Westlake Chemical CEO Albert Chao has highlighted production rates in Kentucky. (Houston Chronicle)

Westlake Chemical fails in initial $1.4 billion takeover bid of Axiall

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The Houston petrochemical company made the offer public as part of a hostile takeover effort to woo Axiall’s shareholders.
A CenterPoint Energy employee in Houston on May 21, 2013. (Cody Duty / Houston Chronicle)

CenterPoint buys Continuum Energy’s retail business

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The deal will allow CenterPoint, which is known primarily as the power line and transmission company for most of the Houston region, to serve more residential and commercial customers outside of Texas.
Phillips 66 Chairman and CEO Greg Garland.  ( James Nielsen / Houston Chronicle )

Phillips 66 profits plummet 43 percent, still meet expectations

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Phillips 66 reported $650 million in net income in the fourth quarter, or $1.20 per share, well down from $1.15 billion, or $2.05 a share, in the final three months of 2014. The company’s profits still show that refining and chemicals companies like Phillips 66 are performing much better during the oil crash than the production and services companies, many of which are reporting large losses.
“It’s not the end of the world,” says  CEO Aldemir Bendine.  (AP Photo/Eraldo Peres, File)

Petrobras cuts managers to save $440 million a year

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“It’s a scenario of total stress,” CEO Aldemir Bendine said. “The company has to adapt.”
Categories: Latin America
API President Jack Gerard  (Bloomberg)

Oil industry throws support behind energy reform bill

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In a letter to Senate Majority Leader Mitch McConnell, R-Ky., American Petroleum Institute President Jack Gerard said Thursday his group “strongly supports” the legislation, named the Energy Policy Modernization Act.
The Shell logo sits on the side of a fuel tanker truck during a gasoline delivery at a gas station operated by Royal Dutch Shell Plc in Utrecht, Netherlands, on Tuesday, Jan. 26, 2016. Shell is on the brink of completing its biggest acquisition as shareholders look set to back its purchase of BG Group Plc. Photographer: Jasper Juinen/Bloomberg

Shell transitioning Houston truck fleet from diesel to LNG

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The use of LNG and compressed natural gas — another new CNG fueling station opened Thursday in Houston — in commercial vehicles has rapidly expanded because of the nation’s cheap and bountiful supply of natural gas.
(Kristian Helgesen/Bloomberg)

Rystad: $230 billion in oil projects mothballed because of cheap crude

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That’s 38 percent higher than Rystad’s previous estimate last July, and the number of projects that have been delayed since then has risen from 40 to 63.
(Andrey Rudakov/Bloomberg)

Crude soars on report of Russia, Saudi discussions on oil cuts

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The discussions over production cuts are likely happening now because of the severe economic pain that Russia, one of the most resource-rich nations on the planet, has felt as oil prices have crashed.
The visor of a fire-fighter's helmet reflects a gas burn off venting pipe as he stands on the helicopter deck on the Armada gas condensate platform, operated by BG Group Plc, in the North Sea, off the coast of Aberdeen, U.K., on Thursday, Dec. 10, 2015. Royal Dutch Shell Plc got clearance from antitrust authorities in China for the takeover of BG Group Plc, removing the final regulatory hurdle for its biggest-ever deal. Photographer: Simon Dawson/Bloomberg

BG Group investors approve Shell deal

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Ninety-nine percent of BG Groups shareholders approved the deal.
In an undated photo from a 2015 investor presentation, a Cameron International worker examines oil field separation and processing equipment produced by the Houston-based manufacturer. Schlumberger said on Aug. 26, 2015, that it would acquire Cameron in a $12.8 billion deal. (Cameron International photo)

Cameron profits tumble 43 percent

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Cameron’s subsea business posted an 85 percent increase in operating income despite lower revenues.