News Highlights : Top Energy News of the Day
Oil Edges Up After Stocks-Driven Fall
Oil prices ticked up slightly after closing at a three-week low Wednesday.
Natural Gas Lower After Data
Natural gas was lower as EIA reported an unexpected weekly rise in U.S. supply.
General Electric's Power Division to Cut 12,000 Jobs
GE said it was cutting 12,000 jobs in its power business, or nearly 20% of the unit's workforce, as the conglomerate slashes costs and battles overcapacity in its core business.
Wall Street Tells Frackers to Stop Counting Barrels, Start Making Profits
The shale-oil revolution boosted production and made America the world's oil-and-gas champion. Now, shareholders are insisting producers stop counting barrels and start chasing higher returns.
Ford to Move Electric Car Production to Mexico
Ford plans to produce a future electric car in Mexico rather than make it in the U.S., reversing plans announced in January to make its Flat Rock, Mich., assembly plant near Detroit its main electric-vehicle production site.
Westinghouse Creditors Criticize Marketing Process
Major creditors of Westinghouse Electric Co. say they are concerned that their interests are taking a back seat to corporate parent Toshiba Corp., as company advisers solicit bids for the business.
Move Over, Cushing: Houston Emerges as Oil Trading Hub
Houston has long been the capital of the U.S. energy industry. Now it is vying to be the center of global oil trading, as analysts say the Houston price better reflects market dynamics for U.S. crude than Cushing, Oklahoma.
U.S. Oil Inventories Fall as Refinery Activity Surges
U.S. inventories of crude oil fell by 5.6 million barrels to 448.1 million barrels, as refinery capacity utilization increased sharply, according to data released by the Energy Information Administration. Gasoline stockpiles climbed 6.8 million barrels to 220.9 million barrels.
Duke Energy Says Some Customers May Be Affected by Data Breach
Duke Energy Corp. said Tuesday some of its customers may have been affected by a data breach revealed by PayPal Holdings Inc. last week.
Westinghouse Formulates Chapter 11 Exit Plan
Westinghouse Electric Co. said it has begun formulating a chapter 11 plan with creditors and anticipates filing the plan with the bankruptcy court by spring.