Bloomberg America’s two biggest oil majors are leaning on booming shale production in the Permian Basin, the once-overlooked region in West Texas and New Mexico, to weather the gathering macroeconomic storm of lower oil demand, weak commodity prices and slowing global growth. Exxon Mobil Corp. said its production from the basin rose 70% in the third quarter compared with a ...

Bloomberg Russia’s average daily oil production remained above its Opec+ target in October, though the compliance gap is the smallest since the Druzhba crude-contamination crisis earlier this year. The country pumped 47.49 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That equals a daily average of 11.229 million barrels, based ...

Bloomberg China’s imports of liquefied natural gas are poised to drop for the first time in more than three years as buyers grapple with an outage at a key receiving terminal and hefty stockpiles. The world’s top buyer of natural gas imported 3.8 million tons of the fuel in LNG form October 1-30, according to berth data compiled by Bloomberg, ...

Bloomberg A Greek ship is being implicated by Brazilian authorities as part of a probe into a mysterious oil spill in the Latin American country. More information is being sought about the merchant vessel that may have been the source of the oil leak, according to statements from the police and federal prosecutor’s office. The ship, which wasn’t named, docked ...

Bloomberg Kenya Airways Plc said the proposed nationalisation and its inclusion in a state-owned aviation holding company will enhance its ability to borrow funds for expansion. The new entity will comprise Kenya Airways, Nairobi’s Jomo Kenyatta International Airport and the Kenya Airports Authority, Chairman Michael Joseph said in an interview. The combination of the businesses is expected to create a ...

Bloomberg Bombardier Inc agreed to sell a wing factory in Northern Ireland and two other facilities to Spirit AeroSystems Holdings for $500 million and the assumption of certain liabilities. The Belfast operation makes wings for Airbus SE’s A220 jetliner, an aircraft that cash-strapped Bombardier developed before handing control last year to the European planemaker. The deal also covers a plant ...

Bloomberg Your move, Tiffany & Co. That was the message from LVMH, as executives from the French luxury group arrived in New York to sell the merits of its proposed $14.5 billion takeover of the storied American jeweller. After eyeing Tiffany for years, LVMH submitted an offer last month as it enjoys record cash flow and revenue while the blue ...

Bloomberg Qantas Airways Ltd grounded three Boeing Co 737s after discovering cracks near their wings during industry-wide inspections of high-mileage models of the workhorse jets. The Australian airline found hairline cracks on a structure known as the pickle fork, which connects the wings to the fuselage. The planes will be back in service by the end of the year, Qantas ...

Bloomberg Deutsche Lufthansa AG faces strike action after a cabin crew union voted to escalate its conflict with Europe’s biggest airline group. The UFO union said in a statement that members voted for strike action at the group’s airlines including Lufthansa and Lufthansa CityLine after pay talks with company bosses broke down. The union will now decide when the strikes ...

Bloomberg Forever 21 Inc will keep open more than 60 US stores previously set to shutter as part of the company’s bankruptcy restructuring after the retailer secured rent concessions from its biggest landlords, according to people with knowledge of the situation. It’s an early win for the fast-fashion company after it filed for Chapter 11 protection in September as talks ...