Join The Discussion

 

Texas has old, new candidates to offer as presidential hopefuls

The Republican Party has long been riven between its establishment and conservative wings, a split that plays out every four years in the race for the White House.

read more >

Two from Fort Worth appointed by Gov. Abbott to university boards

Steve Hicks, a University of Texas System regent who has been a vocal opponent of regents who have criticized the system’s flagship campus in Austin, was reappointed to the board by Gov. Greg Abbott on Thursday. 

read more >

Fort Worth draws closer to deal with Lancaster developer

City staff are planning to introduce the developer Feb. 3 at a meeting of the City Council's Housing and Economic Development Committee.

read more >

Compass BBVA names Happel CEO for Fort Worth

BBVA Compass has appointed Brian Happel, most recently the Fort Worth city president, its chief executive officer of Fort Worth.

read more >

Two Fort Worth Baylor medical properties acquired

Baylor Surgical Hospital of Fort Worth and Baylor Surgical Hospital Integrated Medical Facility are among three facilities acquired by Carter Validus Mission Critical REIT II Inc.

read more >

 

Exxon Mobil sees 4Q profit fall

Exxon sign, photo courtesy of CNN

The Associated Press

 

 


Exxon Mobil's fourth-quarter profit fell 16 percent as the company produced slightly less oil and gas and its refining business weakened.

Exxon has been criticized for failing to boost production, but the CEO says that new projects now in the works will produce profits and lift the business.

Exxon Mobil Corp. said Thursday that fourth-quarter net income was $8.35 billion, or $1.91 per share, matching Wall Street's forecast. That compares with profit of $9.95 billion, or $2.20 per share, a year earlier.

Revenue fell 3.3 percent to $110.86 billion, below the $114.51 billion that analysts were expecting, according to a FactSet survey.

Production of oil and gas dropped 1.8 percent.

In a statement, Chairman and CEO Rex Tillerson said disciplined investing and new projects were putting the company in position for sustained big profits.

"Over the next two years, ExxonMobil will start up numerous major projects delivering profitable new supplies of oil and natural gas while strengthening our refining and chemicals businesses," he said.

The Irving, Texas-based company spent $26 billion last year on dividends and buybacks that reduced the number of shares — moves designed to please shareholders.

As oil prices were stabilizing, Exxon's shares gained nearly 15 percent during 2013, about on par with Chevron Corp. but trailing the broader indexes, including the Dow Jones industrial average.

In trading before Thursday's opening bell, Exxon shares were down $1.18 to $93.93.

Exxon is the world's biggest publicly traded oil company. It became the largest producer of U.S. natural gas with the 2010 acquisition of XTO Energy, a deal that has failed to produce immediate results due to stubbornly low gas prices amid a surge in drilling.

In the fourth quarter, Exxon's earnings from oil and gas production in the U.S. fell 26 percent to $1.19 billion; outside the U.S. — easily the company's most profitable business — earnings dipped 9 percent to $5.6 billion.

The sharpest decline came in refining and selling petroleum products, where earnings plunged 48 percent to $916 million on weaker refining margins.

Exxon said it paid $23.11 billion in income, sales and other taxes, a decrease of 4.2 percent from the fourth quarter of 2012.


 

< back

Email   email
hide
Catch
How 'bout them Cowboys?