Arco Eliminating 2 Executive Positions

Atlantic Richfield Co., which last month warned of job cuts because of sharply lower oil prices, said two top executives are leaving as the seventh-largest U.S. oil company continues to cut costs to ride out a period of low oil prices and remain independent. John Cheatham, 50, and Steve Mut, 47, both corporate senior vice presidents, are stepping down without being replaced, spokesman Lee Tashjian said. Donald Voelte, who was promoted to executive vice president Sept. 30, will take over most of their duties. Mut was in charge of exploration and production in Latin America, and Cheatham had a similar role in the Middle East, the former Soviet Union, Europe and Africa. “The company has come to the conclusion it needs to remove some levels of management,” Tashjian said. Meanwhile, the Los Angeles-based company also said it will quit flying two corporate jets and shut down the 20-member unit that maintains them by year-end. Arco will continue to fly two Boeing 737 jetliners and a small plane used to support its Alaskan oil field operations. Arco shares fell $2.31 to close at $69.31 on the New York Stock Exchange.