ARCO MAKING ADDITIONAL CUTS.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Atlantic Richfield Co. will eliminate 300 more jobs and take charges of $890 million in the fourth quarter, continuing a trend of cutbacks and consolidation in an oil industry battered bat·ter 1 v. bat·tered, bat·ter·ing, bat·ters v.tr. 1. To hit heavily and repeatedly with violent blows. 2. To subject to repeated beatings or physical abuse. 3. by low crude prices and weak demand. The fourth-quarter, after-tax charge includes writedowns to reflect the shrinking value of oil holdings in the Middle East, North Africa and the North Sea. As crude prices have fallen, so has the estimated value of Arco's holdings. Crude prices are at their lowest levels in more than a decade, with light sweet crude selling for $12.23 per barrel in spot trading Friday on the New York Mercantile Exchange New York Mercantile Exchange (NYMEX) The world's largest physical commodity futures exchange. . The announcement of an additional 300 layoffs at Los Angeles-based Arco follows the company's decision in October to eliminate 900 jobs companywide as part of a cost-cutting campaign designed to lower operating costs operating costs npl → gastos mpl operacionales by $500 million. |
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