ARCO plans a capital and exploration spending program that will see outlays of about $18.6 billion during 1991-95. Lodwrick M. Cook, ARCO chairman and chief executive officer, told New York securities analysts 61% of the 5 year program, or $11.3 billion, has been earmarked for the company's three oil and gas divisions. ARCO Oil & Gas Co. is to get 48% of that sum, ARCO International Oil & Gas Co. 28%, and ARCO Alaska Inc. 24%. Most of the outlays will be in exploration and development. On other matters, Cook: Voiced optimism about ARCO's ability to continue replacing its crude oil and natural ga...

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