January 10, 1983

The Phillips Petroleum Company, the nation's 10th-largest energy concern, has seen its oil reserves shrink steadily. Unable to stem this decline through domestic drilling, the company invested heavily in the 1970's in oil exploration in the North Sea, off the coast of West Africa and in other regions abroad. As a result, the domestic oil reserves of Phillips - nearly half its supply is outside this country - were widely regarded as insufficient to counter instability abroad or the increased energy demand that is expected in an economic recovery. Thus, the company struggled through 1982 with a complex set of problems. In addition to its heavy reliance on foreign sources of oil, its earnings were sharply reduced by the recession and lower energy consumption.

Federal and provincial authorities have taken control of more than $2 billion (Canadian) of assets in three trust companies and two mortgage companies in a surprise move to protect depositors' interests. Robert Elgie, minister of consumer and commercial relations in the Ontario Government, using emergency legislation passed Dec. 21, ordered the provincial registrar of loan and trust companies Friday to take control of Greymac Trust, Seaway Trust and Crown Trust. The companies are the subject of a Government inquiry into their role in financing a series of transactions involving the sale of 11,000 apartments formerly owned by Cadillac Fairview, an international property developer.

Tom Reardon, an independent insurance agent in Oyster Bay, L.I., communicates these days with the Travelers Corporation, one of the insurance companies he represents, by computer. ''With the computer,'' he said, ''we can issue auto policies the day after the person comes in, we can send messages to the company and we can give instantaneous quoting.'' Mr. Reardon's agency, Reardon-Raplee-Lindner & Mehlman, has spent about $45,000 for computer equipment, but he thinks that it has been money well spent. ''If we didn't have it, it would have probably necessitated hiring someone else,'' he said. ''We have saved thousands of hours worth of work and thousands of dollars. And it's impressive for your customers.''

In an effort to keep the international debt crisis from worsening, representatives of 35 major Western and Japanese banks will open two days of talks Monday in Washington to study the possibility of forming a new organization to better coordinate lending to developing countries. But bankers here say that European support for the project has been waning. Italy was reported to have been irked by the fact that it had not been invited to previous organizational meetings. And there has been some question whether bankers from France will attend.

The Jets, who had waited 14 years to win a postseason game, confused the Bengals defensively and overpowered them offensively today for a 44-17 victory in the first round of the Super Bowl XVII tournament. Underdogs against the defending American Conference champions, the Jets were sparked by Freeman McNeil, who rushed for 211 yards, a record for National Football League postseason play. McNeil not only scored a touchdown, but also threw a perfect spiral pass for a score. The Jet defense, which had been weakened on the line by injuries to the right side, suddenly appeared in formations that Ken Anderson, the Bengal quarterback and the league's leading passer, had never seen it use before. Sacked Four Times He was sacked four times, intercepted three times and pressured constantly. In the nine-game regular season, Anderson was intercepted only nine times. Today Johnny Lynn made two interceptions and Darrol Ray the other, following it with a spectacular 98-yard return for a touchdown, the longest in pro football's playoffs.