business

Devon names executive VP for exploration, production Devon Energy Corp. announced Monday that David Harris is its new executive vice president for exploration and production. The company said Harris takes over the role from Tony Vaughn as part of a carefully planned transition. Vaughn, officials said, will retire from the company next year after more than 20 years of service. “David is a seasoned and trusted leader at Devon who consistently delivers results,” Dave Hager, Devon’s president and CEO, stated in the announcement. “His decisive leadership and deep experiences across the entire value chain of our business uniquely qualify him for this role.” Officials said Harris has served in many leadership positions of increasing responsibility since joining Devon in 2007. Most recently, he served as senior vice president, overseeing Devon’s exploration and production business development and operating functions. “I’m honored and humbled by … [Read more...] about Oklahoman Business cover briefs for Sept. 17, 2019

More than 49,000 members of the United Auto Workers went on strike Monday against General Motors Co., bringing more than 50 factories and parts warehouses to a standstill in the union’s first walkout against the nation’s top automaker in more than a decade.Workers left factories and formed picket lines shortly after midnight in the dispute over a new four-year contract. The union’s top negotiator said in a letter to GM that the strike could have been averted had the company made its latest offer sooner.The letter, dated Sunday, suggests that the company and union are not as far apart as the rhetoric leading up to the strike had indicated. Negotiations resumed Monday in Detroit after breaking off during the weekend.But union spokesman Brian Rothenberg said the two sides have come to terms on only 2% of the contract. “We’ve got 98% to go,” he said Monday. Asked about the possibility of federal mediation, President Trump said it’s possible if the … [Read more...] about GM strike idles more than 50 factories and warehouses

Global energy prices spiked Monday by 15% after a weekend attack on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record.The attack on the country's largest oil processing plant halted more than half of its daily exports, resulting in the loss of 5% of world crude oil output. That's especially worrying for oil-thirsty Asia, where China, Japan, South Korea and India are major customers of Saudi oil.The price of U.S. crude and Brent crude oil were both up 15% in midday trading."The attacks this time posed a serious threat to key international energy infrastructure, and we express concern that they undermine the energy security of the entire world and stability in the region," South Korea's Foreign Ministry said in a statement."We condemn any similar acts," it said.In midday trading, U.S. crude shot up again, adding more than $8 per barrel, to about $63, and Brent picked up more than $9 per barrel, to $69.Yemen's Iran-backed Houthi rebels claimed … [Read more...] about Oil prices jump as attack jolts supply

The Associated PressDETROIT - More than 49,000 members of the United Auto Workers went on strike Monday against General Motors, bringing more than 50 factories and parts warehouses to a standstill in the union's first walkout against the No. 1 U.S. automaker in over a decade.Workers left factories and formed picket lines shortly after midnight in the dispute over a new four-year contract. The union's top negotiator said in a letter to the company that the strike could have been averted had the company made its latest offer sooner.The letter dated Sunday suggests that the company and union are not as far apart as the rhetoric leading up to the strike had indicated. Negotiations resumed Monday in Detroit after breaking off during the weekend.But union spokesman Brian Rothenberg said the two sides have come to terms on only 2% of the contract. "We've got 98% to go," he said Monday.Wall Street did not like seeing the picketers. GM shares were down 4 percent in afternoon trading to … [Read more...] about Strike idles more than 50 GM plants