NEWS BULLETIN

January 27, 1998 --- Vol. 4, No. 6January 1998

ARCO realigns; Wade, Thompson, Meyers, promoted

ARCO announced corporate management realignments Jan. 27 affecting its Alaska oil and gas operations.

Mike R. Bowlin, ARCO chairman and chief executive officer, said in a statement that the corporate changes are designed “to provide for a forward looking management succession process, growth in the company’s international operations, and a strengthening of ARCO’s approach to corporate governance.”

He characterized the changes as necessary for the company to prepare itself for a greater global presence in the 21st century.

William E. Wade Jr. will become president of ARCO, filling a position that has been vacant for nearly three years. Wade was formerly executive vice president responsible for a number of the company’s domestic and international oil and gas businesses.

In his new capacity, Wade will work with Bowlin in a newly formed office of the chairman and share various leadership responsibilities in representing ARCO before key governmental, industry and other parties with which ARCO has major business relationships. Included in his new responsibilities will be the company’s global gas development and marketing strategy.

Four executive vice presidents

Bowlin said ARCO is restructuring the company at the executive vice president level “to include four highly capable leaders who will head up the company’s business operations. These changes,” he said, “will provide increased operational experience at the executive management level and improve our operational and international focus.”

ARCO’s worldwide upstream oil and gas operations will be split into two geographical components. One will encompass operations in Alaska, the Asia-Pacific Rim and California. The other component will include upstream activities in all other global markets including Latin America, Europe, Africa and the Middle East, as well as the Mid Continent and Gulf of Mexico regions of the United States.

Alaskans promoted

Ken Thompson, currently president of ARCO Alaska Inc., is promoted to executive vice president in charge of the company’s upstream operations in Alaska, the Asia-Pacific Rim and California. Additionally, he will be responsible for overseeing the company’s worldwide exploration program.

Thompson will continue to reside in Alaska for the foreseeable future and will be the chairman and chief executive officer of ARCO Alaska. Kevin O. Meyers, currently senior vice president of ARCO Alaska, will become president and chief operating officer of that wholly owned entity.

Other executive vice presidents

Leading the company’s upstream operations in all other parts of the world is Michael E. Wiley, already an executive vice president, who will also continue to be responsible for ARCO’s exploration and production research technology division, as well as remaining chairman of Vastar Resources Inc., ARCO’s publicly traded oil and gas company based in Houston.

The company’s other two executive vice presidents, Marie Knowles and Tony Fernandes, will continue in their present assignments. Knowles is the company’s chief financial officer. Fernandes is responsible for ARCO’s downstream refining and marketing businesses as well as the company’s interests in aluminum and coal. Fernandes will also assume responsibility for ARCO’s pipeline and crude oil marketing businesses and will remain chairman of ARCO Chemical Co., a publicly traded chemical company based in Newton Square, Pa.


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