Cunningham Energy forms new company
CHARLESTON — Cunningham Energy Tuesday reported it has merged with Pettey Oilfield Services Inc. to form Cunningham Oilfield Services, according to a news release.
Cunningham, a private independent production and exploration company, operates from locations in Charleston and Hamlin, W.Va.
The new operation will offer full vertical and horizontal contract drilling, completion drilling, service/swabbing rig work, cement services, plugging services, well location and right of way construction, pipeline construction, and commercial trucking. The company expects to expand further into the Eastern Ohio and Eastern Kentucky markets in 2014.
Third Point says it bought stake in Dow
NEW YORK — Hedge fund Third Point LLC said Tuesday that it has acquired a significant stake in Dow Chemical and wants the company to spin off its petrochemicals division.
Dow Chemical Co. shares jumped $2.25, or 5.2 percent, to $45.32 in morning trading after rising as high as $46.70 earlier. The stock has been trading around six-year highs.
Third Point says Dow is now its biggest investment but didn’t specify how many shares it had acquired other than to say it was a significant position. CNBC reported that Third Point paid $1.3 billion for the stake.
The hedge fund said Dow stock has performed poorly compared to other chemical stocks and the S&P 500 and said a spinoff of the petrochemicals business would deliver more value for shareholders. The fund took a more positive view of Dow’s agricultural science and electronics and functional materials businesses, as well as Dow Corning, a joint venture with Corning Inc. that makes silicone-based adhesives, sealants and other products.
Dow Chemical spokeswoman Rebecca Brantley said the company is aware of Third Point’s position. Brantley said Dow welcomes constructive input and wants to continue a dialogue with shareholders, and that the company constantly reviews its strategy.
Ky. retail food prices up slightly at end of 2013
LOUISVILLE, Ky. — A new survey shows that average retail food prices rose slightly in the last three months of 2013 in supermarkets across Kentucky.
The Kentucky Farm Bureau says the year ended with the highest prices in the decadeslong history of its Marketbasket Survey.
According to the latest survey, the total cost of 40 basic grocery items was $120.08. Those results were 93 cents higher than the same list of items reported in the third quarter of 2013, which was the previous record high for food prices.
The latest survey reflects a 3.9 percent increase over the average price reported in the fourth quarter of 2012.
Five years ago, the average cost of the same 40 surveyed grocery items was $111.63, or 7.6 percent less than what those items cost on average today.
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