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Top News & Analysis Houston

  • Jan 24- Plains All American Pipeline LP said it would buy a crude oil gathering system in the Permian Basin for about $1.22 billion, bolstering its presence in the top U.S. oil field. In a separate deal, Targa Resources Corp said it would buy Outrigger Energy's assets in the Delaware and Midland basins, two of the main portions of the Permian Basin, for up to $1.5...

  • Oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to U.S. Gulf Coast refiners. Before taking office he said the Dakota pipeline should be completed and that he would revive the C $8 billion Keystone XL project, which was rejected in 2015 by then-President Barack Obama. Even though Canada is already the biggest...

  • Jan 24- A U.S. judge overseeing the bankruptcy of Linn Energy LLC said on Tuesday he is prepared to confirm its restructuring plan with slight tweaks, backing the oil-and-gas producer's goal of shedding $5.5 billion in debt and splitting into two companies. Bankruptcy Judge David Jones at the end of a hearing in Houston congratulated Linn's legal team and...

  • WASHINGTON, Jan 24- Oil companies Shell and Phillips 66 together bought 6.4 million barrels of oil last week from the Strategic Petroleum Reserve, according to a Department of Energy document released on Tuesday. The federal government held the sale to fund a revamp of the emergency oil stash, which is stored in salt caverns in Louisiana and Texas along the Gulf...

  • While oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to U.S. Gulf Coast refiners, going ahead with the projects would mark a bitter defeat for Native American tribes and climate activists, who vowed to fight the decisions through legal action. The application will be reviewed by the U.S. State Department, which...

  • WASHINGTON, Jan 24- Oil companies Shell and Phillips 66 bought more than 6 million barrels of oil last week from the Strategic Petroleum Reserve, according to a Department of Energy document released on Tuesday. Shell bought 6.2 million barrels of oil and Phillips 66 bought 200,000 barrels on Jan. 18, said the department document, seen by Reuters.

  • *Dakota pipeline would boost capacity out of North Dakota. While oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to U.S. Gulf Coast refiners, a revival of the projects would mark a bitter defeat for Native American tribes and climate activists, who vowed to fight the decisions through legal action.

  • *Dakota pipeline would boost capacity out of North Dakota. While oil producers in Canada and North Dakota are expected to benefit from a quicker route for crude oil to U.S. Gulf Coast refiners, a revival of the projects would mark a bitter defeat for Native American tribes and climate activists, who vowed to fight the decisions through legal action.

  • But a restart of the projects would mark a defeat for Native American tribes affected by the $3.8 billion Dakota Access pipeline. Protesters had rallied for months against plans to route the $3.8 billion pipeline beneath a lake near the Standing Rock Sioux reservation, saying it threatened water resources and sacred Native American sites.

  • CHICAGO, Jan 23- U.S. oilfield services company Forbes Energy Services Ltd said it expected to "promptly" emerge from bankruptcy after filing a Chapter 11 plan on Monday with a prepackaged deal to exchange $280 million of debt for equity. In a filing with the U.S. Bankruptcy Court in Houston, Forbes said the slump had reduced demand for its activities, rendering it...

  • Kinder Morgan reported a net profit attributable to shareholders of $170 million, or 8 cents per share, in the fourth quarter ended Dec. 31, compared with a loss of $721 million, or 32 cents per share, a year earlier. The year-earlier quarter included a $1.1 billion impairment charge. The Houston- based company's revenue fell to $3.39 billion from $3.64 billion.

  • Elliott and Bluescape, which was founded by ex- TXU Corp. CEO John Wilder, said in a filing that NRG's shares were "deeply undervalued." NRG, an electric power company with headquarters in Princeton, New Jersey and Houston Texas, saw its stock rise 5.9 percent to $15.47 on the New York Stock Exchange on Tuesday. Wilder is credited with overhauling electric utility TXU...

  • Jan 17- Shipping operations at one of three docks of Venezuela's main crude exporting port were halted after an oil spill occurred while loading a vessel bound for India, union and shipping sources told Reuters on Tuesday. The spill, which happened over the weekend at Jose port's Eastern dock and whose size has not yet been disclosed, also affected other tankers...

  • WASHINGTON, Jan 17- The U.S. Supreme Court on Tuesday allowed private antitrust lawsuits brought by investors including big U.S. cities accusing major banks of conspiring to manipulate the pivotal Libor benchmark interest rate to move forward. The justices rejected an appeal filed by a group of banks including Bank of America Corp, Deutsche Bank AG, UBS AG and...

  • CARACAS, Jan 13- Venezuelan state energy company PDVSA projects oil production will remain near 23- year lows in 2017, an internal document shows, suggesting more hardship ahead for the crisis-wrought OPEC member country. Cash-squeezed PDVSA, which accounts for nearly all of Venezuela's export revenues and is the socialist government's financial motor,...

  • NEW YORK/ WASHINGTON, Jan 12- Amazon.com Inc on Thursday said it will create more than 100,000 jobs in the United States, from software development to warehouse work, in its latest move to win over shoppers by investing in faster delivery. At least 16 new U.S. fulfillment centers are in the works for this year and next, said Marc Wulfraat, president of logistics...

  • NEW YORK/ WASHINGTON, Jan 12- Amazon.com Inc on Thursday said it will create more than 100,000 jobs in the United States, from software development to warehouse work, in its latest move to win over shoppers by investing in faster delivery. At least 16 new U.S. fulfillment centers are in the works for this year and next, said Marc Wulfraat, president of logistics...

  • WASHINGTON, Jan 11- Secretary of State nominee Rex Tillerson expressed views on Wednesday at odds with President-elect Donald Trump's positions on key foreign policy issues like nuclear proliferation, trade deals, climate change and relations with Mexico. In a nine-hour Senate confirmation hearing, the former chief executive of oil company Exxon Mobil...

  • WASHINGTON, Jan 11- Secretary of State nominee Rex Tillerson expressed views on Wednesday at odds with President-elect Donald Trump's positions on key foreign policy issues like nuclear proliferation, trade deals, climate change and relations with Mexico. In a nine-hour Senate confirmation hearing, the former chief executive of oil company Exxon Mobil...

  • WASHINGTON, Jan 11- President-elect Donald Trump's nominee for secretary of state, Rex Tillerson, said on Wednesday he favored maintaining current U.S. sanctions against Russia for now and that NATO allies were right to be alarmed by Moscow's growing aggression. Tillerson's backing for a more assertive policy toward Russia than Trump has espoused was...