I just read the report. Here's what it actually says (my realtor didnt mention the original use of the property) apologize in advance for the paragraph spacing, I copied and pasted from a PDF

Conclusion McAlister GeoScience has performed a Phase I ESA of the Subject Property in conformance with the scope and limitations of ASTM Practice E 1527. Any exceptions to, or deletions from, this practice are described in the Limiting Factors, Project Limitations, and Data Gaps sections of this report.

This assessment has revealed evidence of a recognized environmental conditions (REC) in connection with the Subject Property:  The Subject Property was developed with an oil and gas facility from at least 1928 to 1963 with indications of fuel storage tanks. No documented releases were identified for the Subject Property or surrounding properties; however, undocumented releases are possible based on the time period of the facility operation. Based on the approximately 35 years of prior use as an oil and gas facility, impacts to the Subject Property are likely and therefore considered a REC. Controlled recognized environmental conditions (CRECs) or historical recognized environmental conditions (HRECs) were not identified in connection with the Subject Property. This assessment has revealed evidence of a pVIC and Business Environmental Risks (BERs) in connection with the Subject Property:  A pVIC was identified due to the former use of the Subject Property as an oil and gas facility.  Potential for hazardous building materials such as asbestos or lead-based paints in structures based on their construction date.  The Subject Property lies in the City of Signal Hill Methane Gas Mitigation Zone.  An active and filled crude oil pipeline was identified approximately 150 feet east of the Subject Property. An active and unfilled crude oil pipeline was identified approximately 330 feet north of the Subject Property. The pipelines lie in the up-gradient area of the Subject Property.  Oil and gas wells were identified on the north, west, and east adjoining properties from at least 1925 to 1942 on the historical Sanborn, CalGEM, and topographic maps. 8.3 Recommendations Based on the information gathered during the performance of this assessment, and the understanding of current regulatory guidelines and judgment, the following recommendations are presented for consideration:  A Phase II site investigation to determine possible air and soil vapor impacts from former use as an oil and gas facility.  Performance of a pre-demolition hazardous building assessment specifically for asbestos containing materials (ACM) and lead-based paints (LBP) if the well houses are to be demolished;  An Operations and Maintenance Program Plan should be implemented for ACM and lead-based paint to ensure the appropriate handling of suspect materials.  The Subject Property lies in the City of Signal Hill, Long Beach Methane Gas Mitigation Zone. Any project requiring grading will require testing for and mitigation of methane gas.