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November 19, 1994|From Times Staff and Wire Reports

Arco Unit, Alaska Strike Tax Deal: Arco Alaska Inc., a subsidiary of Los Angeles-based Atlantic Richfield Co., has agreed to pay $269 million by Nov. 30 to settle state tax disputes dating over several years, Alaska Gov. Walter Hickel said. The announcement came a day after Hickel revealed that a $1.4-billion settlement had been reached with British Petroleum's BP Exploration (Alaska) Inc. It is the largest tax settlement ever for the state, which has accused oil producers of understating wellhead oil prices to reduce state tax and royalty payments since 1977, the year oil began flowing through the trans-Alaska pipeline. The Arco agreement concerns oil and gas production taxes through 1991 and other oil and gas issues through September.

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