Atlantic Richfield Co. yesterday reported a record quarterly loss for an oil company, a $1.1 billion pool of second-quarter red ink that resulted from a previously announced decision to streamline its business.

Arco's loss, which also was one of the biggest in the history of any company in the United States, had been expected because of an earlier decision to take a one-time-only $1.5 billion charge against earnings for retrenchments that include getting out of the business of selling gasoline in the East.

Meantime, Exxon Corp., the world's largest industrial company, said its profits tumbled 44.8 percent as it set up a contingency fund for losses that may result from a court judgment, now being appealed, that it overpriced crude oil between 1975 and 1981.

And Phillips Petroleum Co. said its profits dropped 52.4 percent because of the sharply higher interest expenses associated with a $4.5 billion stock buyback program it implemented to escape from two hostile takeover bids.

Arco, based in Los Angeles, said the loss of $1.099 billion came on revenue of $5.771 billion against profits of $406 million ($1.57 a share) on revenue of $6.093 billion a year earlier. Arco said its profit from continuing operations would have been $402 million ($1.79) against $455 million ($1.76).

For the first half, Arco reported a loss of $747 million on revenue of $11.538 billion, against a profit of $801 million ($3.10) on revenue of $12.571 billion a year earlier.

*New York-based Exxon said profits in the second quarter fell to $745 million (99 cents a share) on revenue of $22.97 billion against profits of $1.35 billion ($1.63) on revenue of $24.31 billion.

For the first half, Exxon said earnings fell to $2.07 billion ($2.70) on revenue of $46.23 billion, against $2.83 billion ($3.39) on revenue of $49.21 billion.

*Phillips said second-quarter profits fell to $110 million (49 cents a share) on revenue of $3.99 billion from $231 million (50 cents) on revenue of $4.05 billion.

First-half earnings fell to $216 million (64 cents) from $424 million (a restated 92 cents); revenue, to $8 million from $8.01 million.