U.S. Senate Energy and Natural Resources Committee ChairmanFrank Murkowski (R-AK) is planning to take a closer look at thepotential impact on his home state and on the West Coast of theproposed merger of BP Amoco and Atlantic Richfield Co. Thecommittee has scheduled a hearing on June 24 at 9 a.m. to reviewthe merger. BP Amoco-Arco would hold 75% of the Alaska North Slopeoil fields and a similar share of the Trans-Alaska Pipeline System.It also would have control over 90% of the crude oil delivered tothe West Coast. Its property holdings in Alaska would far exceedthe maximum allowed by state law, although the companies said theyplan to divest some of their leases. The merger would create thelargest oil producer in the U.S. and the world’s second-largestpublicly traded oil firm, with a market capitalization of about$200 billion.

Household products giant and large energy user Procter &Gamble Co. said yesterday it plans to shut down 10 manufacturingplants and layoff 15,000 employees, roughly 13% of its workforce,as part of a $1.9 billion restructuring. P&G produces Tidelaundry soap, Pampers diapers and Crest toothpaste. Therestructuring is designed to help increase long-term annual salesand earnings per share over the next five years. The restructuringwill generate after-tax cost savings of about $900 million byfiscal 2004, P&G said. The announcement marks the first majorchange under the leadership of Durk Jager, who was named CEO inSeptember. The company said 10,000 jobs would be eliminated throughfiscal 2001 and another 5,000 after 2001. P&G said 29% of thejob cuts would be in North America.

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