THE HEADLINES | OIL • Operators shut in 62.9% of Gulf oil and 57.4% of gas (~1.13 Bcf/d) by 11 a.m. CDT Thursday, up from ~25% Wednesday, the Marine Minerals Administration said. 121 platforms are evacuated. • Chevron’s 356,000 b/d Pascagoula refinery sits on the track’s western edge (Bloomberg). Landfall is due late Friday or early Saturday; restarts wait on inspections. | POWER • An unnamed supplier delivers gas and steam turbines and HRSGs for a prospective Texas plant from September 2028 to May 2029. The balance is payable through December 2028. • About $200 million, including $80 million already paid, is due by March 31, 2027. An investment-grade hyperscaler, the intended offtaker, backstops ~90% of that. Without offtake, BKV can walk. | MIDSTREAM • Chevron hands over its HESM units, the GP, DJ gathering (400 kbbl/d oil, 300 MMcf/d gas capacity) and 20% of Saddlehorn. It gets $200 million and the new Bakken terms. • Bakken contracts run to 2045, with lower tariffs through 2033. Chevron sees unit costs fall ~50% and books a $3–4 billion after-tax loss (Chevron). HESM guides 2027 EBITDA to $850–950 million. | LNG • An ICC majority ruled Calcasieu Pass declared commercial operations late; one of three arbitrators dissented. Damages get a separate hearing in 2027 or 2028, capped at $170 million. • Venture Global says the ruling contradicts its Shell and Repsol wins and is weighing options. The SPA stays in force; it has delivered Galp 20 cargoes since COD in April 2025. | DATA CENTERS • Base Electron’s ~1,200 MW plant in Center, N.D. would serve Polaris Forge 3 on fixed monthly capacity payments. It can walk if financing hasn’t closed by March 31, 2027 (10-Q). • Applied owns ~10%. CEO Wes Cummins runs Base Electron, and other Applied insiders own it; a related-party committee approved the deal. Q1 revenue rose 322%, mostly fit-out. |
|
