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BUSINESS
November 7, 1997 | (Bloomberg News)
Varco International Inc. said it approved a 2-for-1 stock split and adopted a shareholder rights plan to defend against unwanted takeover efforts. The maker of oil- and gas-well drilling products said its stock split is payable Dec. 4 to shareholders of record Nov. 20. Under the shareholder rights plan, shareholders will receive one right to purchase preferred stock for each share of common stock.
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CALIFORNIA | LOCAL
October 20, 2000 | STUART PFEIFER, TIMES STAFF WRITER
Orange County prosecutors disclosed Thursday that they are seeking millions of dollars in civil penalties from two oil companies blamed for contaminating ground water underneath more than 100 gas stations across the county. Prosecutors are seeking the fines as part of a 1999 lawsuit against Atlantic Richfield Co. and Thrifty Oil, which are trying to clean up their leaking underground gas storage tanks, said Deputy Dist. Atty. Michelle Lyman.
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CALIFORNIA | LOCAL
October 18, 1998 | JACK LEONARD, SPECIAL TO THE TIMES
For years, the Powerine oil refinery in Santa Fe Springs drew heavy fines from air pollution agencies and a litany of complaints from neighbors. Residents said fumes from the 62-year-old plant burned their eyes and caused painful rashes. But since financial problems forced owners to wind down operations three years ago, neighbors say they have enjoyed a respite. That is about to change, some residents and environmentalists warn.
CALIFORNIA | LOCAL
February 16, 2000 | SEEMA MEHTA, TIMES STAFF WRITER
The California Coastal Commission on Tuesday approved a plan to dismantle Belmont Island, ending hopes by some to preserve the artificial structure off Seal Beach as an environmental and recreational asset. Controversy has been brewing for months over the oil-drilling structure, which was built about 1 1/2 miles offshore in 1954. Oil production there ceased in 1995.
BUSINESS
June 21, 1989 | MICHAEL FLAGG, Times Staff Writer
Debt-ridden Seahawk Oil International Inc. said Tuesday it will sell its domestic oil and gas wells for $4.5 million and use the money to pay debts and possibly enter an entirely new business. Seahawk had been losing money over much of the last two years as worldwide oil prices fell. The decline left the small Irvine company unable to pay its debts. But it provided $8 million in losses the company can use to shelter future income from taxes, if Seahawk manages to buy a more profitable business.
NEWS
April 6, 1988 | DAVID REYES, Times Staff Writer
A stubborn fire that destroyed all seven 84,000-gallon tanks in a Union Oil Co. of California oil field in Fullerton burned throughout the night Tuesday, spewing plumes of thick, black smoke hundreds of feet into the air. Firefighters, using thousands of gallons of fire-retardant foam, had managed to contain the fire to two tanks for most of the evening. But the blaze flared up again shortly before 8 p.m.
BUSINESS
December 16, 1998 | From Bloomberg News
Santa Fe Pacific Pipeline Partners unit holders have agreed to settle a suit over Kinder Morgan Energy Partners' $1.49 billion purchase of the shipper of gasoline and jet-fuel in exchange for more information about the acquisition, according to court records. In October 1997, Houston-based Kinder Morgan Energy offered cash, stock and assumed debt equaling $55.34 per partnership unit for Orange-based Santa Fe, which owned pipelines in six states.
BUSINESS
October 7, 1998 | From Bloomberg News
Varco International Inc. shares fell 11% Tuesday after the maker of oil field equipment said third-quarter earnings will be less than expected because of higher manufacturing costs and lower oil prices. The stock closed at $6.38 a share, down 75 cents, after hitting a 52-week low of $6.13 earlier in the session. More than 2.36 million shares were traded, up from average daily volume of 920,629 over the last three months. Orange-based Varco's profit warning is the most recent in the oil industry.
CALIFORNIA | LOCAL
February 16, 2000 | SEEMA MEHTA, TIMES STAFF WRITER
The California Coastal Commission on Tuesday approved a plan to dismantle Belmont Island, ending hopes by some to preserve the artificial structure off Seal Beach as an environmental and recreational asset. Controversy has been brewing for months over the oil-drilling structure, which was built about 1 1/2 miles offshore in 1954. Oil production there ceased in 1995.
