THE WALL STREET JOURNAL ONLINE
August 2, 2006 7:24 p.m.
Oil futures rose to nearly $76 a barrel on the New York Mercantile Exchange, in part on worries that Tropical Storm Chris will become a hurricane and disrupt oil production in the Gulf. Here is Wednesday’s roundup of energy-related news:
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BASF’S BOON: BASF AG, the world’s largest chemical company, said its second-quarter profit rose by 18%, helped by a surge in earnings at its oil and gas unit. Chief Executive Juergen Hambrecht said BASF expects “significantly higher sales” for the full year, due partly to a handful of acquisitions this year, including its $5 billion purchase of New Jersey-based Engelhard Corp., which makes pollution-reducing material.