LOS ANGELES, Jan. 20, 1999 (PRIMEZONE) -- ARCO (NYSE:ARC) today reported 1999 fourth-quarter net income of $572 million, or $1.74 per diluted share. Excluding special items, earnings for the quarter were $541 million, or $1.64 per diluted share.
In the 1998 fourth quarter, ARCO reported a net loss of $794 million, or $2.47 per share, after net special items charges of $864 million. Earnings excluding special items for the 1998 fourth quarter were $70 million, or $0.22 per share.
For the full year 1999, ARCO reported net income of $1.42 billion, or $4.33 per share, up from $452 million, or $1.40 per share, in 1998. Excluding special items charges, operating earnings for 1999 were $1.53 billion, up from 1998 operating earnings of $575 million, a 165-percent increase.
CRUDE PRICE RECOVERY, COST CUTTING BOOST EARNINGS
"While there is no doubt improved crude prices helped earnings, ARCO's strong performance on cost-cutting greatly improved results for the year. We are very proud of our cost-cutting efforts which exceeded our target a year ahead of schedule. These excellent results added more than $400 million to our 1999 earnings and were achieved through hard work by employees in every operating area " said ARCO Chairman and Chief Executive Officer Mike R. Bowlin. "We also made huge strides in reshaping our portfolio."
"From an industry standpoint, the rise in crude prices was the big event of 1999," added Bowlin. "This roller coaster year further demonstrates the need for companies in a commodity business to be a low-cost operator."
EXPLORATION AND PRODUCTION
The combination of higher commodity prices and significant cost reductions helped increase E&P earnings. ARCO's worldwide exploration and production operations excluding special items earned $510 million after tax in the 1999 fourth quarter versus $74 million in the prior year's quarter. Fourth-quarter net income for the E&P segment totaled $492 million compared with a loss of $759 million in the same quarter of 1998. The 1999 fourth quarter results included a net special item charge of $18 million while the 1998 results included an $833 million special item charge primarily related to asset writedowns and restructuring.
For the full year, ARCO's E&P segment earned $938 million after tax, compared with a loss of $616 million in 1998. Full year operating results were $1.13 billion for 1999, compared with $386 million in 1998.
Highlights of the year included new discoveries, sales agreements and reserve improvements.
Gulf of Mexico Highlights
ARCO holds an 81.9-percent interest in Vastar Resources, Inc. (NYSE:VRI), which earlier this week announced earnings of $213.1 million and year-over-year volume growth of 12 percent. Vastar announced two discoveries in the Gulf of Mexico deepwater in 1999, each with over 100 million barrels of reserves potential. The discoveries included a large oil find with an exploratory well testing the Horn Mountain prospect on Mississippi Canyon Block 127 and the Mirage deepwater discovery on the Mississippi Canyon Block 941, which was characterized as a significant discovery.
Alaska Highlights
In a development important to arresting the natural oil decline in Alaska, ARCO and Anadarko Petroleum announced a revised development plan that increases production rates and recoverable reserve estimates at the new Alpine field. Upon full development, recovery from Alpine is expected to be 429 million barrels of oil, up from earlier estimates of 365 million barrels. Additionally, peak production should now reach 80 thousand barrels per day (MB/D), up from previous estimates of 70 MB/D. Alpine startup remains on target for mid-year 2000.
ARCO announced an oil discovery in the Fiord accumulation, which is estimated to contain more than 50 million barrels of proven and potential reserves. Fiord is situated west of the Kuparuk River field near the Alpine field development. ARCO and its partners also had another discovery called Aurora, which is a new Prudhoe Bay satellite. ARCO was also successful in the bidding round for National Petroleum Reserve Alaska leases.
International Highlights
ARCO and its partners in the Malaysia-Thailand Joint Development Area in the Gulf of Thailand agreed to commence sale of natural gas from one of their fields to Malaysia and Thailand by the first half of 2002. The field will initially supply almost 400 million cubic feet per day and is expected to yield 2.8 trillion cubic feet of gas over its lifetime.
