<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
Commission file number 1-170-2
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
AMOCO EMPLOYEE SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
AMOCO CORPORATION
200 East Randolph Drive
Chicago, Illinois 60601
Telephone 312-856-6111<PAGE>
<PAGE>
SIGNATURE
The Plan
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMOCO EMPLOYEE SAVINGS PLAN
By State Street Bank and Trust Company,
Plan Trustee and Administrator
Date: May 15, 1995 By: James E. Murphy
James E. Murphy
Managing Director, Plan Administrator
2.<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Amoco Corporation
In our opinion, the accompanying statement of financial position (with
fund information) and the related statement of income, expenses, and
changes in plan equity (with fund information) present fairly, in all
material respects, the financial position of the Amoco Employee Savings
Plan at December 31, 1994 and 1993, and the results of its operations and
the changes in its plan equity for the year ended December 31, 1994, 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.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The fund information in the
statement of financial position (with fund information) and statement of
income, expenses, and changes in plan equity (with fund information) is
presented for purposes of additional analysis rather than to present the
financial position and the income, expenses and changes in plan equity of
each fund. The fund information has been subjected to the auditing
procedures applied in the audits of the basic financial statements, and,
in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
PRICE WATERHOUSE LLP
Chicago, Illinois
May 15, 1995
3. <PAGE>
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AMOCO EMPLOYEE SAVINGS PLAN
STATEMENT OF FINANCIAL POSITION
(WITH FUND INFORMATION)
December 31,
1994 1993
(thousands of dollars)
ASSETS
Investments:
Amoco Stock Fund $ 1,942,554 $ 1,898,020
Cyprus Stock Fund 12,999 15,149
Money Market Fund 576,371 418,526
U.S. Savings Bonds 24,583 24,339
Balanced Fund 96,245 80,530
Bond Index Fund 21,533 25,202
Equity Index Fund 131,289 87,618
Total Investments 2,805,574 2,549,384
Cash held for disbursements 786 394
Participant loans receivable 136,071 136,666
Total assets $ 2,942,431 $ 2,686,444
LIABILITIES AND PLAN EQUITY
Plan equity $ 2,942,431 $ 2,686,444
Total liabilities and plan equity $ 2,942,431 $ 2,686,444
The accompanying notes are an integral part of these statements.
4.<PAGE>
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AMOCO EMPLOYEE SAVINGS PLAN
STATEMENT OF INCOME, EXPENSES, AND CHANGES IN PLAN EQUITY
(WITH FUND INFORMATION) (PAGE 1 OF 2)
For the year ended December 31, 1994 (thousands of dollars)
<TABLE>
<CAPTION>
Amoco Cyprus Money
Stock Stock Market U.S. Savings
Fund Fund Fund Bonds
<S> <C> <C> <C> <C>
Additions of assets attributed
to:
Employee contributions $ 78,006$ -- $ 37,768$ 2,044
Employer contributions 84,775 -- -- --
Trust to trust transfer 271 -- 108 21
Forfeitures (net) (358) -- 381 --
Realized gains (losses) on sales
of investments 53,117 339 -- --
Change in unrealized
appreciation (depreciation) in
fair value of investments 158,211 121 -- --
Interest and dividends 77,094 491 28,500 1,238
Participant loans (net) 7,472 (247) (10,148) (263)
Interfund transfers (net) (285,487) (1,315) 237,188 (175)
Total additions 173,101 (611) 293,797 2,865
Deductions of assets attributed to:
Distributions to participants (128,451) (1,538) (135,855) (2,621)
Administrative expenses (116) (1) (97) --
Total deductions (128,567) (1,539) (135,952) (2,621)
Net increase (decrease) in plan
equity during the year 44,534 (2,150) 157,845 244
Net assets available for plan benefits:
Beginning of year 1,898,020 15,149 418,526 24,339
End of year $ 1,942,554$ 12,999 $ 576,371$ 24,583
</TABLE>
The accompanying notes are an integral part of these statements.
