Oilfield servicers ProPetro, Silvertip merge in $150M deal
Midland, Texas-based ProPetro Holding and Silvertip Completion have announced a $150 million combination...
Midland, Texas-based ProPetro Holding and Silvertip Completion have announced a $150 million combination that will create a leading Permian-based, completions-oriented oilfield services company. "It's a marriage of the No. 1 hydraulic fracturing and completions company with the No. 1 wireline perforating and pumpdown service company," says ProPetro Chief Financial Officer David Schorlemer.
Bank of England’s interest-rate hike is its biggest in three decades
The Bank of England made its largest interest-rate increase in...
The Bank of England made its largest interest-rate increase in three decades in response to inflation that the central bank still expects to accelerate.
By a 7-to-2 vote, the U.K. central bank voted to lift rates by a three-quarters percentage point to 3%, as inflation hit a 40-year high in September. The central bank said inflation will further accelerate to 11% in the fourth quarter.
The pound dropped despite the central bank matching the Fed’s three-quarter point rate hike. That’s because of a comment found within the minutes of the meeting, that a majority felt rates would not have to go as high as the implied 5.25% path in financial markets.
Continental Resources Non-GAAP EPS of $2.88 misses by $0.09, revenue of $2.45B beats by $10M
Continental Resources Inc. (CLR) on Wednesday reported third-quarter...
Continental Resources Inc. (CLR) on Wednesday reported third-quarter earnings of $1.01 billion.
On a per-share basis, the Oklahoma City-based company said it had net income of $2.80. Earnings, adjusted for non-recurring costs, came to $2.88 per share.
The independent oil and gas company posted revenue of $2.45 billion in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $2.49 billion.
Dow ends 500 points lower, Nasdaq falls 3.4% after Fed raises rates, Powell signals terminal interest rate will be higher than expected
U.S. stock indexes finished a volatile session with losses on Wednesday after the Federal Reserve announced...
U.S. stock indexes finished a volatile session with losses on Wednesday after the Federal Reserve announced the fourth straight jumbo increase in its benchmark interest rate and hinted at a potential slowdown in its effort to tighten monetary policy to bring down inflation.
However, Powell said in his press conference that it is “very premature” to be thinking about pausing the rise in rates, and the ultimate target for increases in its policy rate may be higher than previously expected.
The Dow Jones Industrial Average DJIA, -1.55% was down 505.44 points, or 1.6%, to finish at 32,147.76.
The S&P 500 SPX, -2.50% lost 96.41 points, or 2.5%, ending at 3,759.69.
The Nasdaq Composite fell 366.05 points, or 3.4%, to finish at 10,524.80.
On Tuesday, the Dow Jones Industrial Average fell 80 points, or 0.24%, to 32653, the S&P 500 declined 16 points, or 0.41%, to 3856, and the Nasdaq Composite dropped 97 points, or 0.89%, to 10891. The Nasdaq Composite is up 5.5% from its 2022 closing low, but remains down 30.4% for the year to date.
Oil giant Saudi Aramco has $42.4B profit in third quarter
Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit...
Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom's coffers but helped fuel inflation worldwide.
The oil firm's profits will help fund the kingdom's assertive Crown Prince Mohammed bin Salman's plans for a futuristic city on the Red Sea coast, but also comes as the U.S. grows increasingly frustrated by higher prices at the pump chewing into American consumer's wallets.
Those tensions yet again have chilled relations between Riyadh and Washington before the Nov. 8 midterm elections. Aramco will keep its dividend this quarter at $18.8 billion, the world's highest.
