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  • Prosperity Bancshares tops Street 4Q forecasts Friday, 23 Jan 2015 | 6:24 AM ET

    HOUSTON _ Prosperity Bancshares Inc. on Friday reported fourth-quarter earnings of $78.2 million. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share. Prosperity Bancshares shares have dropped 15 percent since the beginning of the year.

  • WASHINGTON— Macau, the Chinese territory known for casino gambling, outperformed the rest of the world's major cities economically last year, according to a report out Thursday. Cities in the developing world, especially China, dominated the top of the annual economic rankings of 300 cities worldwide by the Brookings Institution and JPMorgan Chase.

  • The Brookings Institution and JPMorgan Chase ranked 300 major cities worldwide for economic performance last year.

  • Kinder Morgan names Kean CEO to succeed Richard Kinder Wednesday, 21 Jan 2015 | 5:31 PM ET

    HOUSTON— Kinder Morgan Inc. said Wednesday that its founder Richard Kinder will step down as CEO in June and serve as chairman of the company. Kinder Morgan announced separately that it is acquiring oil and gas processing company Hiland Partners in a deal worth $3 billion, including roughly $1 billion in debt. Kinder Morgan says the purchase will give it access...

  • Jan 21- Kinder Morgan Inc, the top U.S. pipeline company, on Wednesday said co-founder Rich Kinder will step down as chief executive this summer in a long-expected move. Last year, Kinder presided over an unusual $44 billion deal that folded the company's master limited partnerships under one publicly traded corporation, Kinder Morgan Inc. It now has a market...

  • Kinder Morgan acquires Hiland Partners Wednesday, 21 Jan 2015 | 5:11 PM ET

    HOUSTON— Kinder Morgan says it is acquiring oil and gas processing company Hiland Partners in a deal worth $3 billion, including roughly $1 billion in debt. Kinder Morgan says the deal will give it access to some of the Bakken's most attractive and economically viable areas. Kinder Morgan says the acquisition will add modestly to its cash available to pay...

  • Crown Castle beats Street 4Q forecasts Wednesday, 21 Jan 2015 | 4:33 PM ET

    HOUSTON _ Crown Castle International Corp. on Wednesday reported fourth-quarter net income of $148.1 million, after reporting a loss in the same period a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share. For the current quarter ending in March, Crown Castle expects its per-share...

  • HOUSTON— Oil services company Baker Hughes Inc. will lay off about 7,000 workers as it prepares for a downturn in orders because of the plunge in crude prices, the company said Tuesday. The layoffs represent about an 11 percent cut to the 62,000- plus workers Baker Hughes says it employs worldwide. Oil services rival Halliburton had announced in November it...

  • Schlumberger will spend about $1.7 billion for a minority stake in a big Russian energy company at a time when that country's relations with the West are under strain and as energy prices hit multiyear lows. Schlumberger said last week that it would cut 9,000 jobs in response to falling oil prices, which have forced other energy companies to lower their...

  • HOUSTON— Shares of Halliburton rallied Tuesday after the oilfield services company reported its fourth-quarter profit rose 14 percent in a performance that exceeded Wall Street expectations. Halliburton Chairman and CEO Dave Lesar said Tuesday morning during a conference call that his company's customers have chopped their capital expenditure...

  • Baker Hughes tops Street 4Q forecasts Tuesday, 20 Jan 2015 | 6:15 AM ET

    HOUSTON _ Baker Hughes Inc. on Tuesday reported fourth-quarter earnings more than doubled to $663 million. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share. Baker Hughes shares have climbed nearly 1 percent since the beginning of the year, while the Standard& Poor's 500 index has declined roughly 2...

  • WASHINGTON— Cheap oil doesn't only mean cheaper gas in the tank. It means that a car dealer in Illinois is shuffling the inventory of models he'll be selling, that more students in Wisconsin may get school-provided iPads, that some planned projects in a Southern California city will get delayed, and that some expected oilfield hiring in North Dakota and Texas may...

  • Apache Corp., Baker Hughes and Schlumberger have begun laying off employees in response to the oil price crash in the past six months, The Tulsa World reported Saturday. Apache's job cuts will likely impact several hundred employees of the Houston- based oil and gas producer, which is one of the nation's bigger independent firms. But she would not specify how many...

  • The Houston- based Prison Entrepreneurship Program began operations in 2004 and operates now in the Cleveland Correctional Facility in Cleveland, Texas, with plans to open a second unit in a Dallas- area prison this year. —Number of businesses grossing more than $1 million: at least two. —Recidivism rate: Less than 7 percent, compared with a rate of 23 percent overall...

  • CLEVELAND, Texas— Standing in a prison chow hall, Richard Chavez Jr. outlines his past: violent felon, former gang member, the fourth member of his family to go to prison. Then his future: owner of a mobile counseling youth service that goes where the troubled kids are. Arching a tattooed eyebrow, Chavez credits an innovative program run out of the Cleveland...

  • US rig count plunges by 74 to 1,676 Friday, 16 Jan 2015 | 2:02 PM ET

    HOUSTON— Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. tumbled by 74 this week to 1,676.. Of the major oil- and gas-producing states, Texas' count dove by 44, North Dakota dropped six, Oklahoma fell five, California and Wyoming each lost four and New Mexico declined by three. Arkansas, Kansas and West...

  • Enbridge Inc's Illinois- to-Oklahoma Flanagan South line, coupled with Enterprise Products Partners' Oklahoma-to-Texas Seaway Twin line, are delivering their first large-volume shipments to the biggest refinery market in the United States, most of which is built to handle viscous oil like that produced in Canada. "We are connected all the way from Canada to...

  • HOUSTON, Jan 16- Harvest Natural Resources Inc, a Texas based oil and gas company, said on Friday it has filed an arbitration request against Venezuela before a World Bank tribunal to protect the value of its investment in the South American country. "Having exhausted all alternatives to protect Harvest's shareholders, we are now regrettably forced to exercise...

  • Jan 15- Schlumberger Ltd, the world's No.1 oilfield services provider, said it will cut 9,000 jobs, or about 7 percent of its workforce, as it focuses on controlling costs amid plummeting oil prices. Schlumberger had said last month that it would take a $1 billion charge related to jobs cuts and the writedown of some seismic vessels. Schlumberger's customers- oil...

  • Schlumberger to cut 9,000 jobs on oil-price plunge Thursday, 15 Jan 2015 | 5:39 PM ET

    Schlumberger Ltd, the world's No.1 oilfield services provider, said it will cut 9,000 jobs, or about 7 percent of its workforce.