May 19, 1985
Until "Workers at Arco Speculate on Who Will Stay, Who Will Go" (May 6), I was unaware that The Times had renounced the virtues of objective journalism and become a teller of stories, much like the brothers Grimm. You know the theme--some not-so-nice events glossed over with pretty words and concluding with happily-ever-after. I am not arguing the need of the company to reorganize. Arco, always a forerunner of trends, is responding as its management feels necessary in order to effectively compete in the oil industry.
January 11, 1994 |
Little to the surprise of Wall Street analysts, Atlantic Richfield Co. said Monday that a companywide reorganization announced last fall would result in an after-tax charge of $450 million against the firm's fourth-quarter earnings, which will be announced Jan. 24. The portion of the charge representing an outlay of cash--$60 million--will be used for severance pay, insurance and other costs associated with layoffs, according to Al Greenstein, spokesman for the Los Angeles-based firm.
September 12, 1985 |
Atlantic Richfield on Wednesday agreed to purchase oil and gas properties in five states from a subsidiary of Reichhold Chemical for an undisclosed amount of cash. Analysts said the properties in California, Kansas, Missouri, Oregon and Washington were small but productive. Charles Rose, a chemical industry analyst with Oppenheimer & Co. in New York, said the properties were worth "no more than $100 million and perhaps well under that."
April 21, 1999 |
A federal judge in Great Falls, Mont., has approved a $260-million settlement between the state of Montana and Atlantic Richfield Co., ending 16 years of court battles. The case involves 100 years of pollution in the Upper Clark Fork River Basin from mining and smelter operations. Los Angeles-based Arco inherited the problems in the 1970s, when it acquired Anaconda Co.
March 6, 1985
The Los Angeles Superior Court suit by William Ariano was the third recently filed by former Atlantic Richfield executives who claimed they were fired in connection with a federal investigation into Arco's dealings with indicted tax evader and fugitive oil trader Marc Rich. In his suit, Ariano claimed he was wrongfully fired in March, 1984, by company officials who used him as a scapegoat to cover possible illegal oil trading. He is seeking $500,000 in damages.
January 28, 1986
Atlantic Richfield, the nation's sixth-largest oil company, reported Monday that it recorded a loss for the year and that fourth-quarter earnings dropped 50.1%. Mobil, the No. 2 ranked oil company, reported that its fourth-quarter earnings increased about 50%, primarily due to "much healthier" profit margins on refined petroleum products in the United States and abroad.