Arco Plans to Boost Capital Spending

Atlantic Richfield Co.’s directors voted to add $3.78 billion to the Los Angeles-based energy giant’s spending program, up 26% from 1997. Arco is entering the second year of a five-year plan to spend $19 billion on developing oil and gas reserves, and building its refining, marketing and chemical operations. “Our 1998 spending program will make it possible for us to achieve our goals for production growth of 4% to 5% over the next few years and annual reserves replacement in excess of 120%,” said Mike R. Bowlin, Arco chairman and chief executive. Arco shares rose 56 cents to close at $73.94 on the New York Stock Exchange.