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Dallas Fed's Fisher, Philadelphia Fed leaders to retire in 2015

WASHINGTON — The outspoken president of the Federal Reserve Bank of Philadelphia will step down in March, shortly before the central bank is expected to raise interest rates for the first time since the recession, the regional bank said Monday.

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Ex Rangers manager Washington apologizes for 'breaking wife's trust'

IRVING, Texas (AP) — Former Texas Rangers manager Ron Washington says he is embarrassed for 'breaking his wife's trust.'

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Troubled RadioShack files SEC form, talks with 'major vendor'

RadioShack Corp.’s latest filing with the U.S. Securities and Exchange Commission describes recent discussions that “could be beneficial to the financial restructuring of the company.”

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REIT plans demolition of Fort Worth's Westchester Plaza, mixed-use redevelopment

The developer is seeking a $3.8 million reimbursement from the Southside tax increment finance district.

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Road Show: City leaders prepare campaign to corral votes for $450 million arena

Fort Worth’s biggest backers of a new arena at the Will Rogers Memorial Center are leaving little to the chance of a “no” vote in a citywide election Nov. 4 to decide on new fees that would fund 15 percent of the $450 million project.

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Basic Energy Services reports drop in month-to-month rig use
 
 
A. Lee Graham
Reporter
 
Basic Energy Services Inc. of Fort Worth has reported fewer well-servicing rig hours, dropping from 79,200 in August to 69,300 in September.

Meanwhile, the oil and gas well-services company saw lower rig utilization, with the rate dropping from 77 percent in August to 71 percent in September. The 71 percent rate remained unchanged compared to September 2012, according to the company’s newly released report on September 2013 activity.

Rig utilization rates determine what percentage of a company’s rigs is in use.

"Our outlook for the fourth quarter indicates that revenue will be down about 6 percent to 7 percent sequentially due to the seasonal factors, which typically occur in the fourth quarter of each year,” said president and CEO Roe Patterson, commenting in a news release.

“Due to the seasonal slowdown, lower utilization levels could increase competitive pressure in some markets that are already crowded,” said Patterson, predicting that pricing and margins could be affected as the company competes to maintain market share.
 
Also in the new report, the company reported its well-servicing rig count remained unchanged at 425, while its fluid service truck count dropped by one to 969. Fluid service truck hours for the month totaled 189,600 compared to 200,300 and 175,000 in August 2013 and September 2012, respectively.

Drilling rig days for September 2013 totaled 267, yielding a rig utilization of 74 percent, compared to 75 percent and 80 percent in August 2013 and September 2012, respectively.

Basic Energy Services, which provides oil and gas well-site services, employs more than 5,500 workers in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions. More information is available at www.basicenergyservices.com.
 
lgraham@bizpress.net
 
 

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What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?