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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996 or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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)
312-856-6111
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address, and former fiscal year, if
changed since last report)
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 (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes X No
Number of shares outstanding as of March 31, 1996--496,841,721
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PART I-- FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statement of Income
(millions of dollars)
Three Months Ended
March 31,
1996 1995
Revenues:
Sales and other operating revenues......... $ 7,277 $ 6,620
Consumer excise taxes...................... 819 808
Other income............................... 118 136
Total revenues........................... 8,214 7,564
Cost and Expenses:
Purchased crude oil, natural gas,
petroleum products and merchandise....... 3,875 3,498
Operating expenses......................... 1,083 1,121
Petroleum exploration expenses,
including exploratory dry holes.......... 120 115
Selling and administrative expenses........ 535 471
Taxes other than income taxes.............. 1,027 1,002
Depreciation, depletion, amortization,
and retirements and abandonments......... 538 534
Interest expense........................... 60 86
Total costs and expenses................. 7,238 6,827
Income before income taxes................... 976 737
Income taxes................................. 248 214
Net income................................... $ 728 $ 523
Weighted average number of shares of common
stock outstanding (in thousands)........... 496,677 496,379
Per Share Data (Based on weighted
average shares outstanding):
Net income................................... $ 1.47 $ 1.05
Cash dividends per share..................... $ .65 $ .60
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Consolidated Statement of Financial Position
(millions of dollars)
March 31, Dec. 31,
ASSETS 1996 1995
Current Assets:
Cash......................................... $ 164 $ 182
Marketable securities -- at cost (all
corporate
except $184 at December 31, 1995, which
represent state and municipal securities).. 574 1,212
Accounts and notes receivable (less
allowances of $17 at March 31, 1996,
and $16 at December 31, 1995).............. 3,353 3,332
Inventories
Crude oil and products..................... 796 750
Materials and supplies..................... 336 291
Prepaid expenses and income taxes............ 727 723
Total current assets....................... 5,950 6,490
Investments and Other Assets:
Investments and related advances............. 698 654
Long-term receivables and other assets....... 783 655
1,481 1,309
Properties--at cost, less accumulated depre-
ciation, depletion and amortization of
$26,684 at March 31, 1996, and $26,531 at
December 31, 1995 (The successful efforts
method of accounting is followed for costs
incurred in oil and gas producing activities) 22,505 22,046
Total assets............................... $ 29,936 $ 29,845
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term obligations..... $ 108 $ 341
Short-term obligations....................... 982 735
Accounts payable............................. 2,499 2,822
Accrued liabilities.......................... 934 989
Taxes payable (including income taxes)....... 838 887
Total current liabilities.................. 5,361 5,774
Long-Term Debt................................. 3,944 3,962
Deferred Credits and Other Non-Current Liabilities:
Income taxes................................. 2,792 2,745
Other........................................ 2,455 2,401
5,247 5,146
Minority Interest.............................. 114 115
Shareholders' Equity:
Common stock (authorized 800,000,000 shares;
issued and outstanding at March 31, 1996
--496,841,721; December 31, 1995
--496,402,697 shares)...................... 2,609 2,590
Earnings retained and invested in the
business................................... 12,711 12,295
Pension liability adjustment................. (49) (49)
Foreign currency translation adjustment...... (1) 12
15,270 14,848
Total liabilities and shareholders' equity. $ 29,936 $ 29,845
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Consolidated Statement of Cash Flows
(millions of dollars)
Three Months Ended
March 31,
1996 1995
Cash Flows from Operating Activities:
Net income................................... $ 728 $ 523
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, amortization,
and retirements and abandonments......... 538 534
Decrease in receivables................... 18 285
(Increase) decrease in inventories......... (24) 9
Decrease in payables and accrued
liabilities.............................. (381) (557)
Deferred taxes and other items............. (98) (58)
Net cash provided by operating activities.. 781 736
Cash Flows From Investing Activities:
