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 May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Kongsberg Contracted to Support FLNG Conversion

Kongsberg Maritime secures position in the LNG market with electrical and automation contract for Golar Hilli FLNG   Keppel Shipyard in Singapore and Black & Veatch in the U.

Statoil Awarded Licenses Offshore Nicaragua

Statoil informs it was today awarded four licenses offshore the Nicaraguan Pacific, covering an area of about 16,000 km2 in the largely unexplored Sandino Basin.

Mexico Removes Bid Limit on Shallow Water Oil Tenders

Mexico's oil regulator voted on Friday to relax previously established rules on bidding terms and contracts that form the first step in an historic sector opening

 
 
Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.3318 sec (3 req/sec)