Atlantic Richfield to Cut 300 More Jobs

Atlantic Richfield Co. said it will eliminate an additional 300 jobs and take charges of $890 million in the fourth quarter, continuing a trend of cutbacks and consolidation in an oil industry battered by low prices for crude and weak demand. The layoffs will now total about 7% of Los Angeles-based Arco’s total worldwide work force of 18,000. “The bulk of the cuts are in corporate offices and technical areas, such as engineers and scientists,� said spokeswoman Linda Dozier. The new layoffs will come from various units throughout the U.S.; the initial 900 cuts focused on Arco’s Los Angeles and Plano, Texas, operations. Arco also reiterated its plans to cut 1999 capital spending to $2.7 billion worldwide, down 25% from 1998 levels. The company said that while the global cost-reduction plan it announced in October will cost $180 million after taxes, the reorganization will cut costs by $500 million by 2000. Arco’s shares rose 44 cents to close at $61 on the New York Stock Exchange.