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26-story mixed-use tower planned at Taylor & Fifth in downtown Fort Worth

Jetta Operating Co., a 24-year-old privately held oil and gas company in Fort Worth, and a related entity plan a 26-story mixed-use tower downtown at Taylor and Fifth streets on a site once owned by the Star-Telegram.

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UPDATE: Six candidates file for two Water Board seats

Six candidates have filed for the two open seats on the Tarrant Regional Water Board, setting up a battle that could potentially shift the balance of power on the board and the priorities of one of the largest water districts in Texas.

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Fort Worth breaks ground on $8.6 million South Main renovation

Fort Worth Near Southsiders and city officials broke ground Monday on the 18-month rebuild of South Main Street between Vickery Boulevard and West Magnolia Avenue.

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Fort Worth Chamber names Small Business of the Year winners

A trampoline recreation business; an oilfield services company; a longtime aviation maintenance firm; a maker of electrical wiring harnesses. Those were the wide variety of businesses that received the 2015 Small Business of the Year Award from the Fort Worth Chamber of Commerce.

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Body-camera maker has financial ties to former Fort Worth police chief, others

IOWA CITY, Iowa (AP) — Taser International, the stun-gun maker emerging as a leading supplier of body cameras for police, has cultivated financial ties to police chiefs whose departments have bought the recording devices, raising a host of conflict-of-interest questions.

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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.

 

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