ENVIRONMENT KEY TO BIG WRITEDOWNS

Long delay in starting up Point Arguello field off California hits Chevron, Texaco, Phillips fourth quarter earnings. Exxon Valdez, petrochemical plant blast also factors in profits pinch. ARCO, Sun take charges for environmental expenses. Environmental and safety woes have spurred a number of U.S. companies to take writedowns totaling more than $2 billion against 1989 earnings. Chevron Corp. charged $1.203 billion in special items against earnings, Texaco Inc. took charges totaling $355

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