5. <PAGE>
<PAGE>
AMOCO EMPLOYEE SAVINGS PLAN
STATEMENT OF INCOME, EXPENSES, AND CHANGES IN PLAN EQUITY
(WITH FUND INFORMATION) (PAGE 2 OF 2)
For the year ended December 31, 1994 (thousands of dollars)
<TABLE>
<CAPTION>
Cash
Disbursements
Bond Equity Account and
Balanced Index Index Participant
Fund Fund Fund Loans Total
<S> <C> <C> <C> <C> <C>
Additions of assets attributed
to:
Employee contributions $ 8,524 $ 2,337 $ 11,742 $ -- $ 140,421
Employer contributions -- -- -- -- 84,775
Trust to trust transfer 271 69 519 -- 1,259
Forfeitures (net) (12) (3) (8) -- --
Realized gains (losses) on
sales of investments 275 (116) 9 -- 53,624
Change in unrealized
appreciation (depreciation) in
fair value of investments 848 (533) 1,892 -- 160,539
Interest and dividends 780 79 429 392 109,003
Participant loans (net) 214 186 (362) 3,148 --
Interfund transfers (net) 14,525 (3,070) 38,334 -- --
Total additions 25,425 (1,051) 52,555 3,540 549,621
Deductions of assets attributed to:
Distributions to participants (9,283) (2,558) (8,789) (3,743) (292,838)
Administrative expenses (427) (60) (95) -- (796)
Total deductions (9,710) (2,618) (8,884) (3,743) (293,634)
Net increase (decrease) in plan
equity during the year 15,715 (3,669) 43,671 (203) 255,987
Net assets available for plan benefits:
Beginning of year 80,530 25,202 87,618 137,060 2,686,444
End of year $ 96,245 $ 21,533 $ 131,289 $ 136,857 $ 2,942,431
The accompanying notes are an integral part of these statements.
</TABLE>
6.<PAGE>
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AMOCO EMPLOYEE SAVINGS PLAN
_______________________
NOTES TO FINANCIAL STATEMENTS
1. Description of the Plan:
Amoco Corporation (the "Company") established the Employee Savings
Plan of Amoco Corporation and Participating Companies (the "Savings
Plan") effective July 1, 1955. The Savings Plan was amended and restated
effective November 29, 1994. The Savings Plan is now known as the Amoco
Employee Savings Plan (the "Plan"). The Plan includes all approved
companies of the controlled group of corporations included in the
consolidated Federal income tax return of the Company. The purpose of
the Plan is to encourage employees in the regular savings of a part of
their earnings and to assist them in accumulating additional security for
their retirement. The Plan provides that both employee and Company
contributions will be held in a trust by an independent trustee for the
benefit of participating employees. State Street Bank and Trust Company
("State Street Bank") is the Trustee and Plan Administrator of the Plan.
The Company reserves the right to make any changes to or terminate the
Plan.
Under the Plan, participating employees may contribute up to a
certain percentage of their qualified pay on a pre-tax and/or after-tax
basis. A specified portion of the employee contribution up to a maximum
6 percent is matched by the Company in the form of contributions to the
Amoco Stock Fund.
There were 31,036 participants of the various companies in the Plan
at December 31, 1994, of which 29,189 were current employees.
Participants are fully vested in their contributed accounts. Vesting in
Company contributed accounts is dependent upon specific criteria as
described in the Plan document. Forfeited Company contributions are used
to decrease the Company contributions and pay administrative expenses of
the Plan.
All reasonable and necessary Plan administrative expenses are paid
out of the Plan trust or paid by the Company. Generally, fees and
expenses related to investment management of each fund are paid out of
the respective funds. As a result, the returns on those investments are
net of the fees and expenses of the managers of those funds and certain
other brokerage commissions and other fees and expenses incurred in
connection with those investment elections. Fees and expenses
associated with U.S. Savings Bonds are paid as costs and expenses of the
Plan.
7.<PAGE>
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NOTES TO FINANCIAL STATEMENTS (continued)
The contributions made by participating companies are invested by
the Trustee in the Amoco Stock Fund. Each participating employee may
direct that any or all cash consisting of his contributions and income
credited to his accounts shall be invested or held by the Trustee in one
or more of the following elections: Amoco Stock Fund, Money Market Fund,
U.S. Savings Bonds, Balanced Fund, Bond Index Fund, or Equity Index Fund.
