Arco Cuts Capital Spending: Atlantic Richfield Co. said it will reduce capital spending by 36%. The announcement came less than three weeks after the oil company said it would cut costs by $400 million annually in a reorganization that will eliminate 3,300 jobs. Los Angeles-based Arco is shifting its emphasis from Alaska to foreign operations and a new natural gas subsidiary in the Lower 48 states. It budgeted $9.2 billion for the years 1994 through 1998, compared to $14.3 billion from 1989-93. The earlier period included heavy Alaska expenses, including disappointing explorations last year in the Beaufort Sea and Cook Inlet.