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Bridge collapse on I-35 north of Austin

SALADO, Texas (AP) — Emergency crews are responding to a reported bridge collapse along an interstate in Central Texas.

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Amazon begins Prime Now program in Dallas area

If you just have to have it now, as in one hour, you can, at least in the Dallas area, as Amazon.com Inc. announced Thursday it will offer Prime Now.

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Latin-inspired restaurant set to open in downtown Fort Worth

Downtown Fort Worth’s dining scene is about to get spicier with the opening of a new restaurant featuring Latin-inspired coastal cuisine.

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Texas jobless rate falls as employers add workers

Texas unemployment fell to 4.3 percent during February for the sixth straight month of declines, the Texas Workforce Commission reported Friday.

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Westchester Plaza manager says "business as usual" for now

The future of a redevelopment plan for the 50-year-old Westchester Plaza on Fort Worth's Near Southside is unclear.

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Devon Energy buying Eagle Ford assets for $6B

 

NEW YORK (AP) — Devon Energy Corp. is buying oil-producing assets and other property in the Eagle Ford in Texas from GeoSouthern Energy for $6 billion.
 
Devon said Wednesday that the assets include current production of 53,000 barrels of oil equivalent per day and 82,000 net acres with at least 1,200 undrilled locations.
 
The acquisition includes acreage in DeWitt and Lavaca counties in Texas. The assets are expected to reach a peak production rate of about 140,000 barrels of oil equivalent per day.
 
Analysts say the GeoSouthern deal will give Devon a better balance between oil and natural gas.

Canaccord Genuity analyst Robert Christensen said oil currently accounts for 12 percent of Devon's total volume. "This deal would likely increase Devon's oil production by a significant amount, as GeoSouthern is the 4th largest oil producer in the Eagle Ford," he wrote in a note to clients.

GeoSouthern will continue to run its other assets in the Texas Gulf Coast region and other areas. Its corporate partner, The Blackstone Group, will exit its stake in the company as a result of the Devon transaction.

 
Devon plans to fund the deal with available cash and borrowings. The deal is expected to close in early 2014.
 
Devon's stock gained $1.12, or 1.8 percent, to $63.89 in morning trading.

 

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