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Gold/Mining/Energy : Conoco (COC) - The biggest U.S. IPO ever -- Ignore unavailable to you. Want to Upgrade?

To: Bwoo who wrote (39)	1/15/1999 3:25:00 PM
From: Night Writer	Respond to of 123

General information of interest. Nothing new for the oil business right now. NW Arco To Cut 200 More Jobs .c The Associated Press LOS ANGELES (AP) -- Atlantic Richfield Co. will eliminate 300 more jobs and take a fourth-quarter charge of $890 million to cover the cost of the layoffs and reflect the shrinking value of oil holdings in Europe, the Middle East and elsewhere. The announcement today follows a trend of cutbacks and consolidations throughout the oil industry, which has been battered by falling prices and lower demand for petroleum products ranging from gasoline and natural gas to petrochemicals. Crude prices are at their lowest levels in more than a decade. The price for benchmark light sweet crude on Thursday was at $12.15 a barrel in futures trading on the New York Mercantile Exchange. The announcement of another 300 layoffs at Arco follows the company's decision last October to eliminate 900 jobs company-wide as part of a cost-cutting campaign designed to lower operating costs by $500 million. Since then, the company has found new areas where it can cut payroll, said spokeswoman Linda Dozier. The new reductions will include administrative and production workers at Arco operations in the United States, she said. Arco will take a $180 million after-tax charge to cover the cost of the 1,200 job cuts. A $790 million charge will be taken as a result of falling crude prices, which has undermined the estimated value of Arco oil fields in the Middle East, North Africa and the North Sea. ''Virtually every major oil company has in one way or another been adjusting their expectations,'' said Eugene L. Nowak, an analyst with ABN Amro in New York. ''It's now looking like a company that will not do this in the fourth quarter will be the exception.'' Phillips Petroleum Co. announced last week that it would eliminate 1,400 jobs to cut costs, and Conoco Inc. said in December that it would eliminate nearly 1,000. Texaco Inc. also has said it will eliminate about 1,000 jobs. Low prices also provided an impetus for the planned merger of giants Exxon Corp. and Mobil Corp., which expect $2.8 billion in cost savings. The drop in crude prices has been blamed on a variety of factors, including overproduction and the Asian economic crisis, reduced demand. ''I think it's fair to say everything went wrong,'' said Nowak. ''It doesn't surprise us we're seeing this massive turndown in expenditures plans.'' AP-NY-01-15-99 1448EST Copyright 1998 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without prior written authority of The Associated Press.

To: Bwoo who wrote (39)	1/20/1999 5:39:00 PM
From: Night Writer	Respond to of 123

I would like to see this. It sounds interesting and informative. NW EAI Interactive Game Technology Parlayed Into CD-ROM for Conoco Traditionally the Domain of the MTV Generation, EAI's Interactive Technology Helps Major Energy Company Communicate with Customers and Investors AMES, Iowa, Jan. 20 /PRNewswire/ -- Take a virtual helicopter flight to a deep-water drilling ship, illuminate the London skyline with power from a major gas field or soar over a Venezuelan oil-production site from inside an aerial tram with ConocoLand, a new CD-ROM developed by EAI Interactive, the interactive products division of Engineering Animation, Inc. (Nasdaq: EAII). Conoco (NYSE: COC), which recently completed a $4.4 billion initial public offering -- the largest in U.S. history -- is using this innovative new communications tool to inform and educate potential partners, customers, international governments and investors about the company's strategic areas of operation. "Although interactive CD-ROMs are generally associated with games and entertainment, EAI harnessed the excitement of this medium to produce a cutting-edge tool to tell the Conoco story," said Teresa Wong, project manager for new media at Conoco. "ConocoLand proves that gaming technology -- the same technology which gives computer games their exciting 3D look and feel -- is also an excellent tool for informing, educating and captivating corporate audiences." Tour ConocoLand Surrounded by colorful animation and 3D graphics, Conoco President and CEO Archie Dunham serves as ConocoLand tour guide, inviting tourists to explore Latin Land, Lone Star Land and Deepsea Land, among other stops. Each virtual tour stop includes an introduction from Dunham, several interactive activities and a movie theater with one or more films about the company's operations in that region. In Lone Star Land, for example, movie goers can choose to see "Big Business Texas Style;" in the Latin Land theater, patrons can choose between "Here's Heavy Oil" and "This is My Country." In addition, each theater lobby features creative and humorous "coming attraction" posters, with voice-over reviews of titles such as "Good Drill Hunting" and "A Fish Called Britannia." In each case, the reviews describe specifics of projects such as Conoco's Britannia platform in the North Sea. "ConocoLand's interactive features and 3D multimedia technology catapult our important audiences to places they could otherwise only read about, and invite them to actively participate in these virtual worlds," said Wong. "With its state-of-the-art interactive multimedia capabilities, EAI demonstrates that CD-ROMs and 3D technology are no longer the exclusive domain of entertainment and gaming companies," said Carol Jacobson, senior director at EAI Interactive. "We are delighted that Conoco selected EAI to produce this CD-ROM, and we were happy to infuse our signature brand of proprietary technology and multimedia talent into this project." About Conoco Conoco is a major, integrated energy company based in Houston, Texas and active in 40 countries. About EAI EAI Interactive is a leading developer of games and interactive products for the retail-software and educational markets. EAI is also a leading producer of enterprise-wide product data visualization and collaboration software solutions for manufacturing corporations. The company's corporate headquarters and technology center are located in Ames, Iowa, with offices worldwide. For more information about EAI, visit eai.com or call 515-296-9908. For more information about Conoco, visit conoco.com Teresa Wong can be reached at 281-293-1066. SOURCE Engineering Animation, Inc. CO: Engineering Animation, Inc.; Conoco; EAI Interactive ST: Iowa, Texas IN: CPR OIL SU: 01/20/99 08:02 EST prnewswire.com