Capital expenditures......................... (784) (527)
Proceeds from dispositions of properties
and other assets........................... 248 142
Net investments, advances and business
acquisitions............................... (702) (23)
Proceeds from sales of investments........... 100 -
Other........................................ (1) (8)
Net cash used in investing activities...... (1,139) (416)
Cash Flows from Financing Activities:
New long-term obligations.................... 17 62
Repayment of long-term obligations........... (269) (91)
Cash dividends paid.......................... (312) (298)
Issuances of common stock.................... 19 6
Acquisitions of common stock................. - (60)
Increase in short-term obligations........... 247 96
Net cash used in financing activities...... (298) (285)
(Decrease) increase in Cash and Marketable
Securities................................... (656) 35
Cash and Marketable Securities-
Beginning of Period.......................... 1,394 1,789
Cash and Marketable Securities-End of Period... $ 738 $ 1,824
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Basis of Financial Statement Preparation
The consolidated financial statements contained herein are
unaudited and have been prepared from the books and records of
Amoco Corporation ("Amoco" or the "Corporation"). In the opinion
of management, the consolidated financial statements reflect all
adjustments, consisting of only normal recurring adjustments,
necessary for a fair statement of the results for the interim
periods. The consolidated financial statements have been prepared
in accordance with the instructions to Form 10-Q and, therefore,
do not include all information and notes necessary for a complete
presentation of results of operations, financial position and
cash flows in conformity with generally accepted accounting
principles. Certain data for the Statement of Cash Flows for 1995
have been reclassified.
Item 2. Management's Discussion and Analysis
Results of Operations
Net income for the first quarter of 1996 amounted to a record
$728 million, or $1.47 per share. Net income for the first
quarter of 1995 amounted to $523 million, or $1.05 per share.
Included in first-quarter 1996 earnings were gains of $56 million
on certain Canadian asset dispositions. Excluding this item,
first-quarter 1996 earnings were $149 million higher than 1995's
first quarter.
The increase in earnings for the first quarter of 1996 reflected
strong exploration and production ("E&P") earnings, primarily
attributable to higher energy prices. Chemical earnings continued
strong while petroleum products decreased slightly, reflecting
the continuing competitive environment of that segment.
Sales and other operating revenues totaled $7.3 billion for the
first quarter of 1996, 10 percent higher than the $6.6 billion
reported in the corresponding 1995 period. Natural gas and
refined products revenues increased 34 percent and 14 percent,
respectively, resulting from both higher prices and volumes.
Purchases of crude oil, natural gas, petroleum products and
merchandise totaled $3.9 billion for the first three months of
1996, 11 percent higher than 1995's first three months. The
increase was primarily attributable to higher crude oil purchase
prices and volumes.
Selling and administrative expenses for the first three months of
1996 were $535 million compared with $471 million for the
comparable 1995 period. Included in selling and administrative
expenses were ongoing reorganization costs of $28 million before
tax, mainly related to system redesign, relocation and new
process development. Also included in 1996 first three-month
results were favorable before tax currency effects of $1 million,
compared with favorable currency effects of $19 million for the
corresponding 1995 period.
For the 12 months ended March 31, 1996, return on average
shareholders' equity was 13.8 percent compared with 13.5 percent
for the 12 months ended March 31, 1995. Return on average
capital employed was 11.0 percent for the 12-month period ended
March 31, 1996, compared with 10.8 percent for the corresponding
prior-year period.
Results by Industry Segment
Three Months Ended
March 31,
(millions of dollars) 1996 1995
Exploration and Production
United States.................... $ 281 $ 175
Canada........................... 134 46
Overseas......................... 121 87
Subtotal......................... 536 308
Petroleum Products................. 18 19
Chemicals.......................... 240 233
Corporate and Other Operations*.... (66) (37)
Net Income....................... $ 728 $ 523
* Corporate and other operations include net interest and general
corporate expenses as well as the results of investments in
technology companies, real estate interests and other
activities.
Exploration and Production - U. S.
U.S. E&P operations earned $281 million in the first three months
of 1996 compared with $175 million for the similar 1995 period.
The increase primarily reflected higher energy prices.
