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Prestigious restaurant guide expands to Texas
The renowned Michelin Guide to restaurants is expanding into Texas for the first time. <\p> Michelin has entered into a partnership with Travel Texas to create the Michelin Guide to Texas, which will highlight restaurants in Austin, Dallas, Fort Worth, Houston and San Antonio, the organizations announced July 16.<\p>
Houston port bounces back from Beryl
Although the Port of Houston was closed for more than two days, the major export hub seemed to fair pretty well when Category 1 Hurricane Beryl came though Houston on Monday, July 8.<\p> The U.S. Coast Guard put the ports of Houston, Galveston, Freeport and Texas City in Port Condition Zulu, effective at 4 p.m. Sunday, July 7, which meant that no vessels could enter the ports without special permission, and all other vessel movements were prohibited. Waterfront operations, such as cargo and bunkering operations, also were required to stop.<\p>
Luxury appliance-maker opens first Texas showroom
Germany-based luxury kitchen appliance brand Gaggenau opened its first Texas showroom earlier this summer in the recently renovated Post Oak Plaza retail development. <\p> The 14,777-square-foot showroom at 1749 Post Oak Blvd. is designed to give customers a chance to try out the company’s appliances, which have become a hallmark of high-end condominium developments and single-family homes. The planned showroom was first announced last year. <\p>
Local bank spinoff names CFO
The Woodlands-based Woodforest Acceptance Solutions named a new CFO.<\p> The payment processing company, which spun off from Woodforest National Bank in December 2023 and is now a wholly owned subsidiary of the bank, named Sharon Geib as its new CFO. Geib succeeds Giovanni Diano, who had served as senior vice president and finance director of the bank’s merchant acquiring division until May 2023, prior to the spinoff. Geib is based in The Woodlands.<\p>
How Beryl created challenges for CenterPoint
The amount of time Hurricane Beryl took to move through and exit the Houston area delayed CenterPoint Energy's ability to respond to power outages, according to information shared during a city press conference on Tuesday, July 9.<\p> The Houston-based company had lined up 10,000 extra linemen from around the country ahead of the storm, said Brad Tutunjian, CenterPoint regulatory policy vice president. However, they were still unfamiliar with the lines in the area and how the company operates, resulting in the need for an onboarding process.<\p>
Exxon, BP brace for refining hit
Spring-based Exxon Mobil Corp. (NYSE: XOM) and London-based BP PLC (NYSE: BP), which has its U.S. headquarters in Houston, are expecting billions of dollars in impacts from low refining margins for the second quarter of 2024. <\p> The two companies filed documents with the U.S. Securities and Exchange Commission that detailed considerations for the second quarter. Both listed a decrease in margins from the first quarter as a factor in the Q2 results, which seems to be a trend from the past several quarters. <\p>
Beryl could spur billions in economic gain
While Hurricane Beryl likely will cost billions of dollars in damage to the Houston region, it also could generate billions of dollars in positive economic impact as the area recovers.<\p> Hurricane Beryl made landfall as a Category 1 hurricane July 8, sweeping up the Texas coast through the Houston area. At one point, more than 2.2 million local residents were without power as a result of the storm. The hurricane caused widespread flooding, led to hundreds of flights being canceled and resulted in at least eight deaths, according to AccuWeather.<\p>
Local sports venues, teams rebounding from Beryl
Hurricane Beryl brought winds of 80 mph to the Houston region on July 8, providing another test to the infrastructure of local professional sports stadiums.<\p> Of the four major professional sports venues, NRG Stadium appears to have received the most damage. Various reports show that the venue, home to the Houston Texans and Houston Livestock Show and Rodeo, sustained damages on the roof, resulting in multiple large holes at the top of the venue. Harris County Sports and Convention Corp. continues to assess damages at the venue and the rest of NRG Park, the organization said.<\p>
Occidental inks largest carbon deal yet
Houston-based Occidental Petroleum Corp.'s (NYSE: OXY) carbon capture subsidiary 1PointFive has inked the largest single purchase of carbon dioxide removal credits from direct air capture technology to date.<\p> 1PointFive will sell 500,000 CDR credits to Redmond, Washington-based Microsoft Corp. (Nasdaq: MSFT) over six years, the companies said July 9.<\p>
Local public co. gets new CEO
The Woodlands-based Lexicon Pharmaceuticals Inc. (Nasdaq: LXRX) has hired Mike Exton as its new CEO and a director effective July 8. <\p> He succeeds Lonnel Coats, who announced in April he would retire on July 7, his 10th anniversary with the company. <\p>
The National Observer: America's most-on-time airports
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at a big change to federal rulemaking that could affect businesses, the hidden costs of owning a home, and federal grants for 12 tech hubs across the U.S. But first, you may want to pack your patience for these routes — they're the most delayed flights in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
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