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Atlantic Richfield Co News

09 Feb 2011

Summary Judgment Sought Against Mass. 2009 Oil Spill Law

The American Waterways Operators (AWO), the International Association of Independent Tanker Owners (INTERTANKO), the Chamber of Shipping of America, the International Chamber of Shipping, and the International Group of Protection & Indemnity Clubs filed a Motion for Summary Judgment on Friday, January 28 in U.S. District Court for the District of Massachusetts against a 2009 Massachusetts oil spill law. The plaintiffs also requested that the judge issue a Permanent Injunction to enjoin its enforcement. The Motion charges that the spill law is unconstitutional and undermines marine safety and environmental protection. The state law being challenged compels vessel operators to comply with state – not Federal – requirements for transit through Buzzards Bay.

16 Jul 1999

ARCO Chief Receives $27.6M BP Pay-Off

Mike Bowlin, chief executive of the U.S. oil major Atlantic Richfield Co. will reportedly receive a $27.6 million severance payoff when his company is acquired by BP Amoco Plc.

13 Apr 2000

Supreme Court Rules Federal Law Preempts State Tank Vessel Regulations

A unanimous Supreme Court ruled the state of Washington overstepped its authority in attempting to regulate the operation of tank vessels in state waters. The Court's 9-0 decision in the closely watched case (Intertanko v. Locke, United States v. Locke) reversed the June 1998 decision of the Ninth Circuit Court of Appeals upholding most of the state's "Best Achievable Protection" (BAP) standards for tank vessels. The Court found sufficient evidence to declare four of the Washington regulations unconstitutional and remanded the case so the validity of the others may be assessed by a lower court "in light of the considerable federal interest at stake and in conformity with the principles" set forth in the Supreme Court decision.

17 Aug 1999

Texaco's Profits Drop; ARCO's Surge

Texaco Inc., the nation's fourth largest oil company, reported that second quarter income dropped 13 percent as low refinery profits abroad were only partially offset by stronger crude oil prices. Texaco, which broke off merger discussions with Chevron Corp., slipped past analysts' expectations with second quarter income of $286 million before special items. In the same period last year, Texaco reported income before special items of $335 million. But Texaco's results were overshadowed by a strong showing from nation's fifth largest oil company, Atlantic Richfield Co. (ARCO), which is being acquired by oil giant BP Amoco Plc. Benefiting from a combination of stronger crude oil and California gasoline prices, ARCO said its second quarter income rose 37 percent from a year ago.

12 Nov 1999

AWO Supports Federal Regulatory Authority

The American Waterways Operators (AWO) officially went on record in the U.S. Supreme Court in support of the preemptive authority of federal statutes and regulations governing vessel operations. AWO is supporting the position of Intertanko and the U.S. in a challenge to a decision by the Ninth Circuit Court on the extent to which the State of Washington can regulate the operation of tank vessels. In a "friend of the court" brief filed with the Supreme Court, AWO asserted the Circuit Court's decision is a threat to the uniformity of federal and international standards vital to interstate transportation and, unless reversed, federal safety rules and regulations could be rendered inconsequential. The AWO brief argues the Ninth Circuit Court fundamentally misinterpreted the U.S.

27 Jan 2000

BP Amoco and Arco Plan Combination

BP Amoco and Atlantic Richfield Co (ARCO) said they intend to take the next formal step towards closing the combination of the two companies. They accordingly propose to re-start the required 20-day notice, suspended on November 2, 1999, to the US Federal Trade Commission (FTC). The FTC has to date expressed concerns about the combination - concerns not shared by the companies. While the companies firmly believe the combination would enlarge, rather than adversely affect, competition, they have offered, but failed to get FTC acceptance for, a range of measures designed to meet the FTC's expressed concerns. BP Amoco and ARCO's proposed $26.8 billion combination was announced on April 1, 1999, with synergies and cost-savings estimated at $1 billion a year.