Amoco's first-quarter U.S. natural gas prices averaged
approximately $1.75 per thousand cubic feet ("mcf"), $.35 per mcf
above the first quarter of 1995. Average crude oil prices
increased about $1.50 per barrel and averaged almost $17.50 per
barrel for the quarter. Natural gas production averaged 2,584
million cubic feet per day, an increase of six percent compared
with the first quarter of 1995, while crude oil and natural gas
liquids ("NGL") production of 290 thousand barrels per day was
about the same as a year ago.
Exploration and Production - Canada
Canadian operations, which include supply and marketing of NGL,
earned $134 million in the first quarter of 1996 compared with
the prior year's first-quarter earnings of $46 million. The 1996
results included gains of $56 million on asset dispositions,
including the sale of Amoco's remaining investment in Crestar
Energy Inc. Also favorably affecting earnings were higher energy
prices and lower costs. Natural gas prices averaged $1.15 per mcf
for the quarter, about 20 cents higher than 1995's first quarter.
Crude oil prices averaged $14.70 per barrel for the first quarter
of 1996, slightly above the prior-year first quarter average.
For the first three months of 1996, natural gas production
averaged 846 million cubic feet per day, seven percent above the
comparable 1995 period. Crude oil and NGL production averaged 64
thousand barrels per day for the first three months of 1996, 10
percent below 1995's first quarter level, reflecting property
dispositions and normal field declines. Heavy oil production
averaged 21 thousand barrels per day during the first three
months of 1996, an increase of six thousand barrels per day over
the first quarter of 1995.
Exploration and Production - Overseas
Overseas E&P earned $121 million for the first three months of
1996, an increase of $34 million over 1995 earnings for the same
period. Affecting 1996 earnings were higher crude oil prices and
favorable currency effects compared with 1995, partially offset
by higher exploration expenses.
For the first three months of 1996, overseas natural gas
production averaged 1,079 million cubic feet per day, nine
percent above 1995 production levels of 986 million cubic feet
per day, primarily as a result of higher European demand. Crude
oil and NGL production averaged 290 thousand barrels per day,
three percent below the comparable 1995 period.
Petroleum Products
Petroleum Products activities earned $18 million for the first
three months of 1996, compared with $19 million for the
comparable 1995 period. Higher 1996 crude oil costs kept downward
pressure on refined product margins, which more than offset
volume increases.
For the first three months of 1996, U.S. refined product sales
averaged 1,126 thousand barrels per day, an increase of three
percent over the corresponding 1995 period. For the first three
months of 1996, refineries ran at 90 percent of rated capacity,
compared with 87 percent for the comparable 1995 period.
Chemicals
Chemical earnings of $240 million for the first quarter of 1996
compared with $233 million for the similar 1995 period. The
modest improvement in first-quarter earnings primarily reflected
higher paraxylene ("PX") and purified terephthalic acid ("PTA")
margins, which more than offset lower olefins and polymers
earnings.
Corporate and Other Operations
Corporate and other operations include net interest and general
corporate expenses as well as the results of investments in
technology companies, real estate interests and other activities.
Corporate and other operations incurred net expenses of $66
million for the first three months of 1996, compared with net
expenses after tax of $37 million in the corresponding 1995
period. Corporate expenses in 1996 included less favorable
currency effects compared to 1995 and reorganization costs,
primarily system redesign, relocation and new process
development, of $18 million after tax.
Outlook
The Corporation and the oil industry will continue to be affected
by the volatility of crude oil and natural gas prices. Also,
affecting chemicals and petroleum products activities is the
overall industry product supply and demand balance. Amoco's
future performance is expected to continue to be impacted by its
organizational structure and associated savings; ongoing cost
reduction programs; the divestment of marginal properties and
underperforming assets; application of new technologies; and new
governmental regulations.
Amoco's exploration efforts will continue to target those areas
that offer the most potential. Amoco will pursue areas that
capitalize on its natural gas resources and continue to expand
internationally. Amoco's E&P barrel-oil-equivalent production in
North America is expected to remain approximately at 1995 levels.
Outside North America, production from the Liuhua oil field in
the South China Sea, which came onstream in late March, should
benefit crude oil production by an average of approximately
30,000 barrels per day for the remainder of 1996. Overseas
natural gas production is expected to increase modestly in 1996.
