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HOUSTON , Dec. 12, 2024 /PRNewswire/ -- Gravity Oilfield Services Inc. ("Gravity" or the "company"), a growth-oriented water and power infrastructure company backed by affiliates of Clearlake Capital Group, L.P. ("Clearlake"), announced today that it has agreed to sell its Gravity Water Midstream division to Delek Logistics Partners, LP (NYSE: DKL) ("Delek Logistics"). Gravity Water Midstream provides gathering, transportation, recycling, storage, and disposal solutions for produced water in the Midland Basin in Texas and the Williston Basin in North Dakota . "The acquisition of Gravity Water Midstream by Delek Logistics creates a path to continue to build incredible scale in our water midstream platform in the Midland Basin," said Rob Rice , CEO of Gravity. "I am thankful to the employees of Gravity for their focus on service and dedication to building one of the largest commercial water management platforms in the Midland and Williston Basins. Building this water midstream platform would not be possible without the incredible support and partnership of Clearlake. I am excited to welcome in this new era for water management in the Midland and Williston Basins under the capable leadership of Delek Logistics." While Gravity is divesting its water midstream assets, the company will retain ownership and operation of its power infrastructure assets, continuing its commitment to providing critical power generation offerings. Clearlake and Gravity partnered in 2017 to pursue produced water midstream opportunities. Over the last several years, Gravity has focused on organically growing its water infrastructure business to support producers in the Midland and Williston basins, and its water business segment has quickly grown into one of the largest commercial operators of disposal wells in the Midland Basin. Gravity Water Midstream developed a system comprised of 200+ miles of permanent pipeline, 46 SWD facilities, and 14 fresh water facilities with over six million barrels of storage capacity, all of which form an extensive and interconnected network. "We valued the opportunity to partner with the Gravity team as they executed a vision to build a leading water midstream platform in the Midland and Williston Basins," said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner and Managing Director, of Clearlake. "We'd like to thank Rob and the entire Gravity Water Midstream team for their hard work and commitment to growing the business organically over the last several years." Piper Sandler & Co served as exclusive financial advisor and Vinson & Elkins LLP served as legal counsel to Gravity in connection with the transaction. About Gravity Gravity is a growth-oriented provider of energy infrastructure services to U.S. onshore oil and natural gas exploration and production companies, providing water midstream solutions, critical power generation offerings and other production focused services. Gravity has significant coverage density in the Permian Basin and benefits from a national footprint supported by facilities, operations and management personnel in several other key domestic resource plays including the Bakken, Eagle Ford, SCOOP/STACK, DJ Basin, Haynesville and Marcellus, among others. More information is available at www.gvty.com . About Clearlake Capital Group Founded in 2006, Clearlake Capital Group, L.P. is an investment firm founded operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake's operational improvement approach, O.P.S. ® The firm's core target sectors are industrials, technology, and consumer. Clearlake has over $85 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, Dublin, Ireland , Singapore , and Abu Dhabi , UAE. More information is available at www.clearlake.com and on X @Clearlake . Media Contacts: For Gravity Heather Heacock , (281) 640-3043 Marketing Communication Manager heather.heacock@gvty.com For Clearlake Jennifer Hurson , (845) 507-0571 Lambert jhurson@lambert.com View original content to download multimedia: https://www.prnewswire.com/news-releases/gravity-agrees-to-sell-water-midstream-business-to-delek-logistics-302330850.html SOURCE Gravity Oilfield Services Inc.; Clearlake Capital GroupKings back home for double dip with Edmonton, Philadelphia
