SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1994 or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-170-2
AMOCO CORPORATION
(Exact name of registrant as specified in its charter)
INDIANA 36-1812780
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 EAST RANDOLPH DRIVE, CHICAGO, ILLINOIS 60601
(Address of principal executive offices) (Zip Code)
312-856-6111
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address, and former fiscal year, if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Number of shares outstanding as of June 30, 1994--496,730,103.
1.
PART I--FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statement of Income
(millions of dollars)
Three Months Six Months
Ended Ended
June 30, June 30,
1994 1993 1994 1993
Revenues:
Sales and other operating revenues $ 6,596 $ 6,486 $12,457 $12,719
Consumer excise taxes............. 871 684 1,670 1,330
Other income...................... 568 55 673 119
Total revenues................ 8,035 7,225 14,800 14,168
Costs and Expenses:
Purchased crude oil, petroleum
products and merchandise........ 3,482 3,344 6,379 6,577
Operating expenses................ 1,260 1,168 2,390 2,416
Petroleum exploration expenses,
including exploratory dry holes. 163 104 277 196
Selling and administrative expenses 695 438 1,161 957
Taxes other than income taxes..... 1,077 889 2,068 1,756
Depreciation, depletion, amorti-
zation, and retirements and
abandonments.................... 575 519 1,114 1,061
Interest expense.................. 64 82 135 173
Total costs and expenses...... 7,316 6,544 13,524 13,136
Income before income taxes.......... 719 681 1,276 1,032
Income taxes........................ 309 194 468 316
Net income.......................... $ 410 $ 487 $ 808 $ 716
Weighted average number of shares
of common stock outstanding (in
thousands)........................ 496,650 496,819 496,548 496,683
Per Share Data (Based on weighted
average shares outstanding):
Net income.......................... $ .83 $ .98 $ 1.63 $ 1.44
Cash dividends per share............ $ .55 $ .55 $ 1.10 $ 1.10
2.
Consolidated Statement of Financial Position
(millions of dollars)
June 30, Dec. 31,
1994 1993
ASSETS
Current Assets:
Cash............................................. $ 102 $ 103
Marketable securities--at cost,
which approximates fair value.................. 834 1,114
Accounts and notes receivable (less allowances
of $65 at June 30, 1994, and $65 at
December 31, 1993)............................. 3,723 3,196
Inventories
Crude oil and products......................... 761 813
Materials and supplies......................... 298 297
Prepaid expenses and income taxes................ 631 571
Total current assets........................... 6,349 6,094
Investments and Other Assets:
Investments and related advances................. 362 318
Long-term receivables and other assets........... 747 705
1,109 1,023
Properties--at cost, less accumulated
depreciation, depletion and amortization of
$24,001 at June 30, 1994, and $23,204
at December 31, 1993 (The successful efforts
method of accounting is followed for costs
incurred in oil and gas producing activities).... 21,378 21,369
Total assets................................... $28,836 $28,486
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term obligations......... $ 49 $ 53
Short-term obligations........................... 646 1,007
Accounts payable................................. 2,547 2,473
Accrued liabilities.............................. 1,052 974
Taxes payable (including income taxes)........... 975 836
Total current liabilities...................... 5,269 5,343
Long-Term Debt..................................... 4,124 4,037
Deferred Credits and Other Non-Current Liabilities:
Income taxes..................................... 3,087 2,995
Other............................................ 2,380 2,425
5,467 5,420
Minority Interest.................................. 14 21
3.
Shareholders' Equity:
Common stock (authorized 800,000,000 shares;
issued and outstanding at June 30, 1994
--496,730,103 shares; December 31, 1993
--496,401,099 shares).......................... 2,160 2,147
Earnings retained and invested in the business... 11,819 11,557
Foreign currency translation adjustment.......... (17) (39)
13,962 13,665
Total liabilities and shareholders' equity..... $28,836 $28,486
3.
