ENERGY

Arco To Spend $3.4 Billion in Alaska Developments: At a meeting with analysts in New York, Atlantic Richfield Co. said it plans to spend $13.5 billion on capital improvements over the next five years, with $3.4 billion of that devoted to two promising Alaskan oil fields. The largest--the Kuvlum discovery east of Prudhoe Bay, in the Beaufort Sea--will be explored this summer and could contain as much as a billion barrels of crude oil, Arco says. The second area, the Sunfish find in the Cook Inlet, could hold as much as 750 million barrels.