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Obama calls for offshore drilling in Southeast

WASHINGTON — The Obama administration on Tuesday outlined a politically fraught plan for allowing oil and gas drilling offshore along parts of the Atlantic coast while imposing new restrictions on environmentally fragile waters off northern Alaska.

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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. 

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Museum District: Area’s evolution creating more interaction, public spaces

Fifteen years ago if someone had shot a cannon from Fort Worth’s world-renowned museum district, nobody would have noticed, joked Lori Eklund, senior deputy director of the Amon Carter Museum of American Art. But that has changed.

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Energy Transfer Partners, Regency Energy announce $18B merger

Energy Transfer Partners LP of Dallas and Regency Energy Partners LP have entered into a definitive merger agreement.

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American Airlines' first 787 Dreamliner arrives at D/FW

American is preparing the plane to begin service sometime in the second quarter.

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American reports improved 1Q earnings

AMR's Tom Horton and United's Doug Parker announced a merger in February. Photo by Associated Press

DAVID KOENIG,AP Airlines Writer

 

 


DALLAS (AP) — American Airlines parent AMR Corp. reported a smaller loss for the first quarter than a year ago on slightly higher revenue and much lower labor costs.

AMR said Thursday that it lost $341 million, compared with a loss of $1.66 billion a year earlier.

The nation's third-largest airline said that it would've earned $8 million excluding costs of its bankruptcy restructuring. The first quarter is the weakest of the year for airlines, and this marked AMR's first adjusted profit in the period since 2007.

"A modest first quarter profit shows that we are off and running for the year," CEO Tom Horton said in an interview.

Revenue rose 1 percent to $6.1 billion. Labor costs declined 17 percent as American cut jobs. Horton said the company's bankruptcy restructuring made its costs competitive with other airlines.

AMR is in the process of merging with US Airways and emerging from bankruptcy protection. If antitrust regulators approve the merger, the combined airline will be the biggest in the world.

Once that deal is done, mergers will have reduced eight big U.S. airline companies to four. At the same time, airlines have limited the supply of seats, which helps boost prices. American enjoyed it highest average fare per mile ever in the January-March period.

American's on-time performance improved in the first quarter. But it suffered a setback this week with a computer-systems breakdown that caused massive delays and cancellations Tuesday and Wednesday. Horton took to YouTube to apologize to customers, and blamed the outage on a "software issue." He declined to be much more specific Thursday.

"We do understand the cause of the failure," Horton said. "We're continuing to investigate and do further testing, but we have a high degree of confidence that situation won't recur."


 

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