Atlantic Richfield - Tender Offer Completed

RNS No 9843h
ATLANTIC RICHFIELD COMPANY
16th June 1998


ARCO SUCCESSFULLY COMPLETES TENDER OFFER
FOR UNION TEXAS PETROLEUM COMMON STOCK

LOS ANGELES, June 16/PRNewswire/-- ARCO (NYSE: ARC) announced today the
successful completion of its tender offer for all outstanding shares of Union
Texas Petroleum Holdings, Inc.'s common stock. ARCO has accepted for payment all
shares of Union Texas validly tendered and not withdrawn as of the expiration of
the offer. The tender offer expired, as scheduled, at 5:00 p.m. Eastern Daylight
Time, on Monday, June 15, 1998.

The depositary for the offer, First Chicago Trust Company of new York, has
advised ARCO that approximately 84.69 million shares had been validly tendered
and not withdrawn at the expiration of the tender offer, representing
approximately 99% of Union Texas' outstanding common stock.

On June 15, 1998, ARCO received notice from the Commission of the European
Communities that the Commision would not oppose ARCO's acquisition of Union
Texas.

ARCO and Union Texas will proceed to complete the merger as soon as practicable,
pursuant to which ARCO will acquire the remaining outstanding Union Texas common
shares for $29 per share in cash.

Contact:    Tom Goff, 213-486-2456 (media) or Dennis Schiffel, 213-486-1511
            (investors), both for ARCO

For a menu of ARCO's news releases or to retrieve a specific release, visit our
site at hhtp://www.arco.com/ on the Web.

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