ABU DHABI, United Arab Emirates (AP) — OPEC and allied oil-producing countries will likely need to cut crude supplies, perhaps by as much as 1 million barrels of oil a day, to rebalance the market after U.S. sanctions on Iran failed to cut Tehran’s output, Saudi Arabia’s energy minister said Monday. The comments from the minister, Khalid al-Falih, show the …

DENVER (AP) — Colorado voters rejected a proposal Tuesday that would have tightly restricted where new oil and gas wells could be drilled across the state — the latest development in a contentious debate about how much control state and local governments can exert over the powerful fossil fuels industry. Proposition 112 would have required that new wells be at …

Anadarko announces $4 billion midstream asset sale HOUSTON, Nov. 8, 2018 /PRNewswire/ — Anadarko Petroleum Corporation  today announced a transaction to sell substantially all of its remaining midstream assets for $4.015 billion to Western Gas Partners, LP, with $2.0075 billion cash proceeds, and the balance to be paid in new Western Gas equity. Concurrently WES announced it has entered into …

Generalizations about money and retirement linger. Some have been around for decades, and some new clichés have recently joined their ranks. Let’s examine a few. “When I’m retired, I won’t really have to invest anymore.” Society still sees retirement as an end instead of a beginning – a finish line for a career. In reality, retirement is the start of …

Exxon Mobil Corporation announced estimated third quarter 2018 earnings of $6.2 billion, or $1.46 per share assuming dilution, compared with $4 billion a year earlier. Cash flow from operations and asset sales was $12.6 billion, including proceeds associated with asset sales of $1.5 billion. During the quarter, the company distributed $3.5 billion in dividends to shareholders. Capital and exploration expenditures were $6.6 billion, …

Enterprise begins construction of seventh natural gas processing plant in Delaware Basin HOUSTON–(BUSINESS WIRE)–Oct 31, 2018–Enterprise Products Partners L.P. (NYSE: EPD) today announced it has begun construction of the Mentone cryogenic natural gas processing plant in Loving County, Texas. The facility, which is expected to begin service in the first quarter of 2020, will have the capacity to process 300 …

The French Brothers are expanding their presence in Hobbs. The Alamogordo-based home-building business has spent the past five years building around 100 homes at the Zia Crossing subdivision northwest of Hobbs. Now the business is working in east Hobbs, building homes in the Tanglewood subdivision on east Bender and Ranchland Drive. On Oct. 20, French Brothers held a ribbon cutting …

New York says Exxon misled investors about climate risks By CATHY BUSSEWITZ, AP Business Writer NEW YORK (AP) — New York’s attorney general on Wednesday sued Exxon Mobil, saying the Texas energy giant has misled investors about the risks that climate change poses to its operations. The lawsuit filed by Attorney General Barbara Underwood is the latest in a series …

Young’s Homes, one of the largest independent oil industry housing providers in the region with thousands of homes in Hobbs, will celebrate 60 years in business on Friday with a luncheon. “We will break bread at 11:30 then I will honor some people that have given this business, in some cases, their lives,” said business owner Daniel Johncox. Young’s Mobile …

Retailers up their game after Toys R Us closures By ANNE D’INNOCENZIO, AP Retail Writer NEW YORK (AP) — When Toys R Us closed its doors, customers mourned the loss of a beloved brand that conjured memories of their own childhood.Retailers, on the other hand, saw an opportunity. Rather than cede any more ground to online behemoth Amazon, companies like …