Helmerich and Payne Announces $1.25 Billion Notes Offering to Pay for International Acquisition
Tulsa-based Helmerich & Payne announced it had priced an offering...
Tulsa-based Helmerich & Payne announced it had priced an offering of $1.25 billion in senior notes to help pay for its recent acquisition of an international oil and gas operation headquartered in the United Kingdom.
The acquisition, announced in late July, totaled $1.9725 billion in cash as Helmerich & Payne took over KCA Deutag International Limited and its 9,000 employees. The Aberdeen, United Kingdom company operates in more than 20 countries worldwide.
Combined with KCA Deutag’s global operations, upon completion of the transaction, H&P will have leading positions in the U.S. and Middle East, the two most prominent oil and gas-producing regions in the world.
Inflation cooled to a three-year low. Somewhere in...
Inflation cooled to a three-year low. Somewhere in the DC suburbs, Jerome Powell just let out a hearty exhale and cracked a victory smirk. The consumer price index fell for the fifth straight month in August to 2.5%, down from 2.9% in July and approaching the Fed’s 2% target. The news all but locks in an interest rate cut this month, but it’s likely to be a smaller quarter-point reduction (as opposed to a half-point) as certain prices like housing remained stubbornly high. Still, it underscores the narrative that inflation has largely been tamed, while the Fed pivots to worrying about the labor market instead.
Caroline Ellison, the former Alameda Research CEO and ex-girlfriend of FTX founder Sam Bankman-Fried, is asking for no prison time for her role in the collapse of the crypto exchange, per court filings.
McDonald’s is rolling out digital ordering kiosks that accept cash and distribute change, giving customers without a credit card another option to pay.
Forty-two state attorneys general are calling on Congress to pass legislation that would require social media companies to place mental health warning labels on platforms.
Ken Griffin, the billionaire hedge fund manager, made a “philanthropic leadership gift” to pay for the hiring of new US men’s national soccer team head coach Mauricio Pochettino.
The State Department made it easier to renew your passport online and said it can now handle processing more applications per day.
Zimbabwe is considering culling elephants for the first time since 1988 to address food shortages.
U.S. crude oil rebounded more than 2% on Wednesday, regaining some ground...
U.S. crude oil rebounded more than 2% on Wednesday, regaining some ground after prices closed at the lowest level in nearly three years in the previous session.
“Crude Oil has rallied back aggressively,” Bob Yawger, executive director of energy futures at Mizuho Securities, told clients in a note.
Yawger said the rally could be due to “Hurricane Francine churning up the US oil patch in the Gulf of Mexico” or speculators “jumping trying to pick the bottom again today.”
Here are Wednesday’s energy prices:
West Texas Intermediate October contract: $67.31 per barrel, up $1.56, or 2.37%. Year to date, U.S. crude oil has fallen around 6%.
Brent November contract: $70.61 per barrel, $1.42, or 2.05%. Year to date, the global benchmark has declined about 8.4%.
RBOB Gasoline October contract: $1.8972 per gallon, up 1.45%. Year to date, gasoline has pulled back about 9.8%.
Natural Gas October contract: $2.27 per thousand cubic, up 1.7%. Year to date, gas is down about 9.7%.
The steep sell-off Tuesday came after OPEC lowered its demand growth outlook for the second time in two months, and as China crude oil imports slow in 2024. Eight OPEC+ members are also expected to increase production in December.
Francine Strengthened to a Category 2, Surprising Forecasters as Its Winds Jumped to 100 Miles per Hour Ahead of Landfall.
Hurricane Francine strengthened suddenly and unexpectedly...
Hurricane Francine strengthened suddenly and unexpectedly on Wednesday afternoon, just ahead of a projected landfall southwest of New Orleans. The storm lashed southern Louisiana with heavy rain and wind, setting off tornado warnings across a region whose residents have been scarred by powerful disasters.
Officials urged people who had not evacuated to stay inside for their safety as the storm brought strong winds, surging seas and the risk of flash flooding. The governor of Louisiana warned that some in the state could be without power “for some time” after Francine moves through.
U.S. stocks pull off huge comeback to reverse early post-CPI selloff
All three major stock indexes scored large intraday comebacks...
All three major stock indexes scored large intraday comebacks on Wednesday, helped by dip-buyers, overcoming earlier weakness seen following the release of the August consumer-price index.
Based on preliminary data, the Dow Jones Industrial Average finished up by 124.75 points, or 0.3%, at 40,861.71. It had been down by as much as 1.8% at its session low.
The S&P 500 closed up 58.61 points, or 1.1%, at 5,554.13 after falling as much as 1.6% during the day.
The Nasdaq Composite ended up by 369.65 points, or 2.2%, at 17,395.53. It had declined as much as 1.4% earlier on Wednesday.
According to Dow Jones Market Data, the Dow's and S&P 500's comebacks rank as the largest since Oct. 13, 2022. The small-cap Russell 2000, which finished up by 0.3% at around 2,104, also saw its biggest intraday comeback in almost two years.
The Nasdaq's comeback was the biggest since March 15, 2023, and Wednesday's rise represents the index's best CPI-day performance since Nov. 14.