In the petroleum products sector, Amoco anticipates weak U.S.
industry refining margins in the near term. Amoco will continue
to pursue additional cost reduction programs and improved asset
utilization. Refining results should benefit from higher
utilization rates in 1996, reflecting reduced planned downtime.
In the chemical sector, while the near-term industry outlook is
continuing to soften for commodity chemicals, Amoco expects long-
term growth to exceed 3 percent, with higher growth anticipated
in the Asia-Pacific region. PTA's average annual growth is
expected to be 7 percent over the next decade, with the largest
demand growth expected to be in the Asia-Pacific region, while
worldwide PX demand is expected to grow about 6 percent per year.
To pursue these marketing opportunities, Amoco is planning PTA
and PX expansions at wholly owned and joint-venture facilities.
Two of the planned expansions are expected to be completed this
year. First, Amoco's wholly owned 500,000 metric tons-per-year
PTA plant in Malaysia is expected to go onstream in the second
quarter of 1996. Second, Amoco is adding 350,000 metric tons-per-
year of PX capacity in Texas City, Texas by the end of the year.
Amoco continues to seek attractive opportunities worldwide and is
constantly reviewing strategic alternatives. Amoco will also
continue to evaluate and divest marginal properties and
underperforming assets. As previously announced, Amoco and Shell
Oil Company plan to form a partnership combining exploration and
production assets in the greater Permian Basin area of west Texas
and southeast New Mexico. Final agreement is contingent on the
successful completion of ongoing discussions regarding design,
management and operation of the company. Start up of the
partnership is expected in 1996. Also, in early 1996, Amoco
announced the possible divestment of Atlanta-based Amoco Foam
Products Company ("Amoco Foam"). Amoco Foam is a leading
manufacturer and marketer of polystyrene foam products, with nine
plants in the United States. In 1995, Amoco Foam product revenues
totaled $288 million.
Liquidity and Capital Resources
Cash flows from operating activities for the first three months
of 1996 amounted to $781 million compared with $736 million in
the prior-year period. Working capital of $589 million at March
31, 1996 compared with $716 million at December 31, 1995. The
Corporation's current ratio was 1.11 to 1 at March 31, 1996,
compared with 1.12 to 1 at year-end 1995. 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 flexibility since the
Corporation has ready access to both short- and long-term debt
markets.
Amoco's debt totaled $5 billion at March 31, 1996 and year-end
1995. Debt as a percentage of debt-plus-equity was 24.6 percent
at March 31, 1996, and 25.2 percent at year-end 1995. In early
1996, Amoco Company redeemed the $25 million, 9 7/8 percent
debentures due 2016 and the $57 million, 9 3/4 percent debentures
due 2016. Amoco Corporation guarantees the public debt
obligations of Amoco Company. Amoco Corporation and Amoco Company
guarantee the public notes and debentures of Amoco Canada
Petroleum Company Ltd. ("Amoco Canada") and Amoco Argentina Oil
Company ("Amoco Argentina").
Cash dividends paid in the first quarter of 1996 totaled $312
million. The quarterly dividend was raised to 65 cents per share
in January 1996, an increase of 5 cents per share, or eight
percent, over the previous rate.
The Corporation believes its strong financial position will
permit the financing of business needs and opportunities as they
arise. 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 March 31, 1996, bank lines of credit
available to support commercial paper borrowings amounted to $490
million, all of which were supported by commitment fees.
The Corporation also may utilize its favorable access to long-
term debt markets to finance profitable growth opportunities. A
$500 million shelf registration statement for Amoco Company
remains on file with the Securities and Exchange Commission
("SEC") to permit ready access to capital markets. In 1995, Amoco
Argentina filed a shelf registration with the SEC for $200
million in debt securities, of which $100 million in debt
securities were subsequently issued. Amoco Corporation and Amoco
Company guarantee the securities issued under this registration
statement. Amoco Canada has a $225 million 10-year revolving term
facility, guaranteed by Amoco and Amoco Company. Amoco Canada is
charged a standby fee for the facility, which has not been used.
On March 1, 1996, Albemarle Corporation's ("Albemarle") alpha-
olefins, poly alpha olefins and synthetic alcohol businesses were
purchased for approximately $500 million. The purchase involved
about 550 employees and assets in Texas and Belgium.
