-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AyguzcvyW1Z/14WoUdAiS1u8ydllYFsFgiW3gAIFt1r0rnk+McGm7KjzYl7/FzhQ i1ac8ULt3NU40YrhY/l4ew== 0000093397-98-000009.txt : 19980617 0000093397-98-000009.hdr.sgml : 19980617 ACCESSION NUMBER: 0000093397-98-000009 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980616 SROS: CSX SROS: NYSE SROS: PCX FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMOCO CORP CENTRAL INDEX KEY: 0000093397 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 363353184 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-00170 FILM NUMBER: 98648787 BUSINESS ADDRESS: STREET 1: 200 E RANDOLPH DR STREET 2: MAIL CODE 3107A CITY: CHICAGO STATE: IL ZIP: 60601 BUSINESS PHONE: 3128566111 FORMER COMPANY: FORMER CONFORMED NAME: STANDARD OIL CO /IN/ DATE OF NAME CHANGE: 19850425 11-K 1 AMOCO EMPLOYEE SAVINGS PLAN 11-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-170-2 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: AMOCO EMPLOYEE SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: AMOCO CORPORATION 200 East Randolph Drive Chicago, Illinois 60601 Telephone 312-856-6111 SIGNATURE The Plan Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. AMOCO EMPLOYEE SAVINGS PLAN By State Street Bank and Trust Company, Plan Trustee and Administrator Date: June 15, 1998 By Beth M. Halberstadt Beth M. Halberstadt Vice President REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors of Amoco Corporation In our opinion, the accompanying statements of net assets available for benefits (with fund information) and the related statement of changes in net assets available for benefits (with fund information) present fairly, in all material respects, the net assets available for benefits of the Amoco Employee Savings Plan at December 31, 1997 and 1996, and the changes in net assets available for benefits for the year ended December 31, 1997, in conformity with generally accepted accounting principles. These financial statements are the responsibility of Amoco Corporation's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in the supplemental schedules of reportable transactions in excess of 5% of plan assets and assets held for investment purposes is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by the Employee Retirement Income Security Act of 1974 ("ERISA"). The fund information in the statement of net assets available for benefits (with fund information) and statement of changes in net assets available for benefits (with fund information) is presented for purposes of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements, and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. PRICE WATERHOUSE LLP Chicago, Illinois June 15, 1998 AMOCO EMPLOYEE SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION) December 31, 1997 1996 (thousands of dollars) Assets Investments: Amoco Stock Fund $ 2,341,379 $ 2,117,146 Money Market Fund 613,351 880,300 U.S. Savings Bonds 21,730 22,900 Balanced Fund 208,251 175,425 Bond Index Fund 59,668 45,815 Equity Index Fund 780,342 524,835 Total investments 4,024,721 3,766,421 Cash held for disbursement 531 2,017 Participant loans receivable 127,601 134,878 Total assets 4,152,853 3,903,316 Liabilities -- -- Net assets available for benefits $ 4,152,853 $ 3,903,316 The accompanying notes are an integral part of these statements. AMOCO EMPLOYEE SAVINGS PLAN ___________________________ STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION) (PAGE 1 OF 3) For the year ended December 31, 1997 (thousands of dollars) Amoco Money Stock Market Fund Fund Additions of assets attributed to: Employee contributions $ 63,869 $ 30,206 Employer contributions 76,404 -- Forfeitures (net) (1,710) 3,185 Realized gains on sales of investments 72,762 -- Change in unrealized appreciation in fair value of investments 58,777 -- Interest and dividends 81,557 46,162 Participant loans (net) 10,620 (9,585) Interfund transfers (net) 17,805 (146,936) Total additions 380,084 (76,968) Deductions of assets attributed to: Distributions to participants (155,653) (189,970) Administrative expenses (198) (11) Total deductions (155,851) (189,981) Net increase (decrease) in plan assets during the year 224,233 (266,949) Net assets available for plan benefits: Beginning of year 2,117,146 880,300 End of year $2,341,379 $613,351 The accompanying notes are an integral part of these statements. AMOCO EMPLOYEE SAVINGS PLAN ___________________________ STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION) (PAGE 2 OF 3) For the year ended December 31, 1997 (thousands of dollars) U.S. Bond Equity Savings Index Index Bonds Fund Fund Additions of assets attributed to: Employee contributions $ 1,151 $ 1,574 $ 24,511 Employer contributions -- -- -- Forfeitures (net) (138) (161) (609) Realized gains on sales of investments -- 608 25,548 Change in unrealized appreciation in fair value of