SECURITIES AND EXCHANGE COMMISSION
                          
                      Washington, D.C.   20549
                          
                          ________________
                          
                              FORM 8-K
                          ________________
                          
                          
                           Current Report
                Pursuant to Section 13 or 15(d) of the
                   Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  March 24, 1997
                                                   --------------
 
                     ATLANTIC RICHFIELD COMPANY
        ------------------------------------------------------
        (Exact name of registrant as specified in its charter)


                              Delaware
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            (State or other jurisdiction of incorporation)


             1-1196                                 23-0371610
    ------------------------                     ------------------
    (Commission File Number)                      (IRS Employer
                                                 Identification No.)


  515 South Flower Street, Los Angeles, California        90071
  ------------------------------------------------     ----------
      (Address of principal executive offices)         (Zip Code)


Registrant's telephone number, including area code:  (213) 486-3511
                                                     -------------- 

                            Not Applicable
    -------------------------------------------------------------
    (Former name or former address, if changed since last report)




Item 5.  Other Events.

     Press Release, dated March 24, 1997, concerning ARCO's present
intention with respect to its 9% Exchangeable Notes due September 15, 1997.



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                                 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 hereunto duly authorized.

                                  ATLANTIC RICHFIELD COMPANY


                                  /s/ ALLAN L. COMSTOCK
                                  ________________________________
                                  Allan L. Comstock
                                  Vice President and Controller


Dated:  March 24, 1997



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