Petroleum industry
BP Amoco is in the final stages of negotiating a sale of Atlantic Richfield's Alaska assets to Phillips Petroleum, a move aimed at alleviating Federal Trade Commission (FTC) concerns about the lack of competition in the West Coast refining business. The sale, which could fetch between $5 billion
Petroleum
Burmah Castrol, a UK-based lubricants and chemicals company, has seen its shares surge by almost 30% after the company confirmed it is in talks with oil giant BP Amoco that could lead to a takeover. The talks, which were first revealed by the company yesterday, have sparked speculation that BP
Petroleum
BP Amoco's development program for Colombia's Pauto and Florena fields, part of the Piedemonte Block, has hit a delay. The fields, initially expected to come on stream in the late first quarter of 2000, are now scheduled to begin production late in the first quarter of
Petroleum
The UK chemical sector saw significant gains yesterday, driven by takeover speculation and rumors of potential acquirers. BTP, in particular, saw its shares skyrocket 28% to 361p, the second-best performance among the UK's 250 largest companies, as Swiss chemicals group Clariant was linked to a possible takeover bid.
Petroleum
BP Amoco, one of the world's largest oil companies, is undertaking a significant restructuring effort, aiming to invest $26 billion over the next three years, cut costs by $4 billion, and sell assets worth $10 billion. The plan, announced yesterday, is designed to meet ambitious new financial targets,
Petroleum
BP Amoco has made a significant oil discovery in the Gulf of Mexico, estimated to hold at least 1 billion barrels of oil equivalent. The find, dubbed "Crazy Horse," is considered the largest in the deep-water Gulf and highlights the company's expertise in exploring challenging waters.
Petroleum industry
BP Amoco, following its acquisition of Amoco in December, has announced a three-year plan to increase return on capital to about 16 per cent by 2001, from 10 per cent. To achieve this, the company aims to boost capital spending to $26bn, sell $10bn of assets, and cut costs by
Petroleum industry
As companies continue to cut costs and focus on core activities, outsourcing has become a crucial strategy for achieving cost savings and improving shareholder value. The outsourcing trend has led to a landmark deal between BP Amoco and Andersen Consulting worth $100m, set to last until 2004. The partnership, which
BP PLC
The arrival of Richfield Oil Corp. in Alaska in 1955 marked the beginning of a four-decade relationship that would produce vast riches for both the state and the company. Richfield's discovery of oil in the Swanson River area in 1957 helped alleviate concerns about Alaska's ability
BP PLC
British Petroleum's (BP) expansion drive, led by chief executive Sir John Browne, is set to catapult the company to become the world's largest oil producer after a massive acquisition of Atlantic Richfield (Arco) is confirmed tomorrow. The deal, worth £15.3 billion, will see BP Amoco&
Amoco Corp.
British Petroleum Co. plc (BP), Europe's second-largest oil company, has agreed to purchase U.S. major Amoco Corp. for $48 billion in stock, creating the world's third-largest oil company with a combined market capitalization of $110 billion. The merger will bring together BP's international
Gas industry
British Petroleum and Amoco's proposed merger will create the largest industrial merger in history, resulting in a company worth $A185 billion, with the new entity set to become the third largest oil company in the world. The combined company will have a significant presence in the global petrochemicals
