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Top News & Analysis Houston

  • 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...

  • WASHINGTON, Dec 13- U.S. Senate Democrats plan to enlist accountants and legal experts to pore through the business records of Exxon Mobil Chief Executive Rex Tillerson, President-elect Donald Trump's pick for secretary of state, Democratic aides said. Tillerson could face a rocky confirmation process, given concerns among both Democrats and Republicans...

  • BEIJING/ HOUSTON, Dec 13- China's Guangdong Zhenrong Energy Co will submit a plan by April to revamp a century-old oil refinery in Curacao, as it seeks to secure a $5.5 billion project that will give China a foothold in the Caribbean's second-largest oil refinery. If the deal goes ahead, the Chinese firm would replace Venezuela's cash-strapped state oil firm...

  • NEW YORK, Dec 8- Oil rebounded from the week's lows to close above $50 a barrel on Thursday, on growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production. Both Brent and U.S. benchmarks rallied after the former secretary general of the Organization of the Petroleum Exporting Countries made comments...

  • NEW YORK, Dec 8- Oil rebounded from the week's lows to close above $50 a barrel on Thursday, on growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production. Both Brent and U.S. benchmarks rallied after comments by the former secretary general of the Organization of the Petroleum Exporting Countries...

  • NEW YORK, Dec 8- Oil traders who bought U.S. crude call options before OPEC's agreement last week to cut output did not get the windfall they were expecting as the rally in those options fell short of crude's massive surge. Early last week ahead of the Organization of Petroleum Exporting Countries meeting, traders piled into inexpensive West Texas Intermediate...

  • Without bankruptcy, many of small and medium-sized service companies risk missing out on any upturn that could follow President-elect Donald Trump's pro-drilling agenda or OPEC's plan to cut oil production for the first time in eight years, restructuring advisors said. In June through October, nine companies with at least $100 million in debt filed for...

  • Without bankruptcy, many of small and medium-sized service companies risk missing out on any upturn that could follow President-elect Donald Trump's pro-drilling agenda or OPEC's plan to cut oil production for the first time in eight years, restructuring advisors said. In June through October, nine companies with at least $100 million in debt filed for...