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Chevron May End Offshore Drilling in State

November 26, 1996|Times Staff and Wire Reports

San Francisco-based Chevron Corp. said it could shut down its Point Arguello oil field off Santa Barbara by 2001, ending the rest of its production off the state's coast at about the same time. Shuttering Point Arguello would also end the offshore California production of Chevron partner Phillips Petroleum Co. and reduce to one platform Texaco Inc.'s operations in the area. Chevron is considering closing Point Arguello because the field's declining production could make it too expensive to operate. In a filing this month with the Securities and Exchange Commission, Chevron said it's analyzing options for the field and that "an additional impairment write-down may result in future periods." Chevron wouldn't comment on the amount or timing of such a write-down.

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