Amoco Stock Fund
Most Amoco Stock Fund money is used by the Trustee to purchase
shares of Company common stock. The balance is held as cash or can be
used to purchase short-term investments and other public and private
debt, equity, and derivative securities (including options and futures
contracts). There were no investments in derivative securities
during the year ended December 31, 1994. The Trustee, as directed by
the fund manager, makes purchases and sales of securities on the open
market, in privately negotiated transactions or otherwise. From time to
time the Plan also borrows funds as necessary, through available lines
of credit totaling $200 million, from one or more financial institutions
on a short-term basis at market rates to provide sufficient liquidity to
the Amoco Stock Fund. The assets of the Amoco Stock Fund are used as
security for such loans. There were no borrowings on these lines of
credit for the year ended December 31, 1994.
The percentage of assets of the Amoco Stock Fund in investments
other than Company common stock under normal circumstances is about 5
percent. However, this figure may change as transactions are made and
may be substantially higher or lower at a given time. The percentage of
assets of the Amoco Stock Fund in investments other than Company common
stock, primarily consisting of cash equivalents, at year-end December 31,
1994, was 7 percent.
Shares of common stock held in the fund and dividends and other
distributions on common stock are not specifically allocated to
participant accounts. Instead, each participant's investment in the
Amoco Stock Fund is based on the proportion of his or her investment in
the fund to all Plan participants. Participants' balances in the Amoco
Stock Fund are denominated in "units." The value of a unit upon the
establishment of the Amoco Stock Fund at October 1, 1991 was $10.00. The
value of a unit fluctuates in response to various factors including,
without limitation, the price of and dividends paid on common stock,
earnings and losses on other investments in the fund and the mix of
assets in the fund among Amoco common stock and other investments. At
December 31, 1994, there were 150,253,624 units in the fund at a unit
value of $12.92. The manager of the Amoco Stock Fund is State Street
Bank.
8.<PAGE>
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NOTES TO FINANCIAL STATEMENTS (continued)
Cyprus Stock Fund
Almost all of the Cyprus Stock Fund is comprised of shares of Cyprus
AMAX Minerals Company ("Cyprus") common stock. For liquidity purposes, a
portion of the fund is kept as cash or placed in short-term investments.
Shares of Cyprus common stock and other Cyprus securities are not
allocated to participants' accounts; instead, their balances in the
Cyprus Stock Fund are denominated in units. The value of a unit upon
establishment of the Cyprus Stock Fund at October 1, 1991 was $5.00.
The value of a unit fluctuates in response to various factors including,
without limitation, the price of and dividends paid on Cyprus securities,
earnings and losses on other investments in the fund and the mix of
assets in the fund. At December 31, 1994, there were 1,900,018 units in
the fund at a unit value of $6.84. The manager of the Cyprus Stock Fund
is State Street Bank. Current contributions cannot be allocated to this
fund. Participants may elect, however, to liquidate their investment in
the Cyprus Stock Fund. This fund will cease to be an investment option
effective July 1, 1996.
Money Market Fund
Amounts invested in the Money Market Fund are in the Institutional
Cash Management Fund for Directed Accounts (the "Cash Management Fund")
established in 1984, under the First National Bank of Chicago Group Trust
for Pensions and Profit Sharing Trusts. The exclusive investment of the
Cash Management Fund is in the Brinson Trust Company Collective
Investment Trust for Pension and Profit Sharing Trusts (the "Brinson
Collective Trust"). The types of investments the Brinson Collective
Trust may invest in include U.S. Treasury obligations, commercial paper,
bank deposits, certificates of deposit, bonds, debentures, publicly
available money market funds, loan participation and other obligations;
provided that no more than 20 percent of the value of the Brinson
Collective Trust may be invested in longer-term investments. As of
December 31, 1994, the fund was invested primarily in cash equivalents.
The manager of the Money Market Fund is Brinson Partners, Inc. of
Chicago. The fund manager is responsible for the selection of securities
to be purchased for the Money Market Fund.
U.S. Savings Bonds
Participant contributions in U.S. Savings Bonds are invested by the
Trustee in the most recent offering issued by the U.S. Treasury.
Contributions are held in participants' accounts until they are invested
in U.S. Savings Bonds.
9.<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
Balanced Fund
The Balanced Fund is a diversified fund which offers investors a
mixture of stocks and bonds. The fund is balanced by an exposure to the
equity markets of approximately 60 percent and an exposure to the fixed
income markets of approximately 40 percent. The equity component
includes exposure to both the domestic and foreign markets. For
additional liquidity, a portion of the Balanced Fund is invested in State
Street's Short Term Investment Fund composed of various short-term
financial instruments. A small portion of the Balanced Fund is held in
derivative instruments to manage its currency and market exposures.
