RNS No 1583b
ATLANTIC RICHFIELD COMPANY
18th June 1998


ARCO to Sell Interests in Chemical Unit for $4.6 Billion

LOS ANGELES, June 18 /PRNewswire/ -- ARCO (NYSE: ARC) announced today that
it will tender its 80 million shares of ARCO Chemical Company (NYSE: RCM)
stock to Lyondell Petrochemical Company (NYSE: LYO) for $57.75 per share.  The
transaction is pursuant to Lyondell's agreement to commence a tender offer for
all outstanding shares of ARCO Chemical at the same price.

Earlier today, Lyondell and ARCO Chemical announced the signing of a
definitive agreement under which Lyondell will acquire all of ARCO Chemical's
outstanding shares.

"The sale of our remaining interest in ARCO Chemical is economically more
attractive than the sell down from 82 to 50 percent announced previously,"
said Mike Bowlin, ARCO Chairman and Chief Executive Officer. "The sale is
consistent with our strategy of focusing resources and effort on growing our
exploration, production, refining and marketing businesses."

The sale of ARCO Chemical will provide ARCO with after-tax cash proceeds
of about $3 billion and result in an after-tax gain of approximately $1.3
billion.  The proceeds from the sale will be used to reduce debt incurred from
the company's purchase of Union Texas Petroleum, strengthen its balance sheet,
and provide the financial flexibility necessary to invest further in the
company's core businesses.

ARCO is a global integrated oil and gas company with major operations in
the United States, Latin America, Asia, Europe and the Middle East.  In May
1998, ARCO announced it would acquire Union Texas Petroleum through a tender
offer.  That tender was completed on June 15.

For information, contact (media) Tom Goff (213) 486-2456 or (investors)
Dennis Schiffel (213) 486-1511.  For a menu of ARCO's news releases or to
retrieve a specific release, visit our site at http://www.arco.com/ on the
Web.

CONTACT: Tom Goff, media, 213-486-2456, or Dennis Schiffel, investors,
213-486-1511, both of ARCO
Web site: http://www.arco.com/

END

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