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Top News & Analysis Houston

  • *Germany, French inflation supports bond yields. NEW YORK, Jan 3- The U.S. dollar touched a 14- year high and major stock markets got off to a solid start in the new year, boosted by strong data, while debt yields edged up after upbeat economic figures out of China and Europe. Inflation rose in Germany and France, providing the euro zone's central bank with evidence its...

  • *Germany, French inflation lifts bond yields. NEW YORK, Jan 3- The U.S. dollar touched a 14- year high boosted by strong data, while upbeat figures out of China and Europe lifted debt yields and major stock markets got off to a higher start in the new year. Inflation rose in Germany and France, providing the euro zone bank with evidence its loose monetary policy is...

  • *OPEC, non- OPEC cut deal took effect on Sunday. *Oman notifies customers of crude term volume cut in March. Traders said crude prices were buoyed earlier in the day by hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Sunday, will drain a global supply glut.

  • WASHINGTON, Jan 3- Big Oil could be in a unique position to protect its interests against a Republican proposal to tax imports, given that President-elect Donald Trump's cabinet is studded with oil champions sensitive to the risk of higher gasoline prices. Trump's emerging leadership includes Exxon Mobil Corp Chief Executive Officer Rex Tillerson as...

  • Dec 29- U.S. crude oil stocks unexpectedly rose last week, while gasoline and distillate product inventories dropped, the U.S. Energy Information Administration said on Thursday. U.S. crude oil futures were up 1 cent to $54.08 a barrel at 11:38 a.m. EST, leaving the benchmark just shy of the year high of $54.51 reached on Dec. 12. "What seems to be giving this report...

  • NEW YORK, Dec 24- When six executives of Platinum Partners, including founder Mark Nordlicht, were arrested on Monday on federal charges of running a more than $1 billion hedge fund fraud, people who had long alleged they were harmed by the New York- based firm felt some vindication. One such person is Houston- based energy entrepreneur John Hoffman.

  • Dec 23- Halliburton Co on Friday said it had reached a $100 million settlement to resolve a long-running securities fraud class action lawsuit against the oilfield services provider that twice reached the U.S. Supreme Court. Halliburton said the company itself would pay $54 million of the $100 million settlement, while its insurer would fund the rest.

  • Looking ahead to next year, restructuring advisers said they expect more energy-related bankruptcy filings, as the sector prepares for an upturn that could follow implementation of President-elect Donald Trump's pro-drilling agenda or OPEC's plan to cut oil production for the first time in eight years. Denver- based Bonanza Creek, with oil and natural gas...

  • MARACAIBO, Venezuela, Dec 23- A legal strategy switch by Venezuela's state-owned oil giant PDVSA to portray itself as a victim in a massive bribery scheme detected by the U.S. government is unlikely to lead to compensation and may even backfire. In a case that shook the local oil industry, two prominent Venezuelan oil businessmen were arrested last year in the...

  • NEW YORK, Dec 19- Top executives of New York- based hedge fund manager Platinum Partners were arrested on Monday and charged with running a $1 billion fraud that federal prosecutors said became "like a Ponzi scheme" as its largest investments lost much of their value. Led by Mark Nordlicht, Platinum was known for years for producing exceptionally high returns--...

  • NEW YORK, Dec 19- The founder of an oil and gas networking website accused of hacking into a rival site he had created and sold to DHI Group Inc pleaded guilty to a computer fraud charge on Monday, prosecutors said. Federal prosecutors in March charged David Kent, 41, with having stolen data on more than 500,000 user resumes from Rigzone.com, which he sold for $51...

  • NEW YORK, Dec 19- Top executives of New York- based hedge fund manager Platinum Partners were arrested on Monday and charged with running a $1 billion fraud that federal prosecutors said became "like a Ponzi scheme" as its largest investments lost much of their value. Led by Mark Nordlicht, Platinum was known for years for producing exceptionally high returns--...

  • NEW YORK, Dec 16- U.S. refiners such as Valero Energy Corp and Marathon Petroleum Corp are bracing for stricter, smog-busting gasoline regulations set to hit in January, threatening more headwinds for an industry that has just endured its least profitable year since the shale boom started five years ago. Many refiners are grappling with record costs to meet U.S....

  • Geneva- based Petro-Logistics earns money from the lack of timely and complete information from OPEC members and other oil exporters like Russia in the 95 million barrels-per-day global market, by tracking shipments to estimate production and supply. The deal will heighten interest in assessments of OPEC production, to see the extent to which it makes good...

  • AUSTIN, Texas, Dec 15- The Texas city of Corpus Christi told its nearly 320,000 residents on Thursday to stop using tap water due to possible contamination from an industrial chemical leak and said it will distribute bottled water to residents. The Gulf of Mexico coastal city, home to oil and petrochemicals operations and a large port, asked residents to use only...

  • AUSTIN, Texas, Dec 15- The Texas city of Corpus Christi told its nearly 320,000 residents on Thursday to stop using tap water due to possible contamination from an industrial chemical leak, sparking a run on bottled water. The chemical may have contaminated Corpus Christi drinking water due to a "back-flow incident in the industrial district," the city said,...

  • AUSTIN, Texas, Dec 15- The Texas city of Corpus Christi told its nearly 320,000 residents on Thursday to stop using tap water due to possible contamination from an industrial chemical leak, sparking a run on bottled water. The chemical may have contaminated Corpus Christi drinking water due to a "back-flow incident in the industrial district," the city said,...

  • Geneva- based Petro-Logistics earns money from the lack of timely and complete information from OPEC members and other oil exporters like Russia in the 95 million barrels-per-day global market, by tracking shipments to estimate production and supply. The deal will heighten interest in assessments of OPEC production, to see the extent to which it makes good...

  • Dec 14- Exxon Mobil Corp said on Wednesday its president, Darren Woods, will become chief executive and chairman in January following the retirement of Rex Tillerson, who is U.S. President-elect Donald Trump's choice for secretary of state. Tillerson, 64, will retire at the end of the year and Woods, 51, will take over effective Jan. 1, Exxon, the world's largest...

  • The unit, whose onshore operations span five states- Colorado, New Mexico, Oklahoma, Texas and Wyoming- and seven oil and gas basins, has average daily net production of about 300,000 barrels of oil equivalent. Denver is a logical- and strategic- place for us to be and a natural fit for our business, " BP Lower 48 Chief Executive David Lawler said. A number of employees from...