Phillips Petroleum settled a pipeline lawsuit.
The Bartlesville, Okla.-based oil company became the sixth trans-Alaska pipeline owner to accept a U.S. Justice Department’s settlement, under which the companies agreed to keep pipeline rates low for 15 years and the government droped claims for $5 billion in windfall profits taxes. Alaskan state officials said the settlement would mean an additional $2.1 billion in state revenue through the year 2000.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
