Top News & Analysis Houston

More

  • HOUSTON, Feb 3- A calamitous natural gas leak near Los Angeles is inching closer to finally being plugged after months of trial and error with different techniques aimed at sealing a foul-smelling hole that has forced thousands of residents from their homes. "It is a slow process once you get down to the fine tuning of lining up one well to the other," said Bill Abel,...

  • CHICAGO, Feb 2- Health experts are bracing for Zika virus to spread to the United States by April or May, borne by a mosquito that craves human blood, feeds during the day and lives under beds and inside closets. Until now, the best weapon against disease-carrying mosquitoes in the United States has been outdoor pesticide fog sprayed by truck and airplane.

  • Atwood Oceanics beats Street 1Q forecasts Tuesday, 2 Feb 2016 | 4:49 PM ET

    HOUSTON _ Atwood Oceanics Inc. on Tuesday reported fiscal first-quarter profit of $39.1 million. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share. Atwood Oceanics shares have fallen 48 percent since the beginning of the year.

  • Powell Industries reports 1Q loss Tuesday, 2 Feb 2016 | 4:29 PM ET

    HOUSTON _ Powell Industries Inc. on Tuesday reported a loss of $459,000 in its fiscal first quarter. Powell Industries expects full-year earnings in the range of 65 cents to $1.05 per share, with revenue in the range of $520 million to $560 million. Powell Industries shares have decreased roughly 3 percent since the beginning of the year.

  • U.S. oil-belt banks rally despite crude crash Tuesday, 2 Feb 2016 | 4:22 PM ET

    After posting relatively weak earnings reports for the fourth quarter of 2015, most banks based in Texas and Oklahoma have seen their shares rally. In the weeks leading up to their earnings reports, banks in Texas and Oklahoma were the target of short sellers who saw the continuing decline in oil prices hurting lenders. Even the president of the Dallas Federal...

  • Shares of the world's largest publicly traded oil company fell as much as 3.6 percent on the New York Stock Exchange as the price of crude slid 4.2 percent. "We have built this business to ensure that it is durable in a low price environment," Jeff Woodbury, Exxon's head of investor relations, told analysts on a conference call. Oil analyst Brian Youngberg at Edward...

  • Shares of Exxon, the world's largest publicly traded oil company, fell 2.2 percent in premarket trading to $74.59, hit by a more than 4 percent slide in the price of crude oil. "While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management," Rex Tillerson,...

  • Crude oil prices have dropped about 70 percent from the 2014 high over $100 barrel. "While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management," Rex Tillerson, the chairman and chief executive officer, said in a statement. The Irving, Texas company...

  • Feb 2- Exxon Mobil Corp on Tuesday reported a 58 percent drop in quarterly profit as low oil prices hurt results at the world's largest publicly traded oil company. The Irving, Texas company reported that fourth-quarter profit slid to $2.78 billion, or 67 cents per share, from $6.57 billion, or $1.56 per share, in the same period a year earlier. Exxon said its oil and...

  • LyondellBasell tops 4Q profit forecasts Tuesday, 2 Feb 2016 | 7:46 AM ET

    HOUSTON _ LyondellBasell Industries on Tuesday reported fourth-quarter earnings of $795 million. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.13 per share. LyondellBasell shares have declined 11 percent since the beginning of the year, while the Standard& Poor's 500 index has fallen 5 percent.

  • NEW YORK, Feb 2- The capital spending slump that originated in the hard-hit energy sector appears to be spreading more widely across other U.S. industries. Drugmaker Eli Lilly is holding its capex budget flat and Verizon Communications Inc said it plans to cut its budget from $17.8 billion, to between $17.2 and $17.7 billion. "I think companies are going to be lean...

  • Feb 1- Anadarko Petroleum Corp on Monday reported a larger quarterly loss but smaller than Wall Street expected and the U.S. oil company said it expects to slash capital spending about 50 percent this year to conserve cash. "We believe the accomplishments achieved in 2015, coupled with the steps we are taking in 2016 to materially reduce our capital spending,...

  • Feb 1- Anadarko Petroleum Corp on Monday reported a larger quarterly loss as low crude prices took a toll and the U.S. oil company said it expects to slash capital spending about 50 percent this year to conserve cash. Anadarko, based in Houston, reported a net loss of $1.25 billion, or $2.45 per share, compared with a loss of $395 million, or 78 cents per share, in the...

  • Axiall said on Friday that it had rejected Westlake's $1.4 billion takeover offer, saying it undervalued the company- an argument that Brigade Capital agreed with. Brigade Capital said in a letter to Axiall's board that it opposed the use of a "poison pill" with respect to Westlake's offer of $20 per share. Axiall shares were down 2.6 percent at $17.46 in afternoon...

  • NEW YORK, Feb 1- U.S. crude oil prices slid almost 7 percent on Monday, pressured by weak economic data from China, a U.S. forecast for mild weather and growing doubts that OPEC would act to reduce the swelling global supply glut. "China is the last standing consumer of oil outside of the U.S. "As long as we keep in this scenario where China is the only real consumer to pick up...

  • LOS ANGELES— Dwayne Angebrandt wasn't all that surprised when his bosses at the U.S. Department of Homeland Security asked their expert on sex trafficking to put together a public presentation on how to spot the signs of it. What really took him aback was the audience he was asked to deliver it to: a group of strip-club operators. But as the special agent in charge of...

  • NEW YORK, Feb 1- U.S. crude oil prices fell 6 percent on Monday as weak economic data from China, the world's largest energy consumer, reversed a four-day rally from last week and an OPEC source undermined chances of an emergency meeting to stem the decline. "China is the last standing consumer of oil outside of the U.S.. "As long as we keep in this scenario where China is...

  • Sysco tops 2Q profit forecasts Monday, 1 Feb 2016 | 8:11 AM ET

    HOUSTON _ Sysco Corp. on Monday reported fiscal second-quarter profit of $272.4 million. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share. Sysco shares have fallen almost 3 percent since the beginning of the year, while the Standard& Poor's 500 index has declined 5 percent.

  • Berkshire resumes buying Phillips 66 stock Saturday, 30 Jan 2016 | 12:14 PM ET

    Jan 30- Berkshire Hathaway Inc, the conglomerate run by Warren Buffett, has resumed its purchases of Phillips 66 stock, and spent roughly $832 million in January to boost its stake even as the oil refiner's profit margins narrowed. According to a regulatory filing on Friday night, Berkshire paid about $198 million this week for 2.54 million Phillips 66 shares, its...

  • Westlake, a Houston- based manufacturer and supplier of petrochemicals, polymers and building products, had argued that the combined company would be more diversified and have a stronger financial profile than Axiall on its own. Westlake revealed earlier on Friday that on Jan. 25 it had offered $11 per share in cash and 0.1967 of its stock for each Axiall share.