"A Chinese development firm is buying oil fields in western Texas for more than $1 billion.

Yantai Xinchao Industry Co. said in a Saturday regulatory filing that it planned to buy assets from Tall City Exploration and Plymouth Petroleum, The Wall Street Journal reported.

The filing didn’t give much information about the fields, except that they are in Howard and Borden counties and part of the Permian Basin, long one of the most productive oil regions in the country."

Timothy Cama reports for The Hill October 26, 2015. [2]