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New arena at Will Rogers takes shape


The proposed Will Rogers Memorial Center arena continues to take shape as voters head for a Nov. 4 election to decide whether to approve new taxes to help pay for the $450 million facility.

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Fort Worth-based Woodmont plans $80M Hard Rock Hotel retail center

Woodmont Outlets of Fort Worth, an affiliate of The Woodmont Co., has partnered with Cherokee Nation Businesses for a proposed upscale retail development at Hard Rock Hotel & Casino Tulsa.

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Cooking Class: Fort Worth chef brings home the gold

Toques off to Timothy Prefontaine. The executive chef at the iconic Fort Worth Club is currently the best in the nation, according to the American Culinary Federation. Prefontaine earned the title of 2014 U.S.A.’s Chef of the

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Barnett still packs economic punch, study finds

Despite reduced drilling and unstable gas prices, Fort Worth continues reaping the rewards of the Barnett Shale, according to a newly released study by The Perryman Group.7

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Fort Worth firm 'simplifies' advertising

Reaching customers requires more than price slashing and flashy ads. In today’s competitive marketplace, machines – not men and women – are essential to tapping new markets and

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Halliburton 3Q profit rises, tops Street view

 

DAVID KOENIG, AP Business Writer


DALLAS (AP) — Halliburton Co. boosted its third-quarter net income by 17 percent on strong revenue from its international operations, which offset sluggishness in North America.

But revenue came in below analysts' expectations, and the shares fell 3.5 percent.

Halliburton helps energy producers drill for oil and gas, and it's still seeing too much capacity for pressure-pumping services in North America as oilfield-service companies fight for a bigger share of the shale oil and gas boom. That's driving down prices for contractors like Halliburton.

"We anticipate pricing pressure will continue as contracts renew during the next quarter or so," Chairman and CEO Dave Lesar said on a conference call with analysts. "Accordingly, we are already working on adjusting our cost structure," which he said would include job reductions.

Company officials told analysts that as they learn to operate more efficiently, they found they had too many people for the available work. That doesn't foreshadow a longer slowdown in the business, they said.

They didn't give figures, but said most of the cuts were in North America. In July, the company said it had more than 75,000 employees in about 80 countries. Halliburton took $38 million in charges to cover severance payments and write down asset values in the third quarter.

Houston-based Halliburton also said operations in Colorado continued to be affected by last month's flooding.

The stock fell $1.81 to close at $50.66. The shares ended the day up 46 percent in 2013.

For the three months ended Sept. 30, the Houston-based company earned $706 million, or 79 cents per share. Its earnings were $707 million excluding discontinued operations. A year earlier it earned $602 million, or 65 cents per share.

Excluding restructuring charges, the company earned 83 cents per share from continuing operations, a penny more than analysts expected, according to a survey by FactSet.

Revenue rose 5 percent to $7.47 billion, led by improvement in international operations including Russia, the North Sea and Angola.

In North America, the company's largest region, revenue declined 2 percent as the U.S. land rig count was flat and there was — according to Halliburton — about 20 percent too much service capacity.

Total revenue was below Wall Street's consensus forecast of $7.50 billion.

Lesar said that fourth-quarter revenue and margins in Latin America will be hurt by curtailed activity in Mexico, but he said the company still has a positive outlook for the region.

The company expects profit margins to improve in North America next year as activity expands in the Gulf of Mexico and Halliburton benefits from initiatives that it calls "Battle Red" and "Frac of the Future" — the latter is a reference to hydraulic fracturing or "fracking." That's the process in which chemicals and water are pumped underground at high pressure to break open rock formations and release oil and gas. It has spurred a boom in U.S. production.
 

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