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AMOCO 1992 YEAR-END SUMMARY

 CHICAGO, Dec. 30 /PRNewswire/ -- Amoco Corporation's (NYSE: AN) strategic reassessment of business operations in 1992 dominated its year. A corporate-wide cost-cutting effort that includes paring 8,500 jobs -- 16 percent of the year-end 1991 workforce -- should save $600 million annually by the end of 1993, the company announced in July. Following is a brief summary of operating company highlights from 1992.
 Amoco Oil Company
 During 1992, Amoco's refining and marketing subsidiary:
 -- maintained its market share leadership position in its 29-state marketing area at five-plus points ahead of its nearest competitor.
 -- solidified its lead in the alternative fuels market by establishing a separate business unit to market compressed natural gas (CNG) in the U.S. and abroad. In the U.S., Amoco has 12 CNG re-fueling facilities, including nine that opened in 1992.
 -- rolled out new crystal clear Amoco Ultimate premium gasoline, which improves engine performance and reduces emissions.
 -- added 400 stations to its used oil recycling network, bringing to 1,036 the number of locations where motorists can drop off their used motor oil.
 -- completed a joint pollution prevention study with the U.S. Environmental Protection Agency at Amoco's Yorktown, Va., refinery. Results of the study showed that environmental management can be accomplished more cost effectively if regulations set goals rather than prescribe specific solutions.
 Amoco Production Company
 Amoco's exploration and production subsidiary in 1992:
 -- signed exploration agreements with Poland and Romania, and was the first major western petroleum company to agree to an onshore China exploration contract.
 -- submitted development plans to its Chinese partners for the offshore Liuhua field in the South China Sea.
 -- completed five development wells and announced a successful exploratory well in Sharjah in the United Arab Emirates.
 -- set oil production records in the Valhall field offshore Norway and the October field in Egypt's Gulf of Suez.
 -- opened an office in Mexico City and worked with Pemex, the state oil company, to identify areas for technical assistance.
 -- continued work on major offshore projects that will begin operations in 1993. Natural gas from two fields will start flowing through the Central Area Transmission System in the United Kingdom sector of the North Sea in April. Third-quarter gas production start- ups are planned for the P15/18 development project in the Dutch North Sea and the Immortelle field offshore Trinidad. Another Trinidadian gas field, Flambouyant, should begin producing soon.
 -- led six major competitors through the first three quarters of 1992 in earnings per barrel produced within the United States.
 Amoco Chemical Company
 During 1992, Amoco's chemical manufacturing and marketing subsidiary:
 -- began operating a 300-million pound per year polypropylene unit at its Chocolate Bayou plant near Alvin, Texas. Using Amoco's proprietary technology, the unit produces polypropylene that can replace other more expensive resins, allowing Amoco to enter new markets.
 -- formed a joint venture to build a 350,000-ton per year purified terephthalic acid plant in Indonesia. Construction is expected to begin in early 1993.
 -- began evaluating the potential of building paraxylene plants in Saudi Arabia and Venezuela.
 -0- 12/30/92
 /CONTACT: Greg Clock, 312-856-5481; or Tom Mueller, 312-856-5388; both of Amoco Corporation/
 (AN)


CO: Amoco Corporation ST: Illinois IN: OIL SU:

KK -- CL006 -- 0573 12/30/92 10:58 EST
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Date:Dec 30, 1992
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