Arco Increasing Capital Spending: Atlantic Richfield Co....

Arco Increasing Capital Spending: Atlantic Richfield Co. said it would step up spending for oil and gas exploration and development, earmarking 61% of its five-year, $18.6-billion capital program for the company’s three oil and gas divisions. Of that, $11.3 billion, or 72%, is going to domestic oil and gas development and 28% will go to international projects. “Alaska is still considered the most promising place in the United States for significant oil discoveries,” said Arco President Robert E. Wycoff at the annual shareholders meeting in Los Angeles.