State Street Global Advisors Inc., a subsidiary of State Street Bank, is
the investment manager of the Balanced Fund. At December 31, 1994 there
were 12,463,336 units in the fund at a unit value of $7.72.
Bond Index Fund
The Bond Index Fund is invested primarily in Bankers Trust's
commingled BT Pyramid Broad Market Fixed Income Index Fund ("BT Broad
Market Fund"). The BT Broad Market Fund is part of the BT Pyramid Trust
of Bankers Trust Company, of which Bankers Trust Company is the trustee.
A small portion of the Bond Index Fund is held in money market and other
short-term instruments and U.S. Treasury futures contracts for liquidity
purposes. The investment manager of the Bond Index Fund is Bankers Trust
Company. At December 31, 1994 there were 5,167,899 units in the fund
with a unit value of $4.16.
Equity Index Fund
The Equity Index Fund is invested primarily in the BT Pyramid Equity
Index Fund. The BT Pyramid Equity Index Fund is part of the BT Pyramid
Trust of Bankers Trust Company. A small portion of the Equity Index Fund
is invested in short-term investments and derivative instruments, such as
S&P's 500 futures contracts, for liquidity purposes. The Equity Index
Fund is managed by Bankers Trust Company. At December 31, 1994 there
were 8,010,988 units in the fund at a unit value of $16.38.
2. Summary of Significant Accounting Policies:
Common stock of the Company and of Cyprus are valued at the closing
market price on the New York Stock Exchange. Common stock in other funds
is also valued at market prices. Series "E" and "EE" Bonds are valued at
the current redemption value prescribed by U.S. Treasury Department
regulations. Interests in the Money Market Fund are valued at cost,
which approximates market value. Realized gains and losses are
recognized upon the disposition of investments by comparing the proceeds,
or market value, to the average cost (see Note 5).
10.<PAGE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
3. Investments:
The composition of various savings plan funds as of December 31,
1994 and 1993 was as follows:
December 31,
1994 1993
(thousands of dollars)
Amoco Stock Fund
Amoco Corporation common stock, at market
value; 30,549,281 shares and 33,989,004
shares, respectively (cost -- $1,457,496
and $1,533,479, respectively) $1,806,226 $1,797,169
Cash equivalents 140,524 102,235
Interest, dividends, and
other receivables (payables) (4,196) (1,384)
Total 1,942,554 1,898,020
Cyprus Stock Fund
Cyprus common stock, at market
value; 484,781 shares and 569,245 shares,
respectively (cost -- $5,761 and
$6,765, respectively) 12,665 14,729
Cash equivalents 352 419
Interest and other receivables (payables) (18) 1
Total 12,999 15,149
Money Market Fund
Cash equivalents 588,956 417,092
Interest and other receivables (payables) (12,585) 1,434
Total 576,371 418,526
U.S. Savings Bonds
Series "E" Bonds, $25 denomination, at
redemption value; 392 units and 392
units, respectively (cost -- $7 and
$7, respectively) 47 44
Series "EE" Bonds, $50-$100 denomination,
at redemption value; 820,676 units and
835,636 units, respectively (cost --
$20,619 and $20,962, respectively) 24,434 24,117
Cash equivalents 102 178
Total 24,583 24,339
11. <PAGE>
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NOTES TO FINANCIAL STATEMENTS (continued)
3. Investments: (continued)
December 31,
1994 1993
(thousands of dollars)
Balanced Fund
S&P 500 with futures, at market value;
557,016 units and 447,306 units,
respectively (cost -- $37,853
and $29,378, respectively) 39,303 31,111
Daily Bond Market Fund, at market value;
2,532,902 and 1,875,045 units,
respectively (cost -- $28,396
and $21,072, respectively) 28,280 21,496
EAFE Daily, at market value; 1,461,411
and 1,493,778 units, respectively,
(cost-- $15,154 and $15,248, respectively) 15,554 14,724
Midcap Index Fund at market value; 284,173
and 182,281 units, respectively
(cost -- $4,829 and $3,027, respectively) 4,897 3,254
Short-Term Investment Fund 9,635 9,552
Interest, dividends, and
other receivables (payables) (1,424) 393
Total 96,245 80,530
Bond Index Fund
BT Broad Market Fund, at market value;
14,206,192 and 16,250,679 units,
respectively (cost -- $21,307
and $24,337, respectively) 21,229 24,990
Liquid Asset/Bond Index Fund, at market value;
351,091 and 554,858 units, respectively
(cost -- $351 and $554, respectively) 351 554
