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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, 1995
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
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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: June 14, 1996 By: ___________David C. Tolve___________
David C. Tolve
Vice President
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors of Amoco Corporation
In our opinion, the accompanying statements of net assets available
for benefits (with fund information) and the related statement of
changes in net assets available for benefits (with fund
information) present fairly, in all material respects, the net
assets available for benefits of the Amoco Employee Savings Plan at
December 31, 1995 and 1994, and the changes in net assets available
for benefits for the year ended December 31, 1995, 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 audits 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 net assets available for benefits
(with fund information) and statement of changes in net assets
available for benefits (with fund information) is presented for
purposes of additional analysis rather than to present the net
assets available for benefits and changes in net assets available
for benefits 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
June 14, 1996
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AMOCO EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION)
________December 31,________
____1995____ ____1994____
(thousands of dollars)
Assets
Investments:
Amoco Stock Fund $ 1,996,674 $ 1,942,554
Cyprus Stock Fund 10,114 12,999
Money Market Fund 816,710 576,371
U.S. Savings Bonds 23,475 24,583
Balanced Fund 141,331 96,245
Bond Index Fund 40,239 21,533
Equity Index Fund 320,721 131,289
Total Investments 3,349,264 2,805,574
Cash held for disbursement 1,424 786
Participant loans receivable 132,913 136,071
Total assets 3,483,601 2,942,431
Liabilities - -
Net assets available for benefits $ 3,483,601 $ 2,942,431
The accompanying notes are an integral part of these statements.
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AMOCO EMPLOYEE SAVINGS PLAN
___________________________
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION) (PAGE 1 OF 3)
For the year ended December 31, 1995
(thousands of dollars)
Amoco Cyprus Money
Stock Stock Market
Fund Fund Fund
Additions of assets attributed to:
Employee contributions $ 75,480 $ -- $ 50,169
Employer contributions 82,867 -- --
Forfeitures (net) (332) -- 361
Realized gains on
sales of investments 81,098 265 --
Change in unrealized
appreciation (depreciation)
in fair value of investments 316,480 (33) --
Interest and dividends 84,091 368 42,079
Participant loans (net) 6,971 (106) (10,247)
Interfund transfers (net) (471,444) (2,250) 304,103
Total additions 175,211 (1,756) 386,465
Deductions of assets attributed to:
Distributions to participants (120,756) (1,128) (146,042)
Administrative expenses (335) (1) (84)
Total deductions (121,091) (1,129) (146,126)
Net increase (decrease) in plan
assets during the year 54,120 (2,885) 240,339
Net assets available for
plan benefits:
Beginning of year 1,942,554 12,999 576,371
End of year $1,996,674 $10,114 $816,710
The accompanying notes are an integral part of these statements.
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AMOCO EMPLOYEE SAVINGS PLAN
___________________________
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION) (PAGE 2 OF 3)
For the year ended December 31, 1995
(thousands of dollars)
U.S. Bond Equity
Savings Index Index
Bonds Fund Fund
Additions of assets attributed to:
Employee contributions $ 1,695 $ 1,920 $ 12,612
Employer contributions -- -- --
Forfeitures (net) (1) (2) (15)
Realized gains on
sales of investments -- 744 4,535
Change in unrealized
appreciation (depreciation)
in fair value of investments -- 3,803 50,538
Interest and dividends 1,244 78 482
Participant loans (net) (185) 187 (1,634)
Interfund transfers (net) (1,670) 13,810 136,522
Total additions 1,083 20,540 203,040
Deductions of assets attributed to:
Distributions to participants (2,191) (1,781) (13,492)
Administrative expenses -- (53) (116)
Total deductions (2,191) (1,834) (13,608)
Net increase (decrease) in plan
assets during the year (1,108) 18,706 189,432
Net assets available for
plan benefits:
Beginning of year 24,583 21,533 131,289
End of year $23,475 $40,239 $320,721
The accompanying notes are an integral part of these statements.
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AMOCO EMPLOYEE SAVINGS PLAN
___________________________
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(WITH FUND INFORMATION) (PAGE 3 OF 3)
For the year ended December 31, 1995
(thousands of dollars)
Cash
Disbursement
Account and
Balanced Participant
Fund Loans Total
Additions of assets attributed to:
Employee contributions $ 7,444 $ -- $ 149,320
Employer contributions -- -- 82,867
Forfeitures (net) (11) -- --
Realized gains on
sales of investments 2,826 -- 89,468
Change in unrealized
appreciation (depreciation)
in fair value of investments 19,648 -- 390,436
Interest and dividends 870 646 129,858
Participant loans (net) 248 4,766 --
Interfund transfers (net) 20,929 -- --
Total additions 51,954 5,412 841,949
Deductions of assets attributed to:
Distributions to participants (6,428) (7,932) (299,750)
Administrative expenses (440) -- (1,029)
Total deductions (6,868) (7,932) (300,779)
Net increase (decrease) in plan
assets during the year 45,086 (2,520) 541,170
Net assets available for
plan benefits:
Beginning of year 96,245 136,857 2,942,431
End of year $141,331 $ 134,337 $3,483,601
The accompanying notes are an integral part of these statements.
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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. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 ("ERISA").
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 34,335 participants of the various companies in the
Plan at December 31, 1995, of which 28,709 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.
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, 1995. 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. During the year there were borrowings on the lines of
credit resulting in interest of approximately $194,000, which has
been included in administrative expense of the Plan. There were no
borrowings on these lines of credit as of December 31, 1995.
