Mergers And Acquisitions – Amoco Essay

1218 words - 5 pages

Mergers and acquisitions – Amoco
Highlights
Transaction summary
Merger of Amoco into a newly formed BP first-tier US subsidiary Amoco shareholders receive BP plc ordinary shares as ADRs Unified global management team US and UK GAAP results presented using merger accounting or on a "pooling of interest" basis US$-denominated group financials and dividends Transaction recommended by both Boards Effective: December 31, 1998

Transaction overview Transaction description
UK Holding Company Structure Amoco shareholders exchanged their shares in Amoco for ADRs representing shares in BP

Accounting/reporting
Accounted for as a merger under UK GAAP (or "pooling" under US GAAP) BP to report ...view middle of the document...

Additional information, including information on factors that could cause actual results to differ materially from those in the forward looking statements, are contained in BP's latest published annual report and accounts and in BP's latest published report on Form 20F filed with the US Securities and Exchange Commission. The information and opinions contained in this and linked pages were first published in October/November 1998 and are accurate as at that date. Subsequent developments have not been taken into account.

Historic operating statistics Upstream operations
BP Amoco - Supplemental Information

BP Amoco reserves (million barrels of oil equivalent) By product Oil Gas Total By region US Europe Rest of world1 Total 1993 8,760 4,808 13,568 1993 6,330 2,877 4,361 13,568 1994 8,743 4,960 13,703 1994 6,328 2,897 4,478 13,703 1995 8,899 5,092 13,991 1995 6,306 2,928 4,757 13,991 1996 9,194 5,233 14,427 1996 6,158 2,946 5,323 14,427 1997 9,272 5,510 14,782 1997 6,044 2,876 5,862 14,782 1997% 63% 37%

1997% 41% 19% 40%

BP Amoco production (000 barrels of oil equivalent per day)

By product Oil Gas Total By region US Europe Rest of World1 Total

1993 1,920 911 2,831 1993 1,369 702 759 2,831

1994 1,933 947 2,880 1994 1,344 790 746 2,880

1995 1,873 946 2,819 1995 1,301 748 770 2,819

1996 1,903 1,020 2,923 1996 1,315 799 809 2,923

1997 1,888 1,001 2,889 1997 1,252 831 806 2,889

1997% 65% 35%

1997% 43% 29% 28%

Highlights
• OECD core in: the North Sea, the North American gas business, and Alaska where the new group will be the leading producer in each area, with the profitability, infrastructure, and resource base to sustain itself for the foreseeable future Enhanced scale and competitive advantage in emerging areas in Caspian, Gulf of Mexico, Angola, Venezuela and Norway Portfolio of gas plays in emerging markets in Trinidad, the Southern Cone of South America, in northern European the Greater Mediterranean, and the Far East Access/Options/Relationships in: Russia, and the Middle East

• • •

Source: Annual Reports and Financial Supplements Note: one barrel of crude oil = 5,800 cubic feet of gas
¹

Includes BP's associated undertakings in Abu Dhabi

Downstream operations
BP Amoco - Supplemental Information

BP Amoco downstream volumes and share
Downstream volumes worldwide (000 boe/day) 1993 1994 1995

1996

1997

Gasolines Distillates1 Other2 Total

1,277 1,250 622 3,149

1,245 1,193 627 3,065

1,270 1,189 645 3,104

1,253 1,179 637 3,069

1,312 1,200 734 3,246

Highlights • Largest gasoline retail share in the US east of the Rockies (excluding Texas) • #1 or #2 in 20 out of 35 States in which...

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