By Ben Geman - 07/26/11 11:38 AM EDT
BP reported a quarterly profit Tuesday as higher oil-and-gas prices offset reduced production, but the oil giant's haul fell short of analysts' predictions, The New York Times reports.
“The British company reported profit of $5.6 billion in the April through June period, below the average forecast of $6 billion from 12 analysts polled by Reuters. That compared to a loss of $17 billion in the same period last year, when BP had to set aside billions of dollars to deal with the Gulf of Mexico oil spill,” the piece notes.
More BP . . . The Financial Times reports that “investors were disappointed by the results, which reflect how the accident continues to damage BP’s production.”
But CEO Robert Dudley tells CNBC that the company is on the right track.
“It was only a year ago that the oil was flowing into the Gulf of Mexico, the second quarter last year we had a loss of $17 billion. We've stabilized the company, the balance sheet, announcing large divestments. Those are the things we need to do,” he said.
Climate change is prompting release of long-buried toxics, a study finds. ClimateWire reports on the conclusion that “Warming in the Arctic is causing the release of toxic chemicals long trapped in the region's snow, ice, ocean and soil.
“Researchers from Canada, China and Norway say their work provides the first evidence that some persistent organic pollutants (POPs) are being 'remobilized' into the Arctic atmosphere,” the piece adds.
The Los Angeles Times reports on a separate study showing that global warming will bring profound changes to Yellowstone National Park.
The Wall Street Journal reports that Arkansas regulators are grappling with the nexus between earthquakes and natural-gas drilling.
From that story:
Arkansas regulators are expected Tuesday to order the closure of some underground storage facilities that natural-gas drillers use to dispose of contaminated water because of concerns they are causing earthquakes.
The ban would only affect part of the state and wouldn't stop drilling in the Fayetteville Shale gas field there. But it highlights how water issues — including the disposal of waste tied to the controversial hydraulic fracturing process — have emerged as a major challenge for the oil and gas industry across the U.S.
The Deseret News reports that an environmental activist who interfered with an oil-and-gas lease sale faces sentencing Tuesday. He’s looking at up to 10 years in prison.