ENERGY

Arco Will Slow Its Oil Hunt in Alaska in 1994: Atlantic Richfield Co.’s $1.9-billion capital spending budget for the new year reflects a decline in the amount of money set aside for petroleum exploration in Alaska, where the company produces two-thirds of its oil. In 1993, Arco spent $415 million drilling wells to evaluate earlier discoveries at Kuvlum, on the North Slope, and at the Sunfish site in Cook Inlet. Both areas yielded disappointing results. This year, Arco will spend $300 million to drill in the state.