Suit With Chevron Is Settled: McFarland Energy Inc. said the oil company has agreed to pay it $25.7 million to settle a contract dispute. In September, a California state jury awarded McFarland, an independent oil and gas company based in Santa Fe Springs, $47.3 million. San Francisco-based Chevron Corp. appealed the verdict. The dispute stemmed from a longstanding joint operating agreement involving oil fields in the Los Angeles area under which McFarland had a right of first refusal for the properties should Chevron decide to sell them. McFarland sued Chevron after some of the properties were sold to Stocker Resources.
From Times Staff and Wire Reports
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