Phillips Petroleum settled a pipeline lawsuit.
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The Bartlesville, Okla.-based oil company became the sixth trans-Alaska pipeline owner to accept a U.S. Justice Department’s settlement, under which the companies agreed to keep pipeline rates low for 15 years and the government droped claims for $5 billion in windfall profits taxes. Alaskan state officials said the settlement would mean an additional $2.1 billion in state revenue through the year 2000.
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