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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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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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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 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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Chesapeake reports 4Q; takes charge on Fort Worth lease

Shares of Chesapeake Energy Corp. fell Wednesday after the oil and natural gas company reported a fourth-quarter loss, hurt by one-time charges.
The company's adjusted earnings came in lower than Wall Street expected. In morning trading, shares fell $2.05, or 7.6 percent, to $24.89.
Chesapeake, based in Oklahoma City, is reviewing its portfolio of assets to see if they still fit the company's strategy. Chesapeake wants to focus on discovering and developing natural gas and oil assets onshore in the U.S. On Monday, it said that it is considering selling or spinning off its oilfield services unit Chesapeake Outfield Operating LLC.
For the 2013 full year Chesapeake reported net income available to common stockholders of $474 million, or $0.73 per fully diluted share. These results include the after-tax impact of several items including, according to the company’s new release of “charges of $120 million for the purchase of debt and the extinguishment of a lease obligation in the Fort Worth, Texas area.”
Chesapeake offered no further detail on the item.

The company also said it "is marketing or has under contract sales of certain real estate and other non-E&P assets, excluding its oilfield services division, Chesapeake Oilfield Services (COS), which are expected to generate proceeds of approximately $650 million during 2014." Those assets include its Fort Worth office which it purchased from Pier 1 several years ago. That building has been on the market since 2012.

 
During the three months that ended Dec. 31, the company reported a loss of $159 million, or 24 cents per share, compared with net income of $250 million, or 39 cents per share, in the same quarter a year ago.
Adjusted to remove one-time charges, the company would have earned 27 cents per share. That's below the 40 cents per share analysts expected, according to FactSet.
Revenue rose 28 percent to $4.54 billion from $3.54 billion, above the $4.41 billion analysts expected.
The one-time, charges included an impairment charge of $126 million on certain property and equipment, $76 million to end a lease in Texas and $28 million for job cutting and restructuring costs.
The company said production during the quarter rose 2 percent from the year before, but was down 1 percent from the previous quarter due to bad weather.


For 2013, the company reported net income of $474 million, or 73 cents per share, compared with a loss of $940 million, or $1.46 per share, in 2012. Its adjusted earnings were $1.50 per share. Revenue rose 42 percent to $17.51 billion from $12.32 billion during the same period. Analysts expected earnings of $1.64 per share and revenue of $16.83 billion.- Robert Francis of the Business Press contributed to this report. 
 

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