<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(X) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 Fee Required
For the fiscal year ended December 31, 1993 or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 No Fee Required
For the transition period from to .
Commission file number: 1-170-2
Amoco Corporation
(Exact name of registrant as specified in its charter)
Indiana 36-1812780
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 East Randolph Drive, Chicago, Illinois 60601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: 312-856-6111
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
Common Stock, without par value New York, Chicago, Pacific,
Toronto, Basel, Geneva,
Lausanne and Zurich Stock
Exchanges
Guarantee of Amoco Company:
8 5/8% Debentures Due 2016 New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months, and (2) has been
subject to such filing requirements for the past 90 days: Yes X
No .
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K: X
Aggregate market value of voting stock held by non-affiliates as of
January 26, 1994, based on a closing price of $53 5/8 was approximately
$26,600,000,000.
Number of common shares outstanding as of January 26, 1994, was
496,410,708 shares.
DOCUMENTS INCORPORATED BY REFERENCE
Proxy Statement dated March 14, 1994.
1
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AMOCO CORPORATION
_________________
INDEX
<TABLE>
<CAPTION>
Page
<S> <C>
PART I
Items 1. and 2. Business and Properties
Exploration and Production . . . . . . . . . . . . . . . . . . . . 3
Reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Oil and Gas Sales Commitments . . . . . . . . . . . . . . . . . . . 9
Refining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Marketing of Petroleum Products . . . . . . . . . . . . . . . . . . 11
Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Other Operations . . . . . . . . . . . . . . . . . . . . . . . . . 13
Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Government Regulation . . . . . . . . . . . . . . . . . . . . . . . 15
Environmental Protection . . . . . . . . . . . . . . . . . . . . . 16
Executive Officers of the Registrant . . . . . . . . . . . . . . . 17
Item 3. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . 19
Item 4. Submission of Matters to a Vote of Security Holders . . . . . 20
PART II
Item 5. Market for the Registrant's Common Equity and Related
Stockholder Matters . . . . . . . . . . . . . . . . . . . . . . . . . 20
Item 6. Selected Financial Data . . . . . . . . . . . . . . . . . . . 21
Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations . . . . . . . . . . . . . . . . . . . . . . 22
Item 8. Financial Statements and Supplemental Information . . . . . . 32
Item 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure . . . . . . . . . . . . . . . . . . . . . . 74
PART III
Item 10. Directors and Executive Officers of the Registrant . . . . . 74
Item 11. Executive Compensation . . . . . . . . . . . . . . . . . . . 74
Item 12. Security Ownership of Certain Beneficial Owners and
Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Item 13. Certain Relationships and Related Transactions . . . . . . . 74
PART IV
Item 14. Exhibits, Financial Statements Schedules, and Reports on Form
8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
</TABLE>
2
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AMOCO CORPORATION
_______________
PART I
Items 1. and 2. Business and Properties
Amoco Corporation was incorporated in Indiana in 1889 and has its
principal executive offices at 200 East Randolph Drive, Chicago, Illinois
60601. Amoco Corporation is a parent corporation concerned with overall
policy guidance, financing, coordination of operations, staff services,
performance evaluation and planning for its subsidiaries.
Amoco Corporation and its consolidated subsidiaries (herein
collectively also called "Amoco") form a large integrated petroleum and
chemical enterprise that conducts operations on a worldwide basis.
Operations are conducted through three principal wholly owned
subsidiaries. These subsidiaries and the businesses in which they are
engaged are summarized below:
<TABLE>
<S> <C>
Amoco Production Company . Exploration, development and production
of crude oil and natural gas.
Amoco Oil Company . . . . . Refining, marketing and transporting of
petroleum and related products.
Amoco Chemical Company . . Manufacture and sale of chemical
products.
</TABLE>
Amoco Company, a wholly owned subsidiary, is the holding company for
these three subsidiaries and all other petroleum and chemical operating
subsidiaries except Amoco Canada Petroleum Company Ltd. ("Amoco Canada"),
which is wholly owned by Amoco Corporation. Amoco Corporation has
guaranteed the outstanding public debt obligations of Amoco Company.
Summarized financial information relating to Amoco Company is disclosed
in Note 22 to Consolidated Financial Statements.
In 1988, Amoco Canada acquired all of the outstanding stock and
certain indebtedness of Dome Petroleum Limited ("Dome") for total
consideration of $4.2 billion. Amoco Canada incurred debt as a result of
the acquisition of Dome. In 1992 and 1993, Amoco Canada's debt was
substantially refinanced. As part of the refinancing, Amoco Corporation
and Amoco Company have guaranteed certain debt issues of Amoco Canada.
See Note 9 to Consolidated Financial Statements.
Selected financial information by industry segment and geographic
area for the three years ended December 31, 1993, is presented in Note 23
to Consolidated Financial Statements.
WORLDWIDE OPERATIONS
Exploration and Production
Amoco is actively engaged in exploration for oil and gas in onshore
and offshore areas of the United States, Canada and various countries
outside North America. United States offshore efforts are conducted
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primarily in the Gulf of Mexico in both shallow and deep water. Foreign
exploration activities are carried out primarily in the Alberta Basin of
Canada, the North Sea (United Kingdom, Norway, the Netherlands and
Denmark), the Gulf of Suez and Nile delta (Egypt), the Arabian Peninsula
(Sharjah, Oman and Yemen), West Africa (Gabon and Nigeria), North Africa
(Tunisia), Europe (Malta, Poland and Romania), Australia, China and South
America (Argentina, Colombia and Trinidad).
Amoco's U.S. production of crude oil, condensate, natural gas
liquids ("NGL"),and natural gas is principally in the states of Texas,
Wyoming, Louisiana, Utah, New Mexico, Colorado, Kansas, Oklahoma, Alabama
and Alaska, and offshore in the Gulf of Mexico. Principal foreign oil
and gas production is located in Egypt, Trinidad, Canada, Sharjah, United
Kingdom, Argentina, the Netherlands and Norway.
Worldwide net production of liquid hydrocarbons in 1993 was 678,000
barrels per day, 5 percent below 1992. United States liquids production
was 305,000 barrels per day in 1993, also 5 percent below 1992. The
decrease in U.S. liquids production primarily reflected normal field
declines, while areas outside the U.S. decreased reflecting dispositions
and normal field declines. Worldwide net production of natural gas
increased 5 percent in 1993. In the U.S. natural gas production was up
2 percent to 2,443 million cubic feet per day as a result of increased
deliverability, higher demand, and increased marketing efforts. Amoco's
net production of oil and gas for the three years ended December 31,
1993, which includes applicable volumes produced under service contracts
and production sharing agreements in certain foreign countries, is
summarized below:
<TABLE>
<CAPTION>
United
States Canada Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
Crude oil and natural gas
liquids* (thousands of
barrels per day)
1993 . . . . . . . . . . 305 84 51 238 678
1992 . . . . . . . . . . 321 89 55 246 711
1991 . . . . . . . . . . 342 96 55 252 745
Natural gas (millions of
cubic feet per day)
1993 . . . . . . . . . . 2,443 916 259 530 4,148
1992 . . . . . . . . . . 2,388 813 267 500 3,968
1991 . . . . . . . . . . 2,247 758 270 444 3,719
*U.S. production includes natural gas liquids from processing plant
ownership of 54, 60 and 54 thousands of barrels per day for the years
1993, 1992 and 1991, respectively.
</TABLE>
At year-end 1993, Amoco owned or had an interest in 57 natural gas
processing plants in the United States, of which it was the operator for
32.
Amoco has continued to optimize production from its secondary and
tertiary recovery projects. At December 31, 1993, Amoco was involved in
166 secondary and tertiary recovery projects in the United States. Amoco
4
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proceeded with moderate infill development drilling in the West Texas
Permian Basin waterflood projects. In 1993, Amoco drilled or
participated in 127 such wells. Successful carbon dioxide ("CO2")
flooding continued in eight West Texas projects, one in Colorado and one
in Wyoming. In 1993, the existing Amoco-operated projects in the
Slaughter and Wasson Fields of West Texas yielded 16,892 net barrels of
oil per day, with total oil production from all eight West Texas projects
averaging 26,571 net barrels of oil per day for the year. Total
production from all CO2 projects that Amoco operates or participates in
was 44,271 net barrels of oil per day during 1993. Total net crude oil
and condensate production from wells utilizing secondary and tertiary
recovery techniques was 122,800 barrels per day, or 59 percent of Amoco's
1993 domestic crude oil and condensate production. Comparable production
from 137 projects in Canada and 70 projects in seven other countries
utilizing such techniques amounted to 36,900 and 93,800 net barrels of
liquids per day, respectively.
Amoco continues to aggressively drill infill locations in the
Hugoton Field in Kansas, and the Red Oak Field in Oklahoma. In 1993, 134
company-operated natural gas wells were drilled in these areas. The
Hugoton and Red Oak fields yielded 400 million cubic feet of gas per day
in 1993.
In 1993, Amoco continued to have reduced activity in the Gulf of
Mexico. Amoco drilled or participated in drilling 28 development and
extension wells including 23 total producers, of which 11 were company-
operated discoveries.
Amoco (U.K.) Exploration Company completed construction of the 255
mile-long Central Area Transmission Systems ("CATS") pipeline. The
pipeline delivers up to 1.6 billion cubic feet of gas per day to
Teesside, England, from the central North Sea and acts as a gas gathering
system for the undeveloped reserves in the area. Amoco developed two
major gas fields, Everest and Lomond, in the central North Sea with the
first gas through the CATS pipeline occurring in May 1993. Amoco is
actively pursuing opportunities to market available capacity to operators
of other, undeveloped fields in the area. Amoco (U.K.) Exploration
Company also invested $290 million in the Scott field, its largest new
oil-field development, which came on stream in September 1993. Amoco has
a 12.88 percent working interest in this field, which is expected to
produce 180,000 barrels per day.
In the Netherlands sector of the North Sea, Amoco and its partners
completed the $570 million P15/18 project in October 1993. The project
features a platform capable of processing 500 million cubic feet of gas
per day and a 26-inch-pipeline to shore 25 miles away.
In Trinidad, Amoco undertook development of the Immortelle and
Flamboyant fields in 1991 at a cost of $233 million after reaching
agreement with the Natural Gas Company of Trinidad on a gas sales
contract. Production from Flamboyant commenced in mid-1993, while
Immortelle is expected to begin production in 1994.
5
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Amoco Orient Petroleum Company commenced development of the Liuhua
Field in 1993 after approval by the People's Republic of China. Amoco is
the operator and has a net working interest of 24.5 percent after a
partnering agreement was approved in early 1994. Estimated cost of
development is $650 million with first production expected in early 1996.
Average sales prices (including transfers) and production costs per
unit of oil and gas produced, for the three years ended December 31,
1993, 1992 and 1991, are as follows:
<TABLE>
<CAPTION>
United
States Canada Europe Other
<S> <C> <C> <C> <C>
1993
Average sales prices:
Crude oil (per barrel) . . . . $15.96 $13.94 $17.69 $15.87
Natural gas liquids (per
barrel) . . . . . . . . . . . $10.79 $ 9.44 $ -- $ --
Natural gas (per mcf) . . . . $ 1.88(1) $ 1.31 $ 1.97 $ .81
Average production costs (per
equivalent barrel) (2) . . . . $ 4.69 $ 3.27 $ 6.43 $ 4.01
1992
Average sales prices:
Crude oil (per barrel) . . . . $17.79 $16.19 $18.86 $17.62
Natural gas liquids (per
barrel) . . . . . . . . . . . $11.43 $ 9.56 $ -- $ --
Natural gas (per mcf) . . . . $ 1.65(1) $ 1.15 $ 2.06 $ .86(1)
Average production costs (per
equivalent barrel) (2) . . . . $ 4.50 $ 4.44 $ 6.65 $ 4.29(1)
1991
Average sales prices:
Crude oil (per barrel) . . . . $18.31 $16.48 $19.95 $18.05
Natural gas liquids (per
barrel) . . . . . . . . . . . $11.69 $10.04 $ -- $ --
Natural gas (per mcf) . . . . $ 1.52(1) $ 1.21 $ 2.32 $ .79
Average production costs (per
equivalent barrel) (2) . . . . $ 4.89 $ 5.29 $ 6.72 $ 4.67
(1) Excludes the impact of the settlement of natural gas contracts.
(2) In determining average per unit production costs, natural gas was
converted to equivalent barrels on the basis of approximate relative
energy content.
</TABLE>
6
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Reported average sales prices represent recorded revenues for oil
and gas production quantities sold or transferred. In some cases,
particularly in overseas areas, recorded revenues reflect adjustments for
royalties, net profits interests, and other contractual provisions.
Accordingly, the reported per barrel figures do not necessarily represent
actual average prices at which sales and transfer transactions occurred.
Production costs include costs involved in lifting oil or gas to the
surface and in gathering, treating, field processing and field storage.
Such costs include operating labor, repairs and maintenance, materials,
supplies and fuel consumed. Also included are operating costs of NGL
plants because Amoco includes the operations of these plants in the
exploration and production business segment.
Data regarding Amoco's exploratory and development drilling
activities during the three years ended December 31, 1993, 1992 and 1991,
are summarized below:
<TABLE>
<CAPTION>
United
States Canada Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
1993
Net exploratory wells:
Productive . . . . . . 29 26 - 9 64
Dry . . . . . . . . . 6 5 2 11 24
Total . . . . . . . . 35 31 2 20 88
Net development wells:
Productive . . . . . . 238 70 8 66 382
Dry . . . . . . . . . 10 3 1 1 15
Total . . . . . . . . 248 73 9 67 397
Total net wells . . . 283 104 11 87 485
1992
Net exploratory wells:
Productive . . . . . . 27 17 - 1 45
Dry . . . . . . . . . 52 27 4 20 103
Total . . . . . . . . 79 44 4 21 148
Net development wells:
Productive . . . . . . 313 59 3 97 472
Dry . . . . . . . . . 11 9 - 1 21
Total . . . . . . . . 324 68 3 98 493
Total net wells . . . 403 112 7 119 641
1991
Net exploratory wells:
Productive . . . . . . 118 40 - 6 164
Dry . . . . . . . . . 36 14 6 18 74
Total . . . . . . . . 154 54 6 24 238
Net development wells:
Productive . . . . . . 335 85 4 83 507
Dry . . . . . . . . . 13 14 - 3 30
Total . . . . . . . . 348 99 4 86 537
Total net wells . . . 502 153 10 110 775
</TABLE>
7
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Shown below are wells in process of being drilled at December 31,
1993:
<TABLE>
<CAPTION>
United
States Canada Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
Gross wells . . . . . . . 235 8 3 8 254
Net wells . . . . . . . . 176 5 - 7 188
</TABLE>
The number of wells owned by Amoco at December 31, 1993, were as
follows:
<TABLE>
<CAPTION>
United
States Canada Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
Gross wells owned:
Oil wells . . . . . . . . 23,035 7,573 249 2,175 33,032
Gas wells . . . . . . . . 13,763 2,150 183 62 16,158
Total . . . . . . . . . 36,798 9,723 432 2,237 49,190
Net wells owned:
Oil wells . . . . . . . . 8,464 3,134 35 2,163 13,796
Gas wells . . . . . . . . 7,868 760 71 42 8,741
Total . . . . . . . . . 16,332 3,894 106 2,205 22,537
Multiple completion wells included
above:
Gross wells . . . . . . . 1,548 302 - - 1,850
Net wells . . . . . . . . 662 144 - - 806
</TABLE>
8
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Amoco's proved and unproved acreage holdings, including acreage held
under reservations, permits, options or similar arrangements at December
31, 1993, are summarized below:
<TABLE>
<CAPTION>
United
States Canada* Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
(thousand of acres)
Gross acres:
Proved . . . . . . . . 5,702 2,298 296 183 8,479
Unproved . . . . . . . 12,900 4,386 8,594 60,442 86,322
Reservations, permits,
options, etc . . . . . 140 1,019 - - 1,159
Total . . . . . . . . 18,742 7,703 8,890 60,625 95,960
Net acres:
Proved . . . . . . . . 2,356 1,308 80 176 3,920
Unproved . . . . . . . 5,903 2,478 4,056 44,290 56,727
Reservations, permits,
options, etc . . . . . 74 829 - - 903
Total . . . . . . . . 8,333 4,615 4,136 44,466 61,550
*Excludes 3 million gross and 2 million net option acres in Arctic and
East Coast Offshore areas.
</TABLE>
8
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Reserves
This section should be read in conjunction with data on reserves
presented in "Supplemental Information" to the Consolidated Financial
Statements.
Amoco replaced 89 percent of its production on an oil-energy
equivalent basis during 1993. Excluding purchases and sales of reserves
during 1993, the production replacement rate would have been 101 percent.
The tables on pages 70 and 71 set forth by geographic area net proved
reserves as of December 31, 1993, 1992, 1991 and 1990, including reserves
in which Amoco holds an economic interest under production sharing and
other types of operating agreements with foreign governments. Adding to
1993 reserves were major discoveries in China, Canada, the U.K. sector of
the North Sea and the Gulf of Mexico; improved recovery additions in the
U.K. North Sea; and upward revisions in Colorado and New Mexico coalbed
methane projects. As of March 1, 1994, no major discovery or
significant event has occurred that would have a material effect on the
estimated proved reserves reported at December 31, 1993.
Shown below are estimated proved reserves as of December 31, 1993
and 1992:
<TABLE>
<CAPTION>
Crude Oil &
NGL Natural Gas
(millions of (billions of
barrels) cubic feet)
<S> <C> <C>
Net proved reserves:
December 31, 1993 . . . . . . . . . 2,223 17,650
December 31, 1992 . . . . . . . . . 2,250 17,852
Net proved developed reserves:
December 31, 1993 . . . . . . . . . 1,976 15,255
December 31, 1992 . . . . . . . . . 2,047 14,891
</TABLE>
Amoco has been required to file certain oil and gas reserve
information with various governmental agencies and committees, including
the Department of Energy ("DOE"), in connection with a variety of
matters. Reserve estimates furnished to such authorities or agencies
were determined on the same basis as the estimates contained herein,
except for differences in format and definition as prescribed by the
requesting authority.
Oil and Gas Sales Commitments
Amoco sells gas from its producing operations under a variety of
contractual arrangements. Amoco has several gas sales contracts that
specify obligations to make available fixed and determinable quantities.
Amoco Production Company has 33 such contracts in the U.S. which, as of
December 31, 1993, provide for the potential future delivery over the
next three years of 549 billion cubic feet ("BCF") of natural gas. Amoco
expects this commitment to be fulfilled from proved reserves. Amoco
(U.K.) Exploration Company has a gas contract with Teesside Power Limited
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which provides deliveries over a three-year period as of December 31,
1993, of approximately 54 BCF of natural gas. Amoco expects this
commitment to be fulfilled from reserves currently being developed.
Amoco Canada has 10 outstanding natural gas contracts as of December 31,
1993. Over the next three years, deliveries under these contracts total
360 BCF of natural gas, which Amoco anticipates will be fulfilled from
proved reserves.
Satisfying Amoco's obligations under sales contracts that specify
fixed and determinable quantities is not expected to have a material
adverse effect on Amoco's operations or earnings.
Refining
In the second quarter of 1993, Amoco sold its 28,000 barrel-per-day
capacity refinery located in Savannah, Georgia.
Amoco now owns and operates five refineries in the United States.
The daily operable capacity of these refineries at December 31, 1993, is
shown below:
<TABLE>
<CAPTION> Daily
Operable
Location of Refinery Capacity
(barrels)
<S> <C>
Texas City, Texas . . . . . . . . . . . . . . . . . . . . . . 433,000
Whiting, Indiana . . . . . . . . . . . . . . . . . . . . . . 395,000
Mandan, North Dakota . . . . . . . . . . . . . . . . . . . . 58,000
Yorktown, Virginia . . . . . . . . . . . . . . . . . . . . . 53,000
Salt Lake City, Utah . . . . . . . . . . . . . . . . . . . . 40,000
Total . . . . . . . . . . . . . . . . . . . . . . . 979,000
</TABLE>
Daily U.S. input to crude units averaged 958,000 barrels in 1993,
936,000 barrels in 1992, and 908,000 barrels in 1991. Crude unit
utilization was 97 percent in 1993 compared with 95 percent in 1992.
Energy efficiency improved in line with long-range energy conservation
plans with consumption declining 11 percent since 1988. Refinery
investments focused on environmental compliance and sustaining reliable
operations.
Transportation
Amoco operates extensive transportation facilities for crude oil,
refined products, NGL, carbon dioxide and petrochemical feedstocks in the
United States. Crude oil is transported from most of the oil-producing
areas of the continental United States to refining centers in the Rocky
Mountain, midwestern and southwestern states. The crude oil system
delivers directly to 12 refineries, four of which are owned by Amoco.
Indirectly, the system serves some 35 refineries of other companies
through connecting common carrier pipelines. In addition, the refined
petroleum product system is connected to three refineries. Chemical
feedstock lines receive product directly from several refineries and
other plants and three common carrier pipelines, and deliver directly to
various plants and two connecting common carrier pipelines. In Canada,
10
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NGL are gathered and then transported through a system of owned,
partially owned and common carrier pipelines in Canada and the northern
United States. In total, Amoco's pipeline network in North America
aggregates 17,111 miles, consisting of 2,780 miles of gathering lines and
14,331 miles of trunk lines. In 1993, shipments through Amoco's
pipelines system in North America totaled 401 million barrels of crude
oil and 372 million barrels of refined products and feedstocks.
Minority interests are also owned in 10 other common carrier
pipeline companies, including Amoco's 14.3 percent interest in Colonial
Pipeline Company, a common carrier refined products pipeline system which
runs 1,600 miles from near Houston, Texas, to the New York City area, and
its 10.5 percent interest in Endicott Pipeline, a crude oil pipeline
system which runs from the Beaufort Sea to the Trans Alaska Pipeline.
Amoco also owns and leases a number of trucks and railcars which are
used to transport crude oil, raw materials, refined products and
chemicals in the United States.
As of December 31, 1993, Amoco owned or leased under capitalized
lease obligations six ocean-going tankers and four tug barges having an
aggregate of 680 thousand deadweight tonnage ("DWT"), of which
approximately 590 thousand DWT was represented by the international flag
fleet. Amoco was also committed under time charters to an additional 48
thousand DWT.
Marketing of Petroleum Products
The principal refined products manufactured and marketed by Amoco
are gasolines, jet fuels, diesel fuels, heating oils, asphalts, residual
fuels, motor oils, greases and lubricants and coke. Motor gasolines,
diesel fuels, heating oils and motor oils are sold under various brand
names and trade names, the principal ones of which include the words
AMERICAN, AMOCO, LDO, PERMALUBE and in the midwestern states, STANDARD.
Amoco also sells large quantities of liquefied petroleum gas and NGL.
Amoco also offers convenience merchandise and related services to
motorists.
In the United States, Amoco's marketing of petroleum products is
concentrated in the midwest, east and southeast. Amoco supplies about
9,600 gasoline retail outlets, of which approximately 3,400 are either
owned or leased. While most of these outlets are independently
maintained, a small percentage is directly operated by Amoco Oil Company.
Amoco continues to reposition its marketing operations by acquisitions,
asset recapitalization and construction of profitable high-volume pumpers
while upgrading and modernizing existing stations. In 1993, Amoco's U.S.
refined product sales increased 4 percent over 1992. Sales of gasoline
and distillates increased 3 and 5 percent, respectively, over the prior
year. Amoco's marketing operations continue to improve efficiency with
further expansion of Electronic Sales Processing, installation of credit
card acceptors in dispensers and debit cards.
In Canada, Amoco is engaged in the wholesale marketing of NGL, which
consists of ethane, propane, butanes and pentanes extracted from natural
11
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gas. The majority of Amoco's NGL is marketed on a wholesale basis under
annual supply contracts which provide for price redetermination based on
prevailing market prices.
Sales volumes of refined products for the three years ended December
31, 1993, are detailed below:
<TABLE>
<CAPTION>
1993 1992 1991
(thousands of barrels per day)
<S> <C> <C> <C>
United States:
Gasoline . . . . . . . . . . . . . . 597 580 573
Distillates . . . . . . . . . . . . . 350 334 322
Other products . . . . . . . . . . . 184 174 157
Subtotal . . . . . . . . . . . . . . 1,131 1,088 1,052
Canada . . . . . . . . . . . . . . . . 172 169 175
Other . . . . . . . . . . . . . . . . . 9 8 8
Total . . . . . . . . . . . . . . . 1,312 1,265 1,235
</TABLE>
Chemicals
Amoco produces and markets a variety of chemicals, such as aromatic
acids, used in the manufacture of polyester fibers, films and resins;
olefins; polystyrene and styrene monomer used in plastics and synthetic
rubber; polypropylene resins and fibers used in molded products, carpet
backing, industrial fabrics, staple fiber and filament yarn; fabricated
plastic packaging materials; aromatic solvents for the paint industry;
trimellitic anhydride used principally in plasticizers; polybutene used
in lubricating oil additives; and engineering polymers and carbon fibers.
