ARCO [LOGO] Public Affairs N E W S 515 South Flower Street Mailing Address: Box 2679-T.A. Los Angeles, California 90051 Telephone 213 486 3511 For Release IMMEDIATELY March 28, 1994 ARCO PRESIDENT M. R. BOWLIN TO SUCCEED L. M. COOK AS CHIEF EXECUTIVE OFFICER ON JULY 1; COOK REMAINS CHAIRMAN OF BOARD OF DIRECTORS LOS ANGELES -- The election of ARCO President Mike R. Bowlin to succeed Lodwrick M. Cook as ARCO's Chief Executive Officer, effective July 1, was announced today following a meeting of ARCO's board of directors. Cook, 65, will remain Chairman of the board of directors until his retirement in June 1995, as previously announced. Cook has been ARCO's CEO since Oct. 15, 1985 and Chairman since Jan. 1, 1986. Bowlin, 51, has been ARCO's President and Chief Operating Officer since June 1, 1993. He will retain both titles when he becomes CEO. In a statement following the board meeting, Cook described the move as part of the orderly transition envisioned by ARCO's directors when they asked him to remain for two years beyond his expected retirement last June when he turned 65. "This transition period has enabled Mike to make important and constructive contributions to our long-term strategies. Despite the current turmoil in the world's crude - 1 - oil markets, ARCO remains confident in the viability of these strategies which Mike and his team will implement. "On a personal note, these nine years as CEO have been the most exciting and rewarding of my life. I am proud of all we have accomplished for our shareholders and employees. I hope to continue contributing to ARCO's success during my remaining period as Chairman." Bowlin said that under Cook's leadership ARCO has significantly expanded its international operations, pioneered the introduction of low-emission, cleaner-burning fuels, and reorganized for greater efficiency and profitability. "Lod has also been the consummate corporate citizen, involving himself and the company in the life of communities where ARCO has a presence," said Bowlin. "He leaves a unique legacy." Bowlin, a native of Amarillo, Texas and graduate of the University of North Texas where he received BA and MBA degrees, joined ARCO in 1969 as a personnel representative. He went on to hold a number of human resource and administrative management positions. In 1985 he was appointed President of ARCO Coal Company. In 1987 he became Senior Vice President for International Oil and Gas Acquisitions, then President of ARCO International Oil and Gas Company. In 1992 he was elected Executive Vice - 2 - President of ARCO. A year later he became President and Chief Operating Officer. Cook joined ARCO in 1956 as an engineer trainee. He went on to hold management positions in labor relations, refining and marketing, planning, supply and transportation. While President of ARCO Transportation Company, he also served as Chairman of the Owners' Committee of the Trans Alaska Pipeline System. During the 1980s he held a number of senior positions related to the company's downsizing and restructuring. In October 1985 he was elected ARCO President and Chief Executive Officer, succeeding William F. Kieschnick. Three months later he succeeded Robert O. Anderson as Chairman. # # # For information, contact: Albert Greenstein (213) 486-3384 - 3 -