US reimposes oil sanctions on Venezuela as hopes for a fair presidential election fades
The Biden administration has reimposed crushing oil sanctions on Venezuela in a rebuke to President Nicolas Maduroโs attempts to consolidate his rule just six months after the U.S. eased restrictions in a bid to support now fading hopes for a democratic opening in the OPEC nation.
Schumer and other Senate Democrats call for a federal probe of huge oil deals by Exxon and Chevron
Senate Majority Leader Chuck Schumer and other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump.
Jury returns $63M verdict after finding Chevron covered up toxic pit on California land
A California jury has returned a $63 million verdict against Chevron after finding the oil giant covered up a toxic chemical pit on land purchased by a man who built a house on it and was later diagnosed with a blood cancer.
Cyprus: Plant to process Israeli gas for export an option
Cyprusโ energy minister says a pipeline conveying Israeli natural gas to the island nation where it would be liquefied for export by ship is an option the government is weighing on how to get east Mediterranean gas to Europe and elsewhere amid the energy crisis prompted by Russiaโs war in Ukraine.
Venezuela's gov, opponents resume talks; US eases sanction
Venezuelaโs government and its opposition have agreed to create a U.N.-managed fund to finance health, food and education programs for the poor, while the Biden administration eased some oil sanctions on the country in an effort to boost the newly restarted talks between the sides.
Biden, Chevron chief trade sharp words over gas prices
In a pointed back and forth, the head of Chevron has complained that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels and the president responded that the oil company CEO was being โmildly sensitive.โ.
Buffett's firm reveals new investments in Verizon, Chevron
Buffetts company made major new investments in Verizon and Chevron and again trimmed its huge stake in Apple while making several other adjustments to its stock portfolio in 2020. โ Warren Buffett's company made major new investments in Verizon and Chevron and again trimmed its huge stake in Apple while making several other adjustments to its stock portfolio last year. Berkshire Hathaway Inc. said in regulatory filings Tuesday that it bought $8.6 billion worth of Verizon stock and picked up $4.1 billion worth of Chevron shares over the last six months of 2020. AdIn addition to those large new investments, Berkshire also revealed a new stake in professional services firm Marsh & McLennan that's worth roughly $499 million. In addition to the three new investments, Berkshire also added to its relatively new holdings in drugmakers Bristol Myers Squibb, Abbvie and Merck.
Hit by pandemic, oil giants Exxon, BP post huge 2020 losses
Oil giants Exxon and BP have reported staggering losses for 2020 as the pandemic crushed energy demand and caused oil prices to tumble. (AP Photo/Alastair Grant, File)DALLAS โ Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices. Exxon Mobil Corp. reported the largest losses in its history โ nearly $20.1 billion for the fourth quarter, including more than $19 billion to write down the value of company assets. BP PLC posted a profit of $825 million in the fourth quarter but still lost $18.1 billion in 2020. However, the company is still bringing new oil and gas projects into operation.
Texas unemployment rate rises to 8.1% in November
Credit: Jordan Vonderhaar for The Texas TribuneLearn more about how to navigate Texasโ unemployment system in our guide for jobless Texans. The unemployment rate in Texas rose to 8.1% in November, the U.S. Labor Department said Friday. Thatโs an increase from the stateโs October rate of 6.9% as Texas, whose businesses have been battered by the coronavirus pandemic, experienced another surge in infections. The state's unemployment rate for November is the latest indicator that the economic recovery in Texas will be slow and staggered. Distribution of a COVID-19 vaccine could impact the unemployment rate in the coming months โ though, as Gov.
751,000 seek US jobless benefits as virus hobbles economy
Eight months after the pandemic flattened the economy, weekly jobless claims still point to a stream of layoffs. Thursdayโs report from the Labor Department said the number of people who are continuing to receive traditional unemployment benefits declined to 7.3 million. The job market has been under pressure since the virus paralyzed the economy and has regained barely half the 22 million jobs that were lost to the pandemic in early spring. All told, the Labor Department said 21.5 million people are receiving some form of unemployment benefits, though the figure may be inflated by double-counting by states. Without additional federal aid, millions of unemployed Americans likely will lose all their jobless benefits in coming weeks and months, probably forcing them to scale back their spending.
5 things for Houstonians to know for Friday, Oct. 30
Here are things to know for Friday, Oct. 30:1. Body of woman found in ditch had multiple stab wounds, Houston police sayHouston police are investigating the fatal stabbing of a woman whose body was found Wednesday in a drainage ditch in Houston, according to Houston police. Investigators identified multiple stab wounds on the womanโs body, according to a release from the department. Seven Lakes High School to temporarily halt in-person classes after 40+ COVID-19 cases on campusSeven Lakes High School will be temporarily closed Friday after at least 43 students tested positive for COVID-19, according to Katy ISD. The principal of Seven Lakes High School sent home a letter to parents which said in part:โThru contact tracing many positives be linked back to medium to large scale gatherings involving our students.