Consolidated Statement of Cash Flows
(millions of dollars)
Six Months Ended
June 30,
1994 1993
Cash Flows From Operating Activities:
Net income......................................... $ 808 $ 716
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, amortization, and
retirements and abandonments................... 1,114 1,061
Increase in receivables.......................... (700) (29)
Decrease in inventories.......................... 51 25
Increase (decrease) in payables and accrued
liabilities.................................... 287 (544)
Deferred taxes and other items................... (170) 150
Net cash provided by operating activities...... 1,390 1,379
Cash Flows From Investing Activities:
Capital expenditures............................... (1,111) (1,235)
Proceeds from dispositions of properties
and other assets................................. 97 263
New investments, advances and business
acquisitions..................................... (8) (9)
Proceeds from sales of investments................. 175 28
Other.............................................. 4 10
Net cash used in investing activities.......... (843) (943)
Cash Flows From Financing Activities:
New long-term obligations.......................... 104 553
Repayment of long-term obligations................. (38) (1,033)
Cash dividends paid................................ (546) (546)
Issuances of common stock.......................... 13 21
Increase (decrease) in short-term obligations...... (361) 261
Net cash used in financing activities.......... (828) (744)
Decrease in Cash and Marketable Securities........... (281) (308)
Cash and Marketable Securities-Beginning of Period... 1,217 1,288
Cash and Marketable Securities-End of Period......... $ 936 $ 980
4.
Basis of Financial Statement Preparation
The consolidated financial statements contained herein are unaudited and
have been prepared from the books and records of Amoco Corporation ("Amoco"
or the "Corporation"). In the opinion of management, the consolidated
financial statements reflect all adjustments, consisting of only normal
recurring adjustments, necessary for a fair statement of the results for
the interim periods. The consolidated financial statements have been
prepared in accordance with the instructions to Form 10-Q and, therefore,
do not include all information and notes necessary for a complete
presentation of results of operations, financial position and cash flows in
conformity with generally accepted accounting principles.
Item 2. Management's Discussion and Analysis
Results of Operations
Comparisons of net income for the first six months and second quarter were
affected by various items, summarized in the table below:
(Millions of dollars Six Months Second Quarter
Incr./(decr.) net income) 1994 1993 1994 1993
COET settlement $ 270 $ - $ 270 $ -
Restructuring accrual (256) - (256) -
Congo writedown - (170) - -
Tax obligations and other - 56 - -
Net income for the first six months of 1994 amounted to $808 million, or
$1.63 per share. Included in first-six-months results were second-quarter
restructuring charges of $256 million after tax. Of this amount, $146
million related to costs directly associated with the severance of
approximately 3,800 employees expected to occur over the next 12 months.
The remaining $110 million was attributable to various facility closings
and asset dispositions. Current-year results also included second-quarter
after-tax benefits of $270 million relating to final settlements with the
Internal Revenue Service involving crude oil excise taxes ("COET") in the
1980s. Excluding these items, first-six-months 1994 earnings were $794
million, or $1.60 per share.
Six-month 1993 earnings were $716 million, or $1.44 per share. Included in
these results were after-tax charges of $170 million related to the
writedown of Congo exploration and production operations to current
recoverable value, and tax benefits of $56 million associated with the
disposition of certain operations. Excluding these items, earnings for the
first six months of 1993 were $830 million, or $1.67 per share.
Adjusting both periods for these items, earnings for the first six months
of 1994 of $794 million were 4 percent below 1993's adjusted net income of
$830 million. The 1994 earnings decline mainly resulted from decreased
exploration and production earnings due to lower crude oil prices, which
averaged about $3 per barrel below last year's level. Also contributing to
the decline were lower refining, marketing and transportation earnings
5.
primarily attributable to lower refined product margins. Partly offsetting
were improved chemical earnings, resulting from higher volumes and margins
in major product lines, and lower net expenses in the corporate segment.
Second-quarter 1994 net income totaled $410 million, or $.83 per share,
compared with $487 million, or $.98 per share in the second quarter of
1993. Results for 1994 included the previously mentioned $256 million
restructuring charges and the $270 million favorable COET settlement.