ARCO's liquefied natural gas project, Tangguh, has been given top priority by the Indonesian government. The Tangguh LNG plant will be fed with natural gas from three production sharing blocks that contain over 18 trillion cubic feet of proven and probable gas reserves. In addition, ARCO reached an agreement to supply the Tambak Lorok power plant in Indonesia with between 80-120 million cubic feet of natural gas per day for 10 to 20 years. Natural gas for the power plant will come from ARCO's Kepodang gas field, which is part of the Muriah block in the central Java Sea. ARCO acquired a 100-percent interest in the Muriah Block production-sharing contract in March 1999. The power plant will switch from diesel fuel to domestic natural gas early in 2004.
Oil Prices, Production Volumes
From a low of $12 per barrel in January 1999, West Texas Intermediate crude oil rose to a high of $27 per barrel in December 1999. For ARCO, domestic petroleum liquids realizations averaged $18.49 per barrel for the 1999 fourth quarter versus $9.08 per barrel last year in the same quarter. Year-to-year realizations averaged $12.83 per barrel for 1999 and $9.43 for 1998. Domestic natural gas prices averaged $2.33 per thousand cubic feet (Mcf) in the 1999 fourth quarter, compared to $1.75 per Mcf in the prior year's period. For the year, domestic natural gas averaged $1.99 per Mcf, up from $1.82 per Mcf in 1998.
Overall, ARCO's fourth quarter oil and gas production was 1,002,100 barrels of oil equivalent per day (BOE/D), down 11 percent compared with 1,126,800 BOE/D in the fourth quarter of 1998. Production rose to 1,019,600 BOE/D for the year (compared with 1,008,700 BOE/D in 1998). Liquids production was down 11 percent for the quarter and 5 percent for the full year. The November 1998 swap of California heavy oil properties for offshore Gulf of Mexico natural gas and oil assets, now owned by Vastar, and the sell-down of ARCO's share of the Rhourde El Baguel field in Algeria contributed to the decline.
Fourth quarter natural gas production declined by 12 percent with most of the decline attributed to Vastar, Indonesia and China. For the full year, natural gas production was up 13 percent primarily due to significant volume increases in Vastar, the UK and Indonesia.
PORTFOLIO MANAGEMENT
ARCO made steady progress during 1999 implementing its strategy to focus on key oil and gas businesses and regions. This strategy consists of divesting non-core businesses, focusing on oil and gas operations and investing in geographically key areas including the Gulf of Mexico, Alaska, the North Sea, Asia Pacific, North Africa, and Venezuela. Successful strategic transactions included increasing ARCO's interest in the LL-652 Block in Venezuela and the sales of oil producing and exploration properties in Ecuador, Venezuela and other Latin American countries; an agreement to sell ARCO Long Beach Inc.; the sell-down of ARCO's share of the Rhourde El Baguel field in Algeria; and the disposition of Australian coal properties and Union Texas Petrochemicals.
In Venezuela, ARCO increased its interest in the LL-652 block in Lake Maracaibo to 36 percent by acquiring Phillips Petroleum Company's interest in an exchange for a portion of ARCO's interest in the Hamaca heavy oil project in eastern Venezuela. In a separate agreement, Texaco assumed ARCO's remaining interest in Hamaca for an undisclosed amount.
In Ecuador, ARCO reached agreement on the sale of its Villano oil field interest and other company-held Latin American exploration properties. The sale of Villano is expected to close early this year.
In California, ARCO reached an agreement to sell its ownership in ARCO Long Beach, Inc. The sale is conditional upon obtaining approval from the Long Beach City Council and the California State Lands Commission and is expected to close in the first half of this year. In late 1998, ARCO exchanged its other California exploration and production interests, ARCO Western Energy, for properties in the Gulf of Mexico. The properties were subsequently purchased by Vastar.
ARCO entered an agreement to bring in a partner in the redevelopment of the Rhourde El Baguel field in Algeria. Under the terms of the agreement ARCO will sell down 40 percent of its interest in the field.
