Oxy Drops Pacific Palisades Drilling Plans: Occidental...
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Oxy Drops Pacific Palisades Drilling Plans: Occidental Petroleum Corp. “does not plan to proceed with that project,” Chairman Ray R. Irani said at the annual shareholders meeting in Santa Monica. Although the decision actually was moot--since voters in 1988 narrowly approved a state ballot proposition to prohibit such drilling--it was another sign of how things have changed since the death of Oxy patriarch Armand Hammer. Hammer fought vigorously for drilling rights. City Councilman Zev Yaroslavsky, who co-sponsored the anti-drilling measure, applauded Occidental’s decision.
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