Bartlesville, Okla.-based Phillips Petroleum Co. posted a...

Bartlesville, Okla.-based Phillips Petroleum Co. posted a big drop in fourth-quarter profit on sharply lower revenue. However, a spokesman pointed out that fourth-quarter 1985 income included a $143-million net gain on the sale of major assets and a $171-million charge for discontinued operations. For the year, income and revenue also were down. Petroleum refining and marketing and chemicals continued to be the major contributor to earnings in the quarter, the spokesman said, with the businesses having had one of their best years ever in 1986.