ARCO closed the sale of its interest in the Gordonstone coal mine, its interest in the Blair Athol Joint venture, and its stake in the Clermont coal deposit, all in Queensland, Australia. In addition, an agreement with Stanwell Power Company concerning the Curragh mine has cleared the way for the sale of that asset.
In March 1999 ARCO also sold its wholly owned subsidiary, Union Texas Petrochemicals, obtained during the 1998 acquisition of Union Texas Petroleum.
REFINING AND MARKETING SETS RECORDS
ARCO's refining and marketing operations earned $76 million after tax in the 1999 fourth quarter versus $57 million in the same quarter last year. The key contributor to this improved performance was significantly lower costs. Year over year, refining and marketing operations earned $593 million after tax - an earnings record for ARCO Products Company - compared to 1998 earnings of $281 million.
At the retail level, ARCO's retail gasoline volumes grew over three percent compared to the 1998 fourth quarter and four percent for the year.
Start-up of the West Coast's first polypropylene plant was completed December 31, 1999 by ARCO. Shipments of product have begun for both domestic and export customers. ARCO owns a two-thirds interest in the business with Itochu Corporation of Japan holding the other third.
In a further development, ARCO's first state-of-the-art, double-hulled, Millennium Class marine tanker was dedicated. Two additional tankers will follow.
COST-REDUCTION PROGRAM CUTS MORE THAN $600 MILLION
In October 1998, ARCO announced a program designed to reduce before-tax costs by $500 million over a two-year period, with $350 million of the savings expected in 1999. In July 1999, the company announced plans to meet the entire $500 million reduction target in 1999. ARCO substantially exceeded this target with total cost reductions of $740 million compared with 1998 baseline expenses. All areas of ARCO's business contributed to the cost reductions, which were increased by expense timing factors. Adjusted for these items, ARCO believes that the sustainable savings are on the order of $650 million.
Included in the cost reductions were $243 million in lower exploration expenses and $332 million in lower upstream producing expenses.
OTHER OPERATIONS
Other operations, consisting of ARCO's Lower 48 pipelines and aluminum operations, contributed after-tax earnings of $14 million in the 1999 fourth quarter compared with $13 million in the 1998 fourth quarter. Excluding special items, earnings were $13 million after tax in the 1999 fourth quarter, down from $22 million in the 1998 fourth quarter. For full-year 1999 after-tax earnings were $87 million, compared to 1998 after-tax earnings of $111 million.
In 1999 the Seaway Pipeline Company, a joint venture which is operated by ARCO Pipeline Company, approved funding to increase the capacity of its 30-inch crude oil pipeline by approximately 110,000 barrels a day. Completion is expected this month on the expansion that will increase overall long-haul crude oil capacity to approximately 350,00 barrels per day.
BP AMOCO COMBINATION
On April 1, 1999 BP Amoco and ARCO announced that the companies had agreed to combine. The proposed combination of BP Amoco and ARCO was approved by ARCO's shareholders on August 30 and by BP Amoco's shareholders on September 1. The European Commission approved the transaction with some stipulations on September 29, 1999. A Charter agreement was reached with the state of Alaska in early December 1999. The transaction is under review with the Federal Trade Commission and BP Amoco and ARCO have given twenty days notice of their intention to proceed towards closing the combination absent legal challenge.
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Editor's Note: Some of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. Actual results could differ materially based on numerous factors, including the realized level of crude oil and natural gas production and other risks detailed from time to time in the company's Securities and Exchange Commission (SEC) reports. The timing of the closing of the combination with BP Amoco is subject to the timing of governmental reviews, and the timing and outcome of potential judicial challenge by the FTC. Unless otherwise noted in the statements, ARCO does not intend to update such forward-looking statements.
(Cautionary Note to Investors - the SEC only permits oil and gas companies to disclose in their filings with the SEC those reserves classified as proved, i.e., reserves that are economically and legally producible under existing economic and operating conditions. In this press release we use the terms "proven and potential" and "proven and probable" both of which SEC guidelines strictly prohibit using in the SEC filings. Investors are urged to consider the reserve disclosure in our 1998 report on the Form 10-K.)