Adjusting for these items, second-quarter 1994 earnings were $396 million,
or $.80 per share, $91 million lower than last year's second quarter
earnings of $487 million. Exploration and production earnings declined
reflecting lower crude oil prices worldwide, lower U.S. natural gas prices
and increased exploration expenses outside the United States. Refining,
marketing and transportation earnings decreased due to lower refined
product margins. Partially offsetting were improved chemical earnings on
the strength of higher volumes and margins in major product lines.
For the 12 months ended June 30, 1994, return on average shareholders'
equity was 14.1 percent compared with 13.7 percent for the 12 months ended
June 30, 1993. Return on average capital employed was 10.9 percent for the
12-month period ended June 30, 1994, compared with 10.7 percent for the
corresponding prior-year period.
Sales and other operating revenues totaled $12.5 billion for the first six
months of 1994, slightly below the $12.7 billion reported in the
corresponding 1993 period. Crude oil revenues decreased 15 percent and
refined product revenues declined 8 percent mainly due to lower prices.
Partly offsetting were a 23 percent increase in natural gas revenues
reflecting higher volumes worldwide, and a 16 percent improvement in
chemical revenues resulting from higher volumes and prices for major
product lines. Second-quarter 1994 sales and other operating revenues of
$6.6 billion were slightly higher than the $6.5 billion reported in 1993's
second quarter. Natural gas revenues increased 16 percent primarily
reflecting higher volumes, while chemical revenues improved 22 percent due
to increased volumes and prices. Partly offsetting was an 8 percent
decline in refined product revenues resulting from lower prices.
Consumer excise taxes increased 26 percent and 27 percent for the first six
months and second quarter of 1994, respectively, compared with last year's
levels, reflecting the effect of a tax increase on transportation fuels
resulting from the enactment of the Omnibus Budget Reconciliation Act of
1993. Higher other income for both the first six months and second quarter
of 1994 compared with the corresponding 1993 periods primarily reflected
the second-quarter 1994 COET settlement.
Purchases of crude oil, petroleum products and merchandise totaled $6.4
billion for the first six months of 1994, 3 percent lower than 1993's first
six months, primarily attributable to lower U.S. crude oil prices,
partially offset by higher natural gas and refined product volumes.
Second-quarter 1994 purchases of $3.5 billion were 4 percent higher than
the comparable prior-year quarter. Higher crude oil, refined product and
6.
U.S. natural gas purchase volumes were partly offset by lower crude oil and
refined product prices.
Operating expenses totaled $2.4 billion for the first six months of 1994,
essentially level with the corresponding 1993 period. Second-quarter 1994
results included restructuring charges of $169 million related to various
facility closings and asset dispositions. Included in first-quarter 1993
results were charges associated with the writedown of Congo exploration and
production operations. Second-quarter 1994 operating expenses were 8
percent above 1993's second quarter mainly reflecting the second-quarter
1994 restructuring charges.
Petroleum exploration expenses of $277 million in the first six months of
1994 and $163 million in the second quarter of 1994 increased 41 percent
and 57 percent, respectively, compared with prior-year levels. The
increase in both periods was mainly attributable to higher dry hole costs
overseas.
Selling and administrative expenses for the first six months and second
quarter of 1994 were up 21 percent and 59 percent, respectively, primarily
resulting from second-quarter 1994 restructuring charges of $225 million
related to severance costs. Also contributing to the second-quarter
increase were lower foreign currency gains.
Taxes other than income taxes increased in both the first six months and
current quarter of 1994 by 18 percent and 21 percent, respectively,
compared with the prior-year periods principally due to increased consumer
excise taxes. Higher depreciation, depletion, amortization, and
retirements and abandonments in the first six months and second quarter of
1994 compared with 1993 resulted in part from increased production in the
North Sea. Interest expense decreased 22 percent for both the first six
months and second quarter of 1994, compared with the corresponding 1993
periods, primarily due to the effects of 1993 debt refinancing and revised
estimates of future tax obligations.
