THE NUMBER

222 MW

Gross power at Fermi’s first Matador lease, which AMD now backs. AMD also supplies the tenant’s GPUs, and its venture arm co-led the tenant’s last round.

TODAY’S MENU

LEAD STORY

222 MW / $6.5B — AMD backstops Fermi’s first Matador lease

•   AMD signed credit support for TensorWave’s 15-year lease, worth ~$6.5 billion in contracted revenue (10-Q). No dollar cap disclosed. A separate framework covers up to 650 MW.

•   AMD sells TensorWave the GPUs, and AMD Ventures co-led its $350 million June round. Project financing is still open; Fermi has spent $1.5 billion-plus. We ran the Oct. 31 closing extension Sept. 29.

THE HEADLINES

OIL

8.37 MMbbl/d — Saudi output rebounds as a Houthi missile hits Aramco’s headquarters

•   A ballistic missile hit an office tower at Aramco’s Dhahran complex Tuesday night, damaging its top three floors, a company source told Reuters. Aramco hasn’t commented.

•   Saudi Arabia told OPEC it pumped 8.372 MMbbl/d in September, up 2 MMbbl/d-plus, lifting OPEC+ to 39.07 MMbbl/d (Reuters). Brent settled at $105.69, down 96 cents.

POWER

1.75 GW — Enerflex books another gigawatt of behind-the-meter gas

•   Enerflex will design, fabricate and assemble 1 GW-plus of gas gensets for an unnamed North American data-center development. No customer, site or contract value.

•   Backlog tops 1.75 GW with deliveries through 2028, including the 450 MW we ran Oct. 1. Enerflex has authorized ~$100 million of plant investment, $15 million of it in 2026 guidance.

OIL

$3.0–4.5B — BP flags transition impairments as refining margins jump

•   The post-tax charges sit mostly in gas & low carbon transition businesses and stay out of underlying profit. Gas marketing and trading runs significantly above 2Q. Results land Oct. 30.

•   BP’s refining indicator averaged $46.7/bbl, up from $29.6, worth $1.9–2.1 billion. Net debt falls to $13.5–14.5 billion from $22.3 billion. A strategy update follows Dec. 15.

POWER

5 weeks — FERC rejects PJM’s second data-center fix

•   FERC’s Oct. 9 order kept PJM’s large-load registry but rejected IRAS, which let loads skip new supply if they accepted early curtailment. FERC says it reaches into state retail jurisdiction.

•   It follows FERC’s backstop ruling, which we ran Oct. 1. Jefferies calls it positive for IPPs like Constellation, Vistra and Talen. PJM is reviewing the order.

UPSTREAM

30% / C$14B — Shell buys into Equinor’s Bay du Nord

•   The first phase holds 400 MMbbl-plus, feeding a 160–175 kboe/d FPSO; Equinor keeps 70% and pegs capex at ~C$14 billion. No price. FID targets early 2027, first oil 2031.

•   Equinor bought out BP earlier; BP’s trading statement says its 2Q exploration write-offs reflected that sale. Shell says the project still has to compete for capital.

QUICK HITS

UPSTREAM

$208M / 12 slots — BW Energy leases its Bourdon platform

Minsheng Leasing funds all Akoum platform capex: eight years firm, a four-year option, 73.5% on BW. First oil targets 1Q28. BW also extended its $250 million revolver to August 2028.

LNG

3 mtpa / 2 Bcf/d — Guyana may halve its LNG plan

Exxon’s group needs ~2 Bcf/d for reinjection, two people told Reuters, so Fulcrum LNG’s floating plant may start at up to 3 mtpa, not 6. Georgetown hasn’t decided; power comes first.

POWER

700 MW / $1.2B — TotalEnergies adds three solar projects to its KKR venture

The Texas and Ohio assets reach COD by 1Q27, taking the 50/50 JV to 2.1 GW at ~$1.7 million per MW of enterprise value. Output is sold or marketed by TotalEnergies.

UPSTREAM

10% / 7 PSCs — Eni sells Kutei Basin stakes to Pertamina and Medco

Pertamina gets three PSCs including Merakes; Medco gets four including Jangkrik and Geliga. No price. Eni says Geng North and Geliga hold 10 Tcf-plus of gas.

ALMOST HEADLINES

OIL  329,059 bbl/d — Isaias shut-ins fall from 604,503 Monday to 16% of Gulf oil; five platforms are still evacuated

MIDSTREAM  Five Nations — First Nations close an economic interest in TC Energy’s Coastal GasLink stake; no price, and a second deal is due in 4Q26

GAS  28 Bcf — NeuVentus adds a third cavern to its Liberty County storage hub, with a 35-mile header to LNG-serving pipelines

GAS  Undisclosed — Shell agrees to sell Shell Nigeria Gas to Vaaris, which signed for TotalEnergies’ 10% of the Renaissance JV in January

POWER  Undisclosed — Darcy Partners buys utility consultancy Realize 2050 and launches Darcy Power under founder Chris Richardson

THE READING LIST

BLOOMBERG

Is Trump’s Diesel Deal With Russia Legal? US Sanctions Explained

WSJ

Waterous Energy Plans New Fund With $1 Billion Goal

FINANCIAL TIMES

European gas hits Iran wartime high

Sunya stories

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