Talking Points

Talking Points

Four items you may have missed in business on Sunday


Tillerson gets oil industry award, says he misses colleagues

Secretary of State Rex Tillerson said Sunday that he misses his oil industry ‘‘colleagues, partners, and competitors’’ as he accepted an award at the World Petroleum Congress, hosted by Turkey. Council president Jozsef Toth described Tillerson, who is from Texas, as ‘‘a man born with oil in his veins’’ before presenting him with the Dewhurst Award, named after the founder of the congress. The former ExxonMobil chief said he shared the award with the company’s employees. Tillerson met with Turkey’s foreign minister and was scheduled to meet President Recep Tayyip Erdogan later Sunday. He said the United States and strategically located Turkey would collaborate for ‘‘greater energy security.’’ The next World Petroleum Congress is scheduled to take place in Houston in three years. ‘‘I’ll be there, in some capacity, one way or another, because I’m never going to forget my friends and my colleagues and my partners in this extraordinary industry delivering energy to the world,” he said. — ASSOCIATED PRESS


ClubCorp agrees to be bought by Apollo for $1.1 billion

ClubCorp Holdings Inc., owner and operator of golf and country clubs, has agreed to be acquired for about $1.1 billion by Apollo Global Management LLC in an all-cash transaction. Investors will receive $17.12 a share, the Dallas company said Sunday. The price represents a 31 percent premium over the closing stock price on Friday. ClubCorp said in January that it had hired Jefferies and Wells Fargo & Co. to evaluate options to enhance shareholder value, and in May added two new independent contractors in an agreement with activist shareholder FrontFour Capital Group. Last year, short-seller Kerrisdale Capital Management targeted ClubCorp, saying that participation in golf is shrinking, particularly among younger people, and that operating golf clubs is a capital-intensive business. The shares have declined about 25 percent since reaching a high this year on Feb. 21. Founded in 1957, the company owns or operates more than 200 private golf, country, and private clubs that serve 430,000 members. — BLOOMBERG NEWS


Average US price drops a penny amid plentiful supplies

The average price of a gallon of regular-grade gasoline fell about a penny nationally over the past two weeks, to $2.31. Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the drop comes amid plentiful supplies of both crude oil and gasoline. Gas prices have declined more than 15 cents since April, she said. Gas in San Francisco was the highest-priced in the contiguous United States, at an average of $3 a gallon. The lowest was in Jackson, Miss., at $1.92. The average diesel price was $2.51, down 2 cents from two weeks ago. — ASSOCIATED PRESS


Tesla provides first look at cheaper Model 3 sedan


Electric automaker Tesla has produced its first Model 3 sedan, a highly anticipated car because it carries a relatively low price. CEO Elon Musk late Saturday tweeted pictures of the car. It will cost $35,000 and can travel 215 miles on a single electric charge. A $7,500 federal tax credit for electric vehicles would lower the cost to $27,500. The new model comes after a bad week for Tesla’s stock price. Its shares fell roughly 14 percent after Musk tweeted that deliveries of the company’s other two models, the Model S sedan and Model X SUV, were at the low-end of the company’s projections in the first half of this year. Musk also said the company would make 20,000 Model 3s in December, below previous projections. — ASSOCIATED PRESS