February 7, 1995 |
President Clinton's proposed budget for next year delivers some bad news for the California economy in the form of a nearly $8-billion cut in defense spending, but the plan also contains several nuggets of good news for the state, including a possible second shot at a job-creating "empowerment zone" for Los Angeles.
February 23, 1994 |
California's independent oil and natural gas producers know how America could restore some balance to its trade with Japan--if it weren't for a two-decade old federal law that they say is wrecking the market for their product. The law--a legacy of the 1970s oil crisis--virtually bans the export of U.S. crude. And that gives Alaskan oil producers little choice but to send all their oil south--most of it to California.
September 24, 2009 |
A few years ago, Occidental Petroleum Corp. executive Stephen I. Chazen sounded like a cryptologist out of a Dan Brown novel as he told investors that an oil bonanza awaited any outfit that could "crack the code" of California's seismically fractured underground. Occidental's engineers may have done it. The Westwood company revealed in July that it had found the equivalent of 150 million to 250 million barrels of oil and natural gas in an undisclosed part of Kern County using techniques that the oil company's executives would rather not talk about.
January 26, 1999 |
Occidental Petroleum Corp., the 13th-largest oil company in the U.S., on Monday slashed its spending on exploration and production of oil and natural gas by 63% to cope with low energy prices. Los Angeles-based Occidental, with 1997 revenue of about $8 billion, reported to the Securities and Exchange Commission this month that it's facing a cash shortfall for 1998 that may force it to sell assets, restructure debt and cut spending. Occidental reports fourth-quarter earnings today.
April 19, 2001 |
Occidental Petroleum Corp. said Wednesday that first-quarter profit rose 88% because of increased oil production and higher gas prices in California. The Los Angeles-based oil and natural-gas producer said profit from operations rose to $510 million, or $1.37 a share after a payment of preferred dividends, from net income of $271 million, or 74 cents, a year earlier, the company said in a statement. Revenue rose 74% to $4.48 billion.
CALIFORNIA | LOCAL
October 25, 1990
In the race for state controller, incumbent Democrat Gray Davis is under challenge from Republican newcomer Matthew Fong. The big difference between the two candidates who want to be California's chief fiscal officer is experience. Davis is better qualified to serve as watchdog over the state's $55.7-billion annual budget. We endorse Davis for this important post. During his four-year term, Davis has shown some creativity in fiscal matters, a doggedness in the job and a streak of independence.
October 30, 1987 |
Sen. Bob Dole of Kansas, attracting more than 1,000 well-heeled Republicans to the biggest fund-raising event so far in his campaign for the GOP presidential nomination, raised more than $1 million in Los Angeles Thursday night. Dole, in the first campaign event after his admittedly restrained performance during a nationally televised debate with four other Republican presidential candidates Wednesday night, said he was buoyed by the success of the event.
November 3, 1998 |
Reacting to low oil prices and the effects of the sale of nonstrategic assets, Occidental Petroleum Corp. is cutting 80 jobs at its Westwood headquarters and transferring 150 other workers to its recently established Oxy Services subsidiary. The corporate staff will shrink to fewer than 190 after the moves are complete, down from 443 at the beginning of the year, according to a letter sent to headquarters employees last Tuesday by Occidental Petroleum President Dale R. Laurance.
CALIFORNIA | LOCAL
February 12, 1995 |
There's no tempest in this teapot. It's the nation's oldest working gas station, built in 1922 as a monumental protest against the Teapot Dome scandal. Seventy-two years later, the Teapot is a slow-moving, homey place where customers are addressed by name, offered credit without plastic and encouraged to take time to chat in an old barbershop chair. Lyn Dasso bought the Teapot five years ago in this town of 2,000 in central Washington's fruit-growing Yakima Valley.
May 23, 1994 |
California's hard-pressed independent oil producers will get good news this morning as the Clinton Administration releases details of an unpublished but long-awaited study of lifting the current ban on Alaskan crude oil exports. The Energy Department cost-benefits study predicts that ending the ban would create as many as 7,000 jobs in the California and Alaska oil industries.