Amoco's principal North American chemical and plastic products facilities
are located at Alvin, Baytown, Corsicana and Texas City, Texas; Decatur
and Roanoke, Alabama; Beech Island, Greenville, Seneca, Spartanburg, and
the Cooper River plant near Mount Pleasant, South Carolina; Rocky Mount,
North Carolina; Augusta, Bainbridge, Hazlehurst and Nashville, Georgia;
Joliet and Wood River, Illinois; La Mirada, California; Winchester,
Virginia; Chippewa Falls, Wisconsin; Marietta, Ohio; and Hawkesbury and
Brantford, Ontario.
A wholly owned chemical plant at Geel, Belgium manufactures purified
terephthalic acid, purified isophthalic acid and polypropylene.
Facilities for the fabrication of carpet backing and industrial cloth
from polypropylene are located in the United Kingdom, Germany, Australia
and Brazil.
Amoco also holds a 50 percent interest in a fabrics plant in China;
a 50 percent interest in an isophthalic acid plant in Japan; and the
following interests in purified terephthalic acid plants: 32 percent in
Brazil; 50 percent in Taiwan; 35 percent in South Korea; and 9 percent in
Mexico.
In 1993, Amoco acquired Phillips Fibers Corporation. The
facilities, located in the southeastern United States, produce non-woven
fabrics, multifilament yarn and staple fiber. Also in 1993, the
Corporation sold Welchem Inc., which makes oil field production and
processing chemicals; a Canadian fibers and yarn plant; and a polystyrene
plant in California.
12
<PAGE>
<PAGE>
The following tables sets forth trade sales of chemical products for
the three years ended December 31, 1993:
<TABLE>
<CAPTION>
1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Chemicals:
Fiber and film intermediates . . . . . . $ 1,025 $ 925 $ 924
Industrial chemicals and other . . . . . 944 1,166 1,264
Polymers . . . . . . . . . . . . . . . . . 368 371 392
Plastics:
Synthetic fabrics . . . . . . . . . . . . 717 837 842
Other plastics . . . . . . . . . . . . . 403 387 369
Other products . . . . . . . . . . . . . . 5 7 13
Total . . . . . . . . . . . . . . . . . $ 3,462 $ 3,693 $ 3,804
</TABLE>
Other Operations
Amoco, operating under the trade name Canmar, owns a fleet of
offshore drilling systems capable of operating in arctic offshore regions
of the world. In 1993, Amoco Canada acquired the shares of BeauDril
(1992) Limited, a subsidiary of Gulf Canada Resources. With that
acquisition, Canmar consists of three arctic drillships, one bottom-
founded arctic drilling system, one conical drilling barge, four arctic
icebreakers and four arctic icebreaking supply ships. Other major assets
include shorebase and drydocking facilities located on the shores of the
Canadian Beaufort Sea. In 1993, Canmar completed three wells in the U.S.
Beaufort Sea and one well in Australia.
Amoco's wholly owned subsidiary, Ecova Corporation ("Ecova"),
formerly Waste-Tech Services, Inc., provides full-service hazardous-waste
management. Ecova began construction of a 45,000-ton-per-year hazardous-
waste incinerator in Nebraska in late 1992. Commercial operations are
expected to begin in 1994.
Amoco has a wholly owned real estate subsidiary, AmProp Inc.
("AmProp"), which was formed in late 1988. AmProp was established to
identify ways to enhance the value of Amoco's proprietary real estate
holdings, to realize the value which Amoco occupancy brings to a project
and to develop a portfolio of actively managed real estate investments.
Through a finance company which is wholly owned by Amoco, AmProp has
structured borrowings secured by existing Amoco real estate assets.
These ventures have been developed in partnerships with local developers.
AmProp is the general partner with a controlling interest in each venture
partnership.
Much of Amoco's longer range corporate research and high technology
new business development is consolidated into a separate operating
subsidiary, Amoco Technology Company. Currently, the operating company
has four areas of major focus: optoelectronics (lasers), photovoltaics
(solar power), diagnostic products and biotechnology-based nutritional
products.
13
<PAGE>
<PAGE>
One of the wholly owned ventures of Amoco Technology Company is in
the laser industry that makes and sells compact, solid-state lasers for
medical, industrial and fiber optic applications. Another venture
manufactures and markets both semicrystalline and amorphous silicon
modules that produce electricity directly from sunlight. These modules,
and the controls and battery systems that make them practical, have been
used successfully where normal power supplies are unavailable, such as
remote desert locations and offshore platforms.
The remaining three companies owned by Amoco Technology Company
include one which develops and markets software programs for genetic
research in biotechnology; another that develops and sells diagnostic
products based on nucleic acid probes; and a third that manufactures
analytical instruments and re-agents used in genetic engineering
research.
In 1993, Amoco sold its 49 percent interest in a fertilizer
manufacturing venture in Trinidad. In 1993, Amoco also sold its interest
in Ok Tedi Mining Ltd. in Papua New Guinea, to the Broken Hill
Proprietary Company Ltd. of Australia, and its interest in Syncrude
Canada Ltd. Amoco is no longer involved in the mining business.
During 1988, Amoco reached a decision to discontinue the insurance
operations of Amoco Life Insurance Company and Imperial Casualty and
Indemnity Company. In early 1990, Amoco completed the sale of Amoco Life
Insurance Company.
Research
Research operations are conducted at two major research centers. At
Tulsa, Oklahoma, research activities are directed toward new and improved
methods for finding and producing crude oil and natural gas. At
Naperville, Illinois, research is conducted to develop new and enhanced
chemical and petroleum products and processes. These efforts include
improvement of product performance and methods used in the manufacturing
of chemicals and polymers, refining of crude oil and the development of
technology for producing synthetic fuels. Research and development in
support of corporate diversification interests in biotechnology, physical
technology and photovoltaics are also carried out at Naperville,
Framingham, Massachusetts and Newtown, Pennsylvania.
Expenditures for research and technology development activities
totaled $292 million in 1993, $300 million in 1992 and $330 million in
1991. An average of 1,593, 1,512 and 1,648 professional employees were
engaged full-time in these activities during 1993, 1992 and 1991,
respectively.
Employees
Amoco had 46,317 employees in its worldwide operations as of
December 31, 1993. Of this total, 38,366 were located in the United
States, with approximately 14 percent represented by various labor
organizations. The remaining 7,951 employees were located in foreign
countries, of which approximately 21 percent were represented by labor
groups.
14
<PAGE>
<PAGE>
Competition
All phases of the petroleum and chemicals industries, comprising
numerous competitors large and small, are highly competitive, including
the search for and development of new sources of supply; the construction
and operation of crude oil and refined products pipelines; and the
refining, manufacturing, distributing and marketing of petroleum and
chemical products. The petroleum industry also competes with other
industries in supplying energy, fuel and other needs of consumers. Amoco
does not consider one or a small group of competitors to be dominant in
the industries in which it competes. Amoco is the largest corporate
producer of natural gas in the United States, and it is the largest
private owner of natural gas reserves in North America. Amoco believes
that it ranked seventh in crude oil and natural gas liquids production in
the United States in 1993. During 1993, Amoco marketed about 7 percent
of the refined products sold in the United States. Amoco was also active
in approximately 40 countries. In addition, the discussion on pages 3-14
of this Form 10-K discloses more detailed information on product markets
included in the various segments of Amoco's operations.
Government Regulation
Petroleum industry activities have been, and in the future may be,
affected from time to time by political developments, both foreign and
domestic, and federal, state and local laws, regulations and decrees,
such as restrictions on production, imports and exports, crude oil and
products allocation and rationing, price controls, tax increases and
retroactive tax claims, expropriation of property, cancellation of
contract rights and environmental protection controls. The likelihood of
such occurrences and their overall effect upon Amoco vary from country to
country and are not predictable.
The DOE and the Federal Energy Regulatory Commission ("FERC") have
jurisdiction over Amoco's common carrier pipelines engaged in the
interstate transportation of oil. The Interstate Commerce Act requires
Amoco to file tariffs showing all rates, charges and regulations for
movements through its common carrier pipeline system. FERC has the
authority to establish rates for regulated movements. A portion of
Amoco's domestic sales of natural gas remains subject to regulatory
control under the Natural Gas Policy Act of 1978.
An excise tax, commonly known as the Superfund tax, became effective
on January 1, 1987. This tax is imposed to finance an $11.97 billion
hazardous substance cleanup program. The tax consists of four parts:
(1) a petroleum tax, imposed at a rate of 9.7 cents per barrel for
domestic crude received at U.S. refineries and imported petroleum
products (including crude oil). In addition, the Oil Spill Liability
Trust Fund Tax became effective January 1, 1990. This tax, which is
imposed at the rate of 5 cents per barrel and is an additional part of
the petroleum tax portion of the Superfund tax imposed upon domestic
crude and imported petroleum products (including crude oil), was
suspended effective July 1, 1993; (2) a chemical feedstock tax, imposed
at a rate of up to $4.87 per ton for taxable chemicals. Effective
15
<PAGE>
<PAGE>
January 1, 1989, certain taxable substances, which are manufactured from
chemicals subject to the chemical feedstock tax, are taxable on imports
into the United States. On export, these substances are eligible for a
credit or refund of the chemical feedstock tax paid on chemicals used in
their manufacture; (3) a broad-based environmental tax, imposed at a rate
of .12 percent of a Corporation's "modified alternative minimum taxable
income" in excess of $2 million as computed under the Tax Reform Act of
1986. This tax applies regardless of whether a taxpayer has any
alternative minimum tax liability, and is scheduled to expire on January
1, 1996; and (4) an underground storage tank tax, which is imposed at a
rate of .1 cent per gallon of gasoline and certain other fuels, and is
scheduled to expire on January 1, 1996.
Environmental Protection
Federal, state and local environmental, health and safety laws and
regulations continue to grow in both number and complexity, presenting
Amoco and the industry with new challenges in attaining and maintaining
compliance. This trend is reflected in the international arena where
Amoco has targeted new growth opportunities. Public concern about
environmental quality and potential health risks are driving forces
behind many new requirements. The activities of natural resource
companies like Amoco are increasingly affected by these initiatives.
Amoco's capital and operating costs for environmental, health and
safety protection have been increasing. Amoco operations face stricter
controls on releases of pollutants to the air, water, soil and ground
water. Process equipment and pollution control devices continue to be
upgraded, or new controls added, to comply with these standards. Waste
handling and treatment strategies have been adopted to deal with
restrictions on the land disposal of certain hazardous wastes, the
liabilities imposed by federal and state waste handling and disposal laws
and increasingly stringent wastewater treatment requirements.
Remediation of contaminated sites under the Resource Conservation and
Recovery Act, the federal Superfund law, and similar state laws is
ongoing and will continue for the foreseeable future. Amoco has already
conducted environmental reviews of many former refineries, distribution
facilities, services stations, oil and gas operations and other sites,
and numerous projects are underway or completed to address the
contamination found. Amoco's refining and marketing operations continue
to adapt to current and future reformulated gasoline requirements under
clean air laws.
Amoco engages in a wide variety of activities as part of its
commitment to environmental stewardship. The Corporation has a program
that conducts environmental, health and safety audits of facilities. The
Crisis Management Plan seeks to provide prompt and effective responses to
emergencies. Amoco has in place many worker health and safety programs.
Amoco's International Standard of Care sets performance standards or
goals that apply to all of Amoco's diverse operations.
Amoco's 1993 expenditures for environmental conservation, health and
safety totaled $360 million. This sum excluded $419 million related to
16
<PAGE>
<PAGE>
operating costs and amounts spent on research and development, and $104
million of mandated and voluntary spending charged against the
remediation liability. Mandated and voluntary spending charged against
the remediation liability in 1994 is expected to approximate the 1993
level. Capital expenditures in the environmental area are expected to
approximate $250 million in both 1994 and 1995.
Executive Officers of the Registrant
Certain information required by Item 10 with respect to executive
officers is incorporated by reference to pages 3-10 of Amoco's Proxy
Statement dated March 14, 1994. The following table sets forth
information concerning other executive officers of Amoco as of March 1,
1994:
<TABLE>
<CAPTION>
Served as
Officer
Name Principal Occupation Age Since
<S> <C> <C> <C>
R. Wayne Anderson . . Senior vice president, human resources, 52 1986
public and government affairs and government
relations
Patricia A. Brandin . Corporate secretary 45 1993
John L. Carl . . . . Senior vice president finance and controller 46 1991
Kenneth W. Ciriacks . Vice president, technology 55 1993
James E. Fligg . . . Executive vice president 57 1991
W. Douglas Ford . . . Executive vice president 50 1992
James M. Griffith . . Vice president, public and government 51 1992
affairs
William R. Hutchinson Vice president, financial operations 51 1981
Rady A. Johnson . . . Senior vice president, government relations 57 1979
Peter N. Jordan . . . Vice president, planning and economics 51 1993
William G. Lowrie . . Executive vice president 50 1990
Charles A. Mast . . . Vice president, supply 63 1990
Daniel R. Mitchell . Vice president and general tax counsel 54 1991
Walter R. Quanstrom . Vice president, environment, health and 51 1987
safety
John R. Reid . . . . Vice president, information technology 51 1991
George S. Spindler . Senior vice president and general counsel 56 1989
Marsha C. Williams . Treasurer 42 1993
</TABLE>
An officer holds office until his or her resignation, removal,
death, retirement or termination of employment with the Corporation. All
executive officers, with the exceptions of John L. Carl, James M.
Griffith, Patricia A. Brandin and Marsha C. Williams have been employed
by Amoco or its subsidiaries for more than five years. John L. Carl was
elected Senior Vice President Finance and Controller of Amoco
Corporation, effective October 1, 1993. Prior to that time, John L. Carl
was Vice President and Controller of Amoco Corporation, elected effective
February 1, 1991. From 1989 until joining Amoco, John L. Carl was Vice
President and Chief Financial Officer for National Computer Systems in
Minneapolis, Minnesota. From 1986 to 1989, John L. Carl was Vice
President and Controller for Kraft, Inc., based in Glenview, Illinois.
James M. Griffith was elected Vice President, Public and Government
17
<PAGE>
<PAGE>
Affairs of Amoco Corporation, effective October 5, 1992. From 1990 until
joining Amoco, James M. Griffith was Vice President of Public Affairs for
The B F Goodrich Company in Akron, Ohio. From 1986 to 1990, James M.
Griffith was Vice President of Public Relations for PepsiCo, Inc.
Patricia A. Brandin was elected Corporate Secretary of Amoco Corporation,
effective January 3, 1993. Prior to joining Amoco Corporation in 1989 as
an attorney in the Law department, Patricia A. Brandin was a partner with
the Chicago law firm Seyfarth, Shaw, Fairweather & Geraldson from 1981 to
1989. Marsha C. Williams joined Amoco in 1989 and has held several
positions with Amoco before becoming Treasurer. From 1988 to 1989,
Marsha C. Williams was Vice President and Treasurer of Carson Pirie Scott
& Company.
Effective April 1, 1994, Frederick S. Addy, Executive Vice
President, Chief Financial Officer and member of the Board of Directors,
has elected to retire. Frederick S. Addy became Chief Financial Officer
and a member of the Board Jan. 1, 1990. John L. Carl will succeed
Frederick S. Addy on April 1, 1994, as Executive Vice President and Chief
Financial Officer, a position to which he was elected on Jan. 25, 1994.
The following officer changes will also be effective April 1, 1994.
John R. Reid, currently Vice President, Information Technology, will
become Vice President and Controller; and Carl C. Williams will become
Vice President, Information Technology. Prior to September 1993, Carl C.
Williams was Vice President Information Systems and Technology for
Macmillan Publishing Company of New York. From 1982 to 1991, Carl C.
Williams was Senior Vice President of DDB Needham Worldwide of New York.
From July 1990 to his current appointment in January 1993, Kenneth
W. Ciriacks was Vice President, Research for Amoco Production Company.
From June 1989 to 1990, Kenneth W. Ciriacks was Vice President,
Exploration Technology and Services. From August 1985 to May 1989, he
was Regional Exploration Manager of Amoco Production Company. James E.
Fligg was elected Executive Vice President in June 1993. He was named
President of Amoco Chemical Company in July 1991. From 1989 to 1991,
James E. Fligg was Executive Vice President of Amoco Chemical Company.
W. Douglas Ford was elected Executive Vice President in June 1993. He is
also President of Amoco Oil Company. From February 1991 to 1993, W.
Douglas Ford was Executive Vice President of Amoco Oil Company. From
July 1990 to January 1991, he was Vice President of Operations, Planning
and Transportation of Amoco Oil Company. In 1989, W. Douglas Ford was
Regional Production Manager for Amoco Production Company in Denver.
Peter N. Jordan was named Vice President, Planning and Economics for
Amoco Corporation, effective July 1993. From January 1993 to June 1993,
Peter N. Jordan was General Manager, Planning and Economics for Amoco
Corporation. From August 1989 until January 1993, Peter N. Jordan was
Vice President, Offshore Business Unit, New Orleans for Amoco Production
Company. From June 1988 until August 1989, Peter N. Jordan was Vice
President, Exploration Technology and Services. William G. Lowrie was
elected Executive Vice President in June 1993. He is also President of
Amoco Production Company. In 1990, William G. Lowrie was President of
Amoco Oil Company. From 1987 to 1990, he was Executive Vice President of
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<PAGE>
Amoco Production Company. Except as previously described, others shown
in the above table, who have been officers less than five years, served
in substantially the same position but were not officers or had different
officer titles.
Item 3. Legal Proceedings
Eight proceedings instituted by governmental authorities are pending
or known to be contemplated against Amoco and certain of its subsidiaries
under federal, state and local environmental laws, each of which could
result in monetary sanctions in excess of $100,000. No individual
proceeding is, nor are the proceedings as a group, expected to have a
material adverse effect on Amoco's consolidated cash flows, financial
position or results of operations. Amoco estimates that in the aggregate
the monetary sanctions reasonably likely to be imposed from these
proceedings amount to approximately $4 million.
The Internal Revenue Service ("IRS") has challenged the application
of certain foreign income taxes as credits against the Corporation's U.S.
taxes that otherwise would have been payable for the years 1980 through
1982. On June 18, 1992, the IRS issued a statutory Notice of Deficiency
for additional taxes in the amount of $466 million, plus interest,
relating to those years. The Corporation has filed a petition in the
U.S. Tax Court contesting the IRS statutory Notice of Deficiency. A
similar amount of additional taxes is expected to be claimed for years
1983 through 1985 based upon a subsequent IRS audit. Any claims for
years subsequent to 1985 would not be as significant as those for prior
years. The Corporation believes that the foreign income taxes have been
reflected properly in its U.S. federal tax returns, and intends to
contest the IRS claims. The Corporation is confident that it will
prevail in the litigation. Consequently, this dispute is not expected to
have a material adverse effect on the consolidated financial position of
the Corporation.
On January 21, 1994, a judgment was entered by the Superior Court of
the State of California, County of Los Angeles, in favor of Amoco
Chemical Company and Amoco Reinforced Plastics Company, subsidiaries of
Amoco Corporation, against certain underwriters at Lloyd's of London and
various other British and European insurance carriers, in AMOCO CHEMICAL
COMPANY, et al, vs. CERTAIN UNDERWRITERS AT LLOYD'S OF LONDON, et al. In
that case Amoco alleged that the defendant insurers wrongfully refused to
pay for the defense and settlement of product liability lawsuits arising
from Amoco Reinforced Plastics Company's manufacture of irrigation and
sewer pipe in the 1970's. Judgment was entered for $36 million in
compensatory damages and $377 million in punitive damages. The judgment
is slightly lower than the jury verdicts that were previously reported by
Amoco.
The defendants have filed motions for a new trial and a judgment
notwithstanding the verdict with respect to the actual and punitive
damages, respectively. Amoco is making filings in opposition to those
motions. In addition, the judgment is subject to appeal by the
19
<PAGE>
<PAGE>
defendants. Accordingly, it is impossible at this time to predict the
ultimate outcome of this case or its impact, if any, on the financial
position, results of operations and cash flows of the Corporation.
Reference is made to the first paragraph of Item 14(b). Rubicon and
Amoco Production and the Corporation have agreed to settle the case.
Final settlement papers are expected to be signed in the near future,
after which the case will be dismissed. The terms of the settlement are
confidential, but the settlement is not expected to have a material
adverse effect on the financial position, results of operations or cash
flows of the Corporation.
Amoco has various other suits and claims pending against it among
which are several class actions for substantial monetary damages which in
Amoco's opinion are not meritorious. While it is impossible to estimate
with certainty the ultimate legal and financial liability in respect to
these other suits and claims, Amoco believes that the aggregate amount
will not be material in relation to its consolidated financial position.
Item 4. Submission of Matters to a Vote of Security Holders
No matters were submitted to a vote of security holders during the
quarter ended December 31, 1993.
__________________________
PART II
Item 5. Market for the Registrant's Common Equity and Related
Stockholder Matters
The principal public trading market for Amoco common stock is the
New York Stock Exchange. Amoco common stock is also traded on the
Chicago, Pacific, Toronto, and four Swiss stock exchanges. The following
table sets forth the high and low share sales prices of Amoco common
stock as reported on the New York Stock Exchange and cash dividends paid
for the periods presented.
<TABLE>
<CAPTION>
Cash
Market Prices Dividends
High Low Per Share
<S> <C> <C> <C>
1993
First quarter . . . . . . . . . . . $ 58 1/2 $ 48 1/8 $ .55
Second quarter . . . . . . . . . . $ 59 1/4 $ 53 5/8 $ .55
Third quarter . . . . . . . . . . . $ 58 3/8 $ 52 3/8 $ .55
Fourth quarter . . . . . . . . . . $ 59 $ 51 1/2 $ .55
1992
First quarter . . . . . . . . . . . $ 51 1/8 $ 42 5/8 $ .55
Second quarter . . . . . . . . . . $ 51 3/4 $ 41 3/4 $ .55
Third quarter . . . . . . . . . . . $ 53 5/8 $ 46 1/2 $ .55
Fourth quarter . . . . . . . . . . $ 53 3/4 $ 46 7/8 $ .55
</TABLE>
On January 25, 1994, the board of directors declared a quarterly cash
dividend rate of 55 cents per share.
Amoco had 141,039 shareholders of record at December 31, 1993.
20
<PAGE>
<PAGE>
Item 6. Selected Financial Data
The following selected financial data, as it relates to the years
1989 through 1993, have been derived from the consolidated financial
statements of Amoco, including the consolidated statement of financial
position at December 31, 1993 and 1992 and the related consolidated
statement of income and consolidated statement of cash flows for the three
years ended December 31, 1993, and the notes thereto, appearing elsewhere
herein.
<TABLE>
<CAPTION>
1993 1992 1991 1990 1989
(millions of dollars, except per-share
amounts and ratios)
<S> <C> <C> <C> <C> <C>
Income statement data--Year
ended
December 31:
Sales and other operating
revenues (excluding
consumer excise taxes) . $ 25,336 $ 25,280 $ 25,325 $ 28,010 $ 23,966
Net income(1) . . . . . . $ 1,820 $ 850 $ 1,173 $ 1,913 $ 1,610
Net income per share (1) $ 3.66 $ 1.71 $ 2.36 $ 3.77 $ 3.12
Cash dividends per share $ 2.20 $ 2.20 $ 2.20 $ 2.04 $ 1.90
Ratio of earnings to
fixed charges (2) . . . . 8.0 3.5 5.0 6.5 4.8
Balance sheet data-At
December 31:
Total assets . . . . . . $ 28,486 $ 28,453 $ 30,510 $ 32,209 $ 30,430
Long-term debt . . . . . $ 4,034 $ 5,005 $ 4,470 $ 5,012 $ 5,394
Shareholders' equity . . $ 13,665 $ 12,960 $ 14,156 $ 14,068 $ 13,684
Shareholders' equity per
share . . . . . . . . . . $ 27.53 $ 26.11 $ 28.52 $ 28.02 $ 26.75
(1) Excludes cumulative effects of accounting changes of $(924)million in
1992, or $(1.86) per share, and $311 million in 1991, or $.62 per
share.
(2) Earnings consist of income before income taxes and fixed charges;
fixed charges include interest on indebtedness, rental expense
representative of an interest factor, and adjustments for certain
companies accounted for by the equity method.
