BP-Amoco and ARCO in $26.8 Billion Deal

Wednesday, August 25, 1999
BP Amoco confirmed, following a successful outcome to talks between the two companies, it has reached agreement to combine with the Atlantic Richfield Company (ARCO) of Los Angeles. The all-share transaction, approved by the boards of both companies, will involve the exchange of 0.82 BP Amoco American Depositary Shares (ADS) for each ARCO share. The deal will substantially boost BP Amoco's reserves and production, giving it the largest oil output of any non-state company, and will consolidate its position in Alaska where the resulting synergies and cost-savings are likely to increase the region's competitiveness and significantly encourage future investment. Elsewhere, onshore the U.S. and the Gulf of Mexico, ARCO will add 360,000 boe to BP Amoco's daily output - half of it gas, chiefly from ARCO's 82 percent stake in Vastar, one of the most profitable operators in the Lower 48.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Brazil to Hold Next Oil Rights Auction in 2015

Brazil will hold the 13th round of its oil rights auctions in the first half of next year, a senior mines and energy ministry official said on Monday. Marco Antonio Martins,

Swissco Acquires Its First Liftboat

New asset expands and diversifies fleet offerings, enhancing the group’s value proposition to oil and gas majors as a comprehensive marine services provider; liftboatoat

Vard Orders Rolls-Royce Equipment for Rem OCV/AH

Rolls-Royce has won a £19m contract with the Norwegian shipbuilding group Vard to deliver deck machinery, propulsion and engines to a new offshore construction

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1848 sec (5 req/sec)