Arco Sees Oil, Gas and Earnings Growth

Atlantic Richfield Co. said it expects to increase its global oil and gas output each of the next five years, beat a previous annual earnings goal of $2 billion and boost its stock price, all by 2000. Los Angeles-based Arco sees average annual growth of more than 4% in oil and gas production, with the increase coming from already identified projects worldwide, said Mike Bowlin, chairman and chief executive. Total international reserves will more than double by 2000, he said. To develop those reserves and build its refining, marketing and chemical businesses, Arco’s capital spending will total $19 billion for 1997 through 2001, up from $14 billion in the previous five-year period, Bowlin said. Arco earlier announced a 2-for-1 stock split, effective June 13. Shares rose 12.5 cents to close at $129.75 on NYSE.