ATLANTIC RICHFIELD COMPANY
CONSOLIDATED STATEMENT OF INCOME
PRELIMINARY
(Unaudited)
(Millions, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
------- ------ -------- -------
REVENUES
Sales and other operating $ 3,616 $2,548 $ 12,501 $10,303
Other revenues 126 160 554 506
------- ------ -------- -------
Total revenues 3,742 2,708 13,055 10,809
------- ------ -------- -------
EXPENSES
Trade purchases 1,496 863 4,893 3,959
Operating expenses 633 722 2,386 2,735
Selling, general and
administrative expenses 111 200 607 772
Depreciation, depletion and
amortization 454 458 1,788 1,535
Impairment of oil and gas
properties 11 1,190 11 1,447
Exploration expenses (including
undeveloped leasehold
amortization) 104 219 386 629
Taxes other than income taxes 122 109 475 506
Interest (a)(e) 110 (67) 398 259
Loss on disposition of
Algeria assets - - 175 -
Restructuring costs - 249 20 249
------- ------ -------- -------
Total expenses 3,041 3,943 11,139 12,091
------- ------ -------- -------
Income (loss) from continuing
operations before income taxes
and minority interest 701 (1,235) 1,916 (1,282)
Provision (benefit) for taxes
on income 151 (523) 533 (651)
Minority interest in earnings
of subsidiaries 13 3 38 24
------- ------ -------- -------
Income (loss) from continuing
operations 537 (715) 1,345 (655)
Income (loss) from
discontinued operations (b) - (9) - 179
Gain (loss) on disposition of
discontinued operations (c) 35 (70) 77 928
------- ------ -------- -------
Net income (loss) $ 572 $ (794) $ 1,422 $ 452
------- ------ -------- -------
------- ------ -------- -------
Earned per share:
Basic
Continuing operations $ 1.66 $ (2.23) $ 4.17 $(2.05)
Discontinued operations 0.11 (0.24) 0.24 3.45
------- ------ -------- -------
Net income (loss) $ 1.77 $ (2.47) $ 4.41 $ 1.40
------- ------ -------- -------
------- ------ -------- -------
Diluted (d)
Continuing operations $ 1.63 $ (2.23) $ 4.09 $(2.05)
Discontinued operations 0.11 (0.24) 0.24 3.45
------- ------ -------- -------
Net income (loss) $ 1.74 $ (2.47) $ 4.33 $ 1.40
------- ------ -------- -------
------- ------ -------- -------
Dividends per common share $0.7125 $ 0.7125 $ 2.85 $ 2.85
------- ------ -------- -------
------- ------ -------- -------
(a) Excludes capitalized
interest of: $ 33 $ 40 $ 166 $ 106
(b) Net of income taxes of: $ - $ 17 $ - $ 113
(c) Net of income taxes of: $ 20 $ 17 $ 58 $1,620
(d) No dilution assumed for 1998 due to loss from
continuing operations.
(e) Fourth quarter 1998 includes a $153 credit for interest on
federal income tax refund.