Capital and exploration expenditures, excluding the Albemarle
acquisition, for the first three months of 1996 totaled $904
million compared with $642 million for the comparable 1995
period. Approximately 74 percent of the 1996 expenditures was
spent in exploration and production operations. Amoco previously
announced a 1996 capital investment and exploration program of
$4.7 billion, up 14 percent from the $4.1 billion spent in 1995.
The Corporation has provided in its accounts for the reasonably
estimable future costs of probable environmental remediation
obligations relating to various oil and gas operations,
refineries, marketing sites and chemical locations, including
multiparty sites at which Amoco and certain of its subsidiaries
have been identified as potentially responsible parties 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 environmental
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 have a significant effect on the results of
operations in any one period, 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.
PART II--OTHER INFORMATION
Item 1. Legal Proceedings
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 1989. 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 1980
through 1982. The Corporation filed a petition in the U.S. Tax
Court contesting the IRS statutory Notice of Deficiency. Trial on
the matter was held in April 1995. The Tax Court issued an
opinion on March 28, 1996, deciding that Amoco was entitled to
its foreign tax credits for the years 1980 through 1982 and that
additional taxes of $466 million claimed by the IRS were not due.
Pending resolution of final tax computations, the Tax Court's
decision will become final and will be subject to appeal within
ninety days. A comparable adjustment of foreign tax credits for
each year has been proposed for the years 1983 through 1989 based
upon subsequent IRS audits. Similar challenges could arise
relating to years subsequent to 1989. The Corporation believes
that the foreign income taxes have been reflected properly in its
U.S. federal tax returns. Consequently, this dispute is not
expected to have a material adverse effect on the liquidity,
results of operations, or the consolidated financial position of
the Corporation.
Twelve proceedings instituted by governmental authorities are
pending or known to be contemplated against Amoco and certain of
its subsidiaries under federal, state or 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
liquidity, consolidated 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 $7.7 million.
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, while the aggregate amount could be
significant, it will not be material in relation to its liquidity
or its consolidated financial position.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
(a) The Annual Meeting of Shareholders was held on April 23,
1996.
(b) Not applicable
(c) Six persons nominated by the Board of Directors were elected
directors. Proxies for the meeting were solicited pursuant to
Regulation 14A; there was no solicitation in opposition to
management's nominees listed in the proxy statement. Results of
the election were as follows: Donald R. Beall, shares for
415,657,872, shares withheld 4,596,409; Richard J. Ferris, shares
for 414,950,992, shares withheld 5,303,289; William G. Lowrie,
shares for 415,608,145, shares withheld 4,646,136; Floris A.
Maljers, shares for 415,311,583, shares withheld 4,942,698;
Robert H. Malott, shares for 414,649,311, shares withheld
5,605,276; Arthur C. Martinez, shares for 415,629,206, shares
withheld 4,625,075; Abstentions for the nominees as a group
totaled 5,604,970. With respect to the proposal relating to the
amendment of the 1991 Incentive Program set forth in the proxy
statement, the results were as follows: shares for 395,751,283,
shares against 15,625,884, abstentions 7,493,296 and broker non-
votes 1,474,734. With respect to the concurrence in the
appointment of Price Waterhouse LLP to serve as independent
accountants for Amoco and its subsidiaries for the fiscal year
1996, the results were as follows: shares for 416,320,257, shares
against 2,583,546 and abstentions 1,441,394.
(d) Not applicable
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Item 5. Other Information
Shown below is summarized financial information of
Amoco's wholly owned subsidiary, Amoco Company.
Three Months
Ended
March 31,
1996 1995
(millions of
dollars)
Total revenues(including
excise taxes)................. $ 7,404 $6,739
Operating profit.............. $ 899 $ 679
Net income.................... $ 598 $ 446
March 31, Dec. 31,
1996 1995
(millions of dollars)
Current assets............... $ 4,973 $ 5,303
Total assets................. $26,725 $26,326
Current liabilities.......... $ 4,363 $ 4,578
Long-term debt............... $ 6,731 $ 6,785
Deferred credits............. $ 4,478 $ 4,397
Minority interest............ $ 111 $ 110
Shareholder's equity......... $11,042 $10,456
Shown below is summarized financial information of
Amoco's wholly owned subsidiary, Amoco Canada.
