BP Amoco begins huge portfolio clear-out

07/26/1999
BP Amoco plc is reviewing its massive portfolio and has set tough performance targets as it integrates two sets of assets following last year`s merger.On July 15, Chief Executive John Browne briefed financial analysts in London on how the company planned to take $4 billion off annual costs, sell $10 billion worth of assets, and boost capital outlays to a total of $26 billion during 1999-2001 (OGJ, July 19, 1999, Newsletter).Browne said the targets were intended to help the company increase its return on capital by 6% in the 3 years: "Clearly, absolute profit levels will be determined by actual trading conditions, but this very significant improvement in underlying performance is a target ...
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