Amoco Swings A Big Ax

Even for a huge energy company, $800 million is a big number. That's how much Amoco says it will take as an after-tax write-off in the second quarter. The charge covers $250 million for disposing of some oil and gas production properties and $220 million more for ditching some chemical operations. The $28 billion Chicago oil company also plans to cut its work force by about 15%, or 8,500 workers, by the end of 1993. Lower oil and natural gas prices, which have crimped earnings and cash flow, triggered the overhaul. Amoco says the cuts will save it $600 million a year.