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Knowles to fight Exxon Mobil lawsuit

By Ragsdale, Rose
Publication: Alaska Journal of Commerce
Date: Sunday, April 9 2000

Alaska will move to intervene in Exxon Mobil's lawsuit blocking the $7 billion sale of Atlantic Richfield Co's Alaska assets to Phillips Petroleum Co. and urged the Federal Trade Commission to move ahead with approving BP Amoco's acquisition of ARCO, Gov. Tony Knowles announced at news conference

March 30.

Saying the lawsuit filed by Exxon Mobil is without merit and hinders efforts to restore stability in Alaska's oil patch and get Alaskans back to work, Knowles outlined several actions Alaska will take that are designed to put BP's acquisition of ARCO back on track.

"Alaskans want to get back to work today," Knowles said. "This acquisition has put oil development in Alaska in limbo and disrupted the lives of thousands of Alaskans for too long."

Alaska will oppose Exxon's lawsuit filed in a California court Mardi 24, which attempts to block resolution of the merger.

In phone calls by the governor and a letter from Attorney General Bruce Botelho, the administration is also urging the FTC not to delay approval of the merger between BP Amoco and ARCO.

In addition, make sure to read these articles:

  • Exxon Mobil Corporation Wins Valdez Appeal...
    • Business Editors IRVING, Texas--(BUSINESS WIRE)--Oct. 12, 2000 Exxon Mobil Corporation (NYSE:XOM) today announced that the Ninth U.S. Circuit Court of Appeals has issued a decision ......
  • Phillips Replaces 1,128 Percent of 2000 Production;...
    • Business Editors BARTLESVILLE, Okla.--(BUSINESS WIRE)--Feb. 21, 2001 Phillips Petroleum Company (NYSE:P) replaced 1,128 percent of its 2000 worldwide oil and gas production at an average ......
  • The consolidation solution
    • In the world of petroleum, margins are shrinking and so is the number of players in the game.
  • Fast Facts
    • BP Amoco and ARCO announce a merger on April 1, 1999. Cost savings are estimated at $1 billion a year.
  • States, FTC settle with BP Amoco andARCO.
    • Business Editors SEATTLE--(BUSINESS WIRE)--April 13, 2000 Washington state, Oregon, California and the Federal Trade Commission (FTC) today filed settlement papers that clear the way for ......
  • BP Chooses PayPoint
    • Tech firm to serve as payment processor for 15,000 U.S. c-stores.
  • Companies Announce Agreement For North...
    • Business Editors ANCHORAGE, Alaska--(BUSINESS WIRE)--April 13, 2000 Phillips Petroleum Company, Exxon Mobil Corporation, BP and ARCO announced today that they have reached an agreement to ......
  • CVL Resources Ltd.: Semhari East-1 WellUpdate.
    • Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--May 25, 2000 CVL Resources (CDNX:CVL) Mr. Ian Rozier, President, announces that ARCO Ghadames Inc., the operator of the Hassi Bir ......
  • Modine Names Bradley C. Richardson New Chief...
    • Business Editors RACINE, Wis.--(BUSINESS WIRE)--May 12, 2003 Modine Manufacturing Company (NASDAQ:MODI) announced today that it appointed Bradley C. Richardson to the position of Vice President, ......
  • Essex Resource Corporation: Semhari East-1...
    • Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--May 25, 2000 Essex Resource Corp. (TSE:ESX.) Mr. Ian Rozier, Chairman, announces that ARCO Ghadames Inc., the operator of the Hassi ......
  • Alaska: Working for BP.
    • SOON AFTER the Federal Trade Commission (FTC) announced it would go to court to oppose a merger between BP Amoco and Arco, the two largest ......
  • The Influence of the BP/Amoco/Arco/Burmah,...
    • One of the main purposes of these mergers was cost reduction. For example, ExxonMobil anticipated a cost reduction of $2 billion. This estimate was later ......
  • Phillips Completes ARCO Alaska Acquisition;...
    • Business Editors BARTLESVILLE, Okla.--(BUSINESS WIRE)--April 26, 2000 Phillips Petroleum Company (NYSE:P) has completed its acquisition of ARCO's Alaskan businesses. The transaction has received Federal Trade ......
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