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.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- China Warns It May Retaliate If U.S. Imposes Metal Tariffs
- Box-Office Smash ‘Black Panther’ May Be Game Changer for Artists
- European Stocks Extend Rally; Dollar Steady: Markets Wrap
- All 65 Aboard Plane Feared Dead in Crash in Southern Iran
- Noble Group Flags a $5 Billion Loss as Debt-Deal Endgame Nears