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Super PAC Men: How political consultants took a Fort Worth oilman on a wild ride

The head of a Texas oil dynasty joined the parade of wealthy political donors, aiming to flip the Senate to Republicans. By the time consultants were done with him, the war chest was drained and fraud allegations were flying

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Bridge collapse on I-35 north of Austin

SALADO, Texas (AP) — Emergency crews are responding to a reported bridge collapse along an interstate in Central Texas.

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Amazon begins Prime Now program in Dallas area

If you just have to have it now, as in one hour, you can, at least in the Dallas area, as Amazon.com Inc. announced Thursday it will offer Prime Now.

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Latin-inspired restaurant set to open in downtown Fort Worth

Downtown Fort Worth’s dining scene is about to get spicier with the opening of a new restaurant featuring Latin-inspired coastal cuisine.

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Texas jobless rate falls as employers add workers

Texas unemployment fell to 4.3 percent during February for the sixth straight month of declines, the Texas Workforce Commission reported Friday.

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Exxon Mobil's 3Q profit falls 18 percent
 
DAVID KOENIG, AP Business Writer
 
DALLAS (AP) — Exxon Mobil Corp.'s quarterly profit fell 18 percent from last year, but the Irving-based oil and gas giant still made nearly $8 billion in three months.
 
Production increased slightly, but Exxon made significantly less money at refining.
 
Exxon, the biggest U.S. oil and gas company, said Thursday that third-quarter net income was $7.87 billion, or $1.79 per share. That compared with $9.57 billion, or $2.09 per share, a year earlier. Revenue dipped 2 percent to $112.37 billion.
 
It was Exxon's second-smallest quarterly profit since mid-2010, beating only this year's second-quarter earnings of $6.86 billion. Still, the results exceeded expectations. Analysts forecast profit of $1.77 per share on revenue of $107.39 billion, according to a FactSet survey.
 
Earnings at Exxon's so-called upstream business of finding and drilling for oil and gas improved, rising $740 million to $6.7 billion. Production increased 1.5 percent because of new projects and fewer maintenance interruptions.
 
But profits plunged in the "downstream" business of refining oil and selling the finished products such as gasoline and diesel fuel. That segment earned $592 million, down $2.6 billion from its record third quarter of 2012. Exxon said overcapacity in the refining industry has cut into margins.
 
Profit from making chemicals rose $235 million to more than $1 billion.
 
Exxon has been criticized for slow growth or even declines in oil and gas production. New projects take years to develop. At the same time, oil and gas flows at slower rates in maturing fields. The company has several huge projects in the works, but their payoff isn't expected until 2015 and beyond.
 
The company increased capital and exploration spending by 15 percent compared with a year earlier. Chairman and CEO Rex Tillerson said Exxon was making progress at tapping opportunities.
 
"We maintain a long-term perspective on our business with a relentless focus on operational excellence and disciplined investing," Tillerson said in a statement.
 
The company also spent $3 billion buying back 34 million shares during the third quarter, and expects similar spending in the fourth quarter.
 
Shares of the company rose 68 cents to $89.49 in trading before the opening bell. At Wednesday's closing price, they were up less than 3 percent this year.
 
 

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