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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 and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 18, 1998
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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
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In response to a story in the The Wall Street Journal this
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morning, ARCO confirmed that it is in negotiations for the sale of its
entire interest in ARCO Chemical Company. ARCO subsequently put out a second
press release announcing that it will tender its 80 million shares of ARCO
Chemical stock to Lyondell Petrochemical Company pursuant to an agreement
between Lyondell and ARCO Chemical.
Item 7. Financial Statements and Exhibits
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99.1 Press Release dated June 18, 1998.
99.2 Press Release dated June 18, 1998.
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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: June 18, 1998
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE June 18, 1998
ARCO CONFIRMS NEGOTIATIONS FOR SALE OF ITS ENTIRE INTEREST IN CHEMICAL UNIT
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LOS ANGELES - ARCO (NYSE: ARC) said today in response to a story appearing in
THE WALL STREET JOURNAL that it is in negotiations for the sale of its 80
million shares of ARCO Chemical Company (NYSE: RCM) stock to Lyondell
Petrochemical Company (NYSE: LPC). Lyondell has proposed making a cash tender
offer to all shareholders of ARCO Chemical. The ARCO Chemical Board is meeting
today to consider the transaction.
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For information, contact (media) Tom Goff (213) 486-2456 or (investors) Dennis
Schiffel (213) 486-1511. For a menu of ARCO's news releases or to retrieve a
specific release, visit our site at http://www.arco.com/ on the Web.
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EXHIBIT 99.2
FOR IMMEDIATE RELEASE June 18, 1998
ARCO TO SELL INTERESTS IN
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CHEMICAL UNIT FOR $4.6 BILLION
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LOS ANGELES - ARCO (NYSE: ARC) announced today that it will tender its 80
million shares of ARCO Chemical Company (NYSE: RCM) stock to Lyondell
Petrochemical Company (NYSE: LYO) for $57.75 per share. The transaction is
pursuant to Lyondell's agreement to commence a tender offer for all outstanding
shares of ARCO Chemical at the same price.
Earlier today, Lyondell and ARCO Chemical announced the signing of a
definitive agreement under which Lyondell will acquire all of ARCO Chemical's
outstanding shares.
"The sale of our remaining interest in ARCO Chemical is economically more
attractive than the sell down from 82 to 50 percent announced previously," said
Mike Bowlin, ARCO Chairman and Chief Executive Officer. "The sale is consistent
with our strategy of focusing resources and effort on growing our exploration,
production, refining and marketing businesses."
The sale of ARCO Chemical will provide ARCO with after-tax cash proceeds of
about $3 billion and result in an after-tax gain of approximately $1.3 billion.
The proceeds from the sale will be used to reduce debt incurred from the
company's purchase of Union Texas Petroleum, strengthen its balance sheet, and
provide the financial flexibility necessary to invest further in the company's
core businesses.
ARCO is a global integrated oil and gas company with major operations in
the United States, Latin America, Asia, Europe and the Middle East. In May 1998,
ARCO
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announced it would acquire Union Texas Petroleum through a tender offer. That
tender was completed on June 15.
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For information, contact (media) Tom Goff (213)486-2456 or (investors) Dennis
Schiffel (213)486-1511. For a menu of ARCO's news releases or to retrieve a
specific release, visit our site at http://www.arco.com/ on the Web.
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