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Anadarko Petroleum reports 1Q loss

Anadarko Petroleum reports 1Q loss

THE WOODLANDS, Texas (AP) — Anadarko Petroleum Corp. (APC) on Monday reported a loss of $1.03 billion in its first quarter. The company, based in The Woodlands, Texas, said it had a loss of $2.03 per share. Losses, adjusted for non-recurring costs and restructuring costs, came to $1.12 per share. The results beat Wall Street expectations. The average estimate of ...

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French courts caught up in Yukos vs. Russia assets fight

French courts caught up in Yukos vs. Russia assets fight

PARIS (AP) — The fight between Russia’s government and magnate Mikhail Khodorkovsky’s dismantled Yukos oil company has spread to courtrooms across Europe — and even into space. France has seen multiple court cases in recent months that had entangled rocket and satellite builders and others, in Yukos’ efforts to recover money it says the Kremlin unfairly appropriated. Former Yukos shareholders ...

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Phillips 66 agrees to pay $16K for undisclosed mailers

Phillips 66 agrees to pay $16K for undisclosed mailers

SACRAMENTO, Calif. (AP) — The oil company Phillips 66 is agreeing to pay $16,000 to California’s campaign finance watchdog after secretly paying for 17,000 mailers in 2012. An agreement released Monday shows attorneys for the Fair Political Practices Commission found Phillips 66 avoided disclosing its role by passing payments between two organizations. The $41,000 was eventually used to send campaign ...

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Chevron cuts spending budget again

gas, Chevron

NEW YORK (AP) — Chevron is cutting its spending budget by nearly 40 percent for 2017 and 2018 as it deals with plunging oil prices, a bigger cut in spending than it previously expected. The oil and gas company said Tuesday that it expects to spend between $17 billion and $22 billion on drilling and other projects in 2017 and ...

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Devon Energy to lay off 1,000 workers, 700 in Oklahoma City

Devon Energy to lay off 1,000 workers, 700 in Oklahoma City

OKLAHOMA CITY (AP) — Oklahoma City-based Devon Energy has announced plans to lay off about 1,000 employees — including about 700 in Oklahoma City. The oil and natural gas company said in a statement Tuesday that the layoffs are due to “the current commodity price environment” and an effort to reduce expenses in order to remain financially flexible and competitive. ...

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Berkshire Hathaway betting big on Phillips 66

Berkshire Hathaway betting big on Phillips 66

Berkshire Hathaway increased its stake in Houston-based Phillips 66. Since the start of February, the company has purchased about 1.7 million Phillips 66 shares for almost $132 million, according to CNBC. This year, the Warren Buffet-led conglomerate has added a total of 12.5 million shares in Phillips 66. Total costs add up to $964 million. Shares were purchased between $77.40 ...

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Saudi Arabia may launch IPO for Saudi Aramco

Saudi Arabia may launch IPO for Saudi Aramco

NEW YORK — Saudi Arabia may launch an initial public offering for the world’s largest oil producer, Saudi Arabian Oil Co., according to a report. Deputy Crown Prince Mohammed bin Salman told The Economist that a decision will be made in the next few months. The crown prince is widely thought to hold considerable power in the monarchy and also ...

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