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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, 1997 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, 1997--494,162,176
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PART I-- FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statement of Income
(millions of dollars)
Three Months Ended
March 31,
1997 1996
Revenues:
Sales and other operating revenues......... $ 8,076 $ 7,277
Consumer excise taxes...................... 815 819
Other income............................... 102 118
Total revenues........................... 8,993 8,214
Cost and Expenses:
Purchased crude oil, natural gas,
petroleum products and merchandise....... 4,458 3,875
Operating expenses......................... 1,220 1,083
Petroleum exploration expenses,
including exploratory dry holes.......... 156 120
Selling and administrative expenses........ 532 535
Taxes other than income taxes.............. 1,045 1,027
Depreciation, depletion, amortization,
and retirements and abandonments......... 562 538
Interest expense........................... 78 60
Total costs and expenses................. 8,051 7,238
Income before income taxes................... 942 976
Income taxes................................. 268 248
Net income................................... $ 674 $ 728
Weighted average number of shares of common
stock outstanding (in thousands)........... 495,287 496,677
Per Share Data (Based on weighted
average shares outstanding):
Net income................................... $ 1.36 $ 1.47
Cash dividends per share..................... $ .70 $ .65
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Consolidated Statement of Financial Position
(millions of dollars)
March 31, Dec. 31,
ASSETS 1997 1996
Current assets:
Cash......................................... $ 300 $ 186
Marketable securities -- at cost (all
corporate
except $141 at December 31, 1996 which
represent state and municipal securities).. 1,027 1,135
Accounts and notes receivable (less
allowances of $17 at both March 31, 1997,
and December 31, 1996)..................... 3,520 3,942
Inventories
Crude oil and products..................... 946 795
Materials and supplies..................... 277 274
Prepaid expenses and income taxes............ 742 731
Total current assets....................... 6,812 7,063
Investments and Other Assets:
Investments and related advances............. 855 796
Long-term receivables and other assets....... 779 841
1,634 1,637
Properties--at cost, less accumulated depre-
ciation, depletion and amortization of
$27,537 at March 31, 1997, and $27,111 at
December 31, 1996 (The successful efforts
method of accounting is followed for costs
incurred in oil and gas producing activities) 23,339 23,400
Total assets............................... $ 31,785 $ 32,100
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term obligations..... $ 326 $ 151
Short-term obligations....................... 1,027 821
Accounts payable............................. 2,588 3,196
Accrued liabilities.......................... 938 908
Taxes payable (including income taxes)....... 921 1,063
Total current liabilities.................. 5,800 6,139
Long-term obligations:
Debt......................................... 4,014 4,153
Capitalized leases........................... 83 76
4,097 4,229
Deferred Credits and Other Non-Current Liabilities:
Income taxes................................. 3,033 2,850
Other........................................ 2,351 2,345
5,384 5,195
Minority Interest.............................. 128 129
Shareholders' Equity:
Common stock (authorized 800,000,000 shares;
issued and outstanding at March 31, 1997
--494,162,176; December 31, 1996
--497,275,364 shares)...................... 2,626 2,646
Earnings retained and invested in the
business................................... 13,882 13,806
Pension liability adjustment................. (25) (25)
Foreign currency translation adjustment...... (107) (19)
16,376 16,408
Total liabilities and shareholders' equity. $ 31,785 $ 32,100
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Consolidated Statement of Cash Flows
(millions of dollars)
Three Months Ended
March 31,
1997 1996
Cash Flows from Operating Activities:
Net income................................... $ 674 $ 728
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, amortization,
and retirements and abandonments......... 562 538
Decrease in receivables.................... 431 18
Increase in inventories.................... (154) (24)
Decrease in payables and accrued
liabilities.............................. (726) (381)
Deferred taxes and other items............. 133 (98)
Net cash provided by operating activities.. 920 781
Cash Flows from Investing Activities:
Capital expenditures......................... (831) (784)
Proceeds from dispositions of properties
and other assets........................... 265 248
Net investments, advances and business
acquisitions............................... (48) (702)
Proceeds from sales of investments........... 34 100
Other........................................ 5 (1)
Net cash used in investing activities...... (575) (1,139)
Cash Flows from Financing Activities:
New long-term obligations.................... 130 17
Repayment of long-term obligations........... (56) (269)
Cash dividends paid.......................... (345) (312)
Issuances of common stock.................... 57 19
Acquisitions of common stock................. (331) -
Increase in short-term obligations........... 206 247
Net cash used in financing activities...... (339) (298)
Increase (decrease) in Cash and Marketable
Securities................................... 6 (656)
Cash and Marketable Securities-
Beginning of Period.......................... 1,321 1,394
Cash and Marketable Securities-End of Period... 1,327 $ 738
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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.