investments -- 3,937 153,279 Interest and dividends 1,429 72 1,125 Participant loans (net) (159) 191 (4,901) Interfund transfers (net) (1,726) 11,507 108,804 Total additions 557 17,728 307,757 Deductions of assets attributed to: Distributions to participants (1,727) (3,792) (52,073) Administrative expenses -- (83) (177) Total deductions (1,727) (3,875) (52,250) Net increase (decrease) in plan assets during the year (1,170) 13,853 255,507 Net assets available for plan benefits: Beginning of year 22,900 45,815 524,835 End of year $21,730 $59,668 $780,342 The accompanying notes are an integral part of these statements. AMOCO EMPLOYEE SAVINGS PLAN ___________________________ STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (WITH FUND INFORMATION) (PAGE 3 OF 3) For the year ended December 31, 1997 (thousands of dollars) Cash Disbursement Account and Balanced Participant Fund Loans Total Additions of assets attributed to: Employee contributions $ 8,413 $ -- $ 129,724 Employer contributions -- -- 76,404 Forfeitures (net) (567) -- -- Realized gains on sales of investments 7,863 -- 106,781 Change in unrealized appreciation in fair value of investments 21,097 -- 237,090 Interest and dividends 1,379 608 132,332 Participant loans (net) 459 3,375 -- Interfund transfers (net) 10,546 -- -- Total additions 49,190 3,983 682,331 Deductions of assets attributed to: Distributions to participants (15,705) (10,546) (429,466) Administrative expenses (659) (2,200) (3,328) Total deductions (16,364) (12,746) (432,794) Net increase (decrease) in plan assets during the year 32,826 (8,763) 249,537 Net assets available for plan benefits: Beginning of year 175,425 136,895 3,903,316 End of year $208,251 $ 128,132 $4,152,853 The accompanying notes are an integral part of these statements. AMOCO EMPLOYEE SAVINGS PLAN _______________________ NOTES TO FINANCIAL STATEMENTS 1. Description of the Plan: Amoco Corporation (the "Company") established the Amoco Employee Savings Plan (the "Plan") effective July 1, 1955. The Plan was amended and restated effective July 1, 1996. The Plan includes all approved companies of the controlled group of corporations included in the consolidated Federal income tax return of the Company. The purpose of the Plan is to encourage employees in the regular savings of a part of their earnings and to assist them in accumulating additional security for their retirement. The Plan provides that both employee and Company contributions will be held in a trust by an independent trustee for the benefit of participating employees. State Street Bank and Trust Company ("State Street Bank") is the Trustee and Plan Administrator of the Plan. The Company reserves the right to make any changes to or terminate the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). Under the Plan, participating employees may contribute up to a certain percentage of their qualified pay on a pre-tax and/or after-tax basis. A specified portion of the employee contribution, up to a maximum of 7 percent, effective January 1998, is matched by the Company in the form of contributions to the Amoco Stock Fund. Prior to the January increase, the maximum employee contribution matched by the Company was 6 percent. There were 28,257 participants of the various companies in the Plan at December 31, 1997, of which 25,193 were current employees. Participants are fully vested in their participant contribution accounts. Vesting in Company contribution accounts is dependent upon specific criteria as described in the Plan document. Forfeited Company contributions may be used to reduce matching Company contributions or to offset administrative expenses of the Plan. All reasonable and necessary Plan administrative expenses are paid out of the Plan trust or paid by the Company. Generally, fees and expenses related to investment management of each fund are paid out of the respective funds. As a result, the returns on those investments are net of the fees and expenses of the managers of those funds and certain other brokerage commissions and other fees and expenses incurred in connection with those investment elections. Fees and expenses associated with U.S. Savings Bonds are paid as costs and expenses of the Plan. Participating Company contributions are invested by the Trustee in the Amoco Stock Fund. Each participating employee may direct that any or all cash consisting of his contributions and income credited to his accounts shall be invested or held by the Trustee in one or more of the following investment funds: Amoco Stock Fund, Money Market Fund, U.S. Savings Bonds, Balanced Fund, Bond Index Fund, or Equity Index Fund. NOTES TO FINANCIAL STATEMENTS (continued) Amoco Stock Fund Most Amoco Stock Fund contributions are used by the Trustee to purchase shares of Company common stock. The balance is held as cash or can be used to purchase short-term investments