Word: richfield
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...meanwhile, has gone on a stringent diet. Atlantic Richfield, which had already slashed its work force from 39,000 to 29,000, announced last week that it will lay off as many as 2,000 more and close its exploration office in Denver...
...drastic response to a flagging market. Citing continuing declines in petroleum prices, Atlantic Richfield, the sixth largest U.S. oil firm, last week unveiled a sweeping reorganization program. The Los Angeles-based concern (1984 sales: $25 billion) announced that it will shed all its refining and marketing operations east of the Mississippi, including 1,100 gas stations. The company also intends to pare down spending on exploration by 50% and abandon its copper and molybdenum businesses. More dramatically, ARCO's board of directors voted to increase significantly the firm's long-term borrowing. As a result, total indebtedness could reach more...
...Atlantic Richfield hopes that those measures will effectively close the door to hungry corporate raiders like T. Boone Pickens who have been going after energy companies in recent months. Says Sanford Margoshes, an industry analyst with Wall Street's Shearson Lehman Brothers: "ARCO has made itself an ugly duckling and less attractive to a predator." Investors liked the moves. ARCO stock closed the week at 62 1/2, up 9 1/2 points...
...worst of the past decade (examples: Mobil's $1.86 billion purchase of Marcor, the owner of Montgomery Ward; Standard Oil of Ohio's $1.77 billion acquisition of Kennecott). Many firms are now unloading some of their unattractive operations. Exxon is trying to sell its office-products business, and Atlantic Richfield recently took a $785 million write-off on its stake in Anaconda...
Some industry experts, however, speculated that Pickens was actually hoping Phillips would recruit a so-called white knight, perhaps Shell Oil or Atlantic Richfield, to take over the Oklahoma company. He would then sell his shares to the acquiring company at a premium. That happened last year when Chevron bought Gulf, after Pickens had made an unwelcome takeover bid. He and his partners made more than $400 million on that deal...