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.
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.
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.
BP Plc’s oil spill in the Gulf of Mexico is prompting Brazil to take a “cautious approach” before deciding on the company’s purchase of Devon Energy Corp.’s deepwater blocks, the head of the petroleum regulator said.