April 16, 1986
Standard & Poor's said the sharp decline in oil prices prompted it to pay special attention to the financial condition of Arco, Chevron and Mobil as a prelude to possibly downgrading their credit ratings. In each case, any changes in ratings are expected to be minor, the credit rating firm said. Also placed on its "Creditwatch" list was Union Texas Petroleum Holdings. Standard & Poor's took similar action on several other oil producers in February, when oil prices began their dramatic fall.
November 18, 1997 |
The bodies of four U.S. oil company employees shot in a highway ambush in Pakistan last week were returned to their families in Houston. Four coffins covered with U.S. flags were unloaded from a chartered jet at Ellington Field, placed in hearses and driven to a private hangar where about 50 relatives were waiting. Funerals for the men--Ephraim Egbu, Joel Enlow, Larry Jennings and Tracy Ritchie--are scheduled for Wednesday. All were auditors for Houston-based Union Texas Petroleum Holdings Inc.
June 2, 1998 |
Atlantic Richfield Co. is talking to potential buyers of all or part of its 82.3% stake in Arco Chemical Co. and will decide what to do with the business by the end of the year, Chairman Michael Bowlin said. A sale of the chemical business, which analysts say could fetch $6 billion, fits the Los Angeles oil company's goals of focusing on oil production while reducing debt after it completes the buyout of Union Texas Petroleum Holdings for $3.3 billion later this year.
August 22, 1999 |
Nearly two years after four American oil workers and their Pakistani driver were gunned down in a daring daylight attack, two Pakistani men were sentenced Saturday to die for the crime. A special anti-terrorist court convicted and sentenced Ahmed Saeed, 29, and Mohammed Salim, 39, for the November 1997 slayings in the port city of Karachi. The men also were sentenced to seven years of rigorous imprisonment for possession of illegal weapons.
July 28, 1998 |
Atlantic Richfield Co., the seventh-largest U.S. oil company, said Monday that its second-quarter profit fell 44% as the lowest oil prices in 12 years and the sale of its coal operations slashed revenue. Los Angeles-based Arco reported profit before gains and charges of $220 million, or 67 cents a diluted share, compared with net income of $390 million, or $1.19, a year ago. The company was expected to earn 68 cents a share, the average estimate of analysts polled by First Call Corp.
June 4, 1998 |
Atlantic Richfield Co. and Unocal Corp. announced separately Wednesday that they will reduce or eliminate some non-oil operations to better focus on oil and gas exploration. Los Angeles-based Arco said it will reduce its ownership stake in Arco Chemical to 50% from 82.2% by selling stock to the public and to its former chemical subsidiary. The oil giant said it expects to receive $2.15 billion for the shares.