Arco agreed to pay Alaska $243 million in taxes.
- Share via
Alaska officials and Atlantic Richfield said the payment covers production taxes on oil pumped from the North Slope and Cook Inlet in 1980-85. The state said Arco underpaid the tax owing to a dispute over the value of the crude oil. Arco said the payment will be made from a reserve created more than a year ago to cover several tax and royalty disputes over Alaskan oil and therefore won’t affect current earnings. The reserve stood at $690 million in December, 1984.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
