Join The Discussion

 

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.'

read more >

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.

read more >

Texas Health Southwest breaks ground on $40M expansion

A $40 million expansion of Texas Health Harris Methodist Hospital Southwest Fort Worth is under way, with groundbreaking ceremonies held this week.

read more >

Overland Sheepskin opening Sundance Square store in Fort Worth

The store is expected to open by the holidays, Sundance said.

read more >

Fort Worth tops in Texas for apartments, study finds

Fort Worth tops apartment markets statewide for the month of August 2014, according to research by Axiometrics Inc., a Dallas-based apartment market research and analysis firm.

read more >

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.

 

< back

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