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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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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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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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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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Trinity Valley School leader to leave in May 2015

Gary Krahn, head of school for the past eight years at Trinity Valley School in Fort Worth, will leave his position in May 2015 when he and his wife Paula will move

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Shell issues profit warning on Q4


TOBY STERLING, AP Business Writer

AMSTERDAM (AP) — Royal Dutch Shell PLC has issued a profit warning for the fourth quarter, saying results will be worse than most analysts expected due to a mix of lower production, higher costs, and a worse performance by its refining division.

The company on Friday gave provisional, unaudited figures of net profit of $1.8 billion (1.32 billion euros) for the quarter, down from $6.7 billion in the same period a year ago.

Shares, which have underperformed most other major oil companies in the past year, fell an additional 3.5 percent in early Amsterdam trading to 25.435 euros.

Chief executive Ben van Beurden said in a statement the results were "not what I expect from Shell."

Dutchman Van Beurden took over the top job from Peter Voser, who is retiring, just two weeks ago.

The company is not due to release full fourth quarter results until Jan. 30, but added that its earnings, stripping out one-time charges and measured on a "current cost of supplies" basis, which strips out fluctuations in the price of oil, would have been $2.9 billion, versus $5.6 billion in the same period a year ago.

Then, Shell booked a net $1.7 billion in asset sales, versus charges of $700 million this time.

But the company is facing operating difficulties as well.

In its statement, Shell offered a laundry list of problems at its production arm — which usually accounts for the bulk of its earnings.

The company said that it had a "high level of maintenance activity" in the quarter, disproportionately at its most profitable operations, including where it sells gas it has transformed to liquid form.

The company has also suffered frequent shutdowns in Niger's restive river delta due to attacks — or vandalism — on its pipelines.

In December the company said it had made a difficult choice to cancel a $20 billion project to build a facility in Louisiana to convert cheap natural gas to liquid (diesel). At the time, Voser described that as tough decision made only because the company had even more attractive opportunities elsewhere.

He used the same argument in July when he booked a $2.1 billion impairment on the value of the company's U.S. shale assets and began disposing shale holdings in Colorado, Texas and Kansas.

Shell's attempts to explore for oil offshore in Alaska in the Arctic circle have also so foundered. That's not so much due to protests from environmental groups, who vigorously oppose the idea, but because of problems with a safety system Shell was required to have in place before commencing drilling.

In all, its American production activities operated at a loss.

Shell said Friday earnings were also hurt by the weaker Australian dollar.

 

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