Restructuring still rampant in U.S

This paper reports that restructuring and response to recession is far from over in the petroleum industry. Unocal Corp, disclosed a major reorganization of its operating business units, part of a company wide restructuring program first unveiled in April. In addition: Mobil Corp, made an $800 million cut to $4 billion in its 1992 capital and exploration budget. Amoco Corp, the it plans to take about $800 million in after tax charges against second quarter earnings mainly to cover the costs of writeoffs, restructuring, and workforce reductions, all part of a realignment of business operations. The company expects before tax savings of more than $600 million/year due to sweeping elimination of operating costs. The full effect of the savings will be felt by yearend 1993, with much of the savings being effected by yearend 1992