Offshore oil and gas exploration to fall

Derrick Petroleum Services projected the number of new offshore oil and gas exploration wells will shrink by about 15 percent in 2009, due to the oil market volatility and the credit crunch, Reuters reported.

Exelon 2Q earnings drop 12%

Exelon Corp said today its 2009 second quarter earnings dropped 12 percent on lower demand for power and higher costs for nuclear fuel. Earlier this week the company withdrew an offer to acquire rival NRG Energy Inc. after nine months of negotiations.