Houston, -- Conoco Inc., the fourth-biggest U.S. oil company, said it will pay almost $40 million in 1999 bonuses to non-management employees.
The 11,000 workers will receive bonuses averaging 8 percent of their salaries, up from 4 percent last year. Houston-based Conoco has about 15,000 employees.Buoyed by higher oil prices, Conoco's 1999 net income rose 65 percent to $744 million. Sales climbed 18 percent to more than $27 billion.
Conoco's Class B shares were unchanged at 22 5/8 in midmorning trading. They've fallen 9 percent this year.