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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.'

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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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Overland Sheepskin opening Sundance Square store in Fort Worth

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

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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.

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Home health firm relocates to Ridglea from downtown

Southwest Home Health Services has leased new headquarters space in the Ridglea East Building in West Fort Worth, setting a plan in motion to relocate Oct. 1 from the downtown.

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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.


 

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