Devon Energy Production Co. and Trevor Rees-Jones must pay the Dallas billionaire’s ex-partner $116 million for defrauding him of his true share of a company that Devon later bought for $2 billion, a Houston jury said.
Rajat Gupta, while on the Goldman Sachs Group Inc. board in 2008, told Galleon Group LLC co- founder Raj Rajaratnam of the board’s talks on whether to buy American International Group Inc. or Wachovia Corp., according to a wiretapped recording.
Spain and Italy reinstated a short- sale ban on stocks as bank shares plunged to record lows, bond yields rose and the euro traded below its lifetime average against the dollar on concern the debt crisis is growing.
The glut of U.S. shale oil caused by too few pipelines has spread to West Texas, cutting prices and draining $1.2 billion in potential profit from producers including Concho Resources Inc. and Occidental Petroleum Corp.
Sumitomo Corp., the fourth-largest Japanese trading company by earnings, plans to invest about $2 billion in Texas shale oilfields after agreeing to buy a stake in the assets from operator Devon Energy Corp.
Devon Energy Corp., WPX Energy Inc. and other natural gas liquids producers may report second- quarter earnings below analysts’ estimates as tumbling prices harm companies that ramped up output seeking shelter from natural-gas markets.
Oil and natural-gas drillers in Ohio would pay a severance tax as high as 4 percent to fund income- tax cuts under a plan Governor John Kasich will unveil next week, according to an administration proposal obtained by Bloomberg News.