and other public and private debt, equity, and derivative securities (including options and futures contracts). There were no investments in derivative securities during the year ended December 31, 1997. The Trustee, as directed by the fund manager, makes purchases and sales of securities on the open market, in privately negotiated transactions, or otherwise. From time to time the Plan also borrows funds as necessary, through available lines of credit totaling $200 million, from one or more financial institutions on a short-term basis at market rates to provide sufficient liquidity to the Amoco Stock Fund. The assets of the Amoco Stock Fund are used as security for such loans. There were no borrowings on these lines of credit during the year ended December 31, 1997. The percentage of assets of the Amoco Stock Fund in investments other than Company common stock under normal circumstances is less than 5 percent. However, this figure may change as transactions are made and may be substantially higher or lower at a given time. The percentage of assets of the Amoco Stock Fund in investments other than Company common stock, primarily consisting of cash equivalents, at year-end December 31, 1997 was 2 percent. Shares of common stock held in the fund and dividends and other distributions on common stock are not specifically allocated to participant accounts. Instead, each participant's investment in the Amoco Stock Fund is based on the proportion of his or her investment in the fund to that of all Plan participants. Participants' balances in the Amoco Stock Fund are denominated in "units." The value of a unit upon the establishment of the Amoco Stock Fund at October 1, 1991 was $10.00. The value of a unit fluctuates in response to various factors including, without limitation, the price of and dividends paid on common stock, earnings and losses on other investments in the fund and the mix of assets in the fund among Amoco common stock and other investments. At December 31, 1997 there were 113,556,958 units in the fund at a unit value of $20.62. The manager of the Amoco Stock Fund is State Street Global Advisors, the investment management unit of State Street Bank. Money Market Fund Amounts invested in the Money Market Fund are held in the U.S. Cash Management Fund for Directed Trusts ("Cash Management Fund")of the Brinson Trust Company Collective Investment Trust for Pension and Profit Sharing Trusts (the "Brinson Collective Trust"). The types of investments the Brinson Collective Trust may invest in include U.S. Treasury obligations, commercial paper, bank deposits, certificates of deposit, bonds, debentures, publicly available money market funds, loan participation and other obligations; provided that no more than 20 percent of the value of the Brinson Collective Trust may be invested in longer-term investments. As of December 31, 1997, the fund was invested primarily in cash equivalents. The manager of the Money Market Fund is Brinson Partners, Inc. of Chicago. The fund manager is responsible for the selection of securities to be purchased for the Money Market Fund. U.S. Savings Bonds Participant contributions in U.S. Savings Bonds are invested by the Trustee in the most recent offering issued by the U.S. Treasury. Contributions are held in participants' accounts until they are invested in U.S. Savings Bonds. This participant option will be closed to new contributions effective mid-year 1998. Balanced Fund The Balanced Fund is a diversified fund which offers investors a mixture of stocks and bonds. The fund is balanced by an exposure to the equity markets of approximately 60 percent and an exposure to the fixed income markets of approximately 40 percent. The equity component includes exposure to both the domestic and international markets. For additional liquidity, a portion of the Balanced Fund is invested in State Street Bank's Short- Term Investment Fund composed of various short-term financial instruments. A small portion of the Balanced Fund is held in derivative instruments to manage its currency and market exposures. State Street Global Advisors Inc., a subsidiary of State Street Bank, is the investment manager of the Balanced Fund. At December 31, 1997 there were 16,554,811 units in the fund at a unit value of $12.58. Bond Index Fund The Bond Index Fund is invested primarily in Bankers Trust Company's commingled BT Pyramid Broad Market Index Fund ("BT Broad Market Fund"). The BT Broad Market Fund is part of the BT Pyramid Trust of Bankers Trust Company, of which Bankers Trust Company is the trustee. A small portion of the Bond Index Fund may be held in money market and other short-term instruments and U.S. Treasury futures contracts for liquidity purposes. The investment manager of the Bond Index Fund is Bankers Trust Company. At December 31, 1997 there were 10,708,036 units in the fund with a unit value of $5.57. Equity Index Fund The Equity Index Fund is invested primarily in the BT Pyramid Equity Index Fund. The BT Pyramid Equity Index Fund is part of the BT Pyramid Trust of Bankers Trust Company. A small portion of the Equity Index Fund is invested in short-term investments and derivative instruments, such as the S&P 500 futures contracts, for liquidity NOTES TO FINANCIAL STATEMENTS (continued) purposes. The Equity Index Fund is managed by Bankers Trust Company. At December 31, 1997 there were 21,076,487 units in the fund at a unit value of $37.02. 