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Ex-oil trader, consultant charged with conspiracy to defraud Chevron

A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/Files

A former Chevron Corp trader and an oil company consultant have been arrested and charged with running a kickback scheme that allegedly enriched them while cheating Chevron out of the full value of trades, U.S. authorities said on Thursday. 

The former trader, Shawn Thomas Potts, 41, surrendered to federal authorities in Houston on Thursday, and consultant Robert Stanley Corbitt, 71, was arrested on Wednesday, the U.S. Attorney's Office for the Southern District of Texas said in a statement...  

As part of the scheme, Potts' mother was put on the payroll of a conspiring business, the indictment says. ...

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Investors Score $209 Billion from Energy Market Rally

The 40 energy stocks in the Standard & Poor's 500, including Exxon Mobil (XOM), exploration company Range Resources (RRC) and pipeline company Kinder Morgan(KMI), have put $209 billion back into the pockets of investors since oil prices hit rock bottom on Jan. 20.

BIGGEST $ GAINS IN ENERGY STOCKS SINCE JAN. 20 OIL LOW

Company, Symbol, % gain from oil low, $ gained from oil low ($ bils.)

Exxon Mobil, XOM, 13.2%, $40.2

Chevron, CVX, 20.8%, $30.9

Schlumberger, SLB, 20.1%, $15.4

Kinder Morgan, KMI, 57.3%, $15.4

Anadarko Petroleum, APC, 59.5%, $9.2

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Forbes: The 93 Billionaires In Global Oil And Energy

 

Recently Forbes published its 30th annual list of Global Billionaires. Ninety three of these billionaires made their fortune (or at least a good chunk of it) from the energy industry.

 

This list captures everyone from Elon Musk — whose Tesla Motors is building new battery technologies — to “Mr. Wind” Aloys Wobben, to Warren Buffett, whose Berkshire Hathaway operates power plants.   The energy billionaires include 41 Americans and 18 Russians.

 

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Battered by Drop in Oil Prices, Louisiana on Brink of Economic Disaster

 

 

Fossil-fuel-rich Louisiana has been hit with one more obstacle.  The price of oil and natural gas fell off a cliff - literally!  This has triggered a retrenchment in an industry that provided the state with jobs and royalties.

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Oil Crash: Halliburton Slashes Another 5,000 Jobs

Cheap oil just claimed another 5,000 jobs.

Halliburton (HAL) is cutting 8% of its workforce, or roughly 5,000 positions, the Houston energy company told CNNMoney on Thursday. 

 

The new wave of job cuts will take place across the globe over the next several weeks.

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WTI Crude Oil Price Nosedive

 

This picture is worth a lot of words!

Halliburton sheds another 4,000 jobs

 

Oil field services giant Halliburton shed another 4,000 jobs in the final three months of 2015, as the Houston-based company continued to aggressively cut costs amid the worst oil crash in decades. 

With the latest job cuts, Halliburton has reduced its global workforce by 25% (a total of about 22,000 employees since its peak in 2014). And more cuts could be on the way if a recovery in crude prices stalls, company executives said Monday morning.

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Schlumberger Fires Another 10,000 Workers

 

Schlumberger fires another 10,000 workers to cope with a crude oil  market collapse that’s forced its customers to slash spending for two consecutive years.  

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Cheap oil means bankers are getting laid off

The oil slump is draining billions of dollars from the banking system, stock markets are volatile, investment is slowing and global banks are firing workers to boost returns.

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