Outside of Sarnia’s Inn of the Good Shepherd, client Wyatt Mitchell said he’s come to depend on the in-house food bank. “I come here monthly. Sometimes I have to come here four or five times a week for lunch because they offer a meal a day,” said Mitchell. But the food bank itself is struggling. Right now, it serves about 2,200 people per month. And according to Executive Director Myles Vanni, it’s experienced a 20 per cent increase in usage, while at the same time a 20 per cent decrease in food donations. On top of that, Vanni said cash donations aren’t keeping pace with food costs. “Prior to COVID we would spend roughly maybe $5,000 a month on purchasing food. Now we’re finding months it’s maybe as high as $25,000 just to make sure we’ve got enough on stock. And even with that, there are mornings when we have to close the food bank early just because the number of people lined up to come in exceeds the food that we’ve got on the shelves,” explained Vanni. The Inn of the Good Shepherd is certainly not alone. According to a new report by Feed Ontario, Ontario’s largest collective of hunger relief organizations, food banks across the province are cutting services as demand outpaces resources. The report says more than one million people accessed a food bank between April 1, 2023, and March 31, 2024, an increase of 25 per cent over last year and 86 per cent since 2019-2020. In addition, Ontario food banks were visited more than 7.6 million times throughout the year, an increase of 31 per cent over last year. And further, two in five visitors had never accessed a food bank before, representing an increase of 43 per cent. The smaller of Sarnia’s two food banks is also facing increased pressure. River City Vinyard community shelter in Sarnia on Dec. 2, 2024. (Bryan Bicknell/CTV News London) River City Vinyard serves between 300 and 450 people per month, according to manager Audrey Kelway. But last month came a situation she said they had never experienced before. “So, we did have to close it a few times in November because we had nothing to give,” said Kelway. She said she hesitated to reach out to the community for donations, knowing there are many others struggling, themselves. In the meantime, both Sarnia food banks say they’re counting on the holidays to bring out the spirit of giving. “Now people have started. Usually at Christmas people get pretty generous, so we will start to get some more things,” said Kelway. Shopping Trends The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us. 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Calgary Apartment in downtown Calgary highrise significantly damaged in fire Calgary fire crews are investigating a blaze that significantly damaged an apartment in a downtown highrise on Monday morning. What we know about Calgary's unsolved murders of 2024 Less than half of the homicides in Calgary this year remain unsolved. Silverado residents concerned with proposed cellphone tower Some long-time residents in Calgary's deep southwest neighborhood of Silverado are pushing back against a proposed cellphone tower. Edmonton Alberta RCMP officer charged with 2 counts of sexual assault A Leduc RCMP officer has been charged in connection with sexual assaults that happened two years ago. Alberta reannounces plans to reduce the number of photo radar sites in the province Alberta reannounced plans to reduce photo radar sites in the province on Monday. Northern Alta. house explosion likely caused by gas leak: RCMP Northern Alberta Mounties are investigating a house explosion in Swan Hills early Monday morning. Regina Manz found guilty of one charge of sexual assault, acquitted on five others after 57 hours of deliberations After being sequestered for more than 57 hours, a 12-person jury has found Regina chiropractor Ruben Manz guilty of one count of sexual assault. Blockbuster WHL trade sees Warriors move captain Brayden Yager to Hurricanes The Western Hockey League's (WHL) Moose Jaw Warriors traded captain Brayden Yager to the Lethbridge Hurricanes Monday. Saskatchewan farmers voice concerns as U.S. tariff talks heat up The looming threat of a 25 per cent tariff on goods imported to the U.S. is causing turmoil for Saskatchewan farmers, according to the Agricultural Producers’ Association of Saskatchewan (APAS). 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A man who allegedly threatened the public with a weapon and chased a woman in Richmond, B.C., has been arrested. ‘A piece of our hearts missing:’ B.C. family announces tragic end to search for missing man with dementia A 64-year-old man who went missing from his Saanich long-term care home last month has been found deceased on the Westshore – with his wallet and Cleveland Browns trading cards, according to family. Moustache Miler running fundraiser raises over $16K for Movember Vancouver’s Moustache Miler raised over $6,000 this weekend as runners pounded the pavement for men’s mental health charity Movember. Vancouver Island ‘A piece of our hearts missing:’ B.C. family announces tragic end to search for missing man with dementia A 64-year-old man who went missing from his Saanich long-term care home last month has been found deceased on the Westshore – with his wallet and Cleveland Browns trading cards, according to family. Fraudulent B.C. crypto platform fined $18.4M by securities regulator The British Columbia Securities Commission has fined a cryptocurrency trading platform and its director more than $18 million after finding the company lied to its customers by diverting nearly $13 million of their investments into gambling websites and personal accounts. Canada Post strike costs small businesses $76 million per day, association says The Canadian Federation of Independent Business says the dispute has cost small-and-medium-sized businesses more than three quarters of $1 billion. Stay Connected
