Amoco, BP plan $48-billion merger

Article Abstract:

British Petroleum Co. PLC (BP) is purchasing Amoco Corp. of the US for $48 billion in stock under a deal dubbed as the largest industrial merger to date, creating a new firm called BP Amoco PLC. In the agreement, BP will also own Amoco's debt, which amounted to C$4.9 billion as of Mar. 31, 1998. The merger is the biggest in the history of the oil sector, resulting in a company with an aggregate 1997 revenue of $108 billion and a total profit of $5.2 billion. The new company's stock will be owned 40% by Amoco shareholders, while the 60% will be held by BP shareholders.

Comment:

To be purchased by British Petroleum for $48 bil, creating new firm called BP Amoco PLC

United Kingdom, United States, Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Organizational history, British Petroleum Company PLC, BP PLC, Amoco Corp.

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CanOxy to tap into Nigeria's oil reserves

Article Abstract:

Canadian Occidental Petroleum Ltd., a Calgary, Alberta-based company, has formed a joint venture with Elf Aquitaine SA, a French petroleum giant, to enter the massive offshore oil reserves of Nigeria. Under the joint venture deal, which has already gained approval by the Nigerian government, Canadian Occidental Petroleum purchased a 20% interest in five blocks of exploration lands offshore and onshore controlled by Elf. A spokesperson of Canadian Occidental Petroleum said the company has contract to drill five exploratory wells until April 1999.

Comment:

Forms jv w/ Canadian Occidental Petroleum Ltd to enter massive offshore oil reserves of Nigeria

Joint ventures, Nigeria, Canadian Occidental Petroleum Ltd., Elf Aquitaine S.A.

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Hurricane Hydrocarbons sale could follow shakeup

Article Abstract:

Calgary, Alberta-based Hurricane Hydrocarbons Ltd.'s president and chief executive officer, John Komarnicki, has relinquished his post in the petroleum company. Komarnicki's resignation is seen as a part of the efforts of the company to reorganize operations following the decline in the value of its stock in light of unfavorable market conditions in Russia and in Asia. The firm has likewise expressed plans to hire a financial adviser in an effort to explore strategic options to maximize the returns of investment in favor of shareholders.

Comment:

Its president & CEO, John Komarnicki, relinquishes post in petroleum company

Executive changes & profiles, Alberta, Hurricane Hydrocarbons Ltd.

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