Losses mount for oil companies as pandemic grips economy
NEW YORK โ Exxon Mobil reported its third consecutive quarter of losses as the global pandemic curtailed travel and crippled global economic activity. The string of losses and what by almost all counts will be a money-losing year is new territory for Exxon Mobil, which has not posted an annual loss since Exxon and Mobil merged in 1999. Already struggling with weak prices from oversupply, the pandemic has intensified the pain for oil and gas companies. Exxon has begun slashing costs to offset falling energy demand, and that means jobs. Oil demand is expected to fall 8% globally this year, according to the International Energy Agency.
ExxonMobil to cut 1,900 US jobs as oil industry struggles, largely at management offices in Houston
NEW YORK โ Exxon Mobil is slashing 1,900 jobs from its U.S. workforce, and Chevron plans to cut a quarter of the employees at its recently-acquired Noble Energy as the pandemic saps demand for fuel. Exxon said Thursday the reductions will be both voluntary and involuntary and will largely come from its management offices in Houston. The Irving, Texas oil giant had about 75,000 employees worldwide at the end of 2019. The oil industry was already struggling before the pandemic struck, with a weakened global economy decreasing demand for energy and producers flooding the market with cheap fuel. Chevron confirmed Thursday it would slash jobs at Noble Energy, which it recently acquired, by 25%.
Chevron to layoff 700 employees in Houston downtown
HOUSTON โ Chevron Corp. is asking employees to reapply for positions as part of a โcost-cutting program expected to eliminate up to 15% of its workforce," according to Reuters. Nearly 700 employees in Houston will be laid off starting Oct. 23, according to a notice Chevron sent to the state of Texas. The layoffs will affect workers at Chevronโs downtown offices: 1400 Smith, 1500 Louisiana, 1600 Smith and 2 Allen Center, according to the Houston Chronicle. This summer, Chevron acquired Houston-based Noble Energy, and it is expected to make cuts and layoffs for redundant office positions. In total, the company announced plans to lay off 6,000 workers globally this year.
Chevron acquires Noble Energy for $5 billion, biggest purchase since beginning of pandemic
SAN RAMON, California Chevron announced Monday morning that the company plans to acquire Noble Energy for $5 billion, making it the biggest energy deal since the beginning of the coronavirus pandemic. In a statement Monday, the total enterprise value and transaction was $13 billion, which included pending debts from Noble Energy. The acquisition is subject to approval from Noble Energy shareholders. Noble Energys multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow.According to CNN Business, Noble Energys debt and proven undeveloped reserves became an attractive and cheap buy for Chevron. Noble Energy will own 3% of the combined company, according to Chevron in a statement.
Chevron acquires Noble for $5 billion in all-stock deal
NEW YORK Chevron will take over Noble Energy for $5 billion in the first big deal announced since the coronavirus pandemic shook the energy sector. Chevron, based in San Ramon, California, has been shopping for assets since last year and with crude prices down more than 30% this year, it jumped Monday with it's all-stock offering. Based on Chevrons closing price on Friday, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value of the deal, including debt, is $13 billion. Noble is based in Houston, Texas.
Report: Six Texas oil refineries spewing cancer-causing pollutant above federal threshold
It found that 10 of them had reported benzene levels above the established threshold over a one-year period that ended in September. โEPA in 2015 imposed regulations to better monitor benzene and protect people living near refineries, often in working-class neighborhoods. Some stressed that the fence line monitoring data isn't necessarily indicative of public health risks and described the report as misleading. Kansas-based Flint Hills Resources said that the fence-line monitoring data it reported to the EPA isn't necessarily indicative of benzene levels in communities near its facility. In a one-sentence statement, Valero pointed out that its current benzene monitoring averages are below the threshold.
Armed man robs drivers of luxury cars in Bellaire, attempts to steal vehicles but couldnโt start either of them
BELLAIRE, Texas โ A man attempted to steal two luxury cars in Bellaire Wednesday night but was unsuccessful, the victims said. The video shows the armed man approaches the driver and demanded his wallet and keys. The second robbery attemptA few blocks away, the suspect attempted to steal a white BMW from another man, Oscar Aguilar, officials said. Aguilar said the suspect robbed him of his items and keys but couldnโt start the car. He said the gunman attempted to start the car for three minutes before he gave up and ran.
Pump Patrol: Save 28 cents a gallon
HOUSTON โ The average cost of a gallon of gas in Houston is $3.23. But some stations around town sold regular gas for 28 cents less. The following three stations sold gas for less on Monday, according to www.GasBuddy.com. Chevron, Crabb River Road near Sandsbury Boulevard in Sugar Land: $2.95Valero, Barker Cypress near West Road: $3.14HEB, Katy Freeway near Pin Oak Road in Katy: $3.15More Information: