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Trademark closes on 63-acre Waterside site in Fort Worth

Construction begins Oct. 20 on the development, to be anchored by a Whole Foods Market.

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Two Fort Worth council members propose temporary single-family moratorium around TCU

The moratorium would apply to new permits for single-family homes around TCU, and give the city time to figure out what to do with a controversial proposed overlay in several neighborhoods around the university.

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Fresh Ebola fears hit airline stocks

DALLAS (AP) — News that a nurse diagnosed with Ebola flew on a plane full of passengers raised fear among airline investors that the scare over the virus could cause travelers to avoid flying.

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Landscape architect behind several TCU landmarks acquired

The Dallas design firm behind several Texas Christian University projects, as well as Globe Life Park in Arlington and AT&T Stadium, has been acquired by Rvi Planning + Landscape Architecture.

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Fort Worth launching Stockyards design task force

The task force, to be chaired by the Fort Worth architect Eric Hahnfeld, would be responsible for confirming the boundaries of the city's planned Stockyards design district and reviewing the work of a consultant.

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Exxon 2Q profit is lowest since early 2010

 


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JONATHAN FAHEY, AP Energy Writer
 
NEW YORK (AP) — Exxon Mobil Corp. reported its lowest quarterly profit in more than three years as the Irving-based oil and gas giant again struggled to boost production and results from its refining operations weakened.
 
Net income fell 57 percent in the second quarter. Exxon said Thursday that it earned $6.86 billion, down from $15.9 billion in the year-ago quarter, which included a gain from the sale of a Japanese lubricants division and other assets. Excluding those year-ago gains, Exxon's net income fell 19 percent.
 
On a per-share basis Exxon earned $1.55. Analysts polled by FactSet expected Exxon to earn $1.90 per share.
Revenue fell 16 percent to $106.47 billion from $127.36 billion a year earlier.
 
Exxon last posted earnings of less than $7 billion the first quarter of 2010, when oil prices averaged $79 per barrel. In this year's second quarter, prices averaged $94 per barrel.
 
Exxon's lower earnings reflect higher drilling costs at a time of flat or declining production, analysts say. Exxon says oil and gas production fell 1.9 percent in the quarter, making it the ninth straight quarter production has declined compared with the year earlier.
Exxon's refining operations suffered in the second quarter because oil prices rose faster than wholesale gasoline prices. That narrows the profit refiners make because input costs were rising faster than prices refiners were getting for fuel.
 
These narrower margins reduced Exxon's refining profit by $510 million in the quarter, the company said. The company also manufactured less fuel because refineries were undergoing maintenance. That reduced earnings by $370 million.
 
"Refining stuck out the most, but they missed across the board," said Brian Youngberg, an analyst at Edward Jones.
In early trading, Exxon shares were down $1.46 to $92.29.
 

 

 
 

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