</TABLE>
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<PAGE>
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
This discussion should be read in conjunction with the consolidated
financial statements and accompanying notes and supplemental information.
<TABLE>
<CAPTION>
1993 1992 1991
(millions of dollars except
per-share amounts)
<S> <C> <C> <C>
Income before the cumulative effects of
accounting changes . . . . . . . . . . $ 1,820 $ 850 $ 1,173
Cumulative effects of accounting changes -- (924) 311
Net income (loss) . . . . . . . . . . . $ 1,820 $ (74) $ 1,484
Income per share before the cumulative
effects of accounting changes . . . . . $ 3.66 $ 1.71 $ 2.36
Net income (loss) per share . . . . . . $ 3.66 $ (.15) $ 2.98
</TABLE>
1993 vs. 1992
Consolidated net income for 1993 amounted to $1,820 million, compared
with a loss of $74 million incurred in 1992. Excluding the cumulative
effects of adoption in 1992 of Statement of Financial Accounting Standards
("SFAS") No. 106, "Employers' Accounting for Postretirement Benefits Other
Than Pensions," and SFAS No. 109, "Accounting for Income Taxes," 1992
earnings were $850 million. Net income in 1991 was $1,484 million, which
included the cumulative benefit of $311 million associated with the
adoption in 1991 of SFAS No. 96, "Accounting for Income Taxes."
Year-to-year comparisons in net income were affected by various
items, summarized in the table below:
<TABLE>
<CAPTION>
incr./(decr.) net income 1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Gain on dispositions . . . . . . . . $ 190 $ -- $ --
Restructurings . . . . . . . . . . . (170) (805) (43)
Tax obligations and other . . . . . . 60 90 --
Sharjah natural gas settlement . . . -- 90 --
Casper refinery closing . . . . . . . -- -- (75)
AMOCO CADIZ judgment . . . . . . . . -- -- (47)
</TABLE>
Favorably affecting 1993 net income were gains of $190 million
associated with the disposition of certain Canadian properties and
investments, and tax benefits of $113 million. Adversely affecting 1993
results were charges of $170 million associated with the writedown of
Congo exploration and production operations to current recoverable value
and additional deferred taxes of $53 million due to the effect of a tax
22
<PAGE>
<PAGE>
rate change resulting from enactment of the Omnibus Budget Reconciliation
Act of 1993. Included in 1992 results were charges of $805 million
associated with a strategic reassessment of business operations.
Partially offsetting were benefits of $90 million related to natural gas
contract settlements and $90 million associated with revised estimates of
tax obligations and retirement of debt.
Excluding these items, 1993 earnings were 18 percent or $265 million
above 1992 as a result of higher refined product margins in refining,
marketing and transportation operations and improved chemical results.
Also contributing to the improvement were higher U.S. natural gas prices
and volumes and lower worldwide exploration and operating expenses.
1992 vs. 1991
Adjusting for special items, 1992 earnings were 10 percent or $137
million above the 1991 level. U.S. exploration and production operating
results improved resulting from higher natural gas prices and volumes and
lower expenses. Exploration and production earnings outside the United
States were up slightly, mainly resulting from favorable currency effects.
Chemical earnings were higher reflecting lower operating costs. Refining,
marketing and transportation net income was lower, primarily attributable
to lower refined product margins.
Results on a segment basis, for the five years ended December 31,
1993, are presented below:
<TABLE>
<CAPTION>
1993 1992 1991 1990 1989
(millions of dollars)
<S> <C> <C> <C> <C> <C>
Exploration and production:
United States . . . . . . . . . . $ 811 $ 778 $ 595 $ 861 $ 521
Canada . . . . . . . . . . . . . . 338 (81) 31 57 9
Europe . . . . . . . . . . . . . . (100) (103) 43 84 63
Other . . . . . . . . . . . . . . (54) 277 140 719 294
Refining, marketing and transportation 826 462 644 370 670
Chemicals . . . . . . . . . . . . . . . 240 (94) 68 206 584
Other operations* . . . . . . . . . . . (45) (179) (69) (71) (60)
Corporate . . . . . . . . . . . . . . . (196) (210) (279) (313) (471)
Income before the cumulative effects of
accounting changes . . . . . . . . . . 1,820 850 1,173 1,913 1,610
Cumulative effects of accounting
changes . . . . . . . . . . . . . . . . -- (924) 311 -- --
Net income (loss) . . . . . .$ 1,820 $ (74)$ 1,484 $ 1,913 $ 1,610
*Other operations include investments in laser manufacturing,
photovoltaics and biotechnology; investments in hazardous-waste
incineration facilities; offshore contract drilling; interests in real
estate development; and other corporate diversification activities.
</TABLE>
23
<PAGE>
<PAGE>
1993 vs. 1992
United States Exploration and Production
U.S. exploration and production operations earned $811 million in
1993 compared with $778 million in 1992 and $595 million in 1991. Year-
to-year comparisons of U.S. results were affected by various items,
summarized in the table below.
<TABLE>
<CAPTION>
incr./(decr.) earnings 1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Environmental provisions . . . . . . . . $ (63) $ -- $ --
Tax obligations . . . . . . . . . . . . . (25) -- --
Restructurings . . . . . . . . . . . . . -- (94) --
</TABLE>
Adjusting the respective periods for the items shown, 1993 results
were $27 million above the comparable 1992 period mainly as a result of
higher prices and volumes for natural gas and lower exploration expenses.
Offsetting were lower crude oil prices and production volumes.
U.S. natural gas prices averaged $1.88 per thousand cubic feet
("mcf") for 1993, an increase of about $.23 per mcf over 1992, reflecting
increased demand and a more favorable supply and demand balance.
Amoco's crude oil prices averaged about $16 per barrel in 1993, down
10 percent or about $2 per barrel compared with 1992. Prices remained
relatively constant through the first six months of 1993, but declined
over the latter half of 1993 reflecting increased worldwide supply. As a
result, the average price in December 1993 was about $5 per barrel below
the corresponding December 1992 average.
<TABLE>
<CAPTION>
1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C>
Average U.S. selling price
Crude oil
(dollars per barrel) . . . . . 15.96 17.79 18.31 21.60 17.36
Natural gas liquids
(dollars per barrel) . . . . . 10.79 11.43 11.69 12.84 8.08
Natural gas*
(dollars per mcf) . . . . . . . 1.88 1.65 1.52 1.83 1.77
*Excludes effect of contract settlements.
</TABLE>
U.S. natural gas production averaged 2.4 billion cubic feet per day
in 1993, 2 percent above 1992, reflecting increased deliverability, higher
demand and increased marketing efforts. Crude oil and natural gas liquids
("NGL") production averaged 305,000 barrels per day in 1993, 5 percent
below 1992, mainly due to normal field declines.
24
<PAGE>
<PAGE>
Non-U.S. Exploration and Production
Operations outside the U.S. were affected by various items, as shown
below:
<TABLE>
<CAPTION>
incr./(decr.) earnings 1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Gains on dispositions . . . . . . . . . . $ 190 $ -- $ --
Restructurings . . . . . . . . . . . . . (170) (258) (43)
Sharjah natural gas settlement . . . . . -- 90 --
Norwegian tax legislation . . . . . . . . -- (39) --
</TABLE>
Canadian exploration and production operations earned $338 million in
1993 compared with a loss of $81 million in 1992. In 1993, Amoco disposed
of 65 percent of its equity investment in Crestar Energy Inc., resulting
in a $120 million gain. Amoco also sold a significant portion of non-core
properties, which resulted in a $70 million benefit and lowered production
volumes by approximately 8 percent. Results in 1992 were affected by
charges of $236 million related to restructuring, property dispositions
and work force reductions. Excluding these items, 1993 earnings were $7
million below 1992's level as higher natural gas prices and volumes and a
significant reduction in expenses were more than offset by declining crude
oil prices and lower currency gains. Natural gas production averaged 916
million cubic feet per day in 1993, an increase of 13 percent over 1992,
reflecting increased demand. Crude oil and NGL production averaged 84,000
barrels per day in 1993 and 89,000 barrels per day in 1992.
Exploration and production activities in Europe incurred losses of
$100 million in 1993 and $103 million in 1992. Excluding one-time
Norwegian tax charges in 1992, losses increased by $36 million due to
lower crude oil prices and higher expenses associated with increased
activity in Eurasia. Natural gas production of 259 million cubic feet per
day was 3 percent below 1992. Crude and NGL production averaged 51,000
barrels per day in 1993, compared with 55,000 barrels per day in 1992.
Exploration and production operations in other areas incurred a loss
of $54 million in 1993, compared with earnings of $277 million in 1992.
Included in 1993 results were charges of $170 million related to the
writedown of Congo operations to current recoverable value. Included in
1992 earnings were benefits of $90 million related to natural gas contract
settlements. Exclusive of these items, results for 1993 of $116 million
were $71 million below 1992 due to lower crude oil volumes and prices and
lower currency gains. Partly offsetting was reduced exploration expense.
Natural gas production averaged 530 million cubic feet per day in 1993, 6
percent higher than 1992, reflecting new production in Sharjah and
Trinidad. Crude oil and NGL production averaged 238,000 barrels per day
in 1993, 3 percent below the 1992 level.
25
<PAGE>
<PAGE>
1992 vs. 1991
U.S. exploration and production operations earned $778 million in
1992 compared with $595 million in 1991. The increase over 1991 earnings
primarily resulted from higher natural gas prices and volumes and lower
operating costs and exploration expenses. Partly offsetting were lower
crude oil production and prices and charges related to restructuring of
$94 million.
In 1992, earnings outside the U.S. for exploration and production
operations totaled $93 million, compared with $214 million in 1991. The
decrease mainly resulted from restructuring charges of $258 million,
charges of $39 million relating to the effects of Norwegian tax
legislation, lower crude oil and NGL volumes and higher depreciation,
depletion and amortization. Offsetting were favorable currency effects,
lower operating expenses and the Sharjah natural gas settlement.
Outlook
Amoco and the oil industry will continue to be affected by the price
volatility of crude oil and natural gas. Amoco's future performance is
expected to be affected by ongoing efforts to reduce costs, the divestment
of marginal operations and concentration of new investments in areas of
competitive advantage. The Corporation will continue to focus on growth
internationally and to pursue attractive new business opportunities
worldwide.
Refining, Marketing and Transportation
1993 vs. 1992
Worldwide refining, marketing and transportation operations earned
$826 million for 1993, compared with earnings of $462 million for 1992 and
$644 million for 1991. Results for 1993 included benefits of $59 million
due to a reduction in previous estimates of future costs for environmental
remediation. Operations also benefited $50 million from the drawdown of
inventories valued under the last-in, first-out ("LIFO") method. Earnings
for 1992 included charges of $51 million for anticipated losses on asset
dispositions and work force reductions. Excluding these items, the
earnings improvement of $204 million in 1993 reflected higher refined
product margins. Operating costs also declined in 1993, resulting from
continuing efforts to reduce expenses.
Amoco's 1993 operating results outside the United States, consisting
primarily of NGL supply and marketing activities in Canada and marine
transportation, increased over 1992, partly reflecting restructuring
efforts.
U.S. refined product margins increased from 1992 levels as crude oil
prices declined more than product prices. Refined product prices averaged
26
<PAGE>
<PAGE>
58 cents per gallon compared with 61 cents per gallon for 1992. U.S.
refined product selling prices, excluding consumer excise taxes, and
refinery utilization data for the past five years are shown below.
<TABLE>
<CAPTION>
United States 1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C>
Cents per gallon:
Average selling price
Gasoline . . . . . . . . . . 66.4 71.3 74.7 83.4 71.0
Total refined products . . . 57.5 60.9 64.9 72.9 60.7
Average cost of crude input . . 39.6 44.6 45.5 55.0 44.1
Percent:
Refinery capacity utilization 96.9 95.3 90.9 91.8 91.1
Refinery yield . . . . . . . 106.8 106.9 106.9 106.3 106.5
</TABLE>
Refined product sales volumes in the United States averaged 1,131,000
barrels per day in 1993 compared with 1,088,000 barrels per day in 1992.
Gasoline sales volumes were up 3 percent in 1993 while distillate sales
increased 5 percent. Canadian NGL sales volumes of 172,000 barrels per
day in 1993 increased slightly over 1992 levels.
Refining capacity utilization of 97 percent was up from 1992's
utilization rate of 95 percent, reflecting continued operating
efficiencies.
1992 vs. 1991
In 1992, earnings of $462 million compared with 1991 earnings of $644
million. Excluding special items, the decrease in earnings between the
two years primarily resulted from lower refined product margins reflecting
strong price competition, particularly for gasoline.
Outlook
Amoco's refining, marketing and transportation operations will
continue to be affected by volatility in crude oil prices and the overall
industry supply-demand balance for refined products. Environmental
initiatives, including a commitment to provide a product slate that is
responsive to environmental concerns and regulations, could require
significant additional investments in refining and marketing facilities.
Amoco continues its strong focus on controlling costs and implementing new
technologies to further upgrade facilities and improve operating
efficiencies.
Chemicals
1993 vs. 1992
Chemical operations earned $240 million for 1993, compared with a
loss of $94 million in 1992 and earnings of $68 million in 1991. Included
27
<PAGE>
<PAGE>
in 1992 results were charges of $265 million primarily associated with
restructuring. Adjusting for those charges, 1993 earnings improved $69
million over 1992 as benefits of cost-containment, restructuring and a
strong purified terephthalic acid ("PTA") market favorably affected
earnings. Weak margins for olefins and polypropylene partly offset these
favorable effects.
In 1993 overall chemical sales volumes improved slightly over 1992.
Sales volumes for PTA were up 11 percent, as worldwide demand for PTA
continued to grow. Polypropylene volumes also increased 11 percent,
reflecting the full-year effect of operating the new unit added at the
Chocolate Bayou plant, near Alvin, Texas, in mid-1992. Weak demand in the
olefins industry caused olefins volumes to decline in 1993. The overall
capacity utilization rates were 88 percent in both 1993 and 1992.
Chemical margins for most product lines were down in 1993. Margins
were lower for olefins and polypropylene due to overcapacity in their
respective markets. However, PTA margins were higher resulting from the
strong market demand mentioned above.
1992 vs. 1991
In 1992 chemical activities incurred a loss of $94 million compared
with earnings of $68 million in 1991. Adjusting for $265 million in
restructuring charges, 1992 earnings were up $103 million over 1991
resulting from expense reduction measures and the restructuring of
selected plastics and specialty businesses.
Outlook
Chemical operations continue to be influenced by the worldwide
economic environment and the chemical industry supply and demand balance.
In anticipation of growth in worldwide demand for chemicals, Amoco will
increase the emphasis placed on its attractive core commodity
petrochemical strengths, while continuing to implement successful process-
improvement and cost-control strategies. Amoco also will focus on
broadening the current commodity chemical portfolio and diversifying into
specialty chemical and polymer conversion businesses.
Other Operations
Other operations include investments in laser manufacturing,
photovoltaics and biotechnology; investments in hazardous-waste
incineration facilities; offshore contract drilling; interests in real
estate development; and other corporate diversification activities.
Other operations incurred a loss of $45 million in 1993, compared
with losses of $179 million and $69 million, respectively, for 1992 and
1991. The higher losses for 1992 reflected charges of $99 million for
28
<PAGE>
<PAGE>
anticipated losses on the disposition of non-strategic investments.
Excluding these items, losses in other operations were mainly associated
with technology activities. In 1993, the Corporation sold its 49 percent
interest in a fertilizer manufacturing venture in Trinidad, and its
interest in Ok Tedi Mining Ltd. in Papua, New Guinea. The Corporation is
no longer involved in the mining business.
Corporate Activities
Corporate activities, including net interest and other corporate
expenses, were net expenses of $196 million for 1993, compared with net
expenses of $210 million for 1992 and $279 million in 1991. Included in
the 1993 results were prior-year tax benefits of $101 million and losses
associated with early retirement of higher interest-rate debt. Included
in 1992 results were favorable effects of $70 million primarily related to
revised estimates of tax obligations and early retirement of debt, and
charges of $38 million for work force reductions. Net expenses in 1991
included charges of $47 million related to the AMOCO CADIZ judgment.
Adjusting for these items over the years shown, net expense increased $11
million between 1992 and 1993 and $10 million between 1991 and 1992.
Liquidity and Capital Resources
In 1993, cash flow from operating activities amounted to $3.5
billion, compared with $3 billion in 1992 and $3.3 billion in 1991.
Total debt was $5.1 billion at year-end 1993. Debt as a percent of
debt-plus-equity was 27.1 percent at December 31, 1993, compared with 28.8
percent at year-end 1992. During 1993, Amoco retired approximately $1
billion of higher interest-rate debt and replaced it largely with the
issuance of short-term commercial paper. Also, in 1992 and 1993, Amoco
Canada Petroleum Company Ltd. ("Amoco Canada") debt was substantially
refinanced. As part of the refinancing, Amoco and Amoco Company have
guaranteed certain debt issues of Amoco Canada. See Notes 7 and 9 to the
Consolidated Financial Statements.
Working capital was $751 million at year-end 1993, compared with $810
million at year-end 1992. At year-end 1993, the Corporation's current
ratio was 1.14 to 1 compared with the current ratio at December 31, 1992
of 1.16 to 1. As a matter of policy, Amoco practices asset and liability
management techniques that are designed to minimize its investment in non-
cash working capital. This does not impair operational capability or
flexibility since the Corporation has ready access to both short-term and
long-term debt markets.
Amoco's short-term liquidity position is better than the reported
figures indicate since the inventory component of working capital is
valued in part under the LIFO method whereas other elements of working
capital are reported at amounts more indicative of their current values.
If inventories were valued at current replacement costs, it is estimated
29
<PAGE>
<PAGE>
that inventories would have been $900 million higher at December 31, 1993.
As a result, the level of working capital would rise and an increase in
the current ratio would result.
The Corporation believes its strong financial position will permit
the financing of its business needs and opportunities in an orderly
manner. It is anticipated that ongoing operations will be financed
primarily by internally generated funds. Short-term obligations, such as
commercial paper borrowings, give the Corporation the flexibility to meet
short-term working capital and other temporary requirements. At December
31, 1993, bank lines of credit available to support commercial paper
borrowings were $490 million, all of which were supported by commitment
fees. To maintain flexibility, a $500 million shelf registration
statement for debt securities remains on file with the Securities and
Exchange Commission to permit ready access to capital markets.
The Corporation has provided in its accounts for the reasonably
estimable future costs of probable environmental remediation obligations.
These amounts relate to various refining and marketing sites, chemical
locations, and oil and gas operations, including multiparty sites at which
Amoco has been identified as a potentially responsible party by the U.S.
Environmental Protection Agency. Such estimated costs will be refined
over time as remedial requirements and regulations become better defined.
However, any additional costs cannot be reasonably estimated at this time
due to uncertainty of timing, the magnitude of contamination, future
technology, regulatory changes and other factors. Although future costs
could be significant, they are not expected to be material in relation to
Amoco's liquidity or consolidated financial position. In total, the
accrued liability represents a reasonable best estimate of Amoco's
remediation liability. See Notes 1 and 21 to the Consolidated Financial
Statements.
The Corporation and its subsidiaries maintain insurance coverage for
environmental pollution resulting from the sudden or accidental release of
pollutants. Amoco is self-insured for up to $35 million from the sudden
or accidental release of pollutants per occurrence. Amoco currently does
not carry insurance coverage with respect to other types of environmental
obligations, except when required by regulation or contract. The
financial statements do not reflect any significant recovery from claims
under prior or current insurance coverage.
At December 31, 1993, the Corporation's reserves for future
environmental remediation costs totaled $683 million, of which $401
million related to refining and marketing sites. The Corporation also
maintains reserves associated with dismantlement, restoration and
abandonment of oil and gas properties, which totaled $590 million at
December 31, 1993.
Capital expenditures resulting from existing environmental
regulations, primarily related to refining and marketing sites, totaled
$360 million in 1993. Excluded from that total was $419 million for
operating costs and amounts spent on research and development, and $104
30
<PAGE>
<PAGE>
million of mandated and voluntary spending charged against the remediation
liability. Amoco's 1994 estimated capital spending for environmental
cleanup and protection projects is expected to be approximately $250
million.
Capital and exploration expenditures in 1993 totaled $3.3 billion, an
increase of 12 percent from the $3 billion spent in 1992.
<TABLE>
<CAPTION>
1993 1992 1991 1990 1989
(millions of dollars)
<S> <C> <C> <C> <C> <C>
Capital and exploration expenditures
Exploration and production
United States . . . . . . . . . . . $ 669 $ 472 $ 965 $1,023 $ 974
Canada . . . . . . . . . . . . . . 275 166 294 285 377
Europe . . . . . . . . . . . . . . 493 538 549 331 194
Other . . . . . . . . . . . . . . . 682 578 690 706 517
Refining, marketing and
transportation . . . . . . . . . . . 685 806 689 617 606
Chemicals . . . . . . . . . . . . . . 370 320 520 582 528
Other operations . . . . . . . . . . 126 60 142 81 108
Corporate . . . . . . . . . . . . . . 46 56 82 89 65
Total . . . . . . . . . . . . $3,346 $2,996 $3,931 $3,714 $3,369
Petroleum exploration expenditures
charged to income (included above)
United States . . . . . . . . . . $ 90 $ 140 $ 262 $ 230 $ 301
Canada . . . . . . . . . . . . . . 47 72 73 89 169
Europe . . . . . . . . . . . . . . 151 150 144 99 89
Other . . . . . . . . . . . . . . 241 300 311 275 167
Total . . . . . . . . . . . . $ 529 $ 662 $ 790 $ 693 $ 726
</TABLE>
A capital and exploration expenditure budget of $3 billion has been
approved for 1994. Exploration and production spending for 1994 is
forecast at $1.9 billion, the largest portion of which will be spent
outside the United States. Capital outlays of approximately $1 billion
are anticipated to be split equally between chemical operations and
refining, marketing and transportation activities. It is anticipated that
the 1994 capital and exploration expenditures budget will be financed
primarily by funds generated internally. The planned expenditure level is
subject to adjustment as changing economic conditions may indicate.
In March 1994, management of the Corporation announced to its
employees that the organizational structure of the Corporation will be
changed in an effort to reduce costs and increase effectiveness.
Management currently anticipates that the new structure will be finalized
in the last half of 1994.
31
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Item 8. Financial Statements and Supplemental Information
Index to Financial Statements and Supplemental Information Page
<S> <C>
Report of Independent Accountants . . . . . . . . . . . . . . . . . . 33
Consolidated Financial Statements:
Consolidated Statement of Income . . . . . . . . . . . . . . . . . 34
Consolidated Statement of Financial Position . . . . . . . . . . . 35
Consolidated Statement of Shareholders' Equity . . . . . . . . . . 36
Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . 37
Notes to Consolidated Financial Statements . . . . . . . . . . . . 38
Financial Statement Schedules:
Property, Plant and Equipment (Schedule V) . . . . . . . . . . . 78
Accumulated Depreciation, Depletion, and Amortization of
Property, Plant and Equipment (Schedule VI) . . . . . . . . 79
Valuation and Qualifying Accounts (Schedule VIII) . . . . . . . 80
Short-Term Obligations (Schedule IX) . . . . . . . . . . . . . . 81
Supplementary Income Statement Information (Schedule X) . . . . 82
Supplemental Information:
Quarterly Results and Stock Market Data . . . . . . . . . . . . . 64
Oil and Gas Exploration and Production Activities . . . . . . . . 65
</TABLE>
Separate financial statements of subsidiary companies not
consolidated, and of 50 percent or less owned companies accounted for by
the equity method, have been omitted since, if considered in the
aggregate, they would not constitute a significant subsidiary.
32
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of Amoco Corporation
In our opinion, the consolidated financial statements listed in the
accompanying index present fairly, in all material respects, the financial
position of Amoco Corporation and its subsidiaries at December 31, 1993
and 1992, and the results of their operations and their cash flows for
each of the three years in the period ended December 31, 1993, in
conformity with generally accepted accounting principles. These financial
statements are the responsibility of Amoco Corporation's management; our
responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in
accordance with generally accepted auditing standards which require that
we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for the opinion expressed above.
As discussed in Note 15 to the consolidated financial statements, Amoco
Corporation changed its method of accounting for income taxes by adopting
Statements of Financial Accounting Standards Nos. 109 and 96 in 1992 and
1991, respectively. Also in 1992, Amoco Corporation adopted Statement of
Financial Accounting Standards No. 106, discussed in Note 19, and
accordingly changed its method of accounting for postretirement benefits
other than pensions.
