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Article: Executive Indicates Arco Underpaid Oil Royalties.(Harry Anderson)(Brief Article)
- Article from:
- The Oil Daily
- Article date:
- July 21, 1999
- Author:
CopyrightCOPYRIGHT 1999 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Eric Kronenwetter
Atlantic Richfield Co. (Arco), one of the few major oil companies not to be under investigation or being sued by the Justice Department for the underpayment of oil royalties, might not have that distinction much longer.
According to recent testimony by former Arco executive Harry Anderson, the company did post crude oil prices in California that were about 20% below the fair market value.
Anderson indicated that Arco, like other major producers in California during the mid-1980s, paid royalties to the government based on the lower posted prices.
Anderson -- who had testified in 1994 that Arco's posted prices did ...