Join The Discussion

 

UPDATE: Could American Airlines move its headquarters?

A key linchpin in the Fort Worth economy, American Airlines Group Inc., is considering sites for a new headquarters, possibly outside the city, the airline’s CEO said this morning.

read more >

Crestwood area hoping to block planned office building

Residents of West Fort Worth’s Crestwood Association are trying to block the rezoning of a small apartment complex at White Settlement Road and North Bailey Avenue to make way for a planned office building, saying it would represent the start of commercial encroachment into their neighborhood.

read more >

Tiger Woods takes a swing at Fort Worth's Dan Jenkins - in print anyway

Rarely does Golf Digest make the news. Leave it to Dan Jenkins to change that.

read more >

Hilton Fort Worth named to Historic Hotels

The Hilton Fort Worth is one of 24 hotels named a member of the Historic Hotels of America, the Washington, D.C.-based group announced on Nov. 18.

read more >

Great Women of Texas honored

The Fort Worth Business Press held the Great Women of Texas event Wednesday night at the Omni Fort Worth Hotel. Stacie McDavid of McDavid Investments was honored as the

read more >

Exxon earnings slip on lower production, refining

JONATHAN FAHEY, AP Energy Writer


NEW YORK (AP) — Exxon Mobil said Thursday that its net income fell 4 percent in the fourth quarter as it produced less oil and natural gas and posted weaker refining results.

Cost-cutting and higher prices for its oil and gas helped the company beat the expectations of Wall Street analysts. Shares rose slightly in trading before the opening bell.

Exxon earned $9.1 billion in the first three months of the year on revenue of $106.77 billion. During the same period last year, Exxon earned $9.5 billion on revenue of $108.36 billion.

On a per-share basis, Exxon earned $2.10, compared with $2.12 last year. Analysts expected earnings of $1.88 per share, on average, according to FactSet.

Exxon, like its Big Oil peers, has been working to reduce costs to offset the increase in spending needed to find and develop large new oil and gas projects that can deliver enough production to replace natural declines in current fields.

"These companies are spending a lot of money and they aren't seeing the returns," said Brian Youngberg, an analyst at Edward Jones.

It is the fourth quarter in a row that Exxon's profit has fallen compared with the year before.

But Youngberg described Exxon's results as "a strong start to the year" in part because of its ability to cut costs.

Exxon's capital and exploration expenditures fell 28 percent in the first quarter, which helped deliver higher profits even though oil and gas production fell 5.6 percent.

"Like its peers, (Exxon) is growth-challenged on the production front," Youngberg said. "Investors want these companies to focus less on volume growth and more on profitability but in reality they have to strike a balance."

Exxon's oil production fell 2 percent to 2.1 million barrels per day from 2.2 million barrels per day. Natural gas production fell 9.1 percent.

Earnings from oil and gas production rose, however, because natural gas prices rose, the company produced relatively more higher-profit crude oil, and Exxon controlled costs.

Refining results were hurt by higher prices for raw materials such as crude oil and natural gas and relatively lower prices for petroleum-based fuels and products such as diesel, gasoline and chemicals.

 

< back

Email   email
hide
Midterms
What was the message of the midterm elections?