CALIFORNIA | LOCAL
January 14, 1994 | SHELBY GRAD
Bowing to the protests of residents, the City Council has rejected Unocal's bid to reopen an oil-water separation plant on Marina Drive. The unanimous decision came Monday night during a meeting packed with more than 100 residents, nearly all of whom opposed Unocal's proposal out of fear that the plant would emit pollutants into their neighborhood. The 30-year-old plant has been closed since 1983, when winter storms destroyed the offshore wells that fed into the facility.
CALIFORNIA | LOCAL
January 1, 2000 | SEEMA MEHTA, TIMES STAFF WRITER
An environmental group is offering to assume legal liability for diving or boating accidents at the artificial Belmont Island off Seal Beach, an obsolete oil drilling facility now slated for dismantling. But the offer from Heal the Harbor, a Manhattan Beach-based organization, calls for ExxonMobil Corp. to put half the estimated $25 million to $30 million it is spending to remove the former oil production facility into a trust account. It may have come too late.
CALIFORNIA | LOCAL
December 4, 1999 | SEEMA MEHTA, TIMES STAFF WRITER
Despite eloquent pleas from sport fishermen and divers, the State Lands Commission on Friday approved dismantling artificial Belmont Island off Seal Beach and moving its rock base to the state's Bolsa Chica Artificial Reef. Opponents had argued that the former oil production facility provides a reef-like habitat for scores of sea creatures. "I'm saddened to see the political process does not put together the science needed to see . . .
CALIFORNIA | LOCAL
October 24, 1999 | SEEMA MEHTA, TIMES STAFF WRITER
Seven oil platforms off Orange County's coast nearing retirement could become permanent havens for aquatic life if their owners win a legislative battle to turn them into artificial reefs. But environmentalists say oil companies just want to avoid costly cleanup. Under water, invertebrates such as mussels and barnacles attach themselves to the steel towers that support the platforms.
CALIFORNIA | LOCAL
June 15, 1999 | DEBORAH SCHOCH, TIMES STAFF WRITER
A leak has been found in a second pipeline at an oil-drilling complex off the Orange County coast, but the faulty line usually carries water rather than oil, and no oil has spilled, a spokeswoman for the complex operator said Monday. Testing detected a leak in a coupling on a 10-inch line that carries water between two platforms in the giant offshore Beta Unit complex run by Aera Energy LLC.
BUSINESS
December 16, 1998 | From Bloomberg News
Santa Fe Pacific Pipeline Partners unit holders have agreed to settle a suit over Kinder Morgan Energy Partners' $1.49 billion purchase of the shipper of gasoline and jet-fuel in exchange for more information about the acquisition, according to court records. In October 1997, Houston-based Kinder Morgan Energy offered cash, stock and assumed debt equaling $55.34 per partnership unit for Orange-based Santa Fe, which owned pipelines in six states.
CALIFORNIA | LOCAL
October 18, 1998 | JACK LEONARD, SPECIAL TO THE TIMES
For years, the Powerine oil refinery in Santa Fe Springs drew heavy fines from air pollution agencies and a litany of complaints from neighbors. Residents said fumes from the 62-year-old plant burned their eyes and caused painful rashes. But since financial problems forced owners to wind down operations three years ago, neighbors say they have enjoyed a respite. That is about to change, some residents and environmentalists warn.
BUSINESS
October 7, 1998 | From Bloomberg News
Varco International Inc. shares fell 11% Tuesday after the maker of oil field equipment said third-quarter earnings will be less than expected because of higher manufacturing costs and lower oil prices. The stock closed at $6.38 a share, down 75 cents, after hitting a 52-week low of $6.13 earlier in the session. More than 2.36 million shares were traded, up from average daily volume of 920,629 over the last three months. Orange-based Varco's profit warning is the most recent in the oil industry.
NEWS
October 3, 1998 | From a Times Staff Writer
Facing the anger of city officials and residents, televangelist Pat Robertson has dropped plans to reopen an offshore oil terminal that was the site of a devastating spill eight years ago, the officials announced Friday. City attorneys made it clear to Robertson's CENCO Refining Co. that the "city adamantly opposed plans" to use Huntington Beach-based Golden West Refining Co.'s terminal to supply crude oil to a Santa Fe Springs refinery, Mayor Shirley Detloff said.
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