Atlantic

BP Amoco, Arco Restarting Clock at FTC

Growing weary of waiting, BP Amoco and Atlantic Richfield Co. hope to step up the pace of their ongoing merger procedures by restarting the required 20-day notice period, suspended Nov. 2, at the US Federal Trade Commission (FTC). The companies concede the FTC has concerns about their pairing, but the merger partners said they don’t agree with the issues raised by the commission.

January 17, 2000

BP Amoco, Arco Restarting Clock at FTC

BP Amoco and Atlantic Richfield Co. plan to take the next formalstep to close their merger by restarting the required 20-day noticeperiod, suspended Nov. 2, to the US Federal Trade Commission (FTC).The companies concede the FTC has concerns about their pairing, butthe merger partners said they don’t agree with the issues raised bythe commission.

January 14, 2000

Industry Briefs

Alaska’s North Slope area-wide 2000 lease sale has been put onhold due to the pending merger of BP Amoco and Atlantic RichfieldCo. (ARCO). Alaska Department of Natural Resources CommissionerJohn Shively said, “[T]here are too many uncertainties in futureleaseholdings to proceed with a sale at this time. Until theiraggregate onshore holdings have been reduced to 500,000 acres, asrequired by Alaska law, I believe it will be difficult forprospective bidders to properly evaluate oil and gas opportunitieson the lands we can offer. “Should the merger be finalized by theend of the year, BP-Amoco must make their seismic and well dataavailable for purchase by the end of March. These data shouldincrease the interest in state lease sales. We are tentativelyrescheduling the North Slope sale for late October or earlyNovember of 2000, at which time we intend to include with it thepostponed Beaufort Sea area-wide sale.” The North Slope saleincludes all available state acreage lying north of the UmiatMeridian, between the NPRA and ANWR.

November 22, 1999

Industry Briefs

Alaska’s North Slope area-wide 2000 lease sale has been put onhold due to the pending merger of BP Amoco and Atlantic RichfieldCo. (ARCO). Alaska Department of Natural Resources CommissionerJohn Shively said, “[T]here are too many uncertainties in futureleaseholdings to proceed with a sale at this time. Until theiraggregate onshore holdings have been reduced to 500,000 acres, asrequired by Alaska law, I believe it will be difficult forprospective bidders to properly evaluate oil and gas opportunitieson the lands we can offer. “Should the merger be finalized by theend of the year, BP-Amoco must make their seismic and well dataavailable for purchase by the end of March. These data shouldincrease the interest in state lease sales. We are tentativelyrescheduling the North Slope sale for late October or earlyNovember of 2000, at which time we intend to include with it thepostponed Beaufort Sea area-wide sale.” The North Slope saleincludes all available state acreage lying north of the UmiatMeridian, between the NPRA and ANWR.

November 18, 1999

BP Amoco Adding Arco to Its Arsenal

BP Amoco might want to change its name to BP, Etc. now that ithas announced plans to acquire Los Angeles-based Atlantic RichfieldCo. (Arco) in a $26.8 billion deal. The news comes only monthsafter the closing late last year of the marriage of BP and Amoco.

April 5, 1999

With Arco, BP Amoco Also Would Get Vastar

If acquisition talks between BP Amoco and Atlantic Richfield Co.(Arco) do lead to a deal, BP Amoco also would acquire the 82% ofVastar Resources held by Arco. What could or would happen afterthat is anybody’s guess, said John S. Herold analyst John Parry.

March 30, 1999

California Oil for Gulf Gas

Atlantic Richfield (ARCO) and Mobil Exploration &amp ProducingU.S. last week announced they closed an exchange transaction thatwill allow ARCO subsidiary Vastar Resources to boost its gasproduction and reserve activity level in the Gulf of Mexico shelfby one third, and Mobil’s exploration and production arm tosignificantly increase its stake in California oil production. Thedeal closed on Oct. 31st.

November 9, 1998

ARCO, Mobil Exchange Properties

Atlantic Richfield (ARCO) and Mobil Exploration & ProducingU.S. yesterday announced that they closed an exchange transactionthat will allow ARCO subsidiary Vastar Resources to boost its gasproduction and reserve activity level in the Gulf of Mexico shelfby one third, and Mobil’s exploration and production arm tosignificantly increase its stake in California production. The dealclosed on Oct. 31st.

November 3, 1998

Low Oil Prices Prompt ARCO Job, Budget Cuts

Atlantic Richfield Co. (ARCO) told employees it will lay offworkers and cut its operating budget in anticipation of continuedlow oil prices. No details on the number of job cuts or where theywould be made were available. A company spokesman told NGI ARCOshould have a plan in place by mid to late October. ARCO has about20,000 employees, all but about 3,500 of them in the United States.

September 28, 1998

Market Heats Up With Producing-Area Weather

Gas prices didn’t care that Monday marked the official start of1998’s Atlantic hurricane season. What did impress them wasblistering heat in the Gulf Coast producing states of Louisiana andTexas. With more gas than usual being kept at home for airconditioning load, the Midwest and Northeast market areas-thoughconsiderably cooler than Down South-had to pony up a few extracents in competition. The futures screen run-up contributed to thegeneral cash bullishness, sources said.

June 2, 1998
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