Bp Amoco Looking To Expand

Tue., March 30, 1999

From Staff

A takeover of Atlantic Richfield by BP Amoco could spur more job cuts and mergers as the industry struggles to cope with historically low oil prices. However, it isn’t expected to have much of an impact at the gas pump.

The companies confirmed Monday they are talking about combining, but have yet to conclude an agreement that sources close to the negotiations valued at $25 billion.

A deal would be the eighth major merger in the oil and gas business in the past six months. During the same time, the industry has announced it was eliminating almost 43,000 jobs, including significant cuts at BP Amoco and Arco.

By combining in a deal that would create the world’s second-largest oil producer.

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Bp Amoco Looking To Expand

Jesse Tinsley

Jim Meehan

Molly Quinn

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