December 23, 1999 |
BP Amoco will get management control of Russia's Sidanko oil company under an agreement that salvages the British-American oil company's half-billion-dollar investment in Russia. The deal restores BP Amoco's authority over a prized Siberian oil field that was bought this fall by Tyumen Oil, a major Russian oil company, at an auction BP Amoco claimed was illegal. Chernogorneft, a bankrupt Russian oil producer, was a unit of Sidanko, in which BP Amoco holds a 10% stake. Chernogorneft produced 6.
December 10, 1999 |
In an unprecedented move to use the Internet for personnel operations, BP Amoco has tapped a new Irvine-based consulting firm to handle training, hiring and other human resources chores in a five-year deal worth $600 million. As part of an effort to trim $4 billion in expenses, BP Amoco said Thursday that it is turning over its human resources operations to Exult Inc., which opened shop just 14 months ago.
November 27, 1999 |
BP Amoco, which has invested more than $1 billion in Russia, said that it would review its operations in the country after an asset it partly owns was sold against its will. Russia's Tyumen Oil Co. bought bankrupt oil company Chernogorneft for about $176 million at a bankruptcy auction despite protests from its owners. The sale was seen as a test case for determining the future of foreign investment in Russia.
November 19, 1999 |
BP Amoco said that it has selected a single agency, Ogilvy & Mather, to handle its worldwide advertising. Previously the company had been served by Doner, British Petroleum's agency, and Leo Burnett Co., Atlantic Richfield Co.'s agency. The two oil companies expect to complete their merger by the end of the year. Marketing Week, a trade publication in Britain, estimated the potential combined billings at about $200 million.
November 9, 1999 |
BP Amoco posted a 72% jump in profit from operations to $1.96 billion, or 9 cents a share, for the third quarter because of increasing crude oil prices and cost cuts. The results were at the high end of analyst expectations, which ranged from $1.65 billion to $2 billion. Earnings were boosted mainly by cost savings in exploration and production resulting from the $62-billion purchase of Amoco Corp. and oil prices that have doubled this year.
November 6, 1999 |
BP Amoco and Atlantic Richfield Co. said they reached a provisional agreement with Alaska to sell some of their assets, among other measures, to clear a hurdle in BP Amoco's $27-billion bid for Arco. BP Amoco and Arco said they had agreed to sell 175,000 barrels of production per day, as well as associated infrastructure, 620,000 acres of state and federal exploration leases, and matching stakes in the Trans-Alaska pipeline system.
November 3, 1999 |
Shares of Atlantic Richfield Co. on Tuesday fell 5%, in their biggest one-day drop since last November, on reports that federal antitrust regulators may try to block BP Amoco's proposed buyout of the Los Angeles-based energy company. Arco stock fell $4.56 to close at $87.63 on the New York Stock Exchange. Tuesday's decline erased $1.4 billion of Arco's market value.
October 13, 1999 |
BP Amoco's proposed purchase of Atlantic Richfield Co. may win tentative approval from Alaskan officials this month, a spokesman for Gov. Tony Knowles said. London-based BP Amoco has been in talks with state lawmakers since April, when it announced the $33-billion merger deal between Alaska's two biggest oil producers. Any preliminary agreement with Alaskan officials will be reviewed by residents at a series of town hall meetings.
September 30, 1999 |
European Union regulators approved Exxon Corp.'s $82-billion purchase of Mobil Corp. after securing antitrust concessions in the deal to create the world's largest oil company. The EU also gave BP Amoco its blessing to acquire Los Angeles-based Atlantic Richfield Co., with minor conditions. Both deals are still being reviewed by the Federal Trade Commission.
August 31, 1999 |
Pumped by stirring multimedia presentations of Arco's sweeping history and an appearance by colorful former Chairman Robert O. Anderson, shareholders of Atlantic Richfield Co. on Monday overwhelmingly approved the merger of the Los Angeles-based oil company into giant BP Amoco. Slightly more than 97% of the shares voted favored the merger, representing about 75% of the Arco shares eligible to vote.