Results by Industry Segment
Six Months Second Quarter
(Millions of dollars) 1994 1993 1994 1993
Exploration and Production
United States $ 505 $ 483 $ 298 $ 230
Non-U.S. 7 (41) (54) 53
Refining, Mktg. and Trans. 159 342 55 262
Chemicals 196 97 106 43
Other Operations* (124) (41) (104) (19)
Corporate 65 (124) 109 (82)
Net Income $ 808 $ 716 $ 410 $ 487
* Other Operations include technology operations, offshore contract
drilling, real estate interests, hazardous-waste incineration and
other activities.
7.
U.S. Exploration and Production
U.S. exploration and production operations earned $505 million and $298
million in the first six months and second quarter of 1994, respectively,
compared with $483 million and $230 million for the corresponding 1993
periods. Earnings for 1994 included second-quarter restructuring charges
of $47 million primarily related to severance costs, and $90 million
associated with the favorable COET settlement. Included in 1993 results
were second-quarter provisions of $63 million for the estimated future
costs of environmental remediation activities. Adjusting the respective
periods for these charges, both 1994 six-month and second-quarter results
were below the comparable 1993 periods mainly reflecting lower crude oil
prices and volumes.
Amoco's crude oil prices for the first six months of 1994 averaged about $3
below the comparable 1993 period, and for the second quarter of 1994
averaged about $2 below the year-earlier period. Also contributing to the
second-quarter 1994 decline were lower natural gas prices, which averaged
about $.20 per thousand cubic feet below last year's second quarter.
Non-U.S. Exploration and Production
Exploration and production earnings outside the U.S. totaled $7 million for
the first six months of 1994, compared with a loss of $41 million in the
comparable 1993 period. Second-quarter 1994 exploration and production
operations incurred a loss of $54 million compared with second-quarter 1993
earnings of $53 million. Results for 1994 included second-quarter
restructuring charges of $20 million, primarily related to severance costs.
Included in 1993 results were first-quarter charges of $170 million related
to the writedown of Congo operations. Adjusting both periods for these
items, both 1994 six-month and second-quarter results were below the
comparable year-earlier levels, reflecting lower crude oil prices and
higher exploration expense. Also contributing to the decline were
second quarter unfavorable currency effects of $40 million and charges
relating to the Corporation's relinquishment of the Myanmar concession.
Partly offsetting for both periods were higher production volumes and
natural gas prices.
Natural gas and crude oil production outside the U.S. increased 5 percent
during the first six months and 3 percent during the second quarter of 1994
compared with the corresponding 1993 periods, primarily reflecting new
North Sea production.
Refining, Marketing and Transportation
Refining, marketing and transportation operations earned $159 million and
$55 million for the first six months and second quarter of 1994,
respectively. This compared with earnings of $342 million and $262 million
for the similar periods of 1993. Included in 1994 results were second-
quarter restructuring charges of $41 million, primarily related to
8.
severance costs. Results for 1993 included second-quarter benefits of $59
million related to a reduction in previous estimates of future costs for
environmental remediation activities. Excluding these items, the earnings
decline of $83 million in the first six months and $107 million in the
second quarter of 1994 compared with 1993 reflected lower refined product
margins in the United States. Also contributing to the decline were lower
earnings from natural gas liquids supply and marketing activities in
Canada.
U.S. refined product sales volumes for the first six months and second
quarter of 1994 improved by 4 percent compared with last year's similar
periods, mainly resulting from stronger distillate sales.
Chemicals
Chemical operations earned $196 million and $106 million for the first six
months and second quarter of 1994, respectively, compared with $97 million
and $43 million for the corresponding 1993 periods. Included in 1994
results were second-quarter restructuring charges of $36 million, primarily
related to severance costs. Excluding these charges, both six-month and
second-quarter 1994 earnings were higher than the comparable 1993 periods
principally due to higher volumes and margins for major product lines,
particularly for purified terephthalic acid ("PTA").
Worldwide PTA sales volumes for the first six months and second quarter of
1994 increased 16 and 22 percent, respectively, compared with last year's
first six months. Olefins sales volumes increased 13 percent for both the
first six months and second quarter of 1994 compared with the corresponding
1993 periods.