Item 2. Management's Discussion and Analysis
Results of Operations
Net income for the first quarter of 1997 amounted to $674
million, or $1.36 per share. Net income for the first quarter of
1996 amounted to $672 million, or $1.36 per share, excluding
gains of $56 million in the first quarter of 1996 on certain
Canadian asset dispositions.
The slight increase in earnings for the first quarter of 1997
reflected continued strong exploration and production ("E&P")
earnings, primarily attributable to higher energy prices.
Petroleum products earnings declined as a result of higher
refining maintenance costs and lower throughput. Chemical
earnings declined reflecting lower margins compared with high
prior-year levels.
Sales and other operating revenues totaled $8.1 billion for the
first quarter of 1997, 11 percent higher than the $7.3 billion
reported in the corresponding 1996 period. Natural gas, crude oil
and refined products revenues increased 28 percent, 19 percent
and 7 percent, respectively, primarily reflecting higher prices.
Purchases of crude oil, natural gas, petroleum products and
merchandise totaled $4.5 billion for the first three months of
1997, 15 percent higher than 1996's first three months. The
increase was primarily attributable to higher crude oil purchase
prices.
Operating expenses of $1.2 billion increased 13 percent over
first-quarter 1996, reflecting higher refining maintenance
expenses and an increase in U.S. production costs. Exploration
costs of $156 million increased 31 percent over the first-quarter
of 1996, mainly due to higher dry hole costs overseas.
For the 12 months ended March 31, 1997, return on average
shareholders' equity was 17.6 percent compared with 13.8 percent
for the 12 months ended March 31, 1996. Return on average capital
employed was 13.4 percent for the 12-month period ended March 31,
1997, compared with 11.0 percent for the corresponding prior-year
period.
Results by Industry Segment
As previously announced, Amoco changed the basis upon which
operations are grouped for the purpose of business segment
reporting to maintain alignment with changes made in its internal
structure. Canadian supply and marketing operations for crude
oil, sulfur and natural gas liquids are now included in the
Petroleum Products segment. Previously, those businesses were
reported in the E&P segment. Segment earnings for 1996 have been
restated to conform to the new basis.
Three Months Ended
March 31,
(millions of dollars) 1997 1996
Exploration and Production
United States.................... $ 365 $ 281
Canada........................... 81 90
Overseas......................... 127 121
Subtotal......................... 573 492
Petroleum Products................. 28 62
Chemicals.......................... 147 240
Corporate and Other Operations*.... (74) (66)
Net Income....................... $ 674 $ 728
* 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.
Operating Statistics
Three Months Ended
March 31,
1997 1996
Net Production of Natural Gas
(million cubic feet per day)
United States.................... 2,381 2,584
Canada........................... 771 846
Overseas......................... 1,047 1,079
Total.......................... 4,199 4,509
Net Production of Crude Oil and NGL
(thousand barrels per day)
United States--crude oil......... 170 183
--NGL............... 116 107
Canada--crude oil................ 50 53
--NGL...................... 10 11
Overseas......................... 308 290
Total.......................... 654 644
Operating Statistics (continued)
Three Months Ended
March 31,
1997 1996
U.S. Refined Product Sales
(thousand barrels per day)
Gasoline......................... 585 611
Distillates...................... 329 367
Other products................... 157 148
Total.......................... 1,071 1,126
Input to U.S. Crude Units
(thousand barrels per day)......... 877 913
Refinery Utilization Rate.......... 87% 90%
Exploration and Production - U. S.
