Phillips is extending a second retirement incentive.

The Bartlesville, Okla., oil company, which already has granted early retirement to 1,930 employees aged 58 or older, is extending a second retirement incentive program to about 1,200 employees between the ages of 55 and 57, Phillips Petroleum officials said. The company said payroll reductions through Aug. 1 are expected to save the company $72 million this year. The new program is offered to employees reaching ages 55, 56 and 57 this year.