SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 1, 1997
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ATLANTIC RICHFIELD COMPANY
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-1196 23-0371610
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(Commission File Number) (IRS Employer
Identification No.)
515 South Flower Street, Los Angeles, California 90071
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (213) 486-3511
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
Press Release, dated April 1, 1997, announcing evaluation
of ARCO's likely withdrawal from its worldwide coal business.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
ATLANTIC RICHFIELD COMPANY
/s/ ALLAN L. COMSTOCK
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Allan L. Comstock
Vice President and Controller
Dated: April 2, 1997
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ARCO [LOGO] Media Relations N E W S
515 South Flower Street
Los Angeles CA 90071-2201
Telephone 213 486 3385
Facsimile 213 486 0169
FOR IMMEDIATE RELEASE April 1, 1997
ARCO WEIGHS WITHDRAWAL FROM
WORLDWIDE COAL BUSINESS
LOS ANGELES -- ARCO (NYSE: ARC) announced today it is evaluating
its likely withdrawal from its worldwide coal business through the
disposition of coal mining operations in the United States and Australia.
"While ARCO has some of the best coal assets in the world, we no
longer regard them as part of our core business," said Mike R. Bowlin,
ARCO Chairman and Chief Executive Officer. "With the acquisition of
western coal assets from Coastal Corporation, we believe that our
domestic business has achieved critical mass and is one of the premier
coal companies in the United States. Our Australian coal mines are also
considered some of the highest quality operations in that country."
In the United States, where ARCO is the fourth largest coal
producer, a stand-alone company will be formed from ARCO's mining
operations in Wyoming, Colorado and Utah. As part of its coal business
review, ARCO will investigate spinning off this new domestic coal company
to existing ARCO shareholders, as well as other alternatives.
ARCO also said it is likely that it will monetize its Australian
coal interests through a public offering in the Australian equity markets
or an outright sale.
The overall process is expected to take at least six months and
could extend into 1998.
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Page 2
In the U.S., ARCO owns the Black Thunder and Coal Creek mines in
Wyoming, the West Elk mine in Colorado, and, through Canyon Fuel Company
L.L.C. with ITOCHU Corp. of Japan, three mines in Utah. ARCO's Australian
holdings include joint venture interests in three mines in Queensland,
Australia -- Curragh, Gordonstone and Blair Athol. ARCO's coal interests
are operated by ARCO Coal Company, its Denver-based division.
Net income from coal operations for 1995 and 1996 was $75 million
and $60 million respectively. Coal assets totaled $1.75 billion at
year-end 1996. ARCO Coal Company employment at year-end 1996 was 2,600,
including about 1,000 in Australia.
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For information, contact: (media): Albert Greenstein, (213) 486-3384.
(investor): Steve Enger, (213) 486-1811
