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Vast oil, natural gas reserves estimated in Arctic
WASHINGTON (AP) - Some 90 billion barrels of oil and nearly a third of the world's undiscovered natural gas remain untapped under an area north of the Arctic Circle, government scientists estimate, in the largest-ever survey of the area's energy potential.

Occidental Petroleum 2Q profit sets record
HOUSTON (AP) - Oil producer Occidental Petroleum Corp. says its second-quarter profit rose 62 percent as record crude prices and higher production propelled results. The Los Angeles-based company said Thursday it earned a record $2.29 billion, or $2.78 per share, in the April-June period, compared with $1.41 billion, or $1.68 per share, in the year-ago quarter.

Qualcomm outlook falls short of expectations
SAN DIEGO (AP) - Qualcomm, the world's largest maker of chips that run cell phones, issued revised earning estimates Thursday that fall short of Wall Street targets.

Satellite radio companies would pay $19 million
By JOHN DUNBAR Associated Press Writer WASHINGTON (AP) - The nation's two satellite radio companies say they are negotiating a $19 million payment for violating Federal Communications rules. The agreement is expected to lead to approval of Sirius Satellite Radio Inc.'s $3.9 billion buyout of rival XM Satellite Radio Holdings Inc.

Ford posts $8.7B 2Q loss on asset write-downs
By DEE-ANN DURBIN and TOM KRISHER AP Auto Writers DEARBORN, Mich. (AP) - Ford Motor Co. says it lost $8.7 billion in the second quarter largely because of a reduction in the value of assets.

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