November 16, 2017 / 1:07 PM / a year ago

Bankrupt Venoco, Beverly Hills settle pipeline abandonment dispute

Bankrupt oil producer Venoco LLC said on Monday it reached a deal with Beverly Hills, California, and the city’s school district to settle a fight over plans for abandoning an out-of-service pipeline tied into a drill site on district land.

Venoco has wanted to walk away from the pipeline, taken offline in December, as it winds down in its second bankruptcy, triggered in part by its failure to renew its drilling lease in Beverly Hills.

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