PRICE WATERHOUSE
Chicago, Illinois
February 22, 1994
33
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
CONSOLIDATED STATEMENT OF INCOME
<TABLE>
<CAPTION>
Year Ended December 31
1993 1992 1991
(millions of dollars, except
per-share amounts)
<S> <C> <C> <C>
Revenues:
Sales and other operating revenues . . . . . . $ 25,336 $25,280 $25,325
Consumer excise taxes . . . . . . . . . . . . . 2,824 2,738 2,649
Other income . . . . . . . . . . . . . . . . . 457 201 322
Total revenues . . . . . . . . . . . . . . . 28,617 28,219 28,296
Costs and expenses:
Purchased crude oil, petroleum products and
merchandise . . . . . . . . . . . . . . . . . 12,878 12,495 12,230
Operating expenses . . . . . . . . . . . . . . 4,688 5,309 4,752
Petroleum exploration expenses, including
exploratory dry holes . . . . . . . . . . . . 529 662 790
Selling and administrative expenses . . . . . . 1,849 2,319 2,149
Taxes other than income taxes . . . . . . . . . 3,648 3,744 3,599
Depreciation, depletion, amortization, and
retirements and abandonments . . . . . . . . . 2,193 2,440 2,239
Interest expense . . . . . . . . . . . . . . . 325 247 502
Total costs and expenses . . . . . . . . . . 26,110 27,216 26,261
Income before income taxes . . . . . . . . . . 2,507 1,003 2,035
Income taxes . . . . . . . . . . . . . . . . . 687 153 862
Income before the cumulative effects of
accounting changes . . . . . . . . . . . . . . 1,820 850 1,173
Cumulative effects of accounting changes . . . -- (924) 311
Net income (loss) . . . . . . . . . . . . . . $ 1,820 $ (74) $ 1,484
Income per share before the cumulative effects
of accounting changes . . . . . . . . . . . . $ 3.66 $ 1.71 $ 2.36
Cumulative effects of accounting changes . . . -- (1.86) .62
Net income (loss) per share . . . . . . . . . . $ 3.66 $ (.15) $ 2.98
(The accompanying notes are an integral part of these statements.)
</TABLE>
34
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_____________________
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
<TABLE>
<CAPTION>
December 31
1993 1992
(millions of dollars)
<S> <C> <C>
ASSETS
Current Assets:
Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 103 $ 156
Marketable securities--at cost, which approximates
market . . . . . . . . . . . . . . . . . . . . . . 1,114 1,132
Accounts and notes receivable (less allowances of
$65 on December 31, 1993, and $87 on December 31,
1992) . . . . . . . . . . . . . . . . . . . . . . . 3,196 2,950
Inventories . . . . . . . . . . . . . . . . . . . . 1,110 989
Prepaid expenses and income taxes . . . . . . . . . 571 568
6,094 5,795
Investments and other assets:
Investments and related advances . . . . . . . . . . 318 525
Long-term receivables and other assets . . . . . . . 705 739
1,023 1,264
Properties--at cost, less accumulated depreciation,
depletion and amortization of $23,204 on December 31,
1993, and $22,204 on December 31, 1992 . . . . . . . 21,369 21,394
$ 28,486 $28,453
35
<PAGE>
<PAGE>
December 31
1993 1992
(millions of dollars)
<S> <C> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term obligations . . . . . . $ 53 $ 46
Short-term obligations . . . . . . . . . . . . . . . 1,007 218
Accounts payable . . . . . . . . . . . . . . . . . . 2,473 2,778
Accrued liabilities . . . . . . . . . . . . . . . . 974 1,203
Taxes payable (including income taxes) . . . . . . . 836 740
5,343 4,985
Long-term obligations:
Debt . . . . . . . . . . . . . . . . . . . . . . . . 4,034 5,005
Capitalized leases . . . . . . . . . . . . . . . . . 3 108
4,037 5,113
Deferred credits and other non-current liabilities:
Income taxes . . . . . . . . . . . . . . . . . . . . 2,995 2,940
Other . . . . . . . . . . . . . . . . . . . . . . . 2,425 2,433
5,420 5,373
Minority interest . . . . . . . . . . . . . . . . . . 21 22
Shareholders' equity:
Common stock (authorized 800,000,000 shares; issued
and outstanding as of December 31, 1993--496,401,099
shares; December 31, 1992--496,302,684 shares) . . 2,147 2,126
Earnings retained and invested in the business . . . 11,557 10,855
Foreign currency translation adjustment . . . . . . (39) (21)
Total Shareholders' Equity . . . . . . . . . . . . . 13,665 12,960
$ 28,486 $28,453
(The successful efforts method of accounting is followed for costs incurred
in oil and gas producing activities.)
(The accompanying notes are an integral part of these statements.)
</TABLE>
35
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
___________________________
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
<TABLE>
<CAPTION>
Earnings
Retained
and
Invested Foreign
in Currency
Common the Translation
Stock Business Adjustment Total
(millions of dollars, except per-share
amounts)
<S> <C> <C> <C> <C>
Balance on December 31, 1990 . . . $ 2,138 $ 11,925 $ 5 $14,068
Net income . . . . . . . . . . . 1,484 1,484
Cash dividends of $2.20 per share (1,098) (1,098)
Foreign currency translation
adjustment . . . . . . . . . . . 1 1
Acquisitions of common stock (net) (23) (276) (299)
Balance on December 31, 1991 . . . 2,115 12,035 6 14,156
Net loss . . . . . . . . . . . . (74) (74)
Cash dividends of $2.20 per share (1,091) (1,091)
Foreign currency translation
adjustment . . . . . . . . . . . (27) (27)
Issuances of common stock (net) . 11 (15) (4)
Balance on December 31, 1992 . . . 2,126 10,855 (21) 12,960
Net income . . . . . . . . . . . 1,820 1,820
Cash dividends of $2.20 per share (1,092) (1,092)
Foreign currency translation
adjustment . . . . . . . . . . . (18) (18)
Issuances of common stock (net) . 21 (26) (5)
Balance on December 31, 1993 . . . $ 2,147 $ 11,557 $ (39) $13,665
(The accompanying notes are an integral part of these statements.)
</TABLE>
36
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_______________________
CONSOLIDATED STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
Year Ended December 31
1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Cash flows from operating activities:
Net income (loss) . . . . . . . . . . . . . $ 1,820 $ (74) $ 1,484
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
Depreciation, depletion, amortization, and
retirements and abandonments . . . . . . 2,193 2,440 2,239
(Increase) decrease in receivables . . . . (18) 476 731
(Increase) decrease in inventories . . . . (89) 130 (15)
Decrease in payables and accrued
liabilities . . . . . . . . . . . . . . . (371) (788) (698)
Deferred taxes and other items . . . . . . (44) (88) (166)
Cumulative effects of accounting changes . - 924 (311)
Net cash provided by operating activities 3,491 3,020 3,264
Cash flows from investing activities:
Capital expenditures . . . . . . . . . . . (2,817) (2,334) (3,141)
Proceeds from dispositions of property and
other assets . . . . . . . . . . . . . . . 594 452 747
New investments, advances and business
acquisitions . . . . . . . . . . . . . . . (200) (126) (25)
Proceeds from sales of investments . . . . 256 8 36
Other . . . . . . . . . . . . . . . . . . . (2) 18 27
Net cash used in investing activities . . . (2,169) (1,982) (2,356)
Cash flows from financing activities:
New long-term obligations . . . . . . . . . 1,313 3,061 630
Repayment of long-term obligations . . . . (2,286) (3,147) (835)
Cash dividends paid . . . . . . . . . . . . (1,092) (1,091) (1,098)
Issuances of common stock . . . . . . . . . 27 25 236
Acquisitions of common stock . . . . . . . (32) (29) (535)
Increase (decrease) in short-term
obligations . . . . . . . . . . . . . . . 677 (152) (122)
Net cash used in financing activities . . . (1,393) (1,333) (1,724)
Decrease in cash and marketable securities . (71) (295) (816)
Cash and marketable securities-beginning of
year . . . . . . . . . . . . . . . . . . . . 1,288 1,583 2,399
Cash and marketable securities-end of year . $ 1,217 $ 1,288 $ 1,583
(The accompanying notes are an integral part of these statements.)
</TABLE>
37
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
__________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Accounting Policies
Principles of Consolidation
The operations of all significant subsidiaries in which the
Corporation directly or indirectly owns more than 50 percent of the voting
stock are included in the consolidated financial statements. The
Corporation also consolidates its proportionate share of assets,
liabilities and results of operations of oil and gas joint ventures and
undivided interest in pipeline companies. Investments in other companies
in which less than a majority interest is held are generally accounted for
by the equity method.
Inventories
Inventories are carried at the lower of current market value or cost.
Cost is determined under the last-in, first-out ("LIFO") method for the
majority of inventories of crude oil, petroleum products and chemical
products. The costs of remaining inventories are determined on the
first-in, first-out ("FIFO") or average cost methods.
Costs Incurred in Oil and Gas Producing Activities
The Corporation follows the successful efforts method of accounting.
Costs of property acquisitions, successful exploratory wells, all
development costs (including CO2 and certain other injected materials in
enhanced recovery projects) and support equipment and facilities are
capitalized. Unsuccessful exploratory wells are expensed when determined
to be non-productive. Production costs, overhead and all exploration
costs other than exploratory drilling are charged against income as
incurred.
Depreciation, Depletion and Amortization
Generally, depreciation of plant and equipment, other than oil and
gas facilities, is computed on a straight-line basis over the estimated
economic lives of the facilities. Assets held under capital leases are
generally amortized over the terms of the leases. Depletion of the cost
of producing oil and gas properties, amortization of related intangible
drilling and development costs and depreciation of tangible lease and well
equipment are computed on the unit-of-production method.
The portion of costs of unproved oil and gas properties estimated to
be non-productive is amortized over projected holding periods.
38
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
__________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The estimated costs to dismantle, restore and abandon oil and gas
properties are accrued over the properties' remaining productive lives on
the unit-of-production method.
Retirements
Upon normal retirement or replacement of facilities, the gross book
value less salvage is charged to accumulated depreciation. Gains or
losses from abnormal retirements or sales are credited or charged to
income.
Maintenance and Repairs
All maintenance and repair costs are charged against income, while
significant improvements are capitalized.
Income Taxes
Provision is made in the Corporation's accounts to reflect the
current and deferred tax consequences of transactions that have been
recognized in the financial statements.
Futures Contracts
The Corporation periodically enters into futures and options
contracts generally to hedge its exposure to price fluctuations on
hydrocarbon transactions, and to hedge its exposure to fluctuations in
currency exchange rates on borrowings in foreign currencies. Recognized
gains and losses on hedge contracts are reported as a component of the
related transaction.
Translation of Foreign Currencies
The U.S. dollar has been determined to be the appropriate functional
currency for essentially all operations except foreign chemical
operations.
Environmental Liabilities
The Corporation has provided in its accounts for the reasonably
estimable future costs of probable environmental remediation obligations
relating to current and past activities, including obligations for
previously disposed assets or businesses. In the case of long-lived
cleanup projects, the effects of inflation and other factors, such as
improved application of known technologies and methodologies, are
considered in determining the amount of estimated liabilities. The
undiscounted accrued amount primarily consists of costs such as site
assessment, monitoring, equipment, utilities and soil and ground water
treatment and disposal. The estimated environmental remediation
obligation has not been reduced for probable recoveries from third
parties.
39
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
___________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Net Income Per Share
Net income per share of common stock is based on the monthly weighted
average number of shares outstanding during the year.
Note 2. Acquisitions, Dispositions and Special Items
In 1993, new investments, advances and business acquisitions totaled
$200 million, including the purchase of Phillips Fibers Corporation.
Proceeds from dispositions of property and other assets and from sales of
investments totaled $850 million, including certain non-strategic
properties and investments in Canada for approximately $471 million.
Earnings in 1993 included gains of $120 million relating to the
Corporation's disposition of 65 percent of the equity investment in a
Canadian company, Crestar Energy Inc., in connection with its initial
public offering. Also included were gains of $70 million associated with
the disposition of certain Canadian properties. Earnings in 1993 included
after-tax charges of $170 million associated with the writedown of Congo
exploration and production operations to current recoverable value.
Earnings in 1992 were reduced by after-tax charges of $805 million,
as part of a strategic reassessment of business operations. These charges
included $473 million for costs of restructuring business units and
related charges, including anticipated losses on the disposition of oil
and gas properties and other non-strategic assets and investments; $181
million for charges related to work force reductions; and $151 million for
other reserves and adjustments. Earnings were favorably affected by $90
million related to the settlement of natural gas contracts in Sharjah.
Also favorably affecting earnings were benefits of $90 million associated
with revised estimates of tax obligations and retirement of debt.
In 1991, proceeds from dispositions of property and other assets
totaled $747 million, including the sale of oil and gas properties in
several states to Apache Corporation for approximately $500 million. Also,
charges of $75 million were associated with the closing of the Casper,
Wyo., refinery.
Note 3. Cash Flow Information
The Consolidated Statement of Cash Flows provides information about
changes in cash and cash equivalents, including cash in excess of daily
requirements that is invested in marketable securities, substantially all
of which have a maturity of three months or less when acquired. The
effect of foreign currency exchange rate fluctuations on total cash and
marketable securities balances was not significant.
40
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Net cash provided by operating activities reflects cash payments for
interest and income taxes as follows:
<TABLE>
<CAPTION>
1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Interest paid . . . . . . . . . $ 367 $ 550 $ 449
Income taxes paid . . . . . . . $ 632 $ 974 $1,341
</TABLE>
Note 4. Inventories
Inventories at December 31, 1993 and 1992, are shown in the following
table:
<TABLE>
<CAPTION>
December 31
1993 1992
(millions of
dollars)
<S> <C> <C>
Crude oil and petroleum products . . . . . . . $ 415 $ 318
Chemical products . . . . . . . . . . . . . . . 377 342
Other products and merchandise . . . . . . . . 21 26
Materials and supplies . . . . . . . . . . . . 297 303
Total . . . . . . . . . . . . . . . . . . . . $ 1,110 $ 989
</TABLE>
During the year ended December 31, 1993, the Corporation reduced
certain inventory quantities which were valued at lower LIFO costs
prevailing in prior years. The effect of this reduction was to increase
net income by approximately $50 million. A smaller LIFO gain was included
in 1992.
Inventories carried under the LIFO method represented approximately
47 percent of total year-end inventory carrying values in 1993 and 48
percent in 1992. It is estimated that inventories would have been
approximately $900 million higher than reported on December 31, 1993, and
approximately $1.3 billion higher on December 31, 1992, if the quantities
valued on the LIFO basis were instead valued on the FIFO basis.
Note 5. Amoco Credit Corporation
Amoco Credit Corporation ("Credit") is a wholly owned finance
subsidiary of the Corporation. Credit is primarily engaged in the
business of financing certain accounts and notes receivable of the
Corporation through the issuance of commercial paper and other short-term
borrowings. The financial information of Credit included in the
consolidated financial statements is provided in the following table:
41
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
<TABLE>
<CAPTION>
1993 1992 1991
For the years ended December 31: (millions of dollars)
<S> <C> <C> <C>
Revenues . . . . . . . . . . . . . . . $ 60 $ 71 $ 82
Net income . . . . . . . . . . . . . . $ 31 $ 37 $ 38
At December 31:
Assets, principally accounts receivable $ 287 $ 321 $ 385
Liabilities, principally short-term
borrowings . . . . . . . . . . . . . . $ 244 $ 219 $ 320
Shareholder's equity . . . . . . . . . $ 43 $ 102 $ 65
</TABLE>
Note 6. Property, Plant and Equipment
Investment in properties at December 31, 1993 and 1992, detailed by
industry segment, was as follows:
<TABLE>
<CAPTION>
December 31
1993 1992
Gross Net Net
(millions of dollars)
<S> <C> <C> <C>
Exploration and production:
United States . . . . . . . . . . $ 15,057 $ 6,935 $ 7,071
Non-U.S. . . . . . . . . . . . . 12,982 5,008 5,207
Refining, marketing and
transportation . . . . . . . . . . 9,817 5,797 5,730
Chemicals . . . . . . . . . . . . . 5,265 2,668 2,442
Other operations . . . . . . . . . 768 546 555
Corporate . . . . . . . . . . . . . 684 415 389
Total . . . . . . . . . . . . . $ 44,573 $ 21,369 $ 21,394
Amounts related to capital leases
included above . . . . . . . . . . $ 72 $ 7 $ 92
</TABLE>
Note 7. Short-Term Obligations
Amoco's short-term obligations consist of notes payable and
commercial paper. Notes payable as of December 31, 1993, totaled $71
million at an average annual interest rate of 3.2 percent, compared with
$75 million at an average annual interest rate of 3.6 percent at year-end
1992. Commercial paper borrowings at December 31, 1993, were $936 million
at an average annual interest rate of 3.4 percent compared with $143
million at an average annual interest rate of 3.5 percent as of December
31, 1992. The carrying value of short-term obligations as of December 31,
1993 and December 31, 1992, approximated estimated fair value.
42
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Bank lines of credit available to support commercial paper borrowings
of the Corporation amounted to $490 million and $500 million at December
31, 1993 and 1992, respectively. All of these were supported by
commitment fees.
The Corporation also maintains compensating balances with a number of
banks for various purposes. Such arrangements do not legally restrict
withdrawal or usage of available cash funds. In the aggregate, they are
not material in relation to total liquid assets.
Note 8. Accounts Payable
Accounts payable at December 31, 1993 and 1992, included liabilities
in the amount of $304 million and $342 million, respectively, for checks
issued in excess of related bank balances but not yet presented for
collection.
Note 9. Long-Term Debt
Amoco's long-term debt resides principally with two Amoco
subsidiaries--Amoco Company and Amoco Canada. Amoco Company functions as
the principal holding company for all of Amoco's petroleum and chemical
operations, except Canadian petroleum operations and selected other
activities.
43
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The components of long-term debt and year-end rates are summarized as
follows:
<TABLE>
<CAPTION>
December 31
1993 1992
(millions of
dollars)
<S> <C> <C>
Amoco Company
7 7/8% Debentures due 2007 . . . . . . . . . . . $ -- $ 323
8 5/8% Debentures due 2016 . . . . . . . . . . . 102 300
7 7/8% Notes due 1996 . . . . . . . . . . . . . . -- 250
9 3/4% Debentures due 2016 . . . . . . . . . . . 78 114
9 7/8% Debentures due 2016 . . . . . . . . . . . 25 118
6% Debentures due 1998 . . . . . . . . . . . . . -- 73
Environmental and other industrial development
obligations . . . . . . . . . . . . . . . . . . . 619 448
U.K. Loans-6.2% Sterling(1) . . . . . . . . . . . 565 461
-4% U.S. dollar(1) . . . . . . . . . . 195 195
Other indebtedness . . . . . . . . . . . . . . . 423 514
Subtotal . . . . . . . . . . . . . . . . . . . 2,007 2,796
Less current maturities . . . . . . . . . . . . . 43 22
Total Amoco Company . . . . . . . . . . . . . . 1,964 2,774
Amoco Canada
6 3/4% Debentures due 2005 . . . . . . . . . . . 299 --
7 1/4% Notes due 2002 . . . . . . . . . . . . . . 299 299
6 3/4% Debentures due 2023 . . . . . . . . . . . 296 --
7.95% Debentures due 2022 . . . . . . . . . . . . 296 296
7 1/4% Notes due 2002 . . . . . . . . . . . . . . 254 255
7 3/8% Subordinated Exchangeable Debentures (SEDs)
due 2013(2) . . . . . . . . . . . . . . . . 457 456
Commercial paper and bank loans . . . . . . . . . -- 721
Other . . . . . . . . . . . . . . . . . . . . . . 36 57
Subtotal . . . . . . . . . . . . . . . . . . . 1,937 2,084
Less current maturities . . . . . . . . . . . . . -- 4
Total Amoco Canada . . . . . . . . . . . . . . 1,937 2,080
Other subsidiaries (less current maturities) . . . 133 151
Total long-term debt . . . . . . . . . . . . . . . $ 4,034 $ 5,005
(1)Weighted average interest rate at December 31, 1993.
(2)The SEDs are exchangeable for Amoco common stock at $52.50 per share.
</TABLE>
During 1993, Amoco retired $305 million of debt through a tender
offer program that was initiated in October. In addition, Amoco called
for redemption a total of $646 million in other securities. The majority
of these obligations were replaced with commercial paper. Early
44
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
retirement of these issues resulted in a loss of $44 million. Amoco
Canada substantially completed refinancing its long-term debt with the
issuance of $600 million in debentures. Proceeds from these issues were
used to repay the bank loans and the commercial paper. Amoco Corporation
guarantees the outstanding public debt obligations of Amoco Company.
Amoco Corporation and Amoco Company guarantee the Notes and Debentures of
Amoco Canada, except for the SEDs.
AmProp Inc., a real estate subsidiary, had long-term debt secured by
real estate assets, totaling $88 million at year-end 1993, and $104
million at year-end 1992, which is not guaranteed by Amoco Corporation or
Amoco Company.
Of Amoco's total debt outstanding at December 31, 1993, approximately
$600 million was denominated in foreign currencies. The Corporation has
entered into foreign currency forward and option contracts that have been
designated as hedges of the currency exposure on substantially all of that
debt. Unrealized losses on these hedge contracts totaled $14 million and
$115 million for 1993 and 1992, respectively, and were offset by currency
gains on long-term debt. The estimated fair values of long-term debt
outstanding as of December 31, 1993 and 1992 were $4,264 million and
$5,120 million, respectively, based on quoted market prices for the same
or similar issues, or the current rates offered to the Corporation for
debt of the same remaining maturities.
Annual maturities of total long-term debt during the next five years,
including the portion classified as current, are $44 million in 1994, $200
million in 1995, $249 million in 1996, $205 million in 1997 and $266
million in 1998.
45
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 10. Leases
The Corporation leases various types of properties, including service
stations, tankers, buildings, railcars and other facilities, some of which
are subleased to others, through operating leases. Some of the leases and
subleases provide for contingent rentals based on refined product
throughput.
Summarized below as of December 31, 1993, are future minimum rentals
payable and related sublease rental income for non-cancelable capital and
operating leases. Also shown is a reconciliation of minimum rentals
payable with the amount of capitalized lease obligations included in the
Consolidated Statement of Financial Position as of December 31, 1993.
<TABLE>
<CAPTION>
Capital Leases Operating Leases
Rentals Rental Rentals Rental
Payable Income Payable Income
(millions of dollars)
<S> <C> <C> <C> <C>
1994 . . . . . . . . . . . . . . . . $ 10 $ - $ 165 $ 62
1995 . . . . . . . . . . . . . . . . 2 - 132 61
1996 . . . . . . . . . . . . . . . . - - 109 58
1997 . . . . . . . . . . . . . . . . - - 96 55
1998 . . . . . . . . . . . . . . . . - - 83 52
After 1998 . . . . . . . . . . . . . 1 - 480 407
Total minimum rentals . . . . . . . 13 $ - $ 1,065 $ 695
Less--amounts representing
interest . . . . . . . . . . . 1
Capitalized lease obligations
(including $9 million payable within
one year) . . . . . . . . . . . . . . $ 12
</TABLE>
Rental expense and related rental income applicable to operating
leases for the three years ended December 31, 1993, are summarized below:
<TABLE>
<CAPTION>
1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Minimum rental expense . . . . . . . . . . $ 229 $ 253 $ 298
Contingent rental expense . . . . . . . . . 16 23 23
Total . . . . . . . . . . . . . . . . . . 245 276 321
Less--related rental income . . . . . . . . 84 85 90
Net rental expense . . . . . . . . . . . $ 161 $ 191 $ 231
</TABLE>
46
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 11. Capital Stock
There were 800,000,000 shares of common stock without par value
authorized at December 31, 1993. Details concerning share transactions
are shown below:
<TABLE>
<CAPTION>
1993 1992 1991
Shares Amount Shares Amount Shares Amount
(thous) (mil) (thous) (mil) (thous) (mil)
<S> <C> <C> <C> <C> <C> <C>
Net shares on
Jan. 1 . . . . . 496,303 $ 2,126 496,335 $ 2,115 501,964 $ 2,138
Stock repurchases (686) (6) (733) (14) (10,371) (259)
Sales and
distributions
under employee
benefit plans,
etc. . . . . . . 784 27 701 25 4,742 236
Net shares
outstanding on
December 31 . . . 496,401 $ 2,147 496,303 $ 2,126 496,335 $ 2,115
</TABLE>
In addition, there are 50 million shares of voting preferred stock and
50 million shares of non-voting preferred stock authorized. As of
December 31, 1993, none of the preferred stock had been issued.