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NEW YORK (AP) — Technology stocks pulled Wall Street to another record amid a mixed Monday of trading. The S&P 500 rose 0.2% from its all-time high set on Friday to post a record for the 54th time this year. The Dow Jones Industrial Average fell 128 points, or 0.3%, while the Nasdaq composite gained 1%. Super Micro Computer, a stock that’s been on an AI-driven roller coaster, soared 28.7% to lead the market. Following allegations of misconduct and the resignation of its public auditor , the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board. It also said that it doesn’t expect to restate its past financials and that it will find a new chief financial officer, appoint a general counsel and make other moves to strengthen its governance. Big Tech stocks also helped prop up the market. Gains of 1.8% for Microsoft and 3.2% for Meta Platforms were the two strongest forces pushing upward on the S&P 500. Intel was another propellant during the morning, but it lost an early gain to fall 0.5% after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger’s replacement, and its chair said it’s “committed to restoring investor confidence.” Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia, which has skyrocketed in Wall Street’s frenzy around AI. Stellantis, meanwhile, skidded following the announcement of its CEO’s departure . Carlos Tavares steps down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales and an inventory backlog at dealerships. The world’s fourth-largest automaker’s stock fell 6.3% in Milan. The majority of stocks in the S&P 500 likewise fell, including California utility PG&E. It dropped 5% after saying it would sell $2.4 billion of stock and preferred shares to raise cash. Retailers were mixed amid what’s expected to be the best Cyber Monday on record and coming off Black Friday . Target, which recently gave a forecast for the holiday season that left investors discouraged , fell 1.2%. Walmart , which gave a more optimistic forecast, rose 0.2%. Amazon, which looks to benefit from online sales from Cyber Monday, climbed 1.4%. All told, the S&P 500 added 14.77 points to 6,047.15. The Dow fell 128.65 to 44,782.00, and the Nasdaq composite climbed 185.78 to 19,403.95. The stock market largely took Donald Trump’s latest threat on tariffs in stride. The president-elect on Saturday threatened 100% tariffs against a group of developing economies if they act to undermine the U.S. dollar. Trump said he wants the group, headlined by Brazil, Russia, India and China, to promise it won’t create a new currency or otherwise try to undercut the U.S. dollar. The dollar has long been the currency of choice for global trade. Speculation has also been around a long time that other currencies could knock it off its mantle, but no contender has come close. The U.S. dollar’s value rose Monday against several other currencies, but one of its strongest moves likely had less to do with the tariff threats. The euro fell amid a political battle in Paris over the French government’s budget . The euro sank 0.7% against the U.S. dollar and broke below $1.05. In the bond market, Treasury yields gave up early gains to hold relatively steady. The yield on the 10-year Treasury climbed above 4.23% during the morning before falling back to 4.19%. That was just above its level of 4.18% late Friday. A report in the morning showed the U.S. manufacturing sector contracted again last month, but not by as much as economists expected. This upcoming week will bring several big updates on the job market, including the October job openings report, weekly unemployment benefits data and the all-important November jobs report. They could steer the next moves for Federal Reserve, which recently began pulling interest rates lower to give support to the economy. Economists expect Friday’s headliner report to show U.S. employers accelerated their hiring in November, coming off October’s lackluster growth that was hampered by damaging hurricanes and strikes. “We now find ourselves in the middle of this Goldilocks zone, where economic health supports earnings growth while remaining weak enough to justify potential Fed rate cuts,” according to Mark Hackett, chief of investment research at Nationwide. In financial markets abroad, Chinese stocks led gains worldwide as monthly surveys showed improving conditions for manufacturing, partly driven by a surge in orders ahead of Trump’s inauguration next month. Both official and private sector surveys of factory managers showed strong new orders and export orders, possibly partly linked to efforts by importers in the U.S. to beat potential tariff hikes by Trump once he takes office. Indexes rose 0.7% in Hong Kong and 1.1% in Shanghai. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.Savion Williams rushed for two touchdowns and Josh Hoover threw for 252 yards as TCU pulled away from Arizona in the second half, winning 49-28 on Saturday in Fort Worth, Texas. The Horned Frogs (7-4, 5-3 Big 12) scored touchdowns on five consecutive possessions, starting late in the first half after the Wildcats (4-7, 2-6) pulled within 14-13. Williams carried nine times for 80 yards, scoring on runs of 1 and 20 yards in the first half. Hoover completed 19 of 26 passes, with one touchdown and one interception, before being pulled midway through the fourth quarter when the Frogs were up by 21. TCU took control after leading 21-13 at halftime, going up 35-13 on a 38-yard reception to JP Richardson midway through the third. Arizona kept its hopes alive, ending a 15-play, 75-yard drive with a 3-yard touchdown pass to Chris Hunter on fourth down on the first play of the fourth quarter. The two-point conversion made it 35-21. But the Horned Frogs responded with another TD drive, capped by a 6-yard run by Cam Cook for a 42-21 advantage. Arizona added a 70-yard fumble return touchdown with one minute to go for the game's final score. Tetairoa McMillan caught nine passes for 115 yards to become the Arizona career leader in receiving yardage with 3,355. He surpassed his receivers coach, Bobby Wade (3,351), at the top spot. The Wildcats' Noah Fifita completed 29 of 44 passes for 284 yards with two touchdowns and an interception, which happened on the game's first snap. TCU promptly scored on a 4-yard run by Trent Battle, and Williams added a 1-yard TD run late in the first quarter for a 14-0 lead. But the Wildcats fought back, getting a 17-yard touchdown reception by Hunter and field goals of 53 and 43 yards from Tyler Loop to climb within 14-13 with 1:55 go before halftime. That's almost how the half ended, but the Horned Frogs converted third-and-18 on the ensuing drive and then gained 24 yards on third-and-25 to the Arizona 20. That set up a 20-yard run by Williams on fourth-and-1 with 13 seconds left for a 21-13 lead. --Field Level MediaNone
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Regulators are looking to block Google from investing $2 billion in Antrophic , a Jeff Bezos -backed rival to artificial intelligence (AI) innovator OpenAI . What Happened : The U.S. Department of Justice (DOJ) recommended in a court filing Wednesday that Alphabet Inc ‘s GOOG GOOGL Google divest its Chrome browser to dismantle its monopoly on online search. It doesn’t end there. Google should be barred from doing any deals with companies that control where consumers search for information, regulators say. That includes AI products. This puts Google's Anthropic investment at risk, according to Bloomberg , citing unnamed sources. Also Read: Nvidia’s Post-Earnings Jitters: Can NVDA Stock Regain Its AI-Fueled Momentum? Google boasts over 91% global market share when it comes to online search, per GlobalStats . Why It Matters : Google needs Anthropic, or startups like it. Without it, Google is at a disadvantage, considering every major tech company is essentially in an AI arms race. Since OpenAI’s ChatGPT launch in late 2022, tech giants have heavily invested in AI startups. But Google’s Anthropic deal is raising concerns overseas as well. Last month, U.K. antitrust officials announced an investigation into whether Google’s pursuit of Anthropic could harm competition . Meanwhile, Amazon.com Inc. AMZN managed to avoid scrutiny. The UK’s competition regulator recently approved the partnership between Amazon and Anthropic, despite the Seattle-based company’s significant $4 billion investment in the company. Britain’s Competition and Markets Authority (CMA) confirmed the partnership does not fall under its jurisdiction. Microsoft Corp MSFT also appeased regulators when it relinquished its board observer role at OpenAI. The Redmond, Washington-based company invested over $10 billion in the AI startup. What’s Next : A decision on whether the UK will require further investigation is expected by Dec. 19. In the U.S., Google plans to appeal Judge Amit Mehta ‘s antitrust ruling in August . Mehta’s decision could ultimately lead to Google divesting segments of its business, including Chrome . Price Action: Alphabet was down 4.5% to $169.24 on Thursday. Now Read: MicroStrategy Surges 674% In 2024: 5 ETFs That Benefit From MSTR’s Bitcoin-Driven Growth Image: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.