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Tag Archives: Houston

Southwestern Energy to shed 1,100 jobs

Southwestern Energy to shed 1,100 jobs

Southwestern Energy Co. announced layoffs Thursday as drilling activity stalls. The Houston-based company will reduce its workforce by more than 40 percent, according to filings with the Securities and Exchange Commission. The oil and natural gas driller expects to shed 1,100 jobs as it copes with falling natural gas prices. About 300 of those laid off are part of Southwestern’s ...

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Trial date set for companies, workers charged in Gulf blast

Trial date set for companies, workers charged in Gulf blast

NEW ORLEANS — A federal judge has set a January 2017 trial date for the Justice Department’s criminal case against several companies and workers involved in a deadly 2012 explosion on an oil platform in the Gulf of Mexico. A court filing Thursday says the jury trial in New Orleans is scheduled to start Jan. 17, 2017, and last approximately ...

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Economists say Houston can weather oil downturn

HOUSTON — Gone are the lavish lunches with bottles of wine and luxury cars rolling off the lots, but economists say Houston should weather the latest downturn in oil. The local economy is showing strains entering the second year of the worst oil downturn in decades but it’s not collapsing the same way as previous oil busts, The Houston Chronicle ...

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Houston Has Highest Chance of Home Price Declines

As a whole, U.S. real estate has a low chance of experiencing a drop in prices. But energy-dependent areas are more vulnerable. Across the entire country, there is a six percent likelihood that residential home prices will decline during the next two years. While the national risk level is low, Energy Patch states — those dependent on coal, oil or ...

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2 arrested in Venezuelan energy scheme

Venezuelan energy corruption

Two men have been arrested on charges related to an alleged scheme to corruptly secure energy contracts from Venezuela’s state-owned energy company, the U.S. Justice Department said Sunday. Roberto Rincon, the president of Texas-based Tradequip Services & Marine, was arrested on Wednesday in Houston on charges including that he violated the Foreign Corrupt Practices Act and engaged in money laundering, ...

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15 Texas counties declared disasters from October storms

AUSTIN, Texas — Fifteen Texas counties have been declared state disaster areas after October storms and flooding left seven people dead. Gov. Greg Abbott’s disaster declaration covers Bastrop, Brazoria, Caldwell, Comal, Galveston, Guadalupe, Hardin, Harris, Hays, Hidalgo, Liberty, Navarro (nuh-VAH’-roh), Travis, Willacy, and Wilson counties. The declaration, which clears the way for more government assistance, applies to damage from storms ...

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Energy advocacy group to open mobile office in N.M.

FARMINGTON, N.M. — Consumer Energy Alliance — a Houston-based pro-energy group with chapter offices in Texas, Alaska and Florida — plans to become more actively involved in energy policy and advocacy in New Mexico. Shawn Martini, CEA communications director, said the nine-year-old group — that advocates for energy policy that “ensures affordable energy for consumers” — has taken a greater ...

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Houston company rewards employees with $100K bonus

Despite steep investment cuts and project cancellations from oil companies around the world, one Texas company awarded employees with a sizable bonus. Hilcorp Energy Co. gave every eligible employee a cash award of $100,000 for meeting its goals set five years ago. The Houston-based energy company’s “Dream 2015” plan was a five-year incentive program that began in 2011 and awarded ...

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Distressed Eagle Ford, Bakken asset sales seen soon – Anadarko CEO

HOUSTON – Financial distress is soon expected to trigger long-awaited sales of oil and gas properties in North Dakota’s Bakken and Texas’ Eagle Ford basin, the chief executive of Anadarko Petroleum Corp said on Tuesday. A prolonged downturn in crude oil prices has generated lots of chatter that companies laboring under heavy debt that operate shale fields with high break-even ...

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Marathon agrees to sell oil assets in Gulf of Mexico

Marathon Oil Corporation announced an agreement to sell stakes in oil-producing fields in the Gulf of Mexico for $205 million. The agreement is part of the company’s effort to concentrate on U.S. shale plays. The company is also selling two non-operated interests in the Petronius and Neptune fields in the Gulf of Mexico. The buyer will assume all future abandonment ...

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