Interest, dividends, and
other receivables (payables) (47) (342)
Total 21,533 25,202
Equity Index Fund
BT Pyramid Equity Index Fund, at market
value; 131,967 and 87,418 units,
respectively (cost -- $127,028
and $82,185, respectively) 132,289 86,426
Liquid Asset/Bond Index Fund, at market value;
217,283 and 37,303 units, respectively
(cost -- $217 and $37, respectively) 218 37
Interest, dividends, and
other receivables (payables) (1,218) 1,155
Total 131,289 87,618
Total investments $2,805,574 $2,549,384
12.<PAGE>
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NOTES TO FINANCIAL STATEMENTS (continued)
4. Participant Loans:
Participants are eligible to borrow from their account balances in
the Plan. Loans are made in the form of cash and the amount may not
exceed the lesser of 50 percent of the market value of the total vested
accounts or $50,000 less the highest loan balance outstanding during the
preceding twelve months. The participant must execute a promissory note
to take out a loan. Interest rates are fixed for the duration of the
loan and charged on the unpaid balance. The interest rate charged is the
prime rate as reported by the Wall Street Journal on the next to the last
business day of the month preceding the month the participant applies for
the loan. Repayment of loan principal and interest is generally made by
payroll deductions and credited to the participant's accounts.
5. Sales, Redemptions, and Distributions of Securities:
The aggregate of income realized from sales, redemptions, and
distributions of securities in participants' accounts for the year ended
December 31, 1994, was as follows:
Average Gains(Losses)
Securities Proceeds Cost Realized
(thousands of dollars)
Amoco Stock Fund $ 587,022 $ 533,905 $ 53,117
Cyprus Stock Fund 2,525 2,186 339
Balanced Fund 42,096 41,821 275
Bond Index Fund 6,755 6,871 (116)
Equity Index Fund 29,182 29,173 9
Total $ 667,580 $ 613,956 $ 53,624
Average cost is calculated as the weighted average of the fair value
of the disposed securities at the beginning of the year or acquisition
cost if acquired during the year.
6. Taxes:
The Company received in March 1995, a ruling from the Internal
Revenue Service that the Plan, as restated and amended November 29, 1994,
qualifies under section 401(a) of the Internal Revenue Code. The Company
reserves the right to make any amendment necessary to maintain the
qualification of the Plan and Trust.
13.<PAGE>
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NOTES TO FINANCIAL STATEMENTS (continued)
Under present Federal income tax laws, it is expected that a
participant will not be subject to income taxes on amounts contributed by
the Company or on income accrued to the participant account until part or
all of the participant account is withdrawn or distributed. Gains and
losses on the sale of securities within a participant account are not
reportable for income tax purposes unless withdrawn.
7. Unrealized Appreciation on Investments:
Unrealized appreciation on investments held, expressed in thousands
of dollars, amounted to $160,539 during 1994. This amount has been
reflected in the statement of income, expenses, and changes in plan
equity (with fund information) for the period. Such amounts were
computed in a manner similar to that discussed in Note 5 for computing
realized income from sales, redemptions and distributions to securities.
8. Withdrawals and Forfeitures:
Distributions to participants are reported at market value at the
date of distribution. For the year ended December 31, 1994, the balance
of participants' accounts withdrawn, expressed in thousands of dollars,
totaled $293,219. Disbursements in cash or securities in settlement of
such accounts amounted to $292,838. The difference of $381 represented
the total amount of participating Company contributions forfeited during
that period.
14. <PAGE>
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Exhibit 23
AMOCO EMPLOYEE SAVINGS PLAN
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statements on Forms S-8 (Nos. 33-52579, 33-66170, 33-42950, and 33-
58063) of the Amoco Employee Savings Plan of our report dated May 15,
1995 appearing on page 3 of this Form 11-K.
PRICE WATERHOUSE LLP
Chicago, Illinois
May 15, 1995<PAGE>
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