Argonaut Acquires Drilling Equipment Provider Center Rock
Argonaut Private Equity announced this week it has acquired Center Rock Inc., a Pennsylvania-based...
Argonaut Private Equity announced this week it has acquired Center Rock Inc., a Pennsylvania-based provider of drilling tools and rigs for the construction, mining, utility, and energy industries.
Center Rock’s leadership team will remain and be supported by Argonaut.
The deal allows Center Rock to expand its product offerings to new industries and countries. The company currently designs, manufactures, distributes, and services downhole rock drilling tools and construction applications, including water well and geothermal borehole drilling, blast holes for mining and quarry, utility infrastructure projects, and underbalanced natural gas drilling.
Argonaut is a private equity firm based in Tulsa, Oklahoma, with more than $2 billion in direct investments across the manufacturing and industrial industries.
Energy stocks are set to open lower, tracking declining broader index...
Energy stocks are set to open lower, tracking declining broader index futures and oil prices. Weekly jobless claims of 264,000 were the highest in 19 months, while embattled regional bank PacWest shares are down over 20% after reporting that deposits fell 9.5% last week. A potentially weakening labor market and further troubles in the regional banks are weighing heavily on risk sentiment.
Oil prices erased earlier gains on Thursday during U.S. trading hours as a political standoff about the U.S. debt ceiling overshadowed a G7 finance leaders' meeting, raising jitters about a possible recession in the world's biggest oil consumer.
Natural gas futures are lower by 1% ahead of weekly inventory data.
US Attorney interested in study of Icahn’s holdings
Investors were spooked by the news that federal prosecutors put Icahn Enterprises on their radar, which...
Investors were spooked by the news that federal prosecutors put Icahn Enterprises on their radar, which caused the stock to take yet another tumble.
The publication of a Hindenburg Research report earlier this month, which accused the conglomerate created by legendary Wall Street investor Carl Icahn of inflating assets by more than 75%, among other things, caused the shares to hit their lowest point in more than a decade. Icahn’s net worth lost $10 billion, according to Bloomberg.
Jobless claims hit 264,000 in latest week, highest level since October 2021
The numbers: Initial jobless claims rose by 22,000 to 264,000 in the week ended May...
The numbers: Initial jobless claims rose by 22,000 to 264,000 in the week ended May 6, the Labor Department said Thursday.  That’s the highest level since October 2021. Economists polled by The Wall Street Journal had estimated new claims would rise by 3,000 to 245,000. Last week claims rose 13,000 to 242,000.
Key details: The four-week moving average of claims rose 6,000 to 245,250. That’s the highest level since November 2021. In the week ended April 21, the number of people already collecting jobless benefits rose by 12,000 to 1.81 million in the week ended April 29.
On an unadjusted basis, claims rose 13,969 to 234,084 in the latest week.
EIA reports a surprise weekly climb in U.S. crude supplies
The Energy...
The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories rose by 3 million barrels for the week ended May 5. On average, analysts forecast a decline of 1.8 million barrels, according to a survey by S&P Global Commodity Insights. The EIA report showed weekly inventory declines of 3.2 million barrels for gasoline and 4.2 million barrels for distillates. The analyst survey had forecast supply declines of 550,000 barrels for gasoline and 1.1 million barrels for distillates. Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 400,000 barrels for the week, the EIA said. June West Texas Intermediate crude CLM23, 0.55% was down 83 cents, or 1.1%, at $72.88 a barrel on the New York Mercantile Exchange. Prices traded at $72.58 before the supply data.
