Ted Harper News
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Occidental Petroleum Corp. Chairman Ray Irani should retire and Chief Executive Officer Stephen I. Chazen should be allowed to continue as CEO, shareholder First Pacific Advisors LLC said in a letter to the company today.
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Occidental Petroleum Corp. will lose its two-decade leader Ray Irani next year, freeing the $66 billion energy company to sell its operations outside the U.S. and boost one of the industry’s worst valuations.
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The more Apache Corp. tries to grow, the more it shrinks.
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The Standard & Poor’s 500 Index climbed to a five-year high as a drop in jobless claims and Warren Buffett’s deal for H.J. Heinz Co. overshadowed concern over shrinking economies in Europe and Japan.
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Petroleo Brasileiro SA investors will be “pleased” if the company and Brazil agree on a price below $7.50 a barrel for 5 billion barrels of government-owned oil, said Ted Harper of Frost Investment Advisors.
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BP Plc Chief Executive Tony Hayward is discussing his departure from the company with its board after a leak at one of its Gulf of Mexico wells caused the largest oil spill in U.S. history, two people familiar with the matter said today.
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Kinder Morgan Inc.’s takeover of El Paso Corp. at the highest premium for a U.S. pipeline operator in 15 years is turning Williams Cos. into the industry’s cheapest takeover target.
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Treasuries fell and commodities rose after data on U.S. retail sales and Germany’s economy topped forecasts and France unexpectedly averted a contraction. Spanish bonds rallied, while U.S. stocks erased gains in the last hour of trading.
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The record slump in natural-gas prices signals companies from BHP Billiton Ltd. to Ultra Petroleum Corp. are at risk of writing off billions of dollars of assets following a bubble in U.S. shale-gas acreage.
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ConocoPhillips will conclude a three-year restructuring program by shedding its fuel-making business next year to refocus the company on more profitable oil and natural-gas production.
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