ENERGY

Arco Lowers Capital Spending Plans: In line with other major oil companies that have recently announced tightened spending projections, Los Angeles-based Atlantic Richfield Co. announced that it has budgeted about $14.7 billion for capital spending between 1992 and 1996. The figure is a 20% drop from last year’s five-year estimate of $18.6 billion. Spending will increase only in the company’s international investments, said Chief Executive Lodwrick M. Cook. Arco’s overseas reserves last year rose 16% on an equivalent-barrel basis from 1990.