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BUSINESS
March 20, 1998 | Bloomberg News
Unocal Corp. said it will cut $250 million from its planned $1.5-billion 1998 capital-spending budget because of depressed oil prices. The decision to postpone 17% of this year's projects came after New York crude oil futures earlier this week fell below $13 a barrel for the first time since 1988. El Segundo-based Unocal said the belt-tightening won't be a long-term concern.
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BUSINESS
March 20, 1998 | Bloomberg News
Unocal Corp. said it will cut $250 million from its planned $1.5-billion 1998 capital-spending budget because of depressed oil prices. The decision to postpone 17% of this year's projects came after New York crude oil futures earlier this week fell below $13 a barrel for the first time since 1988. El Segundo-based Unocal said the belt-tightening won't be a long-term concern.
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BUSINESS
March 4, 1994
Arco's Cleanup Fund May Be $1 Billion Short: Atlantic Richfield Co., in a disclosure made to satisfy new securities regulations, estimates that environmental cleanups could cost $1 billion more than it has set aside for that purpose. Many analysts expect other industrial giants will be forced to follow Arco's lead. Arco has already set aside $648 million to clean up a broad range of polluted plants.
BUSINESS
March 26, 1994 | From Times Staff and Wire Reports
OPEC Works on Stabilizing Prices: The oil cartel's ministers met to map out a strategy for stabilizing oil prices amid new warnings that prices could plunge several more dollars if the cartel fails to act against overproduction. An internal OPEC report estimates that prices will rebound only if the 12 nations of the Organization of Petroleum Exporting Countries slash oil output by nearly 1.5 million barrels a day.
BUSINESS
April 28, 1992 | MICHAEL PARRISH, TIMES STAFF WRITER
Hit by another steep drop in earnings--and convinced that energy prices will remain flat indefinitely--Unocal Chairman and Chief Executive Richard J. Stegemeier announced $900 million more in asset and personnel cuts Monday at the firm's annual shareholders' meeting. While Stegemeier said that specifics have yet to be decided, as much as $100 million of the cuts could come from employment reductions--most of them in Unocal's domestic operations, including its Los Angeles headquarters.
BUSINESS
December 7, 1993 | From Reuters
A group representing domestic oil producers said Monday that it will file a petition pressing President Clinton to take emergency action to curb oil imports and shore up prices that are at five-year lows. The Independent Petroleum Assn. of America said it will seek "an immediate adjustment of imports of crude oil and refined petroleum products" under a trade law that allows import curbs to protect national security.
BUSINESS
January 28, 1992 | PATRICE APODACA, TIMES STAFF WRITER
Has the well run dry for Benton Oil & Gas Co.? In its four-year history, Oxnard-based Benton has become better known for its money-raising talents than for finding oil. Since its $3.2-million initial public offering in 1988, Benton has raised another $22 million through a patchwork of debt and equity issues--not bad for a concern that earned just $306,000 on $8.36 million in revenue in its latest nine-month period. Benton also had a $15-million working capital deficit as of Sept.
NEWS
May 8, 1990 | DANIEL M. WEINTRAUB, TIMES STAFF WRITER
Democrat-sponsored legislation designed to help California respond to a major oil spill won easy passage in the Assembly on Monday while a competing measure backed by Gov. George Deukmejian stalled in a committee. The bill the Assembly passed and sent to the Senate would create a $64-million oil spill superfund and a $1-billion line of credit, backed by oil industry finances, that the state could use in an emergency.
NEWS
October 11, 1987 | Associated Press
Iraqi jets hit a tanker, three mainland Iranian oil centers and an air base Saturday in the Persian Gulf. Shipping sources also reported that oil installations on Iran's Sirri Island, in the southern gulf, were on fire at nightfall, apparently after a long-range Iraqi air raid. Iraqi war communiques monitored in Cyprus made no mention of a raid on Sirri, about 350 miles southeast of Iran's main oil terminal at Kharg Island.
BUSINESS
December 7, 1993 | From Reuters
A group representing domestic oil producers said Monday that it will file a petition pressing President Clinton to take emergency action to curb oil imports and shore up prices that are at five-year lows. The Independent Petroleum Assn. of America said it will seek "an immediate adjustment of imports of crude oil and refined petroleum products" under a trade law that allows import curbs to protect national security.
BUSINESS
April 28, 1992 | MICHAEL PARRISH, TIMES STAFF WRITER
Hit by another steep drop in earnings--and convinced that energy prices will remain flat indefinitely--Unocal Chairman and Chief Executive Richard J. Stegemeier announced $900 million more in asset and personnel cuts Monday at the firm's annual shareholders' meeting. While Stegemeier said that specifics have yet to be decided, as much as $100 million of the cuts could come from employment reductions--most of them in Unocal's domestic operations, including its Los Angeles headquarters.
BUSINESS
January 28, 1992 | PATRICE APODACA, TIMES STAFF WRITER
Has the well run dry for Benton Oil & Gas Co.? In its four-year history, Oxnard-based Benton has become better known for its money-raising talents than for finding oil. Since its $3.2-million initial public offering in 1988, Benton has raised another $22 million through a patchwork of debt and equity issues--not bad for a concern that earned just $306,000 on $8.36 million in revenue in its latest nine-month period. Benton also had a $15-million working capital deficit as of Sept.
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