2. Summary of Significant Accounting Policies: Method of Accounting The financial statements of the Plan are prepared under the accrual method of accounting. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires estimates and assumptions that affect certain reported amounts. Actual results may differ in some cases from the estimates. Investment Valuation Common stock of the Company is valued at the closing market price on the New York Stock Exchange. Common stock in other funds is also valued at market prices. Series "EE" Bonds are valued at the current redemption value prescribed by U.S. Treasury Department regulations. Interests in the Money Market Fund are valued at cost, which approximates market value. Realized gains and losses are recognized upon the disposition of investments by comparing the proceeds, or market value, to the average cost (see Note 5). NOTES TO FINANCIAL STATEMENTS (continued) 3. Investments: The composition of various savings plan funds as of December 31, 1997 and 1996 was as follows: December 31, 1997 1996 (thousands of dollars) Amoco Stock Fund Amoco Corporation common stock, at market value*; 26,931,990 shares and 25,845,217 shares, respectively (cost -- $1,813,391 and $1,510,953, respectively) $2,292,586 $2,080,540 Cash equivalents 50,023 37,238 Interest, dividends, and other receivables (payables) (1,230) (632) Total 2,341,379 2,117,146 Money Market Fund Cash equivalents 608,489 873,480 Interest and other receivables 4,862 6,820 Total 613,351 880,300 U.S. Savings Bonds Series "EE" Bonds, $50-$100 denomination, at redemption value; 665,162 units and 720,681 units, respectively (cost -- $16,691 and $18,091, respectively) 21,667 22,826 Cash equivalents 63 74 Total 21,730 22,900 * Amoco Corporation common stock share information is listed before the 2-for-1 stock split effective March 31, 1998. NOTES TO FINANCIAL STATEMENTS (continued) 3. Investments: (continued) December 31, 1997 1996 (thousands of dollars) Balanced Fund S&P 500 Index Fund with Futures, at market value; 464,449 and 567,449 units, respectively (cost -- $49,595 and $48,750, respectively) 73,966 67,756 Daily Bond Market Fund, at market value; 4,603,132 and 3,713,230 units, respectively (cost -- $61,437 and $45,904, respectively) 69,369 51,012 Daily EAFE Fund, at market value; 3,103,876 and 2,330,026 units, respectively (cost -- $37,686 and $26,614, respectively) 39,633 29,328 S&P Midcap Index Fund, at market value; 239,715 and 296,012 units, respectively (cost -- $6,407 and $6,549, respectively) 8,523 7,961 Short-Term Investment Fund 16,815 19,362 Interest, dividends, and other receivables (payables) (55) 6 Total 208,251 175,425 Bond Index Fund BT Broad Market Fund, at market value; 29,091,493 and 24,629,576 units, respectively (cost -- $52,084 and $41,429, respectively) 58,536 45,163 Liquid Asset/Bond Index Fund, at market value; 569,110 and 565,414 units, respectively (cost -- $569 and $565, respectively) 569 565 Interest, dividends, and other receivables (payables) 563 87 Total 59,668 45,815 Equity Index Fund BT Pyramid Equity Index Fund, at market value; 337,310 and 297,329 units, respectively (cost -- $525,680 and $389,847, respectively) 765,502 505,403 Liquid Asset Mutual Fund, at market value; 17,996,992 and 18,997,795 units, respectively (cost -- $17,997 and $18,998 respectively) 17,997 18,998 Interest, dividends, and other receivables (payables) (3,157) 434 Total 780,342 524,835 Total Investments $4,024,721 $3,766,421 NOTES TO FINANCIAL STATEMENTS (continued) 4. Participant Loans: Participants are eligible to borrow from their account balances in the Plan. Loans are made in the form of cash and the amount may not exceed the lesser of 50 percent of the market value of the total vested accounts or $50,000 less the highest loan balance outstanding during the preceding twelve months. The participant must execute a promissory note to take out a loan. Interest rates are fixed for the duration of the loan and charged on the unpaid balance. The interest rate charged is the prime rate as reported by the Wall Street Journal on the next to the last business day of the month preceding the month the participant applies for the loan. Repayment of loan principal and interest is generally made by payroll deductions and credited to the participant's accounts. 