ATLANTIC RICHFIELD COMPANY
AFTER-TAX SEGMENT EARNINGS
PRELIMINARY
(Unaudited)
(Millions) Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
----- ------ ----- -------
Exploration and production $ 492 $ (759) $ 938 $ (616)
Refining and marketing 76 57 593 281
Other (a) 14 13 87 111
Unallocated expenses 29 (59) 12 (228)
Interest expense (74) 33 (285) (203)
----- ------ ----- -------
Income (loss) from continuing
operations 537 (715) 1,345 (655)
Discontinued operations (b) - (9) - 179
Gain (loss) on disposition of
discontinued operations 35 (70) 77 928
----- ------ ----- -------
Net income (loss) $ 572 $ (794) $ 1,422 $ 452
----- ------ ----- -------
----- ------ ----- -------
SEGMENT OPERATING INCOME
(Unaudited)
(Millions except per share amounts)
Three months ended December 31, 1999
------------------------------------
Less:
Special Items Before
Reported (charge) Special
benefit Items
-------- ------------ ------
Exploration and production $ 492 $ (18) $ 510
Refining and marketing 76 1 75
Other (a) 14 1 13
Unallocated expenses 29 12 17
Interest expense (74) - (74)
----- ----- -----
Income from continuing
operations 537 (4) 541
Gain on disposition of
discontinued operations 35 35 -
----- ----- -----
Total $ 572 $ 31 $ 541
----- ----- -----
----- ----- -----
Average shares outstanding
(diluted) 329.6 329.6
----- ----- -----
----- ----- -----
Earned per share $ 1.74 $ 1.64
----- ----- -----
----- ----- -----
3 months ended December 31, 1998
--------------------------------
Less:
Special Items Before
Reported (charge) Special
benefit Items
-------- --------- -----
Exploration and production $ (759) $ (833) $ 74
Refining and marketing 57 1 56
Other (a) 13 (9) 22
Unallocated expenses (59) (39) (20)
Interest expense 33 94 (61)
----- ----- -----
Income from continuing
operations (715) (786) 71
Discontinued operations (b) (9) (8) (1)
Gain (loss) on disposition of
discontinued operations (70) (70) -
----- ----- -----
Total $ (794) $ (864) $ 70
----- ----- -----
----- ----- -----
Average shares outstanding (c) 321.3 321.3
----- -----
----- -----
Earned per share $ (2.47) $ 0.22
----- -----
----- -----
(a) Consists of ARCO Pipeline (Lower 48 pipelines) and
aluminum operations.
(b) Consists of interest in ARCO Chemical, petrochemical
operations acquired from Union Texas Petroleum, and coal
operations.
(c) No dilution assumed for 1998 due to loss from
continuing operations.
ATLANTIC RICHFIELD COMPANY
AFTER-TAX SEGMENT EARNINGS
PRELIMINARY
SEGMENT OPERATING INCOME (continued)
(Unaudited)
Year Ended December 31, 1999
----------------------------
Less:
Special Items Before
Reported (charge) Special
benefit Items
----- ----- -----
Exploration and production $ 938 $ (190) $ 1,128
Refining and marketing 593 (3) 596
Other (a) 87 6 81
Unallocated expenses 12 6 6
Interest expense (285) - (285)
----- ----- -----
Income from continuing
operations 1,345 (181) 1,526
Gain on disposition of
discontinued operations 77 77 -
----- ----- -----
Total $ 1,422 $ (104) $ 1,526
------ ----- -----
------ ----- -----
Average shares outstanding
(diluted) 328.8 328.8
----- -----
----- -----
Earned per share $ 4.33 $ 4.64
----- -----
----- -----
Year Ended December 31, 1998
----------------------------
Less:
Special Items Before
Reported (charge) Special
benefit Items
----- ------ -----
Exploration and production $ (616) $ (1,002) $ 386
Refining and marketing 281 1 280
Other (a) 111 8 103
Unallocated expenses (228) (156) (72)
Interest expense (203) 94 (297)
----- ------ -----
Income (loss) from continuing
operations (655) (1,055) 400
Discontinued operations (b) 179 4 175
Gain on disposition of
discontinued operations 928 928 -
----- ------ -----
Total $ 452 $ (123) $ 575
----- ------ -----
----- ------ -----
Average shares outstanding (c) 321.0 321.0
----- ------ -----
----- ------ -----
Earned per share $ 1.40 $ 1.79
----- ------ -----
----- ------ -----
(a) Consists of ARCO Pipeline (Lower 48 pipelines) and
aluminum operations.
(b) Consists of interest in ARCO Chemical, petrochemical
operations acquired from Union Texas Petroleum, and coal
operations.
(c) No dilution assumed for 1998 due to loss from
continuing operations.
