Standard Cuts Oil Exploration
- Share via
Associated Press
CLEVELAND — Pressured by declining crude oil prices, Standard Oil Co. today said its 1986 exploration spending will amount to only about half the $915 million allocated to exploration in 1985.
Funding for some Alaska North Slope projects, including Standard Oil’s Lisburne Project and some Prudhoe Bay development work, has been slowed, the 12th-largest U.S. oil company said. But two major projects in Alaska and one in the Gulf of Mexico will continue at full funding.
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.
