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Anadarko cutting spending almost in half, selling assets

Anadarko cutting spending almost in half, selling assets

TRENTON, N.J. (AP) — Anadarko will sell more assets and reduce by nearly half its spending on oil and natural gas exploration this year. One of the world’s biggest independent oil and natural gas exploration and production companies, Anadarko said Tuesday it will cut capital expenditures this year to between $2.6 billion and $2.8 billion, from about $5.5 billion last ...

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Anadarko reports $1.25 billion loss in 4Q

Anadarko reports $1.25 billion loss in 4Q

Anadarko Petroleum posted a loss of $1.25 billion in the fourth quarter. The Texas-based company plans to slash nearly half of its budget next year as it weathers plunging oil prices. For the year, Anadarko posted losses of $6.69 billion, or $13.18 per share. Anadarko CEO Al Walker said the company’s decision not to expand drilling programs in 2015 paid ...

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OPEC’s market share to shrink by 2020 as rivals keep pumping despite oil’s collapse

LONDON – Global demand for OPEC’s crude will be lower in 2020 than next year as supply from rivals proves more resilient than expected, potentially fueling a debate on the merits of its strategy to let prices fall to hurt other producers. The Organization of the Petroleum Exporting Countries, which a year ago refused to cut supply to retain market ...

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Marathon Petroleum raises cash portion of MarkWest offer

Marathon Petroleum Corp on Tuesday raised the cash portion of its offer to buy MarkWest Energy Partners LP, the second-largest U.S. natural gas processor, by $400 million to $1.07 billion. The company, which is buying MarkWest through its pipeline unit, MPLX LP, said it will now offer $5.21 per unit in cash, up from the $3.37 it offered in July. ...

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U.S. import prices fall on petroleum, range of goods

WASHINGTON – U.S. import prices fell more than expected in October as the cost of petroleum and a range of goods declined, a sign that a strong dollar and soft global demand continued to exert downward pressure on imported inflation. The Labor Department said on Tuesday import prices dropped 0.5 percent last month after a revised 0.6 percent decline in ...

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Petroleum, strong dollar depress U.S. import prices

WASHINGTON – U.S. import prices fell more than expected in October as the cost of petroleum and a range of goods declined, a sign that a strong dollar and soft global demand continued to exert downward pressure on imported inflation. The Labor Department said on Tuesday import prices dropped 0.5 percent last month after a revised 0.6 percent decline in ...

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2014 was a record year for Texas exports

Petroleum and coal products were the highest contributor to a record setting year for exported goods in Texas in 2014, according to the Houston Business Journal. Petroleum and coal accounted for $59.1 billion of the record setting $289 billion in 2014. Among other contributors are computer and electronic products with $46.6 billion and chemicals at $46.1 billion, according to the ...

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Guttman Group sees natural fit in shale gas, electricity

The ventures of a man who once sold meat in McKeesport have evolved into a $3.8 billion business dealing in the distribution of fuel and, most recently, natural gas and electricity. Belle Vernon-based Guttman Group, with four operating companies under its umbrella, was originally established by Jacob Guttman, who opened the meat shop Guttman Sanitary Market in 1922. Less than ...

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