ATLANTIC RICHFIELD COMPANY
CONSOLIDATED BALANCE SHEET
PRELIMINARY
(Unaudited)
(Millions)
December 31, December 31,
1999 1998
------- ------
ASSETS
Current assets:
Cash and cash equivalents $ 879 $ 657
Short-term investments 264 260
Accounts receivable 1,301 1,002
Inventories 430 475
Prepaid expenses and other current
assets 184 317
------- ------
Total current assets 3,058 2,711
------- ------
Investments and long-term receivables:
Investments accounted for on the
equity method 1,508 1,235
Other investments and long-term
receivables 1,660 831
------- ------
3,168 2,066
------- ------
Net property, plant and equipment 18,466 18,762
Net assets of discontinued operations 67 339
Deferred charges and other assets 1,513 1,321
------- ------
Total assets $26,272 $25,199
------- ------
------- ------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 1,672 $2,403
Accounts payable 830 976
Taxes payable 420 634
Long-term debt due within one year 11 399
Other 1,090 1,285
------- ------
Total current liabilities 4,023 5,697
Long-term debt 5,698 4,332
Deferred income taxes 3,644 3,318
Dismantlement, restoration and reclamation 1,154 1,058
Other deferred liabilities and credits 2,770 2,955
Minority interest 297 259
------- ------
Total liabilities 17,586 17,619
------- ------
Stockholders' equity:
Preference stocks 1 1
Common stock 817 815
Capital in excess of par value of stock 889 863
Retained earnings 7,091 6,589
Treasury stock (279) (344)
Accumulated other comprehensive
income (loss) 167 (344)
------- ------
Total stockholders' equity 8,686 7,580
------- ------
Total liabilities and stockholders'
equity $ 26,272 $25,199
------- ------
------- ------
ATLANTIC RICHFIELD COMPANY
FINANCIAL AND STATISTICAL DATA
PRELIMINARY
(Unaudited)
(Millions) 3 Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
---- ----- ----- ------
Additions to fixed assets
Exploration and production
(including dry hole costs) $ 544 $ 974 $2,225 $3,020
Refining and marketing 191 91 481 488
Other 4 9 21 43
---- ----- ----- ------
Total $ 739 $ 1,074 $2,727 $ 3,551
---- ----- ----- ------
---- ----- ----- ------
Exploration and production
Pretax earnings (loss),
before exploration expense:
Alaska $ 379 $ 100 $ 839 $ 518
International 179 (1,109) 274 (1,149)
Vastar 136 28 369 262
Other Lower 48
operations 109 (62) 285 (111)
---- ----- ----- ------
803 (1,043) 1,767 (480)
Exploration expense 104 219 386 629
---- ----- ----- ------
Exploration & production
pretax earnings $ 699 $ (1,262) $ 1,381 $ (1,109)
---- ----- ----- ------
---- ----- ----- ------
Pretax exploration expense:
Alaska $ 9 $ 14 $ 50 $ 46
International 33 157 148 357
Vastar 61 43 184 211
Other Lower 48 1 5 4 15
---- ----- ----- ------
Total exploration
expense (a) $ 104 $ 219 $ 386 $ 629
---- ----- ----- ------
---- ----- ----- ------
After-tax exploration and
production earnings (loss)
Alaska $ 237 $ 59 $ 519 $ 300
International 127 (791) 77 (951)
Vastar 75 18 213 136
Other Lower 48 53 (45) 129 (101)
---- ----- ----- ------
Total $ 492 $(759) $ 938 $(616)
---- ----- ----- ------
---- ----- ----- ------
(a) Includes costs recovered under
provisions of production-sharing
agreements: $ - $ 4 $ 4 $ 17
ATLANTIC RICHFIELD COMPANY
FINANCIAL AND STATISTICAL DATA
PRELIMINARY
(Unaudited)
3 Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
