Business Digest | Sofas Plus to close

Sofas Plus to close

BOARDMAN

Sofas Plus will close its doors this fall after 11 years of business, the store’s management announced Monday.

The showroom, at 441 Boardman-Poland Road, will be closed today and Wednesday to mark down pricing for a going-out-of-business sale.

The sale will begin Thursday, and merchandise will be available for a limited time.

After closing, customers in need of warranty service may contact their product manufacturer to reach the nearest dealer. Management did not specify a closing date.

Oil settles lower

Oil prices settled lower Monday as the dollar strengthened and traders hunkered down ahead of some important economic news later this week.

Benchmark oil for November delivery lost 45 cents to settle at $82.21 a barrel on the New York Mercantile Exchange.

At the pump, the national average for a gallon of regular gasoline rose to $2.807, according to AAA, Wright Express and Oil Price Information Service. That’s 11.8 cents higher than it was a month ago and 32.8 cents higher than a year ago.

Chinese buy part of Texas oil field

DALLAS

China’s state-owned offshore oil and gas company has bought a one-third interest in 600,000 acres that Chesapeake Energy leases in a South Texas oil and gas field.

CNOOC Ltd. and Oklahoma City-based Chesapeake announced the deal worth up to $2.16 billion Sunday in the Eagle Ford Shale project between Laredo and San Antonio.

A joint statement says CNOOC will pay Chesapeake $1.08 billion in cash at closing and share 75 percent of Chesapeake’s drilling and completion costs up to an additional $1.08 billion.

Chesapeake expects to produce 400,000 to 500,000 barrels of oil equivalent per day at the project’s peak. For Chesapeake, the deal provides capital to put toward drilling and other aspects of its Eagle Ford operation.

Associated Press