Business briefs: Approach Resources posts 4th-quarter loss

Approach Resources

posts 4th-quarter loss

Fort Worth energy producer Approach Resources lost $837,000 in the fourth quarter as revenues rose to $35.3 million. It produced the equivalent of 8,500 barrels of oil a day in the quarter, up from 7,100 a year earlier. Oil drove the growth.

Approach finished the year with 95.5 million barrels of oil equivalent in proven reserves, up 24 percent from a year earlier. Approach operates in the Permian Basin.

-- Jim Fuquay

TI plans to increase

dividend, buy back stock

Dallas-based Texas Instruments will increase its dividend 33 percent and buy back up to $5 billion more of its shares. The semiconductor maker said it will pay 28 cents a share, up from 21 cents, on May 20 to shareholders of record as of April 30.

TI said it can convert 20 to 25 percent of its revenue into free cash flow and return that, after debt repayments, to shareholders. Its shares rose in after-hours trading.

-- The Associated Press

Wal-Mart reports profit

increase, lower forecast

Wal-Mart, the world's largest retailer, on Thursday reported a nearly 9 percent rise in fourth-quarter profit during the holiday shopping season, but it offered a weaker forecast. The poor and middle-class Americans that Wal-Mart caters to -- and who are big drivers of spending in the U.S. -- are struggling with rising gas prices, delayed income tax refunds and higher payroll taxes.

-- The Associated Press

More seeking benefits

for unemployment

Americans seeking unemployment benefits jumped 20,000 last week to a seasonally adjusted 362,000, but the level still suggests slow but steady improvement in the job market.

--The Associated Press

30-year mortgage

rates climb a little

The average U.S. rate on the 30-year fixed mortgage rose this week but remains near historic lows. Low mortgage rates have helped support the slowly recovering housing market.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 3.56 percent from 3.53 percent last week. The average rate on the 15-year fixed mortgage stayed at 2.77 percent for the third week.

-- The Associated Press

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