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23 posts from May 2014


Range Resources CEO was paid $10.6 million last year, among tops in North Texas

Only one Tarrant County CEO appears on a list of 337 chief executives at S&P 500 companies included in a study of executive compensation by The Associated Press and Equilar: Jeff Ventura at Range Resources, the Fort Worth-based oil and gas producer.

Jeff VenturaAccording to an AP database, Ventura's pay package last year totaled $10.6 million, including nearly $8.2 million in stock options and awards. That was 40 percent higher than in 2012.

Two other area oil-and-gas leaders made more: Exxon Mobil's Rex Tillerson, whose $28.1 million pay package ranked him 12th nationwide; and Scott Sheffield at Pioneer Natural Resources, with a package worth $13.25 million.

Here are the North Texas execs on the list.

Rex Tillerson (ExxonMobil, Irving): $28.1 million, up 3 percent

Trevor Fetter (Tenet Healthcare, Dallas): $22.7 million, up 180 percent

Randall Stephenson (AT&T, Dallas): $20.7 million, up 10 percent

Richard K. Templeton (Texas Instruments, Dallas): $13.7 million, up 4 percent

Scott D. Sheffield (Pioneer Natural Resources, Irving): $13.25 million, up 15 percent

David T. Seaton (Fluor, Irving): $12.5 million, down 29 percent

Thomas J. Falk (Kimberly-Clark, Dallas): $11.9 million, down 1 percent

Jeffrey L. Ventura (Range Resources, Fort Worth): $10.6 million, up 40 percent

Larry D. Young (Dr. Pepper Snapple, Plano): $9.03 million, up 6 percent

Mark A. Blinn (Flowserve, Irving): $7.26 million, up 15 percent

Ralph W. Babb, Jr. (Comerica, Dallas): $6.5 million, down 10 percent

Phil Rykhoek, (Denbury Resources, Plano): $6.16 million, up 33 percent

Gary C. Kelly (Southwest Airlines, Dallas): $4.04 million, down 5 percent

-- Steve Kaskovich

Sears laying off 55 at North Beach Street parts center

Sears will idle about 55 workers at a parts and repair center at 5001 N. Beach St. just south of N.E. Loop 820, the retailer said in a notice to the state. It said the layoffs will happen by the end of June and are expected to be permanent. The company, in a later emailed statement, said the facility will remain open, and eligible workers will receive severance and can apply for open positions at Sears and Kmart stores.

-- Jim Fuquay


Will GameStop face the same woes as RadioShack?

An article on the investment website Seeking Alpha raised an intriguing quesiton last week.

“Will GameStop become RadioShack in 15 years or sooner?”

The comparison between Grapevine-based GameStop and Fort Worth-based RadioShack is natural. The consumer electronics retailers have gone in opposite directions in the past decade as GameStop ascended with the popularity of videogames and RadioShack declined as it struggled to adapt to online and big-box competition. With videogames going digital, some wonder whether GameStop can sustain business at its thousands of small stores.

GameStop’s strong first-quarter earnings report last week should reassure investors that the videogame retailer is positioned to weather the industry’s transition to digital content, at least for now. The company’s profit rose 25 percent, sales of digital content are growing and there are aggressive plans to expand two new electronic chains to diversify the business.

GameStop says it’s embracing the digital transformation. In a conference call with analysts, CEO Paul Raines said the company’s digital receipts in the quarter — from sales of digital games and downloadable content — equaled about a third of the sales from physical games. That, he said, is a significant business.

Also, a lot of its digital sales occur in GameStop stores, where customers can use trade credits gained by selling old games or equipment and compile points in the company’s PowerUp rewards program.

Mike Hogan, executive vice president of strategic business and brand development, told the Star-Telegram that many customers still prefer physical games because they don’t space to store a download or they want the residual value of the game so they can sell it in the future.

“We’re interested in selling physical content and we’re interested in selling digital content,” he said. “We want to deliver the consumer the best experience however they want the experience.”

But the Seeking Alpha article, from the firm Valuentum, notes that new systems like Sony’s PlayStation 4 stream both new games and old ones, posing a threat to profitable used-game sales at GameStop stores.

“The physical game market will shrink significantly over the next decade or so, and while it won't go completely away (much like DVDs are still around), it will be much, much smaller,” the analysis said. “GameStop may become the RadioShack of the 2020s decade.”

— Steve Kaskovich

Read more here: http://www.star-telegram.com/2014/05/25/5846798/demolition-of-old-fire-station.html#storylink=cpy


BNSF train derails in Gainesville

BNSF said there would be delays of 24 to 36 hours on its network through northeast Texas after a train loaded with taconite derailed near Gainesville on Tuesday night.

According to KXII News 12, Gainesville police said between 20 and 100 cars went off the track over East Garnett Street around 8:30 p.m. There were no reports of injuries and the train's contents were non-hazardous.

The Fort Worth-based railroad estimated that service on the track would return to normal at 6 a.m. on Thursday.

