Atlantic Richfield is scheduled to make a significant announcement this morning amid speculation that a financial restructuring of the Los Angeles-based oil firm is imminent.
There were indications that the restructuring may include spinning off some of the company's properties.
Arco's board of directors met over the weekend in Denver, but a company spokesman declined to say what matters were under discussion.
The spokesman, however, did say that no changes were made in executive positions.
The directors' meeting came after a week of frenzied trading activity in Arco shares.
On the New York Stock Exchange, the price of Arco stock rose to $53, up $3.625, as 6.42 million shares changed hands.
Arco was the second most actively traded stock on the exchange, topped only by Unocal, which is in the midst of a fierce takeover battle with an investor group led by Texas oilman T. Boone Pickens Jr.