Other Operations and Corporate
Other operations, which include technology operations, offshore contract
drilling, real estate interests, hazardous-waste incineration and other
activities, incurred losses of $46 million for the first six months and $26
million for the second quarter of 1994, excluding second-quarter
restructuring charges of $78 million. The comparable results for 1993 were
losses of $41 million and $19 million, respectively.
Corporate activities, including net interest and other corporate expenses,
reported income of $65 million and $109 million for the first six months
and second quarter of 1994, respectively, compared with net expenses of
$124 million and $82 million in the corresponding 1993 periods. Results
for 1994 included second-quarter interest income of $180 million related to
the COET settlement and restructuring charges of $34 million. Included in
the 1993 results were first-quarter tax benefits of $56 million associated
with the disposition of certain operations. Adjusting for these items, net
expenses for the first six months and second quarter of 1994 were lower
than 1993 reflecting favorable currency effects and lower net interest
expense.
Outlook
9.
The Corporation and the oil industry will continue to be affected by the
price volatility of crude oil and natural gas. Also affecting chemical and
refining, marketing and transportation activities are crude oil prices and
the overall industry product supply and demand balance. Amoco's future
performance is expected to be impacted by ongoing cost reduction programs,
the divestment of marginal properties and underperforming assets,
application of new technologies and new governmental regulation.
In July 1994, Amoco announced that the organizational structure of the
Corporation was being changed to improve profitability, increase operating
flexibility and position the Corporation for long-term growth. The
Corporation's strategies now will be carried out by 17 business groups.
The three major subsidiaries have been effectively eliminated as operating
entities. A newly created shared services organization will provide
support service to the business units. As a result of the restructuring,
an after-tax charge of $256 million was taken in the second quarter of
1994. Approximately 3,800 positions will be eliminated by July 1995. An
additional 700 positions will be eliminated by the end of 1996 as a result
of ongoing process redesign to improve efficiencies in support functions.
Additional restructuring costs of approximately $200 million (after-tax)
are expected to be incurred through 1996 to reflect costs for system
redesign, relocations, work consolidation and development of new processes
in support of the restructuring.
Liquidity and Capital Resources
Cash flows from operating activities for the first six months of 1994
amounted to $1,390 million, essentially level with $1,379 million in the
prior-year period. Working capital of $1,080 million at June 30, 1994,
increased $329 million from $751 million at December 31, 1993. As a
result, the Corporation's current ratio increased to 1.20 to 1 at June 30,
1994, from 1.14 to 1 at year-end 1993. As a matter of policy, Amoco
practices asset and liability management techniques that are designed to
minimize its investment in non-cash working capital. This does not impair
operational capability or flexibility since the Corporation has ready
access to both short-term and long-term debt markets.
Amoco's debt totaled $4.8 billion at June 30, 1994, compared with $5.1
billion at year-end 1993. Debt as a percent of debt-plus-equity was 25.6
percent at June 30, 1994, compared with 27.1 percent at year-end 1993.
The Corporation believes its strong financial position will permit the
financing of business needs and opportunities in an orderly manner. It is
anticipated that ongoing operations will be financed primarily by
internally generated funds. Short-term obligations, such as commercial
paper borrowings, give the Corporation the flexibility to meet short-term
working capital and other temporary requirements. At June 30, 1994, bank
lines of credit available to support commercial paper borrowings amounted
to $490 million, all of which were supported by commitment fees. To
maintain flexibility, a shelf registration statement for $500 million in
debt securities remains on file with the Securities and Exchange Commission
to permit ready access to capital markets.
10.
Amoco Oil Company, a wholly owned subsidiary of the Corporation, announced
in April 1994 that it had signed a letter of intent to negotiate a contract
with subsidiaries of Associates Corporation of North America ("Associates")
whereby Associates would issue and process Amoco Oil's consumer credit
cards. Associates would become the grantor of credit, owner of the
receivables and manager of credit risks. In connection with the
transaction, Amoco Oil Company plans to sell certain of its assets related
to consumer credit cards to Associates. The transaction is expected to
close in the last half of 1994.
Capital and exploration expenditures for the first six months of 1994
totaled $1,388 million compared with $1,431 million for the comparable 1993
period. Over 70 percent of the total 1994 expenditures has been spent in
exploration and production operations. Amoco previously announced a full-
year capital and exploration expenditure budget of $3 billion for 1994.
