ENERGY

Arco To Finalize Cost-Cutting by Midyear: Atlantic Richfield Co. President Mike Bowlin made the announcement at the company’s annual meeting. “We know that further substantial changes are needed, including more cost cutting and perhaps some paring of our capital spending,” said Bowlin, who takes over as chief executive from Lodwrick Cook on July 1. Los Angeles-based Arco undertook a major reorganization of its oil and gas producing operations in the 48 contiguous states last year. Cook told the meeting that Arco will change the way it does business because of expectations that crude oil prices will remain low for some time. Bowlin said Arco is prepared to offer about 16% of its Vastar Resources Inc. subsidiary to the public.