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Bp Amoco Company

BUSINESS
November 9, 1999 | Bloomberg News
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.
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BUSINESS
November 6, 1999 | Reuters
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.
BUSINESS
November 3, 1999 | From Bloomberg News
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.
BUSINESS
October 13, 1999 | Bloomberg News
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.
BUSINESS
August 31, 1999 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
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.
BUSINESS
August 30, 1999 | Nancy Rivera Brooks
Shareholders of Atlantic Richfield Co. today are expected to approve the proposed merger of the Los Angeles-based oil company with BP Amoco. The London-based oil giant, the world's third-largest publicly held oil company, agreed to buy Arco, the eighth-largest U.S. oil company, in April in a stock swap valued at $29.6 billion, or $90.51 cents a share based on Friday's closing price for BP Amoco's American depositary receipts of $110.38. Arco's stock closed Friday at $86.38 a share.
BUSINESS
August 18, 1999 | Times Wire Services
BP Amoco on Tuesday unveiled plans to test gas pumps that offer motorists an Internet connection for weather information and travel services. The oil company said it reached a three-year deal with Fort Wayne, Ind.-based Tokheim Corp., which will provide the pumps. Britain-based BP Amoco will test the Internet pump first in Japan early next year, then add six sites in the United States within the first half of next year.
BUSINESS
August 11, 1999 | Bloomberg News
BP Amoco said profit rose a better-than-expected 19% in the second quarter to $1.37 billion, or 13 cents a share, after oil prices surged and benefits from the integration of BP Petroleum and Amoco Corp. began to materialize. Chief Executive John Browne, who promised to cut $4 billion in expenses over three years after BP acquired Amoco in December, also said the company will cut as many as 14,500 jobs by the end of the year, 4,500 more than previously forecast.
BUSINESS
April 2, 1999 | From Reuters
Capital Research & Management, the third-largest mutual fund family in the United States, is in line for a big gain from BP Amoco's proposed $26.8-billion takeover of Atlantic Richfield Co., but Arco executives can expect a relatively modest reward. L.A.-based Capital Research, which runs the American family of funds group, is Arco's largest outside shareholder, with 7.9%, or 25.4 million shares, according to regulatory filings. Overall it has $275 billion under management.
BUSINESS
April 2, 1999 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
Mike R. Bowlin's start in the oil business was small: sweeping up at his dad's gasoline station in Amarillo, Texas. Now Bowlin heads the seventh-largest oil company in the United States. He's sweeping up again, but the stakes are much higher this time as he prepares to sell Atlantic Richfield Co. to BP Amoco, the world's third-largest publicly traded oil firm. The proposed $26.8-billion transaction was announced Thursday.
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