
| April 16, 2026 | |
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| WTI (May) $94.69 ▲3.7% · NG (May) $2.61* ▲0.54% · RIGS 545 ▼3 · S&P 7,041.28 ▲0.26% · XOP $167.82 ▲2.17% | |
| April 16 close · Gas = Henry Hub May 2026* · Rigs = Baker Hughes (week ending April 10, 2026) |
| C$6.4B |
| GFL’s enterprise value for SECURE — the largest oilfield-waste deal in Western Canada, immediately accretive to free cash flow per share by 12%–15%. |

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Somewhere this week, a billion-dollar development decision will get approved off four scenarios in a spreadsheet. That’s not going to hold. |
| READ THE RESEARCH → |
| Today’s Menu | |||||||
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| Lead Story |
| GFL buys SECURE to bulk up Western Canada waste |
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• GFL agreed to acquire all of SECURE’s shares for C$24.75 per share — roughly C$6.4 billion enterprise value, paid 80% stock and 20% cash, with closing expected in 2H 2026. |
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• SECURE brings more than 80 locations across Western Canada and North Dakota, including 12 landfills, 55 waste treatment facilities, 98 injection wells and 12 recycling facilities, backed by 2,000+ employees. |
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• GFL says the deal lifts adjusted free cash flow per share by 12%–15%, pushes pro forma adjusted EBITDA margin to 31.6%, and raises adjusted FCF conversion to 40.5%–42.5%. |
| The Headlines | |
| Utility | |
| Spire sells gas storage to I Squared | |
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• Spire agreed to sell its Wyoming and Oklahoma gas-storage assets to I Squared for $650 million ($600M cash + $50M deferred). Combined working gas capacity: 72 Bcf. Proceeds help fund the Piedmont Tennessee acquisition; Spire reaffirmed FY27 EPS of $5.40–$5.60. |
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| AI Power | |
| Microsoft maps the next Cheyenne datacenter push | |
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• Microsoft intends to buy about 3,200 acres in Cheyenne — a 200-acre parcel in Bison Business Park and an adjacent 3,000-acre site — with more than $68 million already committed to off-site infrastructure improvements. |
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• Black Hills Energy’s Large Power Contract Service tariff requires Microsoft to directly pay for infrastructure upgrades and incremental power procurement — Microsoft is explicitly arguing the expansion should not raise electricity prices for other customers. |
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| E&P | |
| Greece moves Block 2 toward its first offshore test well in 40 years | |
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• Energean, ExxonMobil and HELLENiQ signed with Stena Drilling to drill the first well in Block 2 offshore western Greece. The “Asopos” structure could hold 6–7 Tcf with a 16% chance of success; drilling is targeted for February 2027 — Greece’s first deep-sea offshore exploration in roughly 40 years. |
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| Capital Markets | |
| Switch adds Reno to its ABS machine | |
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• Switch closed a $768 million Series 2026-1 ABS, adding a 1.4M sq ft / 52 MW Reno datacenter to the pool. Since 2024, Switch has raised about