U.S. E&P operations earned $365 million in the first three months
of 1997 compared with $281 million for the similar 1996 period.
The increase primarily resulted from higher energy prices, which
more than offset lower production reflecting normal field
declines and dispositions.
Amoco's first-quarter U.S. natural gas prices averaged
approximately $2.50 per thousand cubic feet ("mcf"), over $.70
per mcf above the first quarter of 1996. Amoco's average crude
oil prices increased about $3.40 per barrel and averaged almost
$20.90 per barrel for the quarter.
Altura Energy Ltd. ("Altura") began operations March 1, 1997.
Altura, a limited partnership formed by Amoco and Shell Oil
Company, combined the two companies' E&P assets in the Permian
Basin area of west Texas and southeast New Mexico. Amoco has a 64
percent interest.
Exploration and Production - Canada
Canadian operations earned $81 million in the first quarter of
1997 compared with restated 1996 first-quarter earnings of $34
million, excluding gains of $56 million on the sale of assets.
The gain on asset dispositions included the sale of Amoco's
remaining investment in Crestar Energy Inc. The operating
earnings improvement resulted primarily from higher energy prices
and lower exploration expenses, partially offset by lower
production due to property dispositions and natural field
declines.
Amoco's Canadian natural gas prices averaged $1.80 per mcf for
the quarter, about 65 cents higher than 1996's first quarter.
Canadian crude oil prices averaged $17.00 per barrel for the
first quarter of 1996, 16 percent higher than the prior-year
first quarter average.
Exploration and Production - Overseas
Overseas E&P operations earned $127 million for the first three
months of 1997 compared with $121 million earned in the first
quarter of 1996. Favorably affecting 1997 earnings were higher
crude oil production and prices compared with 1996. Partly
offsetting were higher exploration expenses and lower natural gas
production.
Petroleum Products
Petroleum Products activities earned $28 million for the first
three months of 1997, compared with restated earnings of $62
million for the comparable 1996 period. The 1996 earnings,
previously reported as $18 million, were restated to include
Canadian supply and marketing operations for crude oil, sulfur
and natural gas liquids.
The decline in first-quarter 1997 earnings resulted from higher
refining maintenance costs and lower throughput, reflecting
planned turnaround at Amoco's largest refineries. First-quarter
1997 earnings from Canadian supply and marketing operations
increased compared with the first quarter of 1996.
Chemicals
Chemical earnings of $147 million for the first quarter of 1997
compared with $240 million for the similar 1996 period. The
decline in first-quarter earnings primarily reflected reduced
paraxylene and purified terephthalic acid (PTA) margins from high
prior-year levels. Favorably affecting earnings were higher
olefins margins and increased sales volumes for most product
lines. Sales volumes for both PTA and paraxylene increased over
35 percent, in part reflecting Amoco's recent capacity additions.
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 $74
million for the first three months of 1997, compared with net
expenses after tax of $66 million in the corresponding 1996
period.
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
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 worldwide barrel-oil-equivalent
production is expected to increase from 1996 levels by 25 percent
over the next five years, with the largest increases expected to
occur in the later years. Production in 1997 is expected to
increase slightly, with incremental production anticipated from
the Gulf of Mexico, and production from Venezuela, Colombia and
Bolivia.
In the petroleum products sector, Amoco does not anticipate a
significant improvement in U.S. industry refining margins in the
near term. Amoco will continue to pursue additional cost
reduction programs and improved asset utilization. Amoco's
marketing strategy will continue to emphasize brand product
quality and growth in its position as a convenience retailer.
Strategic alliances with such companies as McDonald's Corporation
and Femsa in Mexico are expected to be expanded.
