ARCO Announces Redemption Payment Amounts Of $2.80 Preference Shares and $3.00 Preference Shares

Apr 27, 2001, 01:00 ET from Atlantic Richfield Company

    LOS ANGELES, April 27 /PRNewswire/ -- Atlantic Richfield Company announces
 that it redeemed all of its outstanding $2.80 Preference Shares and
 $3.00 Preference Shares, effective today.
     Shareholders of the ARCO $2.80 Cumulative Convertible Preference Stock
 will receive a total Redemption Payment of $ 423.0216 per Preference Share.
 This amount equals the market value of 7.872 BP American Depositary Shares, as
 determined by the average of the NYSE last sale prices for the BP ADSs on the
 last four business days prior to today's Redemption Date.  This average of the
 BP ADS last sale prices was $53.7375.  The number 7.872 represents the number
 of BP ADSs into which each $2.80 Preference Share was convertible through
 April 20, 2001.
     Shareholders of the ARCO $3.00 Cumulative Convertible Preference Stock
 will receive a total Redemption Payment of $ 1,198.5612 per Preference Share.
 This amount equals the market value of 22.304 BP American Depositary Shares,
 as determined by the average of the NYSE last sale prices for the BP ADSs on
 the last four business days prior to today's Redemption Date.  This average of
 the BP ADS last sale prices was $53.7375.  The number 22.304 represents the
 number of BP ADSs into which each share of the $3.00 Preference Stock was
 convertible through April 20, 2001.
     The Notice of Redemption, Election and Transmittal Forms, and details for
 claiming the Redemption Payment were mailed to shareholders on March 28.
     Both classes of Preference Stock ceased trading on the New York Stock
 Exchange at the end of trading on April 26, 2001.
 
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SOURCE Atlantic Richfield Company
    LOS ANGELES, April 27 /PRNewswire/ -- Atlantic Richfield Company announces
 that it redeemed all of its outstanding $2.80 Preference Shares and
 $3.00 Preference Shares, effective today.
     Shareholders of the ARCO $2.80 Cumulative Convertible Preference Stock
 will receive a total Redemption Payment of $ 423.0216 per Preference Share.
 This amount equals the market value of 7.872 BP American Depositary Shares, as
 determined by the average of the NYSE last sale prices for the BP ADSs on the
 last four business days prior to today's Redemption Date.  This average of the
 BP ADS last sale prices was $53.7375.  The number 7.872 represents the number
 of BP ADSs into which each $2.80 Preference Share was convertible through
 April 20, 2001.
     Shareholders of the ARCO $3.00 Cumulative Convertible Preference Stock
 will receive a total Redemption Payment of $ 1,198.5612 per Preference Share.
 This amount equals the market value of 22.304 BP American Depositary Shares,
 as determined by the average of the NYSE last sale prices for the BP ADSs on
 the last four business days prior to today's Redemption Date.  This average of
 the BP ADS last sale prices was $53.7375.  The number 22.304 represents the
 number of BP ADSs into which each share of the $3.00 Preference Stock was
 convertible through April 20, 2001.
     The Notice of Redemption, Election and Transmittal Forms, and details for
 claiming the Redemption Payment were mailed to shareholders on March 28.
     Both classes of Preference Stock ceased trading on the New York Stock
 Exchange at the end of trading on April 26, 2001.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X38963724
 
 SOURCE  Atlantic Richfield Company