Phillips-ARCO deal clears path for BP Amoco

03/27/2000
The oil industry learned earlier this month that Phillips Petroleum Co. had agreed to buy all of ARCO's Alaskan operations for about $7 billion in a move that will nearly double Phillips's total reserves and finally clear the way for ARCO's long-pending merger with BP Amoco PLC (OGJ, Mar. 20, 2000, Newsletter).But financial analysts say the political policies that forced that sale fly in the face of new economic pressures from investors who are pushing both majors and independents to improve "capital efficiency" by concentrating on the operations they do best.As originally planned, the BP Amo- co-ARCO merger would have gone a long way toward concentrating Alas- kan operations ...
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