---- ----- ----- ------
OPERATING STATISTICS
EXPLORATION AND PRODUCTION:
Crude, condensate and NGL production
(net thousand bbls/day):
United States:
Prudhoe Bay 134.3 144.1 130.3 145.4
Kuparuk 111.2 118.8 110.8 123.0
Greater Point McIntyre 26.9 37.8 29.8 40.4
Tarn 13.0 11.1 12.4 4.6
NGLs / Other 38.3 36.7 35.8 33.3
---- ----- ----- ------
Total Alaska 323.7 348.5 319.1 346.7
Vastar liquids 61.8 54.7 60.0 50.1
Other Lower 48 liquids 80.3 108.3 85.2 130.8
---- ----- ----- ------
Total United States 465.8 511.5 464.3 527.6
---- ----- ----- ------
International:
United Kingdom 45.9 51.2 46.5 34.0
Indonesia 14.6 31.4 25.9 29.6
Algeria 12.5 23.3 16.9 21.1
Venezuela 32.9 32.0 32.0 16.7
NGLs / Other 39.3 35.1 37.8 29.0
---- ----- ----- ------
Total International (a) 145.2 173.0 159.1 130.4
---- ----- ----- ------
Total liquids production (net
thousand bbls/day) 611.0 684.5 623.4 658.0
---- ----- ----- ------
---- ----- ----- ------
(a) Includes equity affiliates 6.2 9.4 6.9 5.6
---- ----- ----- ------
---- ----- ----- ------
Natural gas production (million
cubic feet per day - net)
United States:
Vastar 1,008.0 1,129.8 1,078.0 988.0
Other U.S. 188.9 192.9 180.9 186.9
---- ----- ----- ------
Total United States 1,196.9 1,322.7 1,258.9 1,174.9
---- ----- ----- ------
International:
United Kingdom 561.5 536.7 450.9 368.9
Indonesia 199.8 370.0 246.9 293.2
Indonesia LNG 202.3 195.7 250.6 98.0
China 125.2 169.1 113.6 132.8
Other 61.1 59.7 56.5 36.4
---- ----- ----- ------
Total International (b) 1,149.9 1,331.2 1,118.5 929.3
---- ----- ----- ------
Total natural gas production 2,346.8 2,653.9 2,377.4 2,104.2
---- ----- ----- ------
---- ----- ----- ------
(b) Includes equity affiliates 68.0 100.9 79.3 39.0
---- ----- ----- ------
---- ----- ----- ------
Total production (barrels of
oil equivalent - net
thousands/day) 1,002.1 1,126.8 1,019.6 1,008.7
---- ----- ----- ------
---- ----- ----- ------
ATLANTIC RICHFIELD COMPANY
FINANCIAL AND STATISTICAL DATA
PRELIMINARY
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
------- ------- ------- ------
OPERATING STATISTICS
Average sales prices
Oil and gas liquids
(per barrel):
Alaska $ 17.78 $ 8.20 $ 11.81 $ 8.50
Lower 48, including
Vastar $ 20.12 $10.95 $ 15.06 $ 11.23
U.S. composite average
price $ 18.49 $ 9.08 $ 12.83 $ 9.43
Venezuela $ 10.17 $ 3.80 $ 7.42 $ 4.05
International composite
average price $ 19.85 $ 10.07 $ 14.39 $ 11.07
Natural gas (per Mcf):
U.S., including Vastar $ 2.33 $ 1.75 $ 1.99 $ 1.82
International (excluding
LNG) $ 2.31 $ 2.59 $ 2.24 $ 2.54
Indonesia LNG $ 4.49 $ 2.71 $ 3.29 $ 2.49
REFINING AND MARKETING:
Refinery runs (net barrels per day):
Crude oil 433,200 438,900 423,800 449,600
------- ------- ------- ------
------- ------- ------- ------
U.S. petroleum product
sales volumes, including
intersegment sales (net
barrels per day):
Gasoline 309,700 313,900 312,100 307,100
Jet fuels 102,600 92,400 102,300 102,800
Distillate fuels 88,000 82,900 82,900 80,600
Other 62,900 62,400 71,000 72,700
------- ------- ------- ------
Total 563,200 551,600 568,300 563,200
------- ------- ------- ------
------- ------- ------- ------
CONTACTS: ARCO
Media - Linda Dozier or Marylou Ferry
(213) 486-3384
and
Investors - Eden Warner or David De Sonier
(213) 486-1511
Visit ARCO's website at http://www.arco.com.