Note 12. Foreign Currency
A foreign currency gain of $47 million was reflected in income in
1993, compared with a gain of $129 million and a loss of $20 million for
1992 and 1991, respectively. In addition, net translation losses of $18
million and $27 million for 1993 and 1992, respectively, and a net
translation gain of $1 million for 1991, were reflected in the foreign
currency translation adjustment account in shareholders' equity.
47
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 13. Interest Expense
The Corporation capitalizes interest cost related to the financing of
major projects under development. All other interest is expensed as
incurred. The components of interest expense are summarized in the
following table:
<TABLE>
<CAPTION>
1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Short-term obligations . . . . . . . . $ 14 $ 13 $ 21
Long-term obligations . . . . . . . . . 285 320 412
Total external financing . . . . . . 299 333 433
Other interest expense . . . . . . . . 39 (67) 87
338 266 520
Less--capitalized interest . . . . . . 13 19 18
Net interest expense . . . . . . . . $ 325 $ 247 $ 502
</TABLE>
Note 14. Research and Development Expenses
Research and development costs are expensed as incurred and amounted
to $292 million in 1993, $300 million in 1992 and $330 million in 1991.
Note 15. Taxes
Effective January 1, 1992, the Corporation adopted Statement of
Financial Accounting Standards ("SFAS") No. 109. The cumulative effect of
the accounting change, relating to years prior to 1992, was to increase
deferred income tax liabilities as of January 1, 1992, and reduce net
income by $68 million ($.14 per share). In addition, 1992 net income
before the cumulative effect was $215 million ($.43 per share) greater
than it would have been under SFAS No. 96, the previous method. The
Corporation had adopted SFAS No. 96, effective January 1, 1991. The
cumulative effect of that accounting change was to decrease deferred
income tax liabilities and increase 1991 net income by $311 million, or
$.62 per share.
48
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The aggregate federal and foreign deferred income tax liability
represents the tax effect of the following items at December 31:
<TABLE>
<CAPTION>
1993 1992
(millions of dollars)
<S> <C> <C>
Operating loss and tax credit carryforwards . $ 630 $ 684
Exploration costs . . . . . . . . . . . . . . 286 373
Postretirement benefits . . . . . . . . . . . 503 467
Environmental costs . . . . . . . . . . . . . 380 395
Other . . . . . . . . . . . . . . . . . . . . 507 604
Gross deferred tax assets . . . . . . . . . . 2,306 2,523
Deferred tax asset valuation allowance . . . (573) (742)
Net deferred tax assets . . . . . . . . . . . $ 1,733 $ 1,781
Accelerated depreciation . . . . . . . . . . $ 3,367 $ 3,318
Intangible drilling costs . . . . . . . . . . 679 681
Other . . . . . . . . . . . . . . . . . . . . 289 326
Deferred tax liabilities . . . . . . . . . . $ 4,335 $ 4,325
</TABLE>
The decrease in the deferred tax asset valuation allowance
primarily reflects recognition of tax benefits related to foreign
operations and asset sales.
The provision for income taxes is composed of:
<TABLE>
<CAPTION>
1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Federal--current . . . . . . . . . . . $ 104 $ 326 $ 488
--deferred . . . . . . . . . . . 162 (366) (160)
Foreign--current . . . . . . . . . . . 479 533 548
--deferred . . . . . . . . . . . (77) (370) (74)
State and local . . . . . . . . . . . . 19 30 60
$ 687 $ 153 $ 862
</TABLE>
49
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The following is a reconciliation between the provision for income
taxes and income taxes determined by applying the federal statutory rate
to income before income taxes:
<TABLE>
<CAPTION>
1993 1992 1991
Percent Percent Percent
of of of
Amount Pre-Tax Amount Pre-Tax Amount Pre-Tax
(millions) Income (millions) Income (millions) Income
<S> <C> <C> <C> <C> <C> <C>
Pretax income:
U.S. source . . . . . $ 1,553 $ 613 $ 1,361
Foreign source . . . 954 390 674
$ 2,507 $ 1,003 $ 2,035
Theoretical U.S. income
tax . . . . . . . . . . $ 878 35.0 $ 341 34.0 $ 692 34.0
Increase (reduction) due
to:
Foreign taxes at rates
in excess of U.S. rate 92 3.7 125 12.4 256 12.6
Effect of foreign
currency gains/losses . (24) (1.0) (133) (13.2) 9 .5
Tax credits . . . . . (185) (7.4) (127) (12.7) (48) (2.4)
Tax-rate changes . . . 53 2.1 39 3.9 (9) (.4)
Prior-year adjustments (125) (5.0) (119) (11.9) (28) (1.4)
All other (net) . . . . (2) -- 27 2.7 (10) (.5)
$ 687 27.4 $ 153 15.2 $ 862 42.4
</TABLE>
Taxes other than income taxes include:
<TABLE>
<CAPTION>
1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Consumer excise taxes . . . . . . . . . . . . . $ 2,824 $ 2,738 $ 2,649
Production and severance taxes
United States . . . . . . . . . . . . . . . . 128 121 142
Foreign . . . . . . . . . . . . . . . . . . . 110 363 219
Property taxes . . . . . . . . . . . . . . . . 315 287 285
Social Security, corporation and other taxes . 271 235 304
$ 3,648 $ 3,744 $ 3,599
</TABLE>
Undistributed earnings of certain foreign subsidiaries and
joint-venture companies aggregated $341 million on December 31, 1993,
which, under existing law, will not be subject to U.S. tax until
50
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
distributed as dividends. Since the earnings have been or are intended to
be indefinitely reinvested in foreign operations, no provision has been
made for any U.S. taxes that may be applicable thereto. Furthermore, any
taxes paid to foreign governments on those earnings may be used in whole
or in part, as credits against the U.S. tax on any dividends distributed
from such earnings. It is not practicable to estimate the amount of
unrecognized deferred U.S. taxes on these undistributed earnings.
Note 16. Stock Option Plans
The Corporation's stock option plans approved by shareholders provide
for the granting of options with or without stock appreciation rights
("SARs") to key, managerial and other eligible employees to buy
Corporation common stock at not less than 100 percent of the fair market
value at the date of grant. Such options may be incentive stock options
to the extent provided in the Internal Revenue Code. Options granted
under the plans normally extend for 10 years and generally become
exercisable two years after the date of the grant. Options with SARs
permit holders to surrender exercisable options in exchange for payment
determined by the amount by which the market value of the shares on the
dates the rights are exercised exceeds the grant price. No options were
granted with SARs in 1993. Such payments can be made in shares, cash or a
combination at the discretion of the administering committee.
Option plan transactions in 1993 are summarized in the following
table:
<TABLE>
<CAPTION>
Thousands Price Range
of Shares Per Share
<S> <C> <C>
Options outstanding on Jan. 1, 1993 . . . . 9,259 $ 25.03 - 54.88
Options granted . . . . . . . . . . . . . . 2,199 $ 53.69 - 57.44
Options exercised . . . . . . . . . . . . . (615) $ 25.03 - 54.13
Options surrendered or terminated . . . . . (172) $ 44.06 - 57.44
Options canceled upon exercise of SARs . . (112) $ 25.03 - 52.44
Options outstanding on Dec. 31, 1993 . . . 10,559 $ 28.25 - 57.44
</TABLE>
Of the total options outstanding on December 31, 1993, 692,492 were
with SARs. Stock options for 6,396,005 shares were exercisable at
year-end 1993. No options may be granted under the current plan after
December 31, 2001.
The Corporation's restricted stock grant plans provide for the
awarding of shares of Corporation common stock to selected employees of
Amoco and its participating subsidiaries, including officers and
directors. Shares issued under the plans may not be sold or otherwise
51
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
transferred for a minimum period as established at the time of the grant.
The shares generally are subject to forfeiture if the recipient's
employment terminates during the specified period unless such termination
is due to death, total disability or involuntary retirement. Shares
issued have dividend and voting rights identical to other outstanding
shares of the Corporation's common stock. During 1993, 58,535 shares were
issued under the current plans. No restricted shares may be issued under
the current plan after December 31, 2001.
Note 17. Employee Compensation Programs
Management incentive compensation plans approved by shareholders
provide for the granting of awards to key, managerial and other eligible
executives of the Corporation and certain subsidiaries. Amounts charged
against earnings in anticipation of awards to be made later were $10
million in 1993, $8 million in 1992 and $6 million in 1991. Awards made
in 1993, 1992 and 1991 amounted to $13 million, $16 million and $19
million, respectively.
The Amoco Performance Share Plan, which became effective in 1992,
allocates Amoco stock to employees when the Corporation's total return to
shareholders meets or exceeds the average return achieved by a select
group of competitors. No contributions were made on behalf of employees
in 1993 as the return on Amoco common stock was below the competitor
average. The return on Amoco stock was above the competitor average in
1992. As a result, employees earned stock equal to 4.4 percent of base
compensation, and the amount charged to expense in 1992 was $77 million.
Note 18. Retirement Plans
The Corporation and its subsidiaries have a number of defined benefit
pension plans covering most employees. Plan benefits are generally based
on employees' years of service and average final compensation.
Essentially all of the cost of these plans is borne by the Corporation.
The Corporation makes contributions to the plans in amounts that are
intended to provide for the cost of pension benefits over the service
lives of employees.
52
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_______________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The funded status of the plans as of December 31 for 1993 and 1992
was as follows:
<TABLE>
<CAPTION>
Plans for which
Assets Benefits
Exceed Exceeds
Benefits Assets
(millions of dollars)
<S> <C> <C>
1993
Fair value of plan assets, principally equity and
fixed-income securities . . . . . . . . . . . . . . . . . . $ 2,432 $ 216
Actuarial present value of benefit obligations:
Accumulated benefit obligation* . . . . . . . . . . . . . 2,213 347
Additional benefits based on estimated future salary
levels . . . . . . . . . . . . . . . . . . . . . . . . . 479 111
Projected benefit obligation (PBO) . . . . . . . . . . . 2,692 458
Plan assets under PBO . . . . . . . . . . . . . . . . . . . (260) (242)
Unrecognized net gains at transition . . . . . . . . . . . (57) (1)
Other unrecognized net losses . . . . . . . . . . . . . . . 301 144
Unrecognized prior service cost . . . . . . . . . . . . . . 79 13
Net pension cost prepaid (accrued) . . . . . . . . . . . . $ 63 $ (86)
1992
Fair value of plan assets, principally equity and
fixed-income securities . . . . . . . . . . . . . . . . . . $ 2,364 $ 189
Actuarial present value of benefit obligations:
Accumulated benefit obligation* . . . . . . . . . . . . . 1,833 287
Additional benefits based on estimated future salary
levels . . . . . . . . . . . . . . . . . . . . . . . . . 476 79
Projected benefit obligation . . . . . . . . . . . . . . 2,309 366
Plan assets over (under) PBO . . . . . . . . . . . . . . . 55 (177)
Unrecognized net gains at transition . . . . . . . . . . . (63) (1)
Other unrecognized net losses . . . . . . . . . . . . . . . 13 40
Unrecognized prior service cost . . . . . . . . . . . . . . 85 41
Net pension cost prepaid (accrued) . . . . . . . . . . . . $ 90 $ (97)
* Accumulated benefits totaling $192 million and $28 million were non-
vested at December 31, 1993 and 1992, respectively.
</TABLE>
53
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The actuarial assumptions used for the Corporation's principal pension
plans for 1993 and 1992 were as follows:
<TABLE>
<CAPTION>
1993 1992
<S> <C> <C>
Discount rate for service and interest cost . . . . . . 7.5% 7.5%
Discount rate for the projected benefit obligation . . 7.0% 7.5%
Rate of compensation increase for the projected benefit
obligation . . . . . . . . . . . . . . . . . . . . . . 5.0% 6.0%
Long-term rate of return on assets . . . . . . . . . . 10.0% 10.0%
</TABLE>
The components of net pension cost for the past three years were as
follows:
<TABLE>
<CAPTION>
1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
Service cost--benefits earned during the
period . . . . . . . . . . . . . . . . . $ 102 $ 114 $ 106
Interest cost on projected benefit
obligation . . . . . . . . . . . . . . . 204 221 213
Actual return on assets . . . . . . . . . (302) (141) (597)
Less--unrecognized gain (loss) . . . . . 50 (124) 355
(252) (265) (242)
Curtailment gain . . . . . . . . . . . . -- (51) --
Amortization of unrecognized amounts . . 1 11 4
Net pension cost . . . . . . . . . . . . $ 55 $ 30 $ 81
</TABLE>
Most employees are also eligible to participate in defined
contribution plans by contributing a portion of their compensation. The
Corporation matches contributions up to specified percentages of each
employee's compensation. Matching contributions charged to income were
$96 million in 1993, $100 million in 1992 and $87 million in 1991.
Note 19. Other Postretirement Benefits
The Corporation and its subsidiaries provide certain health care and
life insurance benefits for retired employees. Substantially all of the
Corporation's domestic employees and employees in certain foreign
countries are provided these benefits through insurance companies whose
premiums are based on benefits paid during the year. Effective January 1,
1992, the Corporation adopted SFAS No. 106, "Employers' Accounting for
Postretirement Benefits Other Than Pensions," which requires that the cost
of such benefits be recognized during employees' years of active service.
Prior to 1992, the cost of providing benefits to retirees was expensed as
paid, and amounted to $47 million in 1991.
54
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The cumulative effect of the accounting change, relating to benefits
attributable to years of service prior to 1992, was to reduce 1992 net
income by $856 million ($1.72 per share). In addition, the effect of
adopting SFAS No. 106 in 1992 was to reduce net income by $64 million
($.13 per share). During 1992, the Corporation approved plan amendments
which reduced the accumulated obligation by $270 million. The reduced
costs associated with these amendments will be amortized prospectively
over the average remaining years of service to full retirement eligibility
of active employees.
The status of the Corporation's unfunded plans as of December 31 for
1993 and 1992 was as follows:
<TABLE>
<CAPTION>
1993 1992
(millions of
dollars)
<S> <C> <C>
Accumulated benefit obligation
Retirees . . . . . . . . . . . . . . . . . . . . . $ 668 $ 679
Fully eligible active plan participants . . . . . 116 93
Other active plan participants . . . . . . . . . . 475 433
Total . . . . . . . . . . . . . . . . . . . . . . 1,259 1,205
Unrecognized net losses . . . . . . . . . . . . . . . (56) (81)
Unrecognized prior service gains . . . . . . . . . . 247 270
Accrued postretirement benefit cost . . . . . . . . . $ 1,450 $ 1,394
</TABLE>
The actuarial assumptions used for the Corporation's principal
postretirement benefit plans for 1993 and 1992 were as follows:
<TABLE>
<CAPTION>
1993 1992
<S> <C> <C>
Discount rate for the accumulated benefit obligation 7.0% 8.0%
Rate of compensation increase for the accumulated
benefit obligation . . . . . . . . . . . . . . . . . 5.0% 6.0%
Assumed current year health care cost trend rate
--retirees under 65 . . . . . . . . . . . . . . . 12.0% 15.0%
--Medicare eligible retirees . . . . . . . . . . . 9.0% 12.0%
Assumed ultimate trend rate . . . . . . . . . . . . . 5.0% 6.0%
Year ultimate health care cost rate will be achieved 2002 2002
Effect of 1% increase in health care cost trend rates
(millions)
--annual aggregate service and interest costs . . $ 17 $ 24
--accumulated postretirement benefit obligation . $144 $129
</TABLE>
55
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
The components of net postretirement benefit costs for 1993 and 1992
were as follows:
<TABLE>
<CAPTION>
1993 1992
(millions of
dollars)
<S> <C> <C>
Service cost-benefits earned during the period . . . $ 32 $ 44
Interest cost on accumulated benefit obligation . . . 97 105
Amortization and other . . . . . . . . . . . . . . . (22) (10)
Net postretirement benefit cost . . . . . . . . . . . $ 107 $ $139
</TABLE>
Note 20. Litigation
The Internal Revenue Service ("IRS") has challenged the application
of certain foreign income taxes as credits against the Corporation's U.S.
taxes that otherwise would have been payable for the years 1980 through
1982. On June 18, 1992, the IRS issued a statutory Notice of Deficiency
for additional taxes in the amount of $466 million, plus interest,
relating to those years. The Corporation has filed a petition in the U.S.
Tax Court contesting the IRS statutory Notice of Deficiency. A similar
amount of additional taxes is expected to be claimed for years 1983
through 1985 based upon a subsequent IRS audit. Any claims for years
subsequent to 1985 would not be as significant as those for prior years.
The Corporation believes that the foreign income taxes have been reflected
properly in its U.S. federal tax returns, and intends to contest the IRS
claims. The Corporation is confident that it will prevail in the
litigation. Consequently, this dispute is not expected to have a material
adverse effect on the consolidated financial position of the Corporation.
Note 21. Other Contingencies and Commitments
At December 31, 1993, contingent liabilities of the Corporation
included guarantees of $51 million on outstanding loans of others. The
Corporation also has entered into various working capital maintenance
agreements and pipeline throughput and deficiency contracts with
affiliated companies. These agreements supported an estimated $15 million
of affiliated company borrowings at December 31, 1993. The fair value of
these guarantees and agreements is considered to be substantially less
than the nominal amounts of the outstanding borrowings.
In the normal course of business, the Corporation has entered into
contracts for the purchase of transportation capacity, materials and
services over terms of up to 16 years. The remaining minimum payments
required under these contracts at December 31, 1993, totaled $487 million.
56
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
A significant portion of Amoco's receivables are from other oil and
gas and chemical companies. Although collection of these receivables
could be influenced by economic factors affecting these industries, the
risk of significant loss is considered remote.
Amoco is subject to federal, state and local environmental laws and
regulations. Amoco is currently participating in the cleanup of numerous
sites pursuant to such laws and regulations. The reasonably estimable
future costs of probable environmental obligations, including Amoco's
probable costs for obligations for which Amoco is jointly and severally
liable, and for assets or businesses that were previously disposed, have
been provided for in the Corporation's results of operations. These
estimated costs represent the amount of expenditures expected to be
incurred in the future to remediate sites with known environmental
obligations. The accrued liability represents a reasonable best estimate
of Amoco's remediation liability. As the scope of the obligations becomes
better defined, there may be changes in the estimated future costs, which
could result in charges against the company's future results of
operations. The ultimate amount of any such future costs, and the range
within which such costs can be expected to fall, cannot be determined.
Although the costs could be significant, they are not expected to have a
material effect on Amoco's liquidity or consolidated financial position.
57
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
________________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 22. Summarized Financial Data--Amoco Company
The Corporation's principal subsidiary, Amoco Company, is the holding
company for all petroleum and chemical operating subsidiaries except Amoco
Canada. Amoco guarantees the outstanding public debt obligations of Amoco
Company.
Summarized financial data for Amoco Company are presented as follows:
<TABLE>
<CAPTION>
1993 1992 1991
(millions of dollars)
<S> <C> <C> <C>
For the years ended December 31:
Revenues (including excise taxes) . . . . $ 25,930 $ 25,698 $ 25,307
Operating profit . . . . . . . . . . . . $ 2,595 $ 1,760 $ 2,253
Net income* . . . . . . . . . . . . . . . $ 1,803 $ 1,226 $ 1,227
At December 31:
Current assets . . . . . . . . . . . . . $ 4,383 $ 4,644 $ 5,187
Total assets . . . . . . . . . . . . . . $ 23,513 $ 23,645 $ 24,633
Current liabilities . . . . . . . . . . . $ 3,976 $ 3,949 $ 4,939
Long-term obligations . . . . . . . . . . $ 1,967 $ 2,811 $ 2,795
Deferred credits . . . . . . . . . . . . $ 4,441 $ 4,257 $ 3,531
Shareholder's equity . . . . . . . . . . $ 13,129 $ 12,628 $ 13,368
* Excludes cumulative effects of accounting changes $(702) million in
1992, and of $1,143 million in 1991.
</TABLE>
Annual maturities of long-term debt during the next five years,
including the portion classified as current, are $43 million in 1994, $135
million in 1995, $246 million in 1996, $202 million in 1997 and $263
million in 1998.
Note 23. Segment and Geographic Data
The Corporation operates in several industry segments. Petroleum
operations include exploration and production ("E&P") and refining,
marketing and transportation ("RM&T") segments. The E&P segment is
engaged in exploring for, developing and producing crude oil and natural
gas and extraction of natural gas liquids ("NGL"). The RM&T segment is
responsible for petroleum refining operations, the marketing of all
refined petroleum products and the transportation and wholesale marketing
of NGL. This segment also encompasses transportation of crude oil to the
refineries via marine vessels and pipelines and associated supply and
trading activities. The chemical segment manufactures and sells various
petroleum-based chemical products. Other operations include investments
in technology companies, offshore contract drilling, real estate
58
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
_______________________
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
interests, hazardous-waste incineration facilities and other
diversification activities.
Intersegment and intergeographic sales are accounted for at prices
that approximate arm's-length market prices. Operating profits include
all revenues and expenses of the reportable segment, except for income
taxes and equity in earnings of unconsolidated companies. Income taxes
are generally assigned to the operations that give rise to the tax
effects.
Identifiable assets are those used in the operations of each segment
or area, including intersegment or intergeographic receivables. Corporate
assets consist primarily of cash, marketable securities and the
unamortized cost of purchased tax benefits. Intersegment and
intergeographic sales and receivables are eliminated in determining
consolidated revenue and identifiable asset totals. Information by
Industry Segment and Geographic Area is summarized in the tables on pages
60 to 63.
59
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Statement of Information by Industry Segment
(millions of dollars) Petroleum Operations
Exploration Refining,
and Marketing and Chemical
Production Transportation Operations
<S> <C> <C> <C>
1993
Revenues other than intersegment
sales . . . . . . . . . . . . . $ 2,631 $ 22,021 $ 3,699
Intersegment sales . . . . . . 4,057 893 74
Total revenues . . . . . . . $ 6,688 $ 22,914 $ 3,773
Operating profit . . . . . . . $ 1,563 $ 1,237 $ 321
Equity in earnings of others . -- 30 60
General corporate amounts . . .
Interest expense . . . . . . .
Income taxes . . . . . . . . . (568) (441) (141)
Net income . . . . . . . . . $ 995 $ 826 $ 240
Depreciation and related charges $ 1,518 $ 419 $ 182
Capital expenditures . . . . . $ 1,590 $ 685 $ 370
Identifiable assets . . . . . . $ 13,822 $ 8,108 $ 3,938
Equity investments and related
advances . . . . . . . . . . . $ 31 $ 32 $ 234
Other Consol-
Operations Corporate idated*
1993
Revenues other than intersegment
sales . . . . . . . . . . . . . . $ 166 $ 28,617
Intersegment sales . . . . . . . 24 --
Total revenues . . . . . . . . $ 190 $ 28,617
Operating profit . . . . . . . . $ (75) $ 3,046
Equity in earnings of others . . (1) 89
General corporate amounts . . . . $ (303) (303)
Interest expense . . . . . . . . (325) (325)
Income taxes . . . . . . . . . . 31 432 (687)
Net income . . . . . . . . . . $ (45) $ (196) $ 1,820
Depreciation and related charges $ 30 $ 44 $ 2,193
Capital expenditures . . . . . . $ 126 $ 46 $ 2,817
Identifiable assets . . . . . . . $ 633 $ 2,051 $ 28,185
Equity investments and related
advances . . . . . . . . . . . . $ 4 301
Total assets . . . . . . . . . $ 28,486
* After elimination of intersegment transactions.
60
<PAGE>
<PAGE>
Statement of Information by Industry Segment
(millions of dollars) Petroleum Operations
Exploration Refining,
and Marketing and Chemical
Production Transportation Operations
<S> <C> <C> <C>
1992
Revenues other than intersegment
sales . . . . . . . . . . . . . . . $ 2,812 $ 21,282 $ 3,807
Intersegment sales . . . . . . . . 4,165 981 113
Total revenues . . . . . . . . . $ 6,977 $ 22,263 $ 3,920
Operating profit . . . . . . . . . $ 1,149 $ 664 $ (174)
Equity in earnings of others . . . (2) 25 31
General corporate amounts . . . . .
Interest expense . . . . . . . . .
