Category: Finance/Earnings

Texas power company files for bankruptcy

Tuesday’s filing in Delaware is the result of months of wrangling among creditors, owners and management, and represents the failure of a bet that natural-gas prices would rise enough to justify the $48 billion price.  More »

BP’s first-quarter profits drop as assets sold

BP’s profit fell 79 percent in the first quarter, a year after a massive haul from the sale of its stake in TNK-BP to Russia’s state-owned oil giant Rosneft.  More »

CEO sees pay package more than double

The CEO of Cheniere Energy may keep his claim to the highest pay package of any energy executive in Houston – at least on paper.  More »

Energy Transfer Partners buys Stripes operator for $1.8B

Dallas-based Energy Transfer Partners will pay $1.8 billion for the company that operates the Stripes convenience store chain, which has 630 locations across Texas, New Mexico and Oklahoma.  More »

Weatherford mum on how layoffs affect Houston

One of the region’s largest employers is cutting nearly 10 percent of its workforce, but company officials won’t say how many of those cuts will occur in the city or even the United States.  More »

Weatherford expects 6,600 job cuts by end of June

Weatherford International expects 6,600 job cuts by end of the second quarter.  More »

More drilling, capital needed to sell shale, PE investor says

The euphoria that drove a land rush in U.S. shale plays has in recent years given way to reality: Not all shale rocks were created equal. Buyers are now a lot more skeptical of any oil land on the sales block, says a private equity investor who is establishing a new office in Houston this week.  More »

Noble Energy earnings down 23 percent

Exploration and production company Noble Energy saw its first quarter profits slide 23 percent but pointed to growing production domestically and abroad.  More »

Divestment campaigns struggle against stock market, profits

The divestment campaigns have had limited success, but it’s a movement that administrators are noticing.  More »

Halliburton posts $622M in first-quarter net income

Halliburton says it was profitable in the first-quarter after reporting a loss for the period a year ago.  More »

Baker Hughes profits up 23 percent

Oilfield servicer Baker Hughes reported a 22.8 percent increase in profits in the first quarter, citing efficiency gains and growing demand for its technology.  More »

Pipeline firms with high fees borrow to pay investors

Most businesses focus on profits. The energy infrastructure companies known as master limited partnerships are all about cash.  More »