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AMOCO ANNOUNCES 1992 CAPITAL AND EXPLORATION BUDGET OF $3.7 BILLION

AMOCO ANNOUNCES 1992 CAPITAL AND EXPLORATION BUDGET OF $3.7 BILLION
 CHICAGO, Dec. 17 /PRNewswire/ -- Amoco Corporation (NYSE: AN) today announced a capital and exploration budget of $3.7 billion for 1992.
 The 1992 budget is 11 percent less than the $4.16 billion the company estimates it will spend in 1991, and is flat with 1990 spending.
 Amoco Chairman H. Laurance Fuller said the company's 1992 spending plans reflect a challenging business environment that has characterized 1991.
 "We are not looking for any year-to-year real increases in oil or gas prices in the short term," Fuller said. "In fact, we expect the average price of West Texas Intermediate crude to be down slightly in 1992 as compared with the average 1991 price."
 Amoco's refining, marketing, and transportation activities are budgeted for a 31 percent increase in capital spending in 1992 as compared with estimated 1991 spending. The majority of the increase will be used to fund projects enabling Amoco to produce environmental gasoline and low-sulfur diesel fuel and meet environmental regulations already in place.
 "We are a major competitor in the downstream part of the business," Fuller said. "We know what we are about, and we intend to make our downstream system viable for the 1990s and beyond."
 Fuller noted that Amoco's exploration and production operations' capital and exploration spending in 1992 is budgeted to decline by about 18 percent as compared with estimated spending in 1991. However, the upstream part of the business will continue to receive more than 50 percent of the corporation's capital and exploration budget.
 "We are optimistic about this sector of our business," said Fuller. "During 1992, we will be spending money on some key strategic projects. We also will defer some projects that can be put off until later years."
 Amoco's chemical business will see about a 22 percent decline versus 1991 estimated capital spending. "There are key chemical projects that we want to do. However, it is a question of timing, and we believe some of them can be deferred for the time being," he said.
 Amoco's total spending for environmental projects will climb to about $675 million, up 88 percent from the estimated $360 million that will be spent in 1991.
 Fuller added that Amoco will remain flexible in its capital spending next year due to the uncertainty in world oil markets.
 -0- 12/17/91
 /CONTACT: Patricia Wright, 312-856-5566, or Ralph Stow, 312-856-5481, both of Amoco/
 (AN) CO: Amoco Corporation ST: Illinois IN: OIL SU: FC -- NY063 -- 3011 12/17/91 14:11 EST
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Publication:PR Newswire
Date:Dec 17, 1991
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