Income taxes . . . . . . . . . . . (276) (227) 49
Net income . . . . . . . . . . . $ 871 $ 462 $ (94)
Depreciation and related charges . $ 1,751 $ 390 $ 189
Capital expenditures . . . . . . . $ 1,092 806 $ 320
Identifiable assets . . . . . . . . $ 13,909 $ 8,135 $ 3,592
Equity investments and related
advances . . . . . . . . . . . . . $ 85 $ 26 $ 188
Other Consol-
Operations Corporate idated*
1992
Revenues other than intersegment
sales . . . . . . . . . . . . . . . $ 155 $ 28,219
Intersegment sales . . . . . . . . 48 --
Total revenues . . . . . . . . . $ 203 $ 28,219
Operating profit . . . . . . . . . $ (225) $ 1,414
Equity in earnings of others . . . (9) 45
General corporate amounts . . . . . $ (209) (209)
Interest expense . . . . . . . . . (247) (247)
Income taxes . . . . . . . . . . . 55 246 (153)
Cumulative effects of accounting
changes . . . . . . . . . . . . . (924)
Net income (loss) . . . . . . . . $ (179) $ (210) $ (74)
Depreciation and related charges . $ 61 $ 49 $ 2,440
Capital expenditures . . . . . . . $ 60 $ 56 $ 2,334
Identifiable assets . . . . . . . . $ 633 $ 2,199 $ 27,951
Equity investments and related
advances . . . . . . . . . . . . . $ 203 502
Total assets . . . . . . . . . . $ 28,453
*After elimination of intersegment transactions.
61
<PAGE>
<PAGE>
Statement of Information by Industry Segment
(millions of dollars) Petroleum Operations
Refining,
Exploration Marketing and Chemical
and Production Transportation Operations
<S> <C> <C> <C>
1991
Revenues other than intersegment
sales . . . . . . . . . . . . . $ 2,684 $ 21,335 $ 3,893
Intersegment sales . . . . . . 4,264 985 120
Total revenues . . . . . . . $ 6,948 $ 22,320 $ 4,013
Operating profit . . . . . . . $ 1,499 $ 961 $ 56
Equity in earnings of others . (1) 32 43
General corporate amounts . . .
Interest expense . . . . . . .
Income taxes . . . . . . . . . (689) (349) (31)
Net income . . . . . . . . . $ 809 $ 644 $ 68
Depreciation and related charges $ 1,540 $ 412 $ 214
Capital expenditures . . . . . $ 1,708 $ 689 $ 520
Identifiable assets . . . . . . $ 15,794 $ 7,784 $ 3,858
Equity investments and related
advances . . . . . . . . . . . $ 6 $ 27 $ 166
Other Consol-
Operations Corporate idated*
1991
Revenues other than intersegment
sales . . . . . . . . . . . . . $ 156 $ 28,296
Intersegment sales . . . . . . 43 --
Total revenues . . . . . . . $ 199 $ 28,296
Operating profit . . . . . . . $ (103) $ 2,413
Equity in earnings of others . (2) 72
General corporate amounts . . . $ 52 52
Interest expense . . . . . . . (502) (502)
Income taxes . . . . . . . . . 36 171 (862)
Cumulative effect of accounting
change . . . . . . . . . . . . 311
Net income . . . . . . . . . $ (69) $ (279)$ 1,484
Depreciation and related charges $ 29 $ 44 $ 2,239
Capital expenditures . . . . . $ 142 $ 82 $ 3,141
Identifiable assets . . . . . . $ 653 $ 2,468 $ 30,075
Equity investments and related
advances . . . . . . . . . . . $ 236 435
Total assets . . . . . . . . $ 30,510
* After elimination of intersegment transactions.
</TABLE>
62
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Statement of Information by Geographic Area
Consol-
United idated
(millions of dollars) States Canada Europe Other Corporate (1)
<S> <C> <C> <C> <C> <C> <C>
1993
Revenues other than
intergeographic sales . $22,777 $ 2,664 $ 1,051 $ 2,025 $ 28,617
Intergeographic sales . 562 749 38 462 --
Total revenues . . . $23,339 $ 3,413 $ 1,089 $ 2,487 $ 28,617
Operating profit . . . $ 2,200 $ 607 $ (80) $ 319 $ 3,046
Net income . . . . . . $ 1,589 $ 451 $ (104) $ 80 $ (196) $ 1,820
Capital expenditures . $ 1,624 $ 294 $ 362 $ 491 $ 46 $ 2,817
Identifiable assets . . $18,226 $ 3,703 $ 2,371 $ 2,118 $ 2,051 $ 28,185
Equity investments
and related advances . $ 39 $ 28 $ 3 $ 231 301
Total assets . . . . $ 28,846
Equity in earnings
of others . . . . . . . $ 26 $ 1 $ (2) $ 64 $ 89
1992
Revenues other than
intergeographic sales . $22,051 $ 2,442 $ 1,180 $ 2,383 $ 28,219
Intergeographic sales . 586 780 15 698 --
Total revenues . . . $22,637 $ 3,222 $ 1,195 $ 3,081 $ 28,219
Operating profit . . . $ 1,144 $ (225) $ 12 $ 483 $ 1,414
Net income (loss) . . . $ 909 $ 33 $ (107) $ 225 $ (210) $ (74)(2)
Capital expenditures . $ 1,399 $ 128 $ 469 $ 282 $ 56 $ 2,334
Identifiable assets . . $17,768 $ 3,811 $ 2,340 $ 2,252 $ 2,199 $ 27,951
Equity investments
and related advances . $ 36 $ 82 $ 3 $ 381 502
Total assets . . . . $ 28,453
Equity in earnings
of others . . . . . . . $ 23 $ (2) $ (10) $ 34 $ 45
1991
Revenues other than
intergeographic sales . $21,696 $ 2,896 $ 1,284 $ 2,192 $ 28,296
Intergeographic sales . 712 $ 708 $ 70 $ 929 $ --
Total revenues . . . $22,408 $ 3,604 $ 1,354 $ 3,121 $ 28,296
Operating profit . . . $ 1,520 $ 203 $ 139 $ 551 $ 2,413
Net income . . . . . . $ 1,075 $ 125 $ 46 $ 206 $ (279) $ 1,484 (2)
Capital expenditures . $ 1,951 $ 252 $ 475 $ 381 $ 82 $ 3,141
Identifiable assets . . $18,097 $ 4,730 $ 2,203 $ 2,783 $ 2,468 $ 30,075
Equity investments and
related advances . . . $ 39 $ 6 $ 3 $ 387 435
Total assets . . . . $ 30,510
Equity in earnings of
others . . . . . . . . $ 30 $ 1 $ -- $ 41 $ 72
(1) After elimination of intergeographic transactions.
(2) Includes cumulative effects of accounting changes of $(924) million
in 1992, and $311 million in 1991.
</TABLE>
63
<PAGE>
<PAGE>
AMOCO CORPORATION AND SUBSIDIARIES
________________________
SUPPLEMENTAL INFORMATION
1. Quarterly Results and Stock Market Data
<TABLE>
<CAPTION>
Net Common Stock
Income Cash Price Ranges(2)
Operating Net (Loss) Dividends
Profit Income Per Per
Revenues (Loss) (Loss)(1) Share Share High Low
(millions of dollars, except per-share amounts)
<S> <C> <C> <C> <C> <C> <C> <C>
1993
First quarter . $ 6,943 $ 509 $ 229 $ .46 $ .55 $ 58 1/2 $ 48 1/8
Second quarter 7,225 811 487 .98 .55 59 1/4 53 5/8
Third quarter . 7,072 817 520 1.05 .55 58 3/8 52 3/8
Fourth quarter 7,377 909 584 1.17 .55 59 51 1/2
1992
First quarter . 6,389 499 (619) (1.25) .55 51 1/8 42 5/8
Second quarter 7,368 (677) (499) (1.00) .55 51 3/4 41 3/4
Third quarter . 7,223 782 496 1.00 .55 53 5/8 46 1/2
Fourth quarter 7,239 810 548 1.10 .55 53 3/4 46 7/8
(1) Results for the fourth quarter of 1993 included a gain of $120 million associated
with the disposition of a portion of an equity investment in a Canadian company. Net
income in the third quarter of 1993 included a gain of $70 million associated with
the disposition of certain non-strategic Canadian properties. First quarter results
included charges of $170 million related to the writedown of Congo exploration and
production operations to current recoverable value and tax benefits of $56 million
resulting from disposition of certain operations. Results for the second quarter of
1992 included charges of $805 million representing anticipated losses on asset
dispositions, and the costs of restructuring and work force reductions, as part of a
strategic reassessment of business operations. Also included in second-quarter 1992
results was a $90 million benefit associated with the settlement of natural gas
contracts in Sharjah. First-quarter 1992 results were adversely affected by the
cumulative effects of accounting changes of $924 million, or $1.86 per share.
(2) The common stock price range is that on the New York Stock Exchange. Amoco's common
stock is also traded on the Chicago, Pacific, Toronto and four Swiss stock exchanges.
</TABLE>
64
<PAGE>
<PAGE>
2. Oil and Gas Exploration and Production Activities
Supplemental information about oil and gas exploration and production
activities is reported in compliance with SFAS No. 69, "Disclosures about
Oil and Gas Producing Activities."
Results of Operations for Oil and Gas Producing Activities
<TABLE>
<CAPTION>
United
(millions of dollars) States Canada Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
1993
Oil and gas production
revenues:
From consolidated
subsidiaries . . . . . . . $ 2,572 $ 385 $ 12 $ 1,078 $ 4,047
From unaffiliated entities 742 411 492 442 2,087
Other revenues . . . . . . . 137 322 42 53 554
Total revenues . . . . . . 3,451 1,118 546 1,573 6,688
Production costs:
Taxes other than income
taxes . . . . . . . . . . . 297 13 17 102 429
Other production costs . . 946 276 209 380 1,811
Exploration expenses . . . . 90 47 151 241 529
Depreciation, depletion, and
amortization expense . . . 693 293 165 327 1,478
Other related costs . . . . . 424 61 95 298 878
Total costs . . . . . . . . 2,450 690 637 1,348 5,125
Operating profit . . . . . . 1,001 428 (91) 225 1,563
Income tax expense . . . . . 189 91 9 279 568
Results of operations . . . $ 812 $ 337 $ (100) $ (54) $ 995
1992*
Oil and gas production
revenues:
From consolidated
subsidiaries . . . . . . . $ 2,366 $ 476 $ -- $ 1,259 $ 4,101
From unaffiliated entities 904 348 586 822 2,660
Other revenues . . . . . . . 65 71 26 54 216
Total revenues . . . . . . 3,335 895 612 2,135 6,977
Production costs:
Taxes other than income
taxes . . . . . . . . . . . 271 15 21 351 658
Other production costs . . 934 358 225 382 1,899
Exploration expenses . . . . 140 72 150 300 662
Depreciation, depletion, and
amortization expense . . . . 703 347 206 401 1,657
Other related costs . . . . . 286 506 18 142 952
Total costs . . . . . . . . 2,334 1,298 620 1,576 5,828
Operating profit . . . . . . 1,001 (403) (8) 559 1,149
Income tax expense . . . . . 223 (324) 95 282 276
Results of operations . . . $ 778 $ (79) $ (103) $ 277 $ 873
65
<PAGE>
<PAGE>
United
(millions of dollars) States Canada Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
1991*
Oil and gas production
revenues:
From consolidated
subsidiaries . . . . . . . $ 2,276 $ 523 $ -- $ 1,375 $ 4,174
From unaffiliated entities 1,014 346 633 423 2,416
Other revenues . . . . . . . 117 148 35 58 358
Total revenues . . . . . . 3,407 1,017 668 1,856 6,948
Production costs:
Taxes other than income
taxes . . . . . . . . . . . 280 24 27 207 538
Other production costs . . 1,022 414 222 353 2,011
Exploration expenses . . . . 262 73 144 311 790
Depreciation, depletion, and
amortization expense . . . . 748 309 110 296 1,463
Other related costs . . . . . 266 161 50 170 647
Total costs . . . . . . . . 2,578 981 553 1,337 5,449
Operating profit . . . . . . 829 36 115 519 1,499
Income tax expense . . . . . 234 4 72 379 689
Results of operations . . . $ 595 $ 32 $ 43 $ 140 $ 810
*Certain data for 1992 and 1991 have been reclassified to conform to
the 1993 presentation.
</TABLE>
Oil and gas production revenues reflect the market prices of net
production sold or transferred, with appropriate adjustments for
royalties, net profits interest and other contractual provisions. Other
revenues in 1993 include Canadian gains on dispositions of properties and
investments. Taxes other than income include production and severance
taxes and property taxes. Other production costs are lifting costs
incurred to operate and maintain productive wells and related equipment,
including such costs as operating labor, repairs and maintenance,
materials, supplies and fuel consumed. Also included are operating costs
of field natural gas liquids plants, because the Corporation includes the
operations of these plants in the exploration and production segment.
Production costs include related administrative expenses and depreciation
applicable to support equipment associated with production activities.
Exploration expenses include the costs of geological and geophysical
activity, carrying and retaining undeveloped properties and drilling
exploratory wells determined to be non-productive. Depreciation,
depletion and amortization expense relates to capitalized costs incurred
in acquisition, exploration and development activities and does not
include depreciation applicable to support equipment. Included in other
related costs for 1993 are significant, non-recurring items and purchases
of natural gas for field natural gas liquids plants. These items were
classified as production costs in prior years; data for 1992 and 1991 were
reclassified in the table above. Significant, non-recurring items include
66
<PAGE>
<PAGE>
$210 million for the writedown of Congo operations to current recoverable
value and U.S. environmental charges of $96 million in 1993, and
restructuring charges of $566 million and $38 million in 1992 and 1991,
respectively.
Income taxes are generally assigned to the operations that give rise
to the tax effects. Results of operations do not include interest expense
and general corporate amounts nor their associated tax effects.
Standardized Measure of Discounted Future Net Cash Flows
Relating to Proved Oil and Gas Reserves
The standardized measure of discounted future net cash flows relating
to proved oil and gas reserves is prescribed by SFAS No. 69. The
statement requires measurement of future net cash flows through assignment
of a monetary value to proved reserve quantities and changes therein using
a standardized formula. The amounts shown are based on prices and costs
at the end of each period, legislated tax rates and a 10 percent annual
discount factor. Because the calculation assumes static economic and
political conditions and requires extensive judgment in estimating the
timing of production, the resultant future net cash flows are not
necessarily indicative of the fair market value of estimated proved
reserves, but provide a reference point that may assist the user in
projecting future cash flows.
67
<PAGE>
<PAGE>
Summarized below is the standardized measure of discounted future net
cash flows relating to proved oil and gas reserves at December 31, 1993,
1992 and 1991.
<TABLE>
<CAPTION>
United
(millions of dollars) States Canada* Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
December 31, 1993
Future cash inflows . . . . . $ 35,403 $ 7,948 $ 5,826 $ 8,242 $ 57,419
Future development and
production costs . . . . . . 17,639 3,605 3,091 4,084 28,419
Future income taxes . . . . . 4,235 1,566 1,012 1,620 8,433
Future net cash flows . . . . 13,529 2,777 1,723 2,538 20,567
Ten percent annual discount . 7,714 1,259 589 961 10,523
Discounted net cash flows . . $ 5,815 $ 1,518 $ 1,134 $ 1,577 $ 10,044
December 31, 1992
Future cash inflows . . . . . $ 43,134 $ 9,786 $ 6,574 $ 9,109 $ 68,603
Future development and
production costs . . . . . . 17,541 4,872 3,442 3,751 29,606
Future income taxes . . . . . 6,837 1,828 1,371 2,217 12,253
Future net cash flows . . . . 18,756 3,086 1,761 3,141 26,744
Ten percent annual discount . 10,829 1,459 695 1,091 14,074
Discounted net cash flows . . $ 7,927 $ 1,627 $ 1,066 $ 2,050 $ 12,670
December 31, 1991
Future cash inflows . . . . . $ 40,497 $ 11,384 $ 6,591 $ 10,266 $ 68,738
Future development and
production costs . . . . . . 20,555 5,510 3,462 4,097 33,624
Future income taxes . . . . . 5,142 2,234 1,385 2,565 11,326
Future net cash flows . . . . 14,800 3,640 1,744 3,604 23,788
Ten percent annual discount . 8,113 1,789 777 1,279 11,958
Discounted net cash flows . . $ 6,687 $ 1,851 $ 967 $ 2,325 $ 11,830
*Excludes amounts related to an equity investment of $72 million in 1993 representing
17.5 percent ownership and $147 million in 1992 when ownership was 50 percent.
</TABLE>
67
<PAGE>
<PAGE>
Future cash inflows are computed by applying the year-end prices of
oil and gas to proved reserve quantities as reported in the tables under
the heading "Estimated Proved Reserves." Future price changes are
considered only to the extent provided by contractual arrangements.
Future development and production costs are estimated expenditures to
develop and produce the proved reserves based on year-end costs and
assuming continuation of existing economic conditions. Future income
taxes are calculated by applying appropriate statutory tax rates to future
pre-tax net cash flows from proved oil and gas reserves less recovery of
the tax basis of proved properties, and adjustments for permanent
differences.
Statement of Changes in Standardized Measure
of Discounted Future Net Cash Flows
The following table details the changes in the standardized measure
of discounted future net cash flows for the three years ended December 31,
1993:
<TABLE>
<CAPTION>
1993 1992* 1991*
(millions of dollars)
<S> <C> <C> <C>
Balance at January 1 . . . . . . . . . . . . . . . $12,670 $ 11,830 $ 18,696
Changes resulting from:
Sales and transfers of oil and gas produced, net
of production costs . . . . . . . . . . . . . . . (3,894) (4,204) (4,041)
Net changes in prices, and development and
production costs . . . . . . . . . . . . . . . . (3,966) 1,872 (9,894)
Current-year expenditures for development . . . . 1,594 1,318 1,857
Extensions, discoveries, and improved recovery,
less related costs . . . . . . . . . . . . . . . 758 593 740
Sales of reserves in place . . . . . . . . . . . (235) (332) (999)
Revisions of previous quantity estimates . . . . 488 (182) 547
Accretion of discount . . . . . . . . . . . . . . 1,798 1,702 2,787
Net change in income taxes . . . . . . . . . . . 1,861 (178) 4,430
Other . . . . . . . . . . . . . . . . . . . . . . (1,030) 251 (2,293)
Balance at December 31 . . . . . . . . . . . . . . $10,044 $ 12,670 $ 11,830
*Certain data for 1992 and 1991 have been reclassified to conform to the 1993
presentation.
</TABLE>
The price of crude oil has fluctuated over the past several years,
and price changes have had significant effects on the computed future cash
flows over the period shown. Because the price of crude oil is likely to
remain volatile in the future, price changes can be expected to continue
to significantly affect the standardized measure of future net cash flows.
68
<PAGE>
<PAGE>
Estimated Proved Reserves
Net proved reserves of crude oil (including condensate), natural gas
liquids ("NGL") and natural gas at the beginning and end of 1993, 1992 and
1991, with the detail of changes during those years, are presented below.
Reported quantities include reserves in which the Corporation holds an
economic interest under production-sharing and other types of operating
agreements with foreign governments. The estimates were prepared by
Corporation engineers and are based on current technology and economic
conditions. The Corporation considers such estimates to be reasonable and
consistent with current knowledge of the characteristics and extent of
proved production. These estimates include only those amounts considered
to be proved reserves and do not include additional amounts that may
result from extensions of currently proved areas, or amounts that may
result from new discoveries in the future, or from application of
secondary or tertiary recovery processes not yet determined to be
commercial. Proved developed reserves are those reserves that are
expected to be recovered through existing wells with existing equipment
and operating methods.
69
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Crude Oil and NGL Reserves
United
States Canada(1) Europe Other Worldwide
Crude
Crude Crude Crude Oil, Crude
(millions of barrels) Oil NGL Oil NGL Oil NGL NGL Oil NGL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Proved reserves:
December 31, 1990 . . 1,164 395 302 55 171 10 563 2,190 470
Revisions of
previous estimates (54) 106 (4) 3 18 5 5 (34) 113
Improved recovery
applications . . . 13 1 - - - - - 13 1
Extensions,
discoveries and
other additions . . 3 1 3 1 3 - 32 41 2
Purchases of
reserves in place . - - - - - - - - -
Sales of reserves in
place . . . . . . . (73) (9) (4) - (2) - - (79) (9)
Production . . . . (93) (23)(2) (30) (4) (19) (1) (92) (233) (29)
December 31, 1991 . . 960 471 267 55 171 14 508 1,898 548
Revisions of
previous estimates (15) 11 14 (1) 23 (1) (6) 16 9
Improved recovery
applications . . . 2 - 3 - 8 1 2 15 1
Extensions,
discoveries and
other additions . . 2 2 1 - 3 - 22 26 4
Purchases of
reserves in place . 3 - 43 6 - - - 46 6
Sales of reserves in
place . . . . . . . (3) - (53) (9) (1) - (2) (59) (9)
Production . . . . (84) (23)(2) (29) (4) (19) (1) (91) (221) (30)
December 31, 1992 . . 865 461 246 47 185 13 433 1,721 529
Revisions of
previous estimates 14 3 8 1 6 1 35 63 5
Improved recovery
applications . . . 6 2 1 - 14 1 34 55 3
Extensions,
discoveries and
other additions . . 5 2 19 1 4 - 77 103 5
Purchases of
reserves in place . 1 1 12 2 - - 2 14 4
Sales of reserves in
place . . . . . . . (3) (1) (35) (4) - - - (38) (5)
Production . . . . (75) (25)(2) (26) (5) (18) - (87) (204) (32)
December 31, 1993 . . 813 443 225 42 191 15 494 1,714 509
Proved developed
reserves:
December 31, 1990 . . 1,121 354 286 49 103 8 456 1,957 420
December 31, 1991 . . 930 423 252 50 114 11 434 1,723 491
December 31, 1992 . . 839 413 236 43 123 9 384 1,574 473
December 31, 1993 . . 789 396 205 39 154 12 381 1,521 455
</TABLE>
70
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Natural Gas Reserves
United
(billions of cubic feet) States Canada(1) Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
Proved reserves:
December 31, 1990 . . . . . . . . . . 12,480 4,394 1,314 835 19,023
Revisions of previous estimates . . 163 132 (89) (33) 173
Improved recovery applications . . 3 - - - 3
Extensions, discoveries, and other
additions . . . . . . . . . . . . . 223 107 38 986 1,354
Purchases of reserves in place . . 1 - - - 1
Sales of reserves in place . . . . (430) (84) (15) - (529)
Production . . . . . . . . . . . . (791) (280) (92) (162) (1,325)
December 31, 1991 . . . . . . . . . . 11,649 4,269 1,156 1,626 18,700
Revisions of previous estimates . . 506 (8) 77 (15) 560
Improved recovery applications . . - - 6 - 6
Extensions, discoveries, and other
additions . . . . . . . . . . . . . 354 134 7 46 541
Purchases of reserves in place . . 2 377 131 - 510
Sales of reserves in place . . . . (50) (965) (36) - (1,051)
Production . . . . . . . . . . . . (845) (288) (98) (183) (1,414)
December 31, 1992 . . . . . . . . . . 11,616 3,519 1,243 1,474 17,852
Revisions of previous estimates . . 812 (25) 81 68 936
Improved recovery applications . . 1 - 6 - 7
Extensions, discoveries, and other
additions . . . . . . . . . . . . . 160 112 22 247 541
Purchases of reserves in place . . 76 86 9 52 223
Sales of reserves in place . . . . (31) (391) - - (422)
Production . . . . . . . . . . . . (867) (332) (95) (193) (1,487)
December 31, 1993 . . . . . . . . . . 11,767 2,969 1,266 1,648 17,650
Proved developed reserves:
December 31, 1990 . . . . . . . . . . 11,495 3,566 806 801 16,668
December 31, 1991 . . . . . . . . . . 10,892 3,507 621 606 15,626
December 31, 1992 . . . . . . . . . . 10,876 2,916 645 454 14,891
December 31, 1993 . . . . . . . . . . 11,019 2,556 1,062 618 15,255
(1) Excludes Amoco's interest in proved reserves of an equity investment
which was 50 percent at year-end 1992 and amounted to 15, 4 and 270
for crude oil, NGL, and natural gas, respectively. At year-end 1993,
Amoco's interest in proved reserves in that equity investment was
17.5 percent and amounted to 8, 1 and 124 for crude oil, NGL and
natural gas, respectively.
(2) Excludes non-leasehold NGL production attributable to processing
plant ownership of approximately 10 million barrels for each of 1991,
1992 and 1993.
</TABLE>
71
<PAGE>
<PAGE>
Capitalized Costs
The following table summarizes capitalized costs for oil and gas
exploration and production activities, and the related accumulated
depreciation, depletion and amortization.
