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In Brief

In Brief

Occidental Petroleum's oil and gas drilling subsidiary laid off 80 employees in Bakersfield, CA, on Wednesday, and will eliminate another 130 jobs as part of a restructuring triggered by low crude oil prices and its poor stock price performance. The subsidiary's work force at its Bakersfield headquarters will be pared down to 135 by eliminating 210 jobs and transferring another 50 employees. The company's stock price plummeted last month to a new 52-week low of 17 3/4 from a high of 30 3/4. It's stock closed up 9/16 on Wednesday following the announcement, but fell 1/8 Thursday to 22 1/8.

Amoco said it discovered another 750 Bcf and 25 million bbl of potentially recoverable gas and oil reserves off the east coast of Trinidad, which is soon to be the home of a major LNG project designed to serve the U.S. Northeast region. The Amoco well identified 870 feet of gross oil and gas pay in 11 different productive zones. Amoco said the 11 zones are the most it has discovered in any of its exploration projects in Trinidad. The discovery is the 15th success out of 21 drilled over the last five years. The combined results have brought the total resources to date to 13 Tcf of gas and 300 million bbl of oil.

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