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Merger Of Oil Majors Brings New AMO Jobs
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| Purchase Of ARCO By BP Amoco Adds 'Prudhoe Bay' To Union Tanker Fleet | |||
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A merger between two oil majors produced a job windfall for AMO May 3 when the tanker Prudhoe Bay joined the union's deep-sea fleet roster. The 71,000-ton tanker, formerly owned and operated by Atlantic Richfield Co., is now operated by Crowley Petroleum Transport Inc., which employs AMO engine and deck officers on the Prudhoe Bay and two other tankers, the Blue Ridge and Coast Range. The ships operate in domestic markets along the East and West Coasts. The Prudhoe Bay's transfer to the Crowley tanker fleet was a result of the acquisition of ARCO by BP Amoco LLC for $27.8 billion. The BP-ARCO coupling created the world's second-largest oil company not owned by a government. The largest is Exxon Mobil, which resulted from a merger in November 1999. The BP-ARCO merger was approved 5-0 by the Federal Trade Commission in mid-April after ARCO agreed to sell all of its Alaskan oil production to Phillips Petroleum Co. for about $6.5 billion. ARCO also sold the balance of its West Coast tanker fleet to Phillips. With its ARCO acquisition, BP-Amoco owns 27 percent of the crude oil and natural gas tapped from Alaska's North Slope at Prudhoe Bay. | |||
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