Aquila adds executives

Energy company Aquila Inc. said Tuesday it named Rick Dobson as chief financial officer and Brock Shealy as corporate compliance officer, a new position.

The Kansas City company said Dobson has been serving as interim CFO since November, when Dan Streek left the post amid sweeping changes in the company’s top executive staff.

Since then, the company has sharply restructured its operations after being battered by the collapse of the wholesale energy-trading business and a sharp tightening of its access to credit.

Dobson, 43, has been with Aquila since 1989, when he joined the company as vice president and controller of its former Merchant operations.

Shealy was recently chief administrative officer and director of Aquila’s former European Merchant operations. He will now be responsible for ensuring that all company practices and procedures meet legislative and regulatory guidelines, as well as supervising the company’s audit function.

Wall Street: Retailers report earnings

Major retailers Tuesday reported mixed results as they announced first quarter earnings news.

Wal-Mart reported earnings of 42 cents per share, up from earnings of 37 cents per share a year ago.

JC Penney reported profits of 20 cents a share, down from 29 cents per share a year earlier. The company’s earnings, though, beat expectations of analysts, who forecasted the company would earn 18 cents per share.

Abercrombie & Fitch Co. reported earnings of 26 cents per share compared to 23 cents per share during the same period a year ago.

International: Declining oil production raises fear of price hike

With OPEC mulling cuts in summer crude production, an already low level of oil inventories in major importing nations raises a risk of volatile gasoline prices as the peak driving season approaches, the International Energy Agency said Tuesday.

The U.S.-led war in Iraq interrupted crude output in that country and contributed in April to a decline in world oil production of 1.4 million barrels, or 1.8 percent. Although other members of the Organization of Petroleum Exporting Countries boosted their output to prevent a shortage, the IEA argued that some have exaggerated their production levels and are making prices more unstable as a result.