-- Steve Kaskovich


Bankruptcy notice sent to TXU Energy customers just "informational"

Residents who use TXU Energy for their electricity service have started getting an odd notice concerning Energy Future Holdings, the parent of TXU Energy that filed a Chapter 11 bankruptcy petition last month. The notice talks about filing "proofs of claim" in the case, but as far as residential customers go it's largely " for informational purposes," according to a prepared statement from TXU Energy spokesman Juan Elizondo. He added that "customers may receive other notices during the Chapter 11 process depending on their circumstance."

The notice is a little confusing because the first paragraph starts out saying the recipient got the mailing because "you are (a) a large commercial or industrial customer" of an EFH company. But keep reading, and it goes on to say you also have received it because you're "a residential or small business customer of the Debtors that is subject to an agreement for the sale of electricity ... ."

"In a nutshell, there is absolutely no problem," Elizondo said in a email today. "Business continues as usual and we are honoring all customer contracts and commitments." The notice comes from a company called EPIQ Bankruptcy Services, which specializes in legal paperwork handling and is running the web site where court filings in the EFH bankruptcy are posted.

-- Jim Fuquay


Gov. Rick Perry at Goldman Sachs annual meeting: Ya'll come on down

Texas Gov. Rick Perry continued his campaign to recruit corporate relocations to the state at Goldman Sachs' annual meeting in Irving, promising to make another trip Sunday to Goldman's home state of New York. "You fish where the fish are," Perry said of his recruiting travels around the country. "I'm sure Gov. Cuomo is excited to hear I'm coming back to talk about the business climate up there," he told a crowd of shareholders, employees and media at the company's offices off Texas 114. "Not everyone wants to be a Texan," he said, but the country would be better off if more states worked like Texas.

-- Jim Fuquay

Goldman Sachs annual shareholders meeting in Irving today

Investing banking giant Goldman Sachs comes to Irving this morning to hold its annual meeting. Irving, home to about 650 Goldman Sachs employees, is the company's second-largest employment center outside of New York City. The largest is Salt Lake City, which hosted the annual meeting in 2013. The company, still fighting negative public perceptions from the financial crisis, says it wants to show its operations to more of the country. The Irving office, at 6011 Connection Drive just off Texas 114, is the hub  for the Realty Management Division and also provides other company-wide support services.

-- Jim Fuquay 


Bealls headed to Grapevine Towne Center anchor spot

Bealls, a Texas-based department store offering nationally recognized name-brand and private-label apparel, accessories, cosmetics and footwear, is now open as an anchor at GrapevineTowne Center.

The retailers has leased 25,000 square feet in the shopping center at the intersection of Texas 114 and William D. Tate Avenue in Grapevine. It is relocating from a location on Northwest Highway.

The shopping center opened in the mid-1990’s.

“Bealls brings a long history of quality retailing to GrapevineTowneCenter, and they are a key element in the evolving tenant mix of this outstanding retail property,” said Herbert D. Weitzman, chairman/CEO of The Weitzman Group and Cencor Realty Services, in a statement.

The Weitzman Group leases the center, and Cencor Realty Services manages it.

Bealls joins a number of concepts that have recently opened at GrapevineTowneCenter, including eatZi’s Market & Bakery, Big Lots, which opened its upscale concept in an anchor space in the center; and Sprint, which opened a new-generation store.

_ Sandra Baker


Wise County landowner battles Oncor over power lines

Texas Tribune has an interesting report on rancher Johnny Vinson's efforts to get Oncor Electric Delivery to move a new high-voltage line that he says wasn't built along the agreed-to route as it crosses his land in Wise County. He maintains that the 150-foot change left him with 11 acres stranded between two power line easements. Oncor said it discovered natural gas and water pipelines under the original planned route, which followed existing power lines. The report says utilities frequently adjust routes, but state regulations don't say how much the path can change and last month an administrative law judge ruled in the utility's favor.

The case is on the Public Utility Commission of Texas' agenda at its Friday meeting. A link to the Texas Tribune report is here. You can read all the parties' filings in the case on the PUC's InterChange site here.

-- Jim Fuquay


DFW small business owners cautious in Bank of America survey

North Texas small business owners surveyed by Bank of America in March were a little less optimistic than their national counterparts, with only 56 percent anticipating revenue increases in the coming year compared to 68 percent nationally . But they plan to keep at it, with 63 percent expecting to work beyond age 65 and two-thirds of those saying they’ll keep working because they like it and don’t want to stop. They tend to put in the hours. But the majority feel they can balance work and life through an average 49-hour work week. When it comes to work-life balance, three in four (76 percent) feel they have made personal sacrifices for their business, and their most common regret is not spending enough time with loved ones (34 percent).

The biggest worry among area business owners surveyed by the bank was healthcare costs, cited by 70 percent and 66 percent citing the effective of government leaders. About three-quarters of the U.S. respondents mentioned those issues, with another 70 percent concerned about higher commodities prices. DFW owners are fairly cautious about the area economy, with just half looking for growth in the coming 12 months. 

-- Jim Fuquay



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