In the chemical sector, Amoco's overall strategy is to manage its
portfolio to optimize the quality of its businesses through
acquisitions, divestments and selectively investing in local
market growth for existing businesses. While current industry
excess PTA capacity is putting downside pressure on margins, long-
term worldwide growth is expected to be 8 percent. PTA expansions
are scheduled to be completed over the next two years at wholly
owned facilities in South Carolina and Belgium, and joint-venture
plants in China and Indonesia. PX long-term annual growth is
expected to be 6 percent. A PX joint-venture plant in Singapore
began commercial production in early 1997. In addition, Amoco
announced plans to build a $250 million (Canadian) alpha olefins
plant in Alberta, Canada, with initial production capacity of 550
million pounds per year.
Liquidity and Capital Resources
Cash flows from operating activities for the first three months
of 1997 amounted to $920 million compared with $781 million in
the prior-year period. Working capital of $1,012 million at March
31, 1997 compared with $924 million at December 31, 1996. The
Corporation's current ratio was 1.17 to 1 at March 31, 1997,
compared with 1.15 to 1 at year-end 1996. 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 $5.4 billion at March 31, 1997 and $5.1
billion at year-end 1996. Debt as a percentage of debt-plus-
equity was 24.5 percent at March 31, 1997, and 23.6 percent at
year-end 1996. 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 1997 totaled $345
million. The quarterly dividend was raised to 70 cents per share
for the first quarter of 1997, an increase of 5 cents per share,
or eight percent, over the previous rate.
Through March 1997, 3.2 million shares of Amoco's common stock
were repurchased at a cost of $275 million as part of the $2
billion, two-year common stock repurchase program.
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, 1997, bank lines of credit
available to support commercial paper borrowings amounted to $500
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. In early 1997, the $100
million remaining under this registration was issued.
Capital and exploration expenditures for the first three months
of 1997 totaled $987 million compared with $904 million for the
similar 1996 period. Approximately 79 percent of the 1997
expenditures was spent in E&P operations. Amoco previously
announced a 1997 capital and exploration spending program of $4.1
billion, compared with 1996 spending of $4.6 billion. The 1997
capital spending program excludes $307 million for pre-funding in
April 1997 expenditures relating to the operatorship and 50
percent ownership in a Bolivian oil and gas company, Empresa
Petrolera Chaco.
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.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995.
Statements in this report that are not historical facts,
including statements under the heading of "Outlook" and other
statements about industry and company growth, estimates of
expenditures and savings, and other trend projections are forward
looking statements. The statements are based on current
expectations and involve risk and uncertainties. Actual future
results or trends may differ materially depending on a variety of
factors. These include specific factors identified in the
discussion accompanying such forward looking statements, industry
product supply and pricing, political stability and economic
growth in relevant areas of the world, the Company's successful
execution of its internal performance plans, successful
partnering, actions of competitors, natural disasters and other
changes to business conditions.
PART II--OTHER INFORMATION
Item 1. Legal Proceedings
Reference is made to the description of the challenge by the
Internal Revenue Service 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 1992 in Part I, Item
3 of Amoco's 1996 Form 10-K.
Thirteen 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 $7.6 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 22,
1997.
(b) Not applicable
(c) Four 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: Erroll B.
Davis, Jr., shares for 421,919,642, shares withheld 2,435,553; H.
Laurance Fuller, shares for 421,718,928, shares withheld
2,636,267; Martha R. Seger, shares for 421,839,169, shares
withheld 2,516,026; Theodore M. Solso, shares for 422,036,228,
shares withheld 2,318,967; Abstentions for the nominees as a
group totaled 2,636,267. 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
1997 the results were as follows: shares for 422,292,286, shares
against 1,020,881 and abstentions 1,042,028.
(d) Not applicable
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Item 5. Other Information
Shown below is summarized financial data of Amoco's wholly
owned subsidiary, Amoco Company.
