From Times Staff and Wire Reports

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.

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