Three Months
Ended
March 31,
1996 1995
(millions of dollars)
Revenues...................... $ 1,033 $ 871
Net income.................... $ 93 $ 4
March 31, Dec. 31,
1996 1995
(millions of dollars)
Current assets................ $ 1,212 $ 1,252
Total assets.................. $ 4,290 $ 4,493
Current liabilities........... $ 2,219 $ 2,494
Non-current liabilities....... $ 2,360 $ 2,381
Shareholder's deficit......... $ (289) $ (382)
<PAGE>
<PAGE>
Shown below is summarized financial information for
Amoco's indirectly wholly owned subsidiary, Amoco
Argentina.
Three Months
Ended
March 31,
1996 1995
(millions of dollars)
Revenues...................... $ 75 $ 61
Net income.................... $ 27 $ 24
March 31, Dec. 31,
1996 1995
(millions of dollars)
Current assets................ $ 94 $ 73
Total assets.................. $ 419 $ 389
Current liabilities........... $ 52 $ 49
Non-current liabilities....... $ 113 $ 113
Shareholder's equity.......... $ 254 $ 227
Item 6. Exhibits and Reports on Form 8-K
(a)Exhibits
Exhibit
Number
12 Statement Setting Forth Computation of
Ratio of Earnings to Fixed Charges.
27 Financial Data Schedule.
(b) No reports on Form 8-K were filed during the quarter ended
March 31, 1996.
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<PAGE>
Signature
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
Amoco Corporation
(Registrant)
Date: May 13, 1996
Judith G. Boynton
Judith G. Boynton
Vice President and Controller
(Duly Authorized and Chief
Accounting Officer)
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EXHIBIT 12
AMOCO CORPORATION
______________________
STATEMENT SETTING FORTH COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
(millions of dollars, except ratios)
Three
Months
Ended Year Ended December 31,
March 31,
1996 1995 1994 1993 1992 1991
Determination of Income:
Consolidated earnings
before income taxes
and minority interest.. $ 976 $2,404 $2,491 $2,506 $ 998 $2,035
Fixed charges expensed by
consolidated companies. 95 406 316 350 376 479
Adjustments for certain
companies accounted for
by the equity method... 6 25 7 11 28 20
Adjusted earnings plus
fixed charges.......... $1,077 $2,835 $2,814 $2,867 $1,402 $2,534
Determination of Fixed Charges:
Consolidated interest on
indebtedness (including
interest capitalized).. $ 77 $ 317 $ 288 $ 299 $ 333 $ 433
Consolidated rental
expense representative
of an interest factor.. 24 89 23 50 44 54
Adjustments for certain
companies accounted for
by the equity method... 2 6 5 8 20 24
Total fixed charges...... $ 103 $ 412 $ 316 $ 357 $ 397 $ 511
Ratio of earnings to
fixed charges............ 10.4 6.9 8.9 8.0 3.5 5.0
<PAGE>
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Consolidated Statement of Income and the Consolidated Statement of Financial
Position and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000093397
<NAME> AMOCO CORPORATION
<MULTIPLIER> 1000000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 164
<SECURITIES> 574
<RECEIVABLES> 3370
<ALLOWANCES> 17
<INVENTORY> 1132
<CURRENT-ASSETS> 5950
<PP&E> 49189
<DEPRECIATION> 26684
<TOTAL-ASSETS> 29936
<CURRENT-LIABILITIES> 5361
<BONDS> 3944
0
0
<COMMON> 2609
<OTHER-SE> 12661
<TOTAL-LIABILITY-AND-EQUITY> 29936
<SALES> 7277
<TOTAL-REVENUES> 8214
<CGS> 5078
<TOTAL-COSTS> 5078
<OTHER-EXPENSES> 1565
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 60
<INCOME-PRETAX> 976
<INCOME-TAX> 248
<INCOME-CONTINUING> 728
<DISCONTINUED> 0
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<PAGE>
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