Phillips to Write Off $280 Million: Phillips...

Phillips to Write Off $280 Million: Phillips Petroleum Co. said costly delays on the final approval of its oil drilling operations off the California coast will force it to report “substantial negative” fourth-quarter results. The energy company said it will have to write off the value of its California offshore oil and gas fields by an estimated $280 million after taxes. Phillips said it expected to begin production of its Pt. Arguello field off the Santa Barbara coast last May, but opponents to offshore drilling have delayed final regulatory approval, the company said.