Glossary

Marginal Field

A field that may not produce enough net income to make it worth developing at a given time; should technical or economic conditions change, such a field may become commercial.

Maureen Platform

Located 163 miles offshore Aberdeen, Scotland, Maureen is the world's first large re-usable platform -- and is currently for sale. Like all of Phillips' U.K. fields, Maureen was named after the wife of the geoscientist who discovered the field.

MCF

The abbreviation for "thousand cubic feet," the standard measure for natural gas.

Measured Depth

The depth of the well measured along the wellbore. Also called logged or driller’s depth.

Mercaptans

Compounds of carbon, hydrogen and sulfur found in sour crude and gas; the lower mercaptans have a strong, repulsive odor and are used, among other things, to odorize natural gas.

Metallocene Catalyst

New "precision" catalysts that provide extended manufacturing control over the molecular structure and properties of polyethylene. When used to manufacture linear low-density polyethylene (LLDPE), the result is a film of exceptional clarity and strength that is ideal for food packaging.

Metallocene Compounds

The key ingredients in the company's proprietary metallocene catalyst.

Methane

The principal constituent of natural gas.

Methyl Mercaptan

A sulfur-based chemical used primarily to produce methionine (a food supplement for poultry) and agricultural chemicals.

Methyl Tertiary Butyl Ether (MTBE)

A lead-free, anti-knock additive for gasolines.

Midstream

All activities associated with storage and transport of crude oil and natural gas (before processing) via ship, rail, truck or pipeline.

Mission

Phillips' corporate mission is to provide superior financial returns for its shareholders.

MMCFD

Million cubic feet per day.

Monomer

A simple molecular unit (such as ethylene or styrene) from which a polymer can be made.

Motor Oil

Refined lubricating oil, usually containing additives; used as a lubricant in internal combustion engines. Phillips' brand is called TropArtic.