Houston oil and gas producer EnerVest Ltd. has agreed to purchase two assets in Virginia and South Texas for $1 billion, expanding the private company’s portfolio at a time when others are shrinking their footprint and shedding acreage to raise much-needed cash.
Dynegy acquired 21 new power plants in the spring in the Midwest and New England regions and the company said its operating income jumped up to $107 million for the quarter, up from $22 million in the same period last year, with the added power production. The company announced its earnings after the markets closed Wednesday.
As oil companies scrap cash bonuses and raises amid a brutal downturn with no end in sight, one offshore drilling company is offering extra pay for some key employees it hopes to keep during difficult times.
NRG, which is in the midst of a “reset” to cut costs and spin off its financially struggling solar and wind businesses, announced $67 million in net income for the quarter, down from $182 million during the same time last year.
The collapse in oil and natural gas prices is creating an uneasy situation for some producing nations that rely on that revenue to function, a U.S. state department official said Tuesday at a conference in Houston.
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