<TABLE>
<CAPTION>
United
(millions of dollars) States Canada Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
December 31, 1993
Unproved properties:
Gross assets . . . . . . . . . $ 320 $ 120 $ 163 $ 96 $ 699
Accumulated amortization . . . 133 61 - - 194
Net assets . . . . . . . . . 187 59 163 96 505
Proved properties:
Gross assets . . . . . . . . . 14,099 3,736 2,515 5,796 26,146
Accumulated depreciation,
depletion, etc. . . . . . . . . 7,699 1,896 1,230 4,463 15,288
Net assets . . . . . . . . . 6,400 1,840 1,285 1,333 10,858
Support equipment and facilities:
Gross assets . . . . . . . . . 638 74 118 364 1,194
Accumulated depreciation . . . 290 28 63 233 614
Net assets . . . . . . . . . 348 46 55 131 580
Net capitalized costs . . . . . . $ 6,935 $ 1,945 $ 1,503 $ 1,560 $ 11,943
December 31, 1992
Unproved properties:
Gross assets . . . . . . . . . $ 443 $ 163 $ 116 $ 78 $ 800
Accumulated amortization . . . 260 56 1 - 317
Net assets . . . . . . . . . 183 107 115 78 483
Proved properties:
Gross assets . . . . . . . . . 14,100 3,909 2,152 5,578 25,739
Accumulated depreciation,
depletion, etc. . . . . . . . . 7,547 1,887 1,083 3,980 14,497
Net assets . . . . . . . . . 6,553 2,022 1,069 1,598 11,242
Support equipment and facilities:
Gross assets . . . . . . . . . 635 80 78 354 1,147
Accumulated depreciation . . . 300 20 54 220 594
Net assets . . . . . . . . . 335 60 24 134 553
Net capitalized costs . . . . . . $ 7,071 $ 2,189 $ 1,208 $ 1,810 $ 12,278
72
<PAGE>
<PAGE>
Costs Incurred
Property acquisition costs include costs incurred to purchase, lease
or otherwise acquire oil and gas properties. Exploration costs include
the costs of geological and geophysical activity, carrying and retaining
undeveloped properties and drilling and equipping exploratory wells.
Development costs include the costs of drilling and equipping development
wells, CO2 and certain other injected materials for enhanced recovery
projects and facilities to extract, treat and gather and store oil and
gas. Exploration and development costs include administrative expenses
and depreciation applicable to support equipment associated with these
activities. Costs incurred summarized below include both amounts expensed
and capitalized.
</TABLE>
<TABLE>
<CAPTION>
United
(millions of dollars) States Canada Europe Other Worldwide
<S> <C> <C> <C> <C> <C>
1993
Property acquisition:
Proved . . . . . . . . $ 11 $ 11 $ 36 $ 23 $ 81
Unproved . . . . . . . 4 23 54 20 101
Exploration . . . . . . . 133 64 149 229 575
Development . . . . . . . 657 234 276 427 1,594
Total . . . . . . . $ 805 $ 332 $ 515 $ 699 $ 2,351
1992
Property acquisition:
Proved . . . . . . . . $ 2 $ 2 $ -- $ -- $ 4
Unproved . . . . . . . 14 8 3 5 30
Exploration . . . . . . . 151 35 139 311 636
Development . . . . . . . 479 116 381 342 1,318
Total . . . . . . . $ 646 $ 161 $ 523 $ 658 $ 1,988
1991
Property acquisition:
Proved . . . . . . . . $ 11 $ 1 $ -- $ 1 $ 13
Unproved . . . . . . . 14 8 -- 5 27
Exploration . . . . . . . 316 136 231 308 991
Development . . . . . . . 784 271 365 437 1,857
Total . . . . . . . $ 1,125 $ 416 $ 596 $ 751 $ 2,888
</TABLE>
73
<PAGE>
<PAGE>
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.
Part III
Item 10. Directors and Executive Officers of the Registrant
The information required by this item with respect to directors is
incorporated by reference to pages 3-10 of Amoco's Proxy Statement dated
March 14, 1994. Also, see heading "Executive Officers of the Registrant"
on page 17 of this Form 10-K.
Item 11. Executive Compensation
The information required by this item is incorporated by reference to
pages 11-17 of Amoco's Proxy Statement dated March 14, 1994. Information
related to the Board Compensation and Organization Committee Report on
Executive Compensation and the Cumulative Total Shareholder Return Five-
Year Comparison graph are identified separately therein and are not
incorporated herein.
Item 12. Security Ownership of Certain Beneficial Owners and Management
The information required by this item is incorporated by reference to
pages 3, 10 and 12 of Amoco's Proxy Statement dated March 14, 1994.
Item 13. Certain Relationships and Related Transactions
The information required by this item is incorporated by reference to
page 10 of Amoco's Proxy Statement dated March 14, 1994.
Part IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. and 2. Financial Statements and Schedules
See Index to Financial Statements and Supplemental Information
on page 32.
Schedules not included in this Form 10-K have been omitted because
they are either not applicable or the required information is shown in the
financial statements or notes thereto.
3. Exhibits
74
<PAGE>
<PAGE>
See Index to Exhibits on page 83.
(b) Reports on Form 8-K.
A current report on Form 8-K dated December 1, 1993, was filed
related to a jury verdict against Amoco Production Company, a subsidiary
of Amoco Corporation, in RUBICON PETROLEUM INC. VS. AMOCO PRODUCTION
COMPANY & AMOCO CORPORATION. In that case Rubicon alleged that in 1990 it
entered into an oral contract with Amoco Production to purchase two
Wyoming oil properties for $18 million. Rubicon sued for breach of
contract, violation of the Texas Consumer Protection Statute and various
other torts. The Matagorda County jury entered two alternative actual
damage awards of $125 million and $45 million, respectively, a punitive
damage award of $250 million, and attorneys' fees of one-third of
Plaintiff's recovery. No judgment has yet been entered. See Item 3.
Legal Proceedings.
A current report on Form 8-K dated December 10, 1993, was filed
related to jury verdicts in favor of Amoco Chemical Company, a subsidiary
of Amoco Corporation, against certain underwriters at Lloyd's of London
and various other British and European insurance carriers, in AMOCO
CHEMICAL COMPANY et al, vs. CERTAIN UNDERWRITERS AT LLOYD'S OF LONDON, et
al. A current report on Form 8-K dated February 8, 1994, was filed
related to a judgment entered by the Superior Court of the State of
California, County of Los Angeles, in favor of Amoco Chemical Company and
Amoco Reinforced Plastics Company, subsidiaries of Amoco. See Item 3.
Legal Proceedings.
75
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Chicago, and State of Illinois, on the 22nd day of March, 1994.
AMOCO CORPORATION
(Registrant)
H. L. FULLER
H. L. Fuller
Chairman of the Board
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the registrant and in the capacities indicated on March 22, 1994.
<TABLE>
<CAPTION>
Signatures Titles
<S> <C>
H. L. FULLER* Chairman of the Board, President, and Director
H. L. Fuller (Principal Executive Officer)
F. S. ADDY* Executive Vice President and Director
F. S. Addy (Principal Financial Officer)
JOHN L. CARL* Senior Vice President Finance and Controller
John L. Carl (Principal Accounting Officer)
L. D. THOMAS* Vice Chairman and Director
L. D. Thomas
P. J. EARLY* Vice Chairman and Director
P. J. Early
DONALD R. BEALL* Director
Donald R. Beall
76
<PAGE>
<PAGE>
Signatures Titles
<S> <C>
RUTH BLOCK* Director
Ruth Block
JOHN H. BRYAN*
John H. Bryan Director
ERROLL DAVIS* Director
Erroll Davis
RICHARD FERRIS* Director
Richard Ferris
ROBERT H. MALOTT* Director
Robert H. Malott
WALTER E. MASSEY* Director
Walter E. Massey
MARTHA R. SEGER* Director
Martha R. Seger
MICHAEL WILSON* Director
Michael Wilson
RICHARD D. WOOD* Director
Richard D. Wood
*By
H. L. FULLER Individually and as Attorney-in-Fact
H. L. Fuller
</TABLE>
77
<PAGE>
<PAGE>
SCHEDULE V
AMOCO CORPORATION
PROPERTY, PLANT AND EQUIPMENT(1)
For the Year Ended December 31,
(millions of dollars)
<TABLE>
<CAPTION>
Balance Balance
at Other at
beginning Additions Retirements changes-add end of
Classification of year at cost (2) (deduct)(3) year
<S> <C> <C> <C> <C> <C>
1993
Exploration and production $27,686 $1,590 $1,253 $ 16 $28,039
Refining, marketing and
transportation . . . . . . 9,440 685 308 -- 9,817
Chemicals . . . . . . . . . 4,943 370 117 69 5,265
Other operations . . . . . 826 126 139 (45) 768
Corporate . . . . . . . . . 703 46 48 (17) 684
Total . . . . . . . . . . $43,598 $2,817 $1,865 $ 23 $44,573
1992
Exploration and production $28,244 $1,092 $ 813 $ (837) $27,686
Refining, marketing and
transportation . . . . . . 8,768 806 110 (24) 9,440
Chemicals . . . . . . . . . 5,285 320 598 (64) 4,943
Other operations . . . . . 772 60 4 (2) 826
Corporate . . . . . . . . . 684 56 12 (25) 703
Total . . . . . . . . . . $43,753 $2,334 $1,537 $ (952) $43,598
1991
Exploration and production $29,344 $1,708 $2,791 $ (17) $28,244
Refining, marketing and
transportation . . . . . . 8,487 689 266 (142) 8,768
Chemicals . . . . . . . . . 4,883 520 87 (31) 5,285
Other operations . . . . . 641 142 11 -- 772
Corporate . . . . . . . . . 463 82 17 156 684
Total . . . . . . . . . . $43,818 $3,141 $3,172 $ (34) $43,753
(1) In view of the variety of properties and the large number of depreciation
rates applicable thereto, it is not practicable to set forth herein the
rates used in computing the annual provision for depreciation, depletion and
amortization. See Note 1 to Consolidated Financial Statements for the
disclosure of the methods used to compute the amounts charged to costs and
expenses.
(2) The increase in retirements in 1991 for exploration and production reflects
the sale of oil and gas properties to Apache Corporation.
(3) Unless otherwise noted, the changes primarily reflect the transfer of
property, plant and equipment between functional areas and foreign currency
translation adjustments. The change in 1992 for exploration and production
reflects the formation of a 50 percent interest in an equity company and
charges related to anticipated losses on sale of properties.
</TABLE>
78
<PAGE>
<PAGE>
SCHEDULE VI
AMOCO CORPORATION
ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
OF PROPERTY, PLANT AND EQUIPMENT
<TABLE>
<CAPTION>
For the Year Ended December 31,
(millions of dollars)
Balance Charged Other
at to costs changes- Balance
beginning and add at end
Classification of year expenses Retirements(1) (deduct)(2) of year
<S> <C> <C> <C> <C> <C>
1993
Exploration and
production . . . . . $15,408 $1,499 $ 948 $ 137 $16,096
Refining, marketing
and transportation . 3,710 418 121 13 4,020
Chemicals . . . . . . 2,501 182 61 (25) 2,597
Other operations . . 271 30 43 (36) 222
Corporate . . . . . . 314 44 41 (48) 269
Total . . . . . $22,204 $2,173 $1,214 $ 41 $23,204
1992
Exploration and
production . . . . . $14,413 $1,714 $ 578 $ (141) $15,408
Refining, marketing
and transportation . 3,410 387 85 (2) 3,710
Chemicals . . . . . . 2,640 189 295 (33) 2,501
Other operations . . 210 29 (30) 2 271
Corporate . . . . . . 285 46 8 (9) 314
Total . . . . $20,958 $2,365 $ 936 $ (183) $22,204
1991
Exploration and
production . . . . . $14,909 $1,535 $2,018 $ (13) $14,413
Refining, marketing
and transportation . 3,319 363 198 (74) 3,410
Chemicals . . . . . . 2,502 200 65 3 2,640
Other operations . . 190 29 7 (2) 210
Corporate . . . . . . 192 44 16 65 285
Total . . . . $21,112 $2,171 $2,304 $ (21) $20,958
(1) The increase in retirements in 1991 for exploration and production
reflects the sale of oil and gas properties to Apache Corporation.
(2) Unless otherwise noted, the changes primarily reflect the transfer of
property, plant and equipment between functional areas and foreign
currency translation adjustments.
</TABLE>
79
<PAGE>
<PAGE>
SCHEDULE VIII
AMOCO CORPORATION
VALUATION AND QUALIFYING ACCOUNTS(1)
<TABLE>
<CAPTION>
For the Year Ended December 31,
(millions of dollars)
Additions
Balance Charged
at to costs Charged Balance
Description beginning and to other Deductions at end
of year expenses accounts (2) of year
<S> <C> <C> <C> <C> <C>
1993
Allowance for doubtful notes
and accounts receivable . . . . . $ 87 $ 26 $ -- $ 48 $ 65
1992
Allowance for doubtful notes
and accounts receivable . . . . . 101 70 -- 84 87
1991
Allowance for doubtful notes
and accounts receivable . . . . . 141 53 -- 93 101
(1) Reserves were deducted from the assets to which they apply in the
Consolidated Statement of Financial Position.
(2) Accounts written off less recoveries and other adjustments.
</TABLE>
80
<PAGE>
<PAGE>
SCHEDULE IX
AMOCO CORPORATION
SHORT-TERM OBLIGATIONS(1)
For the Year Ended December 31,
(millions of dollars, except interest rates)
<TABLE>
<CAPTION>
Maximum Average average
Weighted amount amount interest
Category of Balance average outstanding outstanding rate
aggregate short-term at end interest during the during the during
obligations of year rate year year (2) the year
<S> <C> <C> <C> <C> <C>
1993
Borrowings from banks . . . . . . . $ 71 3.2% $ 74 $ 68 3.1%
Commercial paper borrowings . . . . 936 3.4 936 403 3.2
Other borrowings . . . . . . . . . -- -- -- -- --
1992
Borrowings from banks . . . . . . . 75 3.6 77 71 3.7
Commercial paper borrowings . . . . 143 3.5 520 251 3.7
Other borrowings . . . . . . . . . -- -- -- -- --
1991
Borrowings from banks . . . . . . . 77 5.1 85 79 6.1
Commercial paper borrowings . . . . 292 4.6 318 267 6.0
Other borrowings . . . . . . . . . 1 2.1 1 1 1.9
(1) Borrowings from banks and other financial institutions are made at
competitive market rates and are not subject to extension.
Generally, borrowings may be renewed at rates in effect at the date
of renewal. Commercial paper borrowings have fixed terms, ranging
from 1 to 270 days, and are made at competitive market rates in
effect at the time of issue.
(2) Represents the average of month-end balances.
</TABLE>
81
<PAGE>
<PAGE>
SCHEDULE X
AMOCO CORPORATION
SUPPLEMENTARY INCOME STATEMENT INFORMATION
<TABLE>
<CAPTION>
For the Year Ended December 31,
(millions of dollars)
1993 1992 1991
<S> <C> <C> <C>
Charged to costs and expenses:
Maintenance and repairs . . . . $1,181 $1,188 $1,304
</TABLE>
82
<PAGE>
<PAGE>
AMOCO CORPORATION
_________________
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Page
<S> <C> <C>
3(a) --The Amended Articles of Incorporation of the registrant are
incorporated herein by reference to Exhibit 3(a) to the
registrants's Quarterly Report on Form 10-Q for the
quarter ended March 31, 1985. ___
3(b) --By-laws of the registrant are incorporated herein
by reference to Exhibit 3 to the registrant's Quarterly
Report on Form 10-Q for the quarter ended September 30, 1992. ___
4 --The registrant will provide to the Securities and Exchange
Commission upon request copies of instruments defining the
rights of holders of long-term debt of the registrant
and its consolidated subsidiaries. ___
9 --None. ___
10(a) --The 1981 Management Incentive Program of Amoco
Corporation and its Participating Subsidiaries, as amended
through November 29, 1983, is incorporated herein by
reference to Exhibit 10(a) to the registrant's Annual Report
on Form 10-K for the year ended December 31, 1983. ___
10(b) --Omitted. ___
10(c) --The 1986 Management Incentive Program of Amoco Corporation
and its Participating Subsidiaries, as amended through
April 25, 1989, is incorporated herein by reference to Exhibit
10(c) to the registrant's Annual Report on Form 10-K for the
year ended December 31, 1989. Amendments to the 1986
Management Incentive Program are incorporated herein by
reference to pages 9-16 of Amoco's Proxy Statement dated
March 15, 1991. ___
10(d) --Amendments to the 1981 Management Incentive Program
are incorporated herein by reference to pages 22-37 of
Amoco's Proxy Statement dated March 14, 1986. ___
10(e) --The 1991 Incentive Program of Amoco Corporation and
its Participating Subsidiaries is incorporated herein by
reference to Exhibit 10(e) to the registrant's Annual Report
on Form 10-K for the year ended December 31, 1991. ___
83
<PAGE>
<PAGE>
Sequentially
Exhibit Numbered
Number Exhibit Page
<S> <C> <C>
10(f) --Restricted Stock Plan for Non-Employee Directors and Retainer
Stock Plan for Non-Employee Directors are incorporated herein
by reference to pages 20 through 26 of the registrant's Proxy
Statement dated March 16, 1989. ___
10(g) --Amoco Employee Savings Plan as amended and restated,
effective February 1, 1993, is incorporated herein by reference
to Exhibit 10(g) to the registrant's Annual Report on Form 10-K
for the year ended December 31, 1992. ___
10(h) --Deferral and Restoration Plans not included herein are
incorporated by reference to Exhibit 10(h) to the registrant's
Annual Report on Form 10-K for the year ended December 31,
1992.
--Amoco Performance Share Restoration Plan;
--Deferral Savings Restoration Plan of Amoco Corporation and
Participating Companies;
--ERISA Savings Restoration Plan of Amoco Corporation and
Participating Companies;
--Amoco Corporation Deferred Directors Fee Plan;
--Form of Bonus Deferral Election;
--Form of Performance Unit Plan Payout Deferral Election;
--ERISA Retirement Restoration Plan of Amoco Corporation and
Participating Companies; and
--Deferral Retirement Restoration Plan of Amoco Corporation
and Participating Companies.
11 --None required. ___
12 --Statement Setting Forth Computation of Ratio of Earnings to
Fixed Charges for the five years ended December 31, 1993.
13 --None. ___
16 --None. ___
18 --None. ___
21 --Subsidiaries of the registrant.
22 --None. ___
23 --Consent of Price Waterhouse.
24 --Powers of Attorney.
28 --None. ___
</TABLE>
84
<PAGE>
<PAGE>
Exhibit 10(h)
ERISA RETIREMENT RESTORATION PLAN
OF
AMOCO CORPORATION
AND
PARTICIPATING COMPANIES
Established as of: July 1, 1983
Amended and Restated as of: August 14, 1993
<PAGE>
<PAGE>
ERISA RETIREMENT RESTORATION PLAN
OF
AMOCO CORPORATION
AND
PARTICIPATING COMPANIES
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
I. DEFINITIONS
1.01 Act . . . . . . . . . . . . . . . . . . . . 1
1.02 Code . . . . . . . . . . . . . . . . . . . 1
1.03 Company . . . . . . . . . . . . . . . . . . 1
1.04 Effective Date . . . . . . . . . . . . . . 1
1.05 Maximum Benefit . . . . . . . . . . . . . . 1
1.06 Participant . . . . . . . . . . . . . . . . 1
1.07 Pension Plan . . . . . . . . . . . . . . . 1
1.08 Plan . . . . . . . . . . . . . . . . . . . 1
1.09 Unrestricted Benefit . . . . . . . . . . . 1
II. BENEFITS
2.01 Normal Retirement Benefit . . . . . . . . . 2
2.02 Early Retirement Benefit . . . . . . . . . 2
2.03 Deferred Vested Retirement Benefit . . . . 2
2.04 Spouse's Pension Benefit . . . . . . . . . 2
2.05 Optional Forms of Benefit Payment . . . . . 2
III. ADMINISTRATION OF THE PLAN
3.01 Administrator . . . . . . . . . . . . . . . 3
3.02 Amendment and Termination . . . . . . . . . 3
3.03 Payments . . . . . . . . . . . . . . . . . 3
3.04 Non-assignability of Benefits . . . . . . . 3
3.05 Status of Plan . . . . . . . . . . . . . . 3
3.06 Nonguarantee of Employment . . . . . . . . 3
3.07 Applicable Law . . . . . . . . . . . . . . 3
</TABLE>
<PAGE>
<PAGE>
ARTICLE I
DEFINITIONS
1.01 "Act" shall mean the Employee Retirement Income Security Act
of 1974 ("ERISA"), as amended from time to time.
1.02 "Code" shall mean the Internal Revenue Code of 1986, as
amended from time to time.
1.03 "Company" shall mean Amoco Corporation, an Indiana
corporation, and any of its subsidiaries or affiliated business entities
participating in the Pension Plan.
1.04 "Effective Date" shall mean July 1, 1983.
1.05 "Maximum Benefit" shall mean the monthly equivalent of the
maximum benefit permitted by the Code to be paid a Participant of the
Pension Plan under Section 415 of the Code.
1.06 "Participant" shall mean any employee of the Company who is
an active Participant in the Pension Plan on or after the Effective Date
and whose pension benefits determined on the basis of the provisions of
such Pension Plan, without regard to the Section 415 limitation of the
Code, would exceed the Maximum Benefit limited under Section 415 of the
code.
1.07 "Pension Plan" shall mean the Employee Retirement Plan of
Amoco Corporation and Participating Companies, as amended from time to
time and/or the Amoco Performance Products, Inc. Retirement Plan.
1.08 "Plan" shall mean the ERISA Retirement Restoration Plan of
Amoco Corporation and Participating Companies, as amended from time to
time or restated, which shall be an unfunded excess benefit plan as
defined in Act Section 3(36).
1.09 "Unrestricted Benefit" shall mean the maximum monthly life
annuity Normal, Early, or Deferred Vested retirement benefit (or lump sum
equivalent), whichever is applicable, determined under the Pension Plan
without regard to the limitation of the Code imposed under Section 415.
<PAGE>
<PAGE>
ARTICLE II
BENEFITS
2.01 Normal Retirement Benefit: Upon the Normal Retirement of a
Participant, as provided under the Pension Plan, such Participant shall be
entitled to a monthly life annuity benefit (or lump sum equivalent) equal
in amount to his Unrestricted Benefit less the Maximum Benefit.
2.02 Early Retirement Benefit: Upon the Early Retirement of a
Participant, as provided under the Pension Plan, such Participant shall be
entitled to a monthly life annuity (or lump sum equivalent) benefit equal
to his Unrestricted benefit less the Maximum Benefit.
2.03 Deferred Vested Retirement Benefit: If a Participant
terminates employment with the Company and is entitled to a Deferred
Vested Retirement Benefit provided under the Pension Plan, such a
Participant shall be entitled to a monthly life annuity benefit equal to
his Unrestricted Benefit less the Maximum Benefit.
2.04 Spouse's Pension Benefit: Subject to Section 2.05, below,
upon the death of a Participant whose spouse is eligible for a pre-or
post-retirement life annuity surviving benefit under the Pension Plan, the
Participant's surviving spouse shall be entitled to a monthly life annuity
benefit equal to the surviving spouse benefit determined in accordance
with the provisions of the Pension Plan without regard to the limitation
under Code Section 415 less the Maximum Benefit.
2.05 Optional Forms of Benefit Payment: A retirement benefit
payable under this Article II shall be paid at such time or times in such
form as provided under the Pension Plan as the Participant may have
irrevocably elected hereunder by written notice to the Administrator prior
to his separation of service. If the participant elects any form of
benefit payment other than a 50 percent Joint and Survivor Spouse Annuity
his spouse (if applicable) must consent in writing to such election.
Also, if a lump sum is elected such election must be approved by the
Company. In the absence of a timely election hereunder, a retirement
benefit payable under this Article II shall be paid in such form and at
such time as the benefit payable under the Pension Plan would be paid in
the absence of an election thereunder.
<PAGE>
<PAGE>
ARTICLE III
ADMINISTRATION OF THE PLAN
3.01 Administrator: The Plan shall be administered by the
Company which shall have the discretionary authority to interpret the Plan
and issue such regulations as it deems appropriate. The Administrator
shall have the duty and responsibility of maintaining records, making the
requisite calculations, and disbursing the payments hereunder. The
Administrator's interpretations, determinations, regulations, and
calculations shall be final and binding on all persons and parties
concerned.
3.02 Amendment and Termination: The Company may amend or
terminate the Plan at any time, provided, however, that no such amendment
or termination shall adversely affect a benefit to which a terminated or
retired Participant or his beneficiary is entitled under Article II prior
to the date of such amendment or termination.
