ARCO TO CUT STAFF, REGROUP IN LOWER 48

08/12/1991
ARCO will reduce its workforce by about 1,500 and reorganize U.S. Lower 48 operations as part of a program to cut costs and increase profits "while responding to changes in the marketplace." Chairman Lodwrick M. Cook said, "A combination of factors, including depressed natural gas prices, lower product margins on the West Coast, lower chemical earnings due to a worldwide economic slowdown, and the prospect of major capital investments to meet clean fuel requirements, makes this move necessary. "While we do not expect natural gas prices to improve dramatically in the near term, the long term outlook is brighter, and we will continue oil a...
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