Arco Cuts Capital Spending Budget: Atlantic Richfield Co. directors approved a $2.4-billion capital spending budget for 1992, a decrease of about 10% from an estimated $2.7-billion capital program for ongoing operations in 1991. Arco also spent about $600 million in 1991 to acquire properties in the Midway-Sunset field in California. Arco’s 1992 capital budget does not include any acquisitions. About 55%, or $1.32 billion, of Arco’s 1992 capital spending is in exploration and production of oil and natural gas. For the first time, Arco will spend more overseas than domestically, not including acquisitions. In refining and marketing, the company will spend about $400 million, or about 16% of the total.