3.03 Payments: The Company will pay all benefits arising under
this Plan and all costs, charges, and expenses relating thereto.
3.04 Non-assignability of Benefits: The benefits payable
hereunder or the right to receive future benefits under the Plan may not
be anticipated, alienated, pledged, encumbered, or subjected to any charge
or legal process.
3.05 Status of Plan: The benefits under this Plan shall not be
funded but shall constitute liabilities by the Company when due.
3.06 Nonguarantee of Employment: Nothing contained in this Plan
shall be construed as a contract of employment between the Company and any
Participant, or as a right of any Participant to be continued in
employment of the Company, or as a limitation on the right of the Company
to discharge any of its employees, with or without cause.
3.07 Applicable Law: All questions pertaining to the
construction and validity of the Plan shall be determined in accordance
with the laws of the United States, and to the extent not pre-empted by
such laws, by the laws of the State of Illinois.
<PAGE>
<PAGE>
AMENDMENT AND RESTATEMENT
OF
ERISA RETIREMENT RESTORATION PLAN OF
AMOCO CORPORATION AND PARTICIPATING COMPANIES
WHEREAS, Amoco Corporation ("AMOCO") maintains ERISA Retirement
Restoration Plan of Amoco Corporation and Participating Companies
("Plan"); and
WHEREAS, amendment and restatement of the Plan now is considered
desirable;
NOW, THEREFORE, pursuant to resolutions adopted by the Board of Directors
of this Corporation on June 22, 1993, which delegated various powers
relating to employee benefit plans to the Senior Vice President (Human
Resources, Public & Government Affairs, and Government Relations) of
AMOCO, and to the powers reserved to AMOCO by subsection 3.02 of the Plan,
the Plan as evidenced by the attached official text, be and is hereby
amended and restated, effective August 14, 1993.
* * * * * * *
I, R. W. Anderson, Senior Vice President of Amoco Corporation, hereby
approve and adopt the attached official text of the amended and restated
ERISA Retirement Restoration Plan of Amoco Corporation and Participating
Companies, effective August 14, 1993.
Dated this 23rd day of July, 1993
R. WAYNE ANDERSON
Senior Vice President, Amoco Corporation
As aforesaid
<PAGE>
<PAGE>
DEFERRAL RETIREMENT RESTORATION PLAN
OF
AMOCO CORPORATION
AND
PARTICIPATING COMPANIES
Established as of: July 1, 1983
Amended and Restated as of: August 14, 1993
<PAGE>
<PAGE>
DEFERRAL RETIREMENT RESTORATION PLAN
OF
AMOCO CORPORATION
AND
PARTICIPATING COMPANIES
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
I. DEFINITIONS
1.01 Act . . . . . . . . . . . . . . . . . . . . 1
1.02 Code . . . . . . . . . . . . . . . . . . . 1
1.03 Company . . . . . . . . . . . . . . . . . . 1
1.04 Deferred Earnings . . . . . . . . . . . . . 1
1.05 Effective Date . . . . . . . . . . . . . . 1
1.06 Maximum Benefit . . . . . . . . . . . . . . 1
1.07 Participant . . . . . . . . . . . . . . . . 1
1.08 Pension Plan . . . . . . . . . . . . . . . 1
1.09 Plan . . . . . . . . . . . . . . . . . . . 1
1.10 Unrestricted Benefit . . . . . . . . . . . 2
II. BENEFITS
2.01 Normal Retirement Benefit . . . . . . . . . 3
2.02 Early Retirement Benefit . . . . . . . . . 3
2.03 Deferred Vested Retirement Benefit . . . . 3
2.04 Spouse's Pension Benefit . . . . . . . . . 3
2.05 Optional Forms of Benefit Payment . . . . . 3
III. ADMINISTRATION OF THE PLAN
3.01 Administrator . . . . . . . . . . . . . . . 4
3.02 Amendment and Termination . . . . . . . . . 4
3.03 Payments . . . . . . . . . . . . . . . . . 4
3.04 Non-assignability of Benefits . . . . . . . 4
3.05 Status of Plan . . . . . . . . . . . . . . 4
3.06 Nonguarantee of Employment . . . . . . . . 4
3.07 Applicable Law . . . . . . . . . . . . . . 4
3.08 Rules of Construction . . . . . . . . . . . 4
</TABLE>
<PAGE>
<PAGE>
ARTICLE I
DEFINITIONS
1.01 "Act" shall mean the Employee Retirement Income Security Act
of 1974 ("ERISA"), as amended from time to time.
1.02 "Code" shall mean the Internal Revenue Code of 1986, as
amended from time to time.
1.03 "Company" shall mean Amoco Corporation, an Indiana
corporation, and any of its subsidiaries or affiliated business entities
participating in the Pension Plan.
1.04 "Deferred Earnings" shall mean all or the portion of a
Participant's Performance Award under the 1991 Incentive Program for Amoco
Corporation and its Participating Subsidiaries that the payment of such
award was deferred past the initial payment date.
1.05 "Effective Date" shall mean July 1, 1983.
1.06 "Maximum Benefit" shall mean the sum of the monthly
equivalent payable to a Participant under the Pension Plan and, if
applicable, the ERISA Retirement Restoration Plan of Amoco Corporation and
Participating Companies.
1.07 "Participant" shall mean any employee of the Company who is
an active Participant in the Pension Plan on or after the Effective Date
and who satisfies one or both of the following requirements:
(a) Such employee's pension benefits determined on the
basis of the provisions of the Pension Plan is reduced because of the
Section 401(a) (17) limitation of the Code, or
(b) Such employee is a recipient of a Performance Award
under the 1991 Incentive Program for Amoco Corporation and its
Participating Subsidiaries and has deferred payment of all or a portion of
any award past the initial payment date.
1.08 "Pension Plan" shall mean the Employee Retirement Plan of
Amoco Corporation and Participating Companies, as amended from time to
time and/or the Amoco Performance Products, Inc. Retirement Plan.
1.09 "Plan" shall mean the Deferral Retirement Restoration Plan
of Amoco Corporation and Participating Companies, as amended from time to
time or restated, which shall be an unfunded excess benefit plan as
defined in Act Section 3(36).
<PAGE>
<PAGE>
1.10 "Unrestricted Benefit" shall mean the maximum monthly life
annuity Normal, Early, or Deferred Vested retirement benefit (or lump sum
equivalent), whichever is applicable, determined under the Pension Plan
assuming Deferred Earnings are "Earnings" as defined in subsection 1.23 of
the Pension Plan and without regard to the limitations of the Code imposed
under Section 415 and Section 401(a) (17).
<PAGE>
<PAGE>
ARTICLE II
BENEFITS
2.01 Normal Retirement Benefit: Upon the Normal Retirement of a
Participant, as provided under the Pension Plan, such Participant shall be
entitled to a monthly life annuity benefit (or lump sum equivalent) equal
in amount to his Unrestricted Benefit less the Maximum Benefit.
2.02 Early Retirement Benefit: Upon the Early Retirement of a
Participant, as provided under the Pension Plan, such Participant shall be
entitled to a monthly life annuity (or lump sum equivalent) benefit equal
to his Unrestricted benefit less the Maximum Benefit.
2.03 Deferred Vested Retirement Benefit: If a Participant
terminates employment with the Company and is entitled to a Deferred
Vested Retirement Benefit provided under the Pension Plan, such a
Participant shall be entitled to a monthly life annuity benefit equal to
his Unrestricted Benefit less the Maximum Benefit.
2.04 Spouse's Pension Benefit: Subject to Section 2.05, below,
upon the death of a Participant whose spouse is eligible for a pre-or
post-retirement life annuity surviving benefit under the Pension Plan, the
Participant's surviving spouse shall be entitled to a monthly life annuity
benefit equal to the surviving spouse benefit determined in accordance
with the provisions of the Pension Plan without regard to the limitation
under Code Section 415 less the Maximum Benefit.
2.05 Optional Forms of Benefit Payment: A retirement benefit
payable under this Article II shall be paid at such time or times in such
form as provided under the Pension Plan as the Participant may have
irrevocably elected hereunder by written notice to the Administrator prior
to his separation of service. If the participant elects any form of
benefit payment other than a 50 percent Joint and Survivor Spouse Annuity
his spouse (if applicable) must consent in writing to such election.
Also, if a lump sum is elected such election must be approved by the
Company. Notwithstanding the foregoing, if a Participant also
participates in the ERISA Retirement Restoration Plan of Amoco Corporation
and Participating Companies ("ERISA Plan"), then his retirement benefit
payable under this Article II shall be paid in the same form and time as
his retirement benefit under the ERISA Plan is paid. In the absence of a
timely election hereunder, a retirement benefit payable under this Article
II shall be paid in such form and at such time as the benefit payable
under the Pension Plan would be paid in the absence of an election
thereunder.
<PAGE>
<PAGE>
ARTICLE III
ADMINISTRATION OF THE PLAN
3.01 Administrator: The Plan shall be administered by the
Company which shall have the discretionary authority to interpret the Plan
and issue such regulations as it deems appropriate. The Administrator
shall have the duty and responsibility of maintaining records, making the
requisite calculations, and disbursing the payments hereunder. The
Administrator's interpretations, determinations, regulations, and
calculations shall be final and binding on all persons and parties
concerned.
3.02 Amendment and Termination: The Company may amend or
terminate the Plan at any time, provided, however, that no such amendment
or termination shall adversely affect a benefit to which a terminated or
retired Participant or his beneficiary is entitled under Article II prior
to the date of such amendment or termination.
3.03 Payments: The Company will pay all benefits arising under
this Plan and all costs, charges, and expenses relating thereto.
3.04 Non-assignability of Benefits: The benefits payable
hereunder or the right to receive future benefits under the Plan may not
be anticipated, alienated, pledged, encumbered, or subjected to any charge
or legal process.
3.05 Status of Plan: The benefits under this Plan shall not be
funded but shall constitute liabilities by the Company when due.
3.06 Nonguarantee of Employment: Nothing contained in this Plan
shall be construed as a contract of employment between the Company and any
Participant, or as a right of any Participant to be continued in
employment of the Company, or as a limitation on the right of the Company
to discharge any of its employees, with or without cause.
3.07 Applicable Law: All questions pertaining to the
construction and validity of the Plan shall be determined in accordance
with the laws of the United States, and to the extent not pre-empted by
such laws, by the laws of the State of Illinois.
3.08 Rules of Construction: Where the context so requires, the
masculine includes the feminine, the singular includes the plural, and the
plural includes the singular.
<PAGE>
<PAGE>
AMENDMENT AND RESTATEMENT
OF
DEFERRAL RETIREMENT RESTORATION PLAN OF
AMOCO CORPORATION AND PARTICIPATING COMPANIES
WHEREAS, Amoco Corporation ("AMOCO") maintains Deferral Retirement
Restoration Plan of Amoco Corporation and Participating Companies
("Plan"); and
WHEREAS, amendment and restatement of the Plan now is considered
desirable;
NOW, THEREFORE, pursuant to resolutions adopted by the Board of Directors
of this Corporation on June 22, 1993, which delegated various powers
relating to employee benefit plans to the Senior Vice President (Human
Resources, Public & Government Affairs, and Government Relations) of
AMOCO, and to the powers reserved to AMOCO by subsection 3.02 of the Plan,
the Plan as evidenced by the attached official text, be and is hereby
amended and restated, effective August 14, 1993.
* * * * * * *
I, R. W. Anderson, Senior Vice President of Amoco Corporation, hereby
approve and adopt the attached official text of the amended and restated
ERISA Retirement Restoration Plan of Amoco Corporation and Participating
Companies, effective August 14, 1993.
Dated this 23rd day of July, 1993
R. WAYNE ANDERSON
Senior Vice President, Amoco Corporation
As aforesaid
<PAGE>
<PAGE>
EXHIBIT 12
AMOCO CORPORATION
_____________
STATEMENT SETTING FORTH COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
(millions of dollars, except ratios)
<TABLE>
<CAPTION>
Year Ended December 31,
1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C>
Determination of Income:
Consolidated earnings
before income taxes
and minority interest. $2,506 $ 998 $2,035 $3,410 $2,695
Fixed charges expensed by
consolidated companies 350 376 479 596 699
Adjustments for certain
companies accounted for
by the equity method . 11 28 20 35 37
Adjusted earnings plus
fixed charges. . . . . $2,867 $1,402 $2,534 $4,041 $3,431
Determination of Fixed Charges:
Consolidated interest on
indebtedness (including
interest capitalized). $ 299 $ 333 $ 433 $ 532 $ 626
Consolidated rental
expense representative
of an interest factor. 50 44 54 60 59
Adjustments for certain
companies accounted for
by the equity method . 8 20 24 25 36
Total fixed charges. . . $ 357 $ 397 $ 511 $ 617 $ 721
Ratio of earnings to
fixed charges. . . . . . 8.0 3.5 5.0 6.5 4.8
</TABLE>
<PAGE>
<PAGE>
EXHIBIT 21
AMOCO CORPORATION
SUBSIDIARIES OF THE REGISTRANT
at December 31, 1993
<TABLE>
<CAPTION>
Organized
Under
Company* Laws of
<S> <C>
Amoco Canada Petroleum Company Ltd. . . . . . . . . . . . . . . . . Canada
Amoco Canada Resources Ltd. . . . . . . . . . . . . . . . . . . . Canada
Amoco Credit Corporation . . . . . . . . . . . . . . . . . . . . . Delaware
Amoco Realty Company . . . . . . . . . . . . . . . . . . . . . . . Delaware
Amoco Technology Company . . . . . . . . . . . . . . . . . . . . . Delaware
Solarex Corporation . . . . . . . . . . . . . . . . . . . . . . . Delaware
Amoco Company . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware
Amoco Chemical Company . . . . . . . . . . . . . . . . . . . . . Delaware
Amoco Chemical Holding Company . . . . . . . . . . . . . . . . Delaware
Amoco Chemical Belgium N.V. . . . . . . . . . . . . . . . . . Belgium
Amoco Chemicals Pty. Limited . . . . . . . . . . . . . . . . Australia
Amoco Fabrics and Fibers Company . . . . . . . . . . . . . . Delaware
Amoco Fabrics and Fibers Ltd. . . . . . . . . . . . . . . . . Canada
Amoco Foam Products Company . . . . . . . . . . . . . . . . . Delaware
Amoco International Finance Corporation . . . . . . . . . . . Delaware
Amoco Chemical(Europe) S.A. . . . . . . . . . . . . . . . . Delaware
Amoco Chemical Italia S.R.L. . . . . . . . . . . . . . . Italy
Amoco Chemical U.K. Limited . . . . . . . . . . . . . . . England
Amoco Fabrics (U.K.) Limited . . . . . . . . . . . . . England
Amoco Holding GmbH . . . . . . . . . . . . . . . . . . . Germany
Amoco Deutschland GmbH. . . . . . . . . . . . . . . . . Germany
Amoco Chemicals Far East Limited . . . . . . . . . . . . . Hong Kong
Amoco Transport Company . . . . . . . . . . . . . . . . . . Delaware
Amoco Japan Limited . . . . . . . . . . . . . . . . . . . . . Delaware
Amoco Olefins Corporation . . . . . . . . . . . . . . . . . . Delaware
Amoco Performance Products, Inc. . . . . . . . . . . . . . . Delaware
Amoco Leasing Corporation . . . . . . . . . . . . . . . . . . . . Delaware
Amoco Oil Company . . . . . . . . . . . . . . . . . . . . . . . . Maryland
Amoco Oil Holding Company . . . . . . . . . . . . . . . . . . . Delaware
Amoco Enterprises, Inc. . . . . . . . . . . . . . . . . . . . Delaware
Waste-Tech Services, Inc. . . . . . . . . . . . . . . . . . . Nevada
Amoco Pipeline Company . . . . . . . . . . . . . . . . . . . . . Maine
Amoco Pipeline Holding Company . . . . . . . . . . . . . . . . Delaware
Amoco Production Company . . . . . . . . . . . . . . . . . . . . Delaware
Amoco Egypt Gas Company . . . . . . . . . . . . . . . . . . . . Delaware
<PAGE>
<PAGE>
Organized
Under
Company* Laws of
<S> <C>
Amoco Egypt Oil Company . . . . . . . . . . . . . . . . . . . . Delaware
Gulf of Suez Petroleum Company . . . . . . . . . . . . . . . Egypt
Amoco Energy Trading Corporation . . . . . . . . . . . . . . . Delaware
Amoco Gas Company . . . . . . . . . . . . . . . . . . . . . . . Delaware
Amoco International Petroleum Company . . . . . . . . . . . . . Delaware
Amoco Argentina Oil Company . . . . . . . . . . . . . . . . . Delaware
Amoco Trinidad Oil Company . . . . . . . . . . . . . . . . . Delaware
Amoco Middle East Finance Company . . . . . . . . . . . . . . . Delaware
Amoco Netherlands Petroleum Company . . . . . . . . . . . . . . Delaware
Amoco Norway Oil Company . . . . . . . . . . . . . . . . . . . Delaware
Amoco Orient Petroleum Company . . . . . . . . . . . . . . . . Delaware
Amoco Poland Petroleum Company . . . . . . . . . . . . . . . . Delaware
Amoco Rocmount Company . . . . . . . . . . . . . . . . . . . . Delaware
Amoco Romania Petroleum Company . . . . . . . . . . . . . . . . Delaware
Amoco Sharjah LPG Company . . . . . . . . . . . . . . . . . . . Delaware
Amoco Sharjah Oil Company . . . . . . . . . . . . . . . . . . . Delaware
Amoco Supply and Trading Company . . . . . . . . . . . . . . . Delaware
Amoco (U.K.) Exploration Company . . . . . . . . . . . . . . . Delaware
Coastwise Trading Company, Inc. . . . . . . . . . . . . . . . . Delaware
TOC-Rocky Mountains Inc. . . . . . . . . . . . . . . . . . . . Delaware
Amoco Properties Incorporated . . . . . . . . . . . . . . . . . . Delaware
Amoco Research Corporation . . . . . . . . . . . . . . . . . . . Delaware
Imperial Casualty and Indemnity Company . . . . . . . . . . . . . Nebraska
AmProp Finance Company . . . . . . . . . . . . . . . . . . . . . . Indiana
AmProp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware
(*) Two hundred thirty-five subsidiaries and thirty 50 percent or less
owned companies accounted for by the equity method are not named in
this Exhibit. Such subsidiaries and affiliate companies, considered
in the aggregate, do not constitute a significant subsidiary.
</TABLE>
<PAGE>
<PAGE>
EXHIBIT 23
AMOCO CORPORATION
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statements on Forms S-8 (Nos. 33-52575, 33-66170, 33-51475, 33-55748, 33-
42950, 33-52579, 33-40099, and 33-5332) and in the Prospectuses
constituting part of the Registration Statements on Forms S-3 (Nos.
33-11635 and 33-22897) of Amoco Corporation of our report dated February
22, 1994 appearing on page 33 of this Form 10-K.
PRICE WATERHOUSE
Chicago, Illinois
March 22, 1994
<PAGE>
<PAGE>
EXHIBIT 24
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 15th day of October, 1991.
H. L. FULLER
Signature
H. L. Fuller
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 15th day of October, 1991.
F. S. ADDY
Signature
F. S. Addy
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, L. D. Thomas and F. S. Addy, and each of them, his
or her true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him or her and in his or her name,
place and stead, in any and all capacities, to sign (i) any and all Amoco
Corporation registration statements and amendments thereto relating to
issuance, through or in connection with employee benefit plans, of Amoco
Corporation common stock and plan interests, and (ii) annual reports of
Amoco Corporation on Form 10-K, for any fiscal year, and (iii) any and all
amendments to Registration Statements Nos. 33-11635 and 33-22897 on Form
S-3, and to file the same with the Securities and Exchange Commission,
with all exhibits thereto, and all other documents as may be necessary or
appropriate in connection therewith, granting unto said attorney-in-fact
and agent, full power and authority to do and perform each and every act
and thing which said attorneys and agents, or any of them, deem advisable
to enable Amoco Corporation to comply with the federal or state securities
laws, and any requirements or regulations in respect thereto, as fully to
all intents and purposes as he or she might or could do in person, and the
undersigned does hereby ratify and confirm all that said attorney-in-fact
and agent, or his substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 14th day of December, 1992.
JOHN L. CARL
Signature
John L. Carl
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 15th day of October, 1991.
L. D. THOMAS
Signature
L. D. Thomas
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 15th day of October, 1991.
P. J. EARLY
Signature
P. J. Early
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 17th day of October, 1991.
DONALD R. BEALL
Signature
Donald R. Beall
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 21st day of October, 1991.
RUTH BLOCK
Signature
Ruth Block
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 22nd day of October, 1991.
JOHN H. BRYAN
Signature
John H. Bryan
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 21st day of October, 1991.
ERROLL DAVIS
Signature
Erroll Davis
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 22nd day of October, 1991.
RICHARD FERRIS
Signature
Richard Ferris
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 25th day of October, 1991.
ROBERT H. MALOTT
Signature
Robert H. Malott
Print Name
<PAGE>
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, L. D. Thomas, and F. S. Addy, and each of them, his
or her true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him or her and in his or her name,
place and stead, in any and all capacities, to sign (i) any and all Amoco
Corporation registration statements and amendments thereto relating to
issuance, through or in connection with employee benefit plans, of Amoco
Corporation common stock and plan interests, and (ii) annual reports of
Amoco Corporation on Form 10-K, for any fiscal year, and (iii) any and all
amendments to Registration Statements Nos. 33-11635 and 33-22897 on Form
S-3, and to file the same with the Securities and Exchange Commission,
with all exhibits thereto, and all other documents as may be necessary or
appropriate in connection therewith, granting unto said attorney-in-fact
and agent, full power and authority to do and perform each and every act
and thing which said attorneys and agents, or any of them, deem advisable
to enable Amoco Corporation to comply with the federal or state securities
laws, and any requirements or regulations in respect thereto, as fully to
all intents and purposes as he or she might or could do in person, and the
undersigned does hereby ratify and confirm all that said attorney-in-fact
and agent, or his substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 2nd day of July, 1993.
WALTER E. MASSEY
Signature
Walter E. Massey
Print Name
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POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 18th day of October, 1991.
MARTHA R. SEGER
Signature
Martha R. Seger
Print Name
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POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, L. D. Thomas, and F. S. Addy, and each of them, his
or her true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him or her and in his or her name,
place and stead, in any and all capacities, to sign (i) any and all Amoco
Corporation registration statements and amendments thereto relating to
issuance, through or in connection with employee benefit plans, of Amoco
Corporation common stock and plan interests, and (ii) annual reports of
Amoco Corporation on Form 10-K, for any fiscal year, and (iii) any and all
amendments to Registration Statements Nos. 33-11635 and 33-22897 on Form
S-3, and to file the same with the Securities and Exchange Commission,
with all exhibits thereto, and all other documents as may be necessary or
appropriate in connection therewith, granting unto said attorney-in-fact
and agent, full power and authority to do and perform each and every act
and thing which said attorneys and agents, or any of them, deem advisable
to enable Amoco Corporation to comply with the federal or state securities
laws, and any requirements or regulations in respect thereto, as fully to
all intents and purposes as he or she might or could do in person, and the
undersigned does hereby ratify and confirm all that said attorney-in-fact
and agent, or his substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 23rd day of February, 1994.
MICHAEL WILSON
Signature
Michael Wilson
Print Name
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POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned constitutes and
appoints H. L. Fuller, R. D. Cadieux, L. D. Thomas and F. S. Addy, and
each of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign (i) any
and all Amoco Corporation registration statements and amendments thereto
relating to issuance, through or in connection with employee benefit
plans, of Amoco Corporation common stock and plan interests, and (ii)
annual reports of Amoco Corporation on Form 10-K, for any fiscal year, and
(iii) any and all amendments to Registration Statements Nos. 33-11635 and
33-22897 on Form S-3, and to file the same with the Securities and
Exchange Commission, with all exhibits thereto, and all other documents as
may be necessary or appropriate in connection therewith, granting unto
said attorney-in-fact and agent, full power and authority to do and
perform each and every act and thing which said attorneys and agents, or
any of them, deem advisable to enable Amoco Corporation to comply with the
federal or state securities laws, and any requirements or regulations in
respect thereto, as fully to all intents and purposes as he or she might
or could do in person, and the undersigned does hereby ratify and confirm
all that said attorney-in-fact and agent, or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this power of
attorney on the 17th day of October, 1991.
RICHARD D. WOOD
Signature
Richard D. Wood
Print Name
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