5. Sales, Redemptions, and Distributions of Securities: The aggregate of income realized from sales, redemptions, and distributions of securities in participants' accounts for the year ended December 31, 1997 was as follows: Average Gains Securities Proceeds Cost Realized (thousands of dollars) Amoco Stock Fund $ 698,611 $ 625,849 $ 72,762 Bond Index Fund 18,880 18,272 608 Equity Index Fund 189,846 164,298 25,548 Balanced Fund 97,855 89,992 7,863 Total $1,005,192 $ 898,411 $ 106,781 Average cost is calculated as the weighted average of the fair value of the disposed securities at the beginning of the year or acquisition cost if acquired during the year. 6. Taxes: In August 1995 the Company received a ruling from the Internal Revenue Service that the Plan qualifies under section 401(a) of the Internal Revenue Code. The Company reserves the right to make any amendment necessary to maintain the qualification of the Plan and Trust. The Plan has been amended subsequent to August 1995 and the Plan Administrator and Trustee believe that the Plan is being operated in compliance with applicable requirements of the Internal Revenue Code. NOTES TO FINANCIAL STATEMENTS (continued) 7. Unrealized Appreciation on Investments: Unrealized appreciation on investments held, expressed in thousands of dollars, amounted to $237,090 during 1997. This amount has been reflected in the statement of changes in net assets available for benefits (with fund information) for the period. Such amounts were computed in a manner similar to that discussed in Note 5 for computing realized income from sales, redemptions and distributions to securities. 8. Withdrawals and Forfeitures: Distributions to participants are reported at market value at the date of distribution. For the year ended December 31, 1997, the balance of participants' accounts withdrawn, expressed in thousands of dollars, totaled $432,651. Disbursements in cash or securities in settlement of such accounts amounted to $429,466. The difference of $3,185 represented the total amount of participating Company contributions forfeited during that period. During the year and in accordance with the Plan document, the Company elected to fund $5,114 of employer contributions from forfeitures held in the money market fund. There were no similar transactions in 1996. 9. Additional Plan Investment Options: Three new Plan investment options are to be introduced at mid-year 1998, a Small-Cap Equity Index Fund, a Mid-Cap Equity Index Fund and an International Equity Index Fund. AMOCO SAVINGS PLAN FORM 5500 FOR PLAN YEAR 1997 Line 27a -- Schedule of Assets Held for Investment Purposes
(b) (c) (d) (e) CURRENT IDENTITY OF ISSUE DESCRIPTION OF ASSETS RATE COST VALUE (thousands of dollars) * Amoco Corporation Amoco Corporation Common Stock $1,813,391 $2,292,586 U.S. Government U.S. Govt. Series EE - Bonds $ 16,691 $ 21,667 Bankers Trust Company BT Pyramid Broad Market Index Fund $ 52,084 $ 58,536 Bankers Trust Company Liquid Asset/Bond Index Fund $ 569 $ 569 Bankers Trust Company BT Pyramid Equity Index Fund $ 525,680 $ 765,502 Bankers Trust Company Liquid Asset Mutual Fund $ 17,997 $ 17,997 * State Street Bank and Trust Company Daily Bond Market Fund $ 61,437 $ 69,369 * State Street Bank and Trust Company Daily EAFE Fund $ 37,686 $ 39,633 * State Street Bank and Trust Company S&P 500 Index Fund with Futures $ 49,595 $ 73,966 * State Street Bank and Trust Company S&P Midcap Index Fund $ 6,407 $ 8,523 Brinson Trust Company U.S. Cash Management Fund $ 608,489 $ 608,489 * State Street Bank and Trust Company Short-Term Investment Fund $ 66,901 $ 66,901 * Participant Loans 8.25% - -0- $ 127,601 8.5% * Party in Interest Transactions
AMOCO EMPLOYEE SAVINGS PLAN FORM 5500 FOR PLAN YEAR 1997 Line 27d -- Schedule of Reportable Transactions, In Excess of 5% of Plan Assets
Number Value of Cost of Gain/Loss on of Transa Transactions Transactions Transactions ctions Identity of Description of Pur- Pur- Party Involved Assets chases Sales Purchases Sales Purchases Sales chases Sales (thousands of dollars) Amoco Corporation Common Stock 222 $ 779,118 $ 779,118 N/A 298 $698,611 $476,612 $221,999 Brinson Trust U.S. Cash 118 $ 540,344 $ 540,344 N/A Company Management Fund 144 $805,335 $805,335 N/A State Street Bank Short-Term 310 $ 862,386 $ 862,386 N/A & Trust Company Investment Fund 369 $852,159 $852,159 N/A Bankers Trust BT Pyramid Equity 123 $ 271,118 $ 271,118 N/A Company Index Fund 86 $189,846 $136,866 $ 52,980 Bankers Trust BT Liquid Asset 764 $ 500,605 $ 500,605 N/A Company Fund 688 $501,602 $501,602 N/A
EX-23 2 EXHIBIT 23 Exhibit 23 AMOCO EMPLOYEE SAVINGS PLAN CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 No. 333-26145 of the Amoco Employee Savings Plan of our report dated June 15, 1998 appearing in this Form 11-K. PRICE WATERHOUSE LLP Chicago, Illinois June 15, 1998 -----END PRIVACY-ENHANCED MESSAGE-----