual salaries, compared with 4
percent in 1999.

The Conoco Challenge was based on company and business unit
earnings and cash flow, modified by shareholder return for the year in
relation to its industry peers. It became known as ‘pie day’ because of
the concept ‘sharing the financial pie’. At Humber, staff celebrated with
slices of Terry’s Chocolate Oranges!

The good news flowed in April 2000 too: employees set a new refinery
record of 10 million hours worked without a lost-time accident.

Meanwhile, Conoco signed an agreement to acquire Southern Energy’s
power station project proposed for Killingholme. Southern Energy had
planned to build a Combined Cycle Gas Turbine power station but
instead sold the land and National Grid connection consents to Conoco
for an undisclosed sum. The agreement enabled Conoco to develop
their own plans for a world-class Combined Heat and Power plant next
to the refinery and would bring substantial economic and environmental Above: Refinery staff celebrating ‘pie day’ with Terry’s Chocolate Orange.
benefits. Right: Immingham Combined Heat and Power plant (ICHP) completed
2004.