Union Pacific to Sell California Properties: The Bethlehem, Pa.-based holding company sold California properties totaling 725 acres for $405 million to the Port of Long Beach. The sale of its Wilmington Field, Calif., properties includes an estimated proven reserves of 13 million barrels of oil production. A company spokesman said he could not explain why the company decided to sell. Details of what the port will do with the reserves were not available. The sale is expected to close by the end of March. The port will use the land as part of a long-term program to build more terminals and expand, a spokesman said.