The percentage of assets of the Amoco Stock Fund in
investments other than Company common stock under normal
circumstances is less than 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, 1995, was
2 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,
1995, there were 122,778,502 units in the fund at a unit value of
$16.26. The manager of the Amoco Stock Fund is State Street Global
Advisors, the investment management unit of State Street Bank.
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, 1995, there were 1,430,173 units in the
fund at a unit value of $7.07. 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. Any
participant investments remaining in the Cyprus Stock Fund after
the close of business on June 28, 1996 will automatically be
liquidated and invested in the Money Market Fund.
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 Pension 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, 1995, 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.
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
international 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, 1995 there were
14,765,409 units in the fund at a unit value of $9.57.
Bond Index Fund
The Bond Index Fund is invested primarily in Bankers Trust's
commingled BT Pyramid Broad Market 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 may be 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,
1995 there were 8,185,733 units in the fund with a unit value of
$4.92.
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 the S&P 500 futures contracts, for
liquidity purposes. The Equity Index Fund is managed by Bankers
Trust Company. At December 31, 1995 there were 14,203,362 units in
the fund at a unit value of $22.58.
2. Summary of Significant Accounting Policies:
Method of Accounting
The financial statements of the Plan are prepared under the
accrual method of accounting.
Investment Valuation
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).
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NOTES TO FINANCIAL STATEMENTS (continued)
3. Investments:
The composition of various savings plan funds as of December
31, 1995 and 1994 was as follows:
December 31,
1995 1994
(thousands of dollars)
Amoco Stock Fund
Amoco Corporation common stock, at
market value; 27,269,216 shares
and 30,549,281 shares, respectively
(cost -- $1,420,835 and $1,457,496,
respectively) $1,959,975 $1,806,226
Cash equivalents 31,162 140,524
Interest, dividends, and other
receivables (payables) 5,537 (4,196)
Total 1,996,674 1,942,554
Cyprus Stock Fund
Cyprus common stock, at market value;
376,981 shares and 484,781 shares,
respectively (cost -- $4,713 and
$5,761, respectively) 9,849 12,665
Cash equivalents 289 352
Interest and other receivables
(payables) (24) (18)
Total 10,114 12,999
Money Market Fund
Cash equivalents 807,636 588,956
Interest and other receivables
(payables) 9,074 (12,585)
Total 816,710 576,371
U.S. Savings Bonds
Series "E" Bonds, $25 denomination,
at redemption value; 392 units and
392 units, respectively (cost --
$7 and $7, respectively) 49 47
Series "EE" Bonds, $50-$100
denomination, at redemption value;
761,063 units and 820,676 units,
respectively (cost -- $19,119 and
$20,619, respectively) 23,334 24,434
Cash equivalents 92 102
Total 23,475 24,583
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NOTES TO FINANCIAL STATEMENTS (continued)
3. Investments: (continued)
December 31,
1995 1994
(thousands of dollars)
Balanced Fund
S&P 500 Index Fund with Futures,
at market value; 610,099 and
557,016 units, respectively (cost --
$46,125 and $37,853, respectively) 59,217 39,303
Daily Bond Market Fund, at market
value; 3,033,207 and 2,532,902
units, respectively (cost --
$35,609 and $28,396, respectively) 40,154 28,280
EAFE Daily Fund, at market
value; 1,775,541 and 1,461,411
units,
respectively (cost -- $19,176 and
$15,154, respectively) 21,076 15,554
S&P Midcap Index Fund at market value;
376,606 and 284,173 units,
respectively (cost -- $7,150 and
$4,829, respectively) 8,493 4,897
Short-Term Investment Fund 11,900 9,635
Interest, dividends, and other
receivables (payables) 491 (1,424)
Total 141,331 96,245
Bond Index Fund
BT Broad Market Fund, at market
value; 22,409,600 and 14,206,192
units, respectively (cost --
$35,895 and $21,307, respectively) 39,646 21,229
Liquid Asset/Bond Index Fund, at
market value; 372,929 and 351,091
units, respectively (cost -- $373
and $351, respectively) 373 351
Interest, dividends, and other
receivables (payables) 220 (47)
Total 40,239 21,533
Equity Index Fund
BT Pyramid Equity Index Fund, at
market value; 229,243 and 131,967
units, respectively (cost --
$262,045 and $127,028, respectively) 316,578 132,289
Liquid Asset Mutual Fund, at
market value; 481,444 and 217,283
units, respectively (cost -- $481
and 218, respectively) 481 218
Interest, dividends, and other
receivables (payables) 3,662 (1,218)
Total 320,721 131,289
Total Investments $3,349,264 $2,805,574
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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, 1995, was as follows:
Average Gains
Securities Proceeds Cost Realized
Amoco Stock Fund $893,649 $812,551 $81,098
Cyprus Stock Fund 3,475 3,210 265
Bond Index Fund 10,463 9,719 744
Equity Index Fund 42,954 38,419 4,535
Balanced Fund 33,919 31,093 2,826
Total $984,460 $894,992 $89,468
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:
In August 1995 the Company received 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.
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 $390,436 during 1995. This
amount has been reflected in the statement of changes in net assets
available for benefits (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, 1995,
the balance of participants' accounts withdrawn, expressed in
thousands of dollars, totaled $300,111. Disbursements in cash or
securities in settlement of such accounts amounted to $299,750.
The difference of $361 represented the total amount of
participating Company contributions forfeited during that period.
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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 June 14, 1996 appearing in this
Form 11-K.
PRICE WATERHOUSE LLP
Chicago, Illinois
June 14, 1996
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