Three Months
Ended
March 31,
1997 1996
(millions of dollars)
Total revenues (including excise taxes)... $ 8,074 $ 7,404
Net income................................ $ 556 $ 598
March 31, Dec. 31,
1997 1996
Current assets............................ $ 6,894 $ 6,361
Total assets.............................. $29,809 $29,208
Current liabilities....................... $ 5,100 $ 4,926
Long-term debt - affiliates............... $ 4,645 $ 4,731
- other.................... $ 2,076 $ 2,190
Deferred credits.......................... $ 4,643 $ 4,524
Minority interest......................... $ 131 $ 131
Shareholder's equity...................... $13,131 $12,630
Shown below is summarized financial data of Amoco's wholly
owned subsidiary, Amoco Canada.
Three Months
Ended
March 31,
1997 1996
(millions of dollars)
Revenues.................................. $ 1,350 $ 1,033
Net income................................ $ 141 $ 93
March 31, Dec. 31,
1997 1996
Current assets............................ $ 1,487 $ 1,615
Total assets.............................. $ 4,300 $ 4,412
Current liabilities....................... $ 836 $ 1,110
Non-current liabilities................... $ 3,398 $ 3,377
Shareholder's equity (deficit)............ $ 66 $ (75)
Shown below is summarized financial data of Amoco's indirectly
wholly owned subsidiary, Amoco Argentina.
Three Months
Ended
March 31,
1997 1996
(millions of dollars)
Revenues.................................. $ 85 $ 75
Net income................................ $ 32 $ 27
March 31, Dec. 31,
1997 1996
Current assets............................ $ 322 $ 251
Total assets.............................. $ 699 $ 613
Current liabilities....................... $ 96 $ 87
Non-current liabilities................... $ 282 $ 237
Shareholder's equity...................... $ 321 $ 289
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) A current report on Form 8-K dated April 14, 1997, was filed
to restate segment earnings for the years 1996, 1995 and 1994,
and quarterly segment earnings for 1996 and 1995. The Corporation
changed the basis upon which operations are grouped for the
purpose of business segment reporting to maintain alignment with
changes made in its internal structure. Beginning with the first
quarter of 1997, Canadian supply and marketing operations for
crude oil, sulfur and natural gas liquids are included in the
Petroleum Products segment. Previously, those businesses were
reported in the E&P segment.
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Signature
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
Amoco Corporation
(Registrant)
Date: May 13, 1997
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,
1997 1996 1995 1994 1993 1992
Determination of Income:
Consolidated earnings
before income taxes
and minority interest $ 943 $3,965 $2,404 $2,491 $2,506 $ 998
Fixed charges expensed
by consolidated
companies............ 105 412 406 316 350 376
Adjustments for certain
companies accounted
for by the equity
method............... (1) 69 25 7 11 28
Adjusted earnings plus
fixed charges........ $1,047 $4,446 $2,835 $2,814 $2,867 $1,402
Determination of Fixed Charges:
Consolidated interest
on indebtedness
(including interest
capitalized)......... $ 81 $ 317 $ 317 $ 288 $ 299 $ 333
Consolidated rental
expense representa-
tive of an interest
factor............... 26 107 89 23 50 44
Adjustments for certain
companies accounted
for by the equity
method............... 2 8 6 5 8 20
Total fixed charges.... $ 109 $ 432 $ 412 $ 316 $ 357 $ 397
Ratio of earnings to
fixed charges.......... 9.6 10.3 6.9 8.9 8.0 3.5
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<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
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<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 300
<SECURITIES> 1027
<RECEIVABLES> 3537
<ALLOWANCES> 17
<INVENTORY> 1223
<CURRENT-ASSETS> 6812
<PP&E> 50876
<DEPRECIATION> 27537
<TOTAL-ASSETS> 31785
<CURRENT-LIABILITIES> 5803
<BONDS> 4011
0
0
<COMMON> 2626
<OTHER-SE> 13750
<TOTAL-LIABILITY-AND-EQUITY> 31785
<SALES> 8076
<TOTAL-REVENUES> 8993
<CGS> 5834
<TOTAL-COSTS> 5834
<OTHER-EXPENSES> 1607
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 78
<INCOME-PRETAX> 942
<INCOME-TAX> 268
<INCOME-CONTINUING> 674
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<PAGE>
<PAGE>
</TABLE>