The Corporation has provided in its accounts for the reasonably estimable
future costs of probable environmental remediation obligations relating to
various oil and gas operations, refineries, marketing sites and chemical
locations, including multiparty sites at which Amoco and certain of its
subsidiaries have been identified as potentially responsible parties by the
U.S. Environmental Protection Agency. Such estimated costs will be refined
over time as remedial requirements and regulations become better defined.
However, any additional environmental costs cannot be reasonably estimated
at this time due to uncertainty of timing, the magnitude of contamination,
future technology, regulatory changes and other factors. Although future
costs could have a significant effect on the results of operations in any
one period, they are not expected to be material in relation to Amoco's
liquidity or consolidated financial position. In total, the accrued
liability represents a reasonable best estimate of Amoco's remediation
liability.
PART II--OTHER INFORMATION
Item 1. Legal Proceedings
Reference is made to the description of legal proceedings in Part I, Item 3
of the Corporation's 1993 Annual Report on Form 10-K and the description of
legal proceedings in Part II, Item 1 of the Corporation's Report on Form
10-Q for the quarter ended March 31, 1994.
With respect to the Rubicon/Amoco Production matter, the case was dismissed
by the court on April 27, 1994.
See Item 6(b). The defendants in the Amoco Chemical/Amoco Reinforced
Plastics case have filed an appeal.
Ten proceedings instituted by governmental authorities are pending or known
to be contemplated against Amoco and certain of its subsidiaries under
federal, state and local environmental laws, each of which could result in
monetary sanctions in excess of $100,000. No individual proceeding is, nor
are the proceedings as a group, expected to have a material adverse effect
on Amoco's consolidated cash flows, financial position or results of
11.
operations. Amoco estimates that in the aggregate the monetary sanctions
reasonably likely to be imposed from these proceedings amount to
approximately $3.7 million.
Amoco has various other suits and claims pending against it among which are
several class actions for substantial monetary damages which in Amoco's
opinion are not meritorious. While it is impossible to estimate with
certainty the ultimate legal and financial liability in respect to these
other suits and claims, Amoco believes that the aggregate amount will not
be material in relation to its consolidated financial position.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
Shown below is summarized financial information as to the assets,
liabilities, and results of operations of Amoco's wholly owned
subsidiary, Amoco Company.
Three Months Six Months
Ended Ended
June 30, June 30,
1994 1993 1994 1993
(millions of dollars)
Total revenues (including
excise taxes).............. $ 7,397 $ 6,578 $13,533 $12,874
Operating profit............. $ 596 $ 738 $ 1,105 $ 1,168
Net income................... $ 561 $ 509 $ 938 $ 786
June 30, Dec. 31,
1994 1993
(millions of dollars)
Current assets........................ $ 4,965 $ 4,383
Total assets.......................... $24,179 $23,513
Current liabilities................... $ 3,910 $ 3,976
Long-term debt........................ $ 2,055 $ 1,967
Deferred credits...................... $ 4,469 $ 4,441
Shareholder's equity.................. $13,745 $13,129
12.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Sequentially
Exhibit Numbered
Number Page
12 Statement Setting Forth Computation of Ratio
of Earnings to Fixed Charges.
(b) Current reports on Form 8-K dated February 8, 1994
and April 25, 1994 were filed. The filing of
February 8, 1994 announced that a judgment was
entered on January 21, 1994 for approximately $413
million in favor of Amoco Chemical Company and
Amoco Reinforced Plastics Company, subsidiaries of
the Corporation, against certain underwriters and
insurance carriers relating to wrongful refusal
to pay for defense and settlement of product
liability lawsuits.
The current report on Form 8-K dated April 25, 1994
announced that a new judgment was entered on April 15,
1994 which revised the January 21, 1994 judgment to
approximately $108 million.
13.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Amoco Corporation
(Registrant)
Date: August 12, 1994
J. R. Reid
J. R. Reid
Vice President and Controller
(Duly Authorized and Chief
Accounting Officer)
14.