Jobs

UtiliCorp joined the merger-mania Friday as it announced plans to acquire St. Joseph Light &Power in Missouri for $190.6 million. The agreement has been approved by the boards of directors for both companies but still needs approval from Light &Power shareholders and state and regulatory officials. Both companies expect the deal to close in 2000.

BP Amoco added another 3,000 to the heap of 7,000 job cutsalready announced in the wake of the merger of British Petroleumand Amoco and in the midst of depressed oil and gas prices. Thenewest job cuts will be worldwide, and it is not yet known how manywill be in the United States. Last week the company also announcedreplacement cost operating profit for 1998 of $6,437 million, off39% from $10,583 in 1997.

Halliburton Co. said it plans to take a $35 million pretaxcharge this quarter to lay off an additional 2,750 employees fromits Energy Services Group. Job cuts are a response to low oilprices and oil company customers’ plans to sharply reduce spendingin 1999.

ARCO’s announcement last week that it will cut $500 million inexpenses and 900 jobs over the next two years was put inperspective yesterday when the company said third quarter earningsexcluding special items plummeted 81% to $61 million, or$0.19/share, compared to $313 million, or $0.96/share, in the thirdquarter of last year. Net income, including special items anddiscontinued operations, was $872 million, or $2.67 per dilutedshare, compared to $516 million, or $1.57/share in 3Q97.