TEXACO, LOUISIANA AGREE TO SETTLE ROYALTY DISPUTE

Texaco Inc. has agreed to an out of court settlement to end a long royalty dispute with Louisiana. The state's claims against Texaco for alleged underpayment of royalties on state gas leases and interest had totaled about $1.1 billion. In the settlement, Texaco agreed to pay Louisiana $250 minion in three payments during 1994 96 and to undertake projects in Louisiana that will result in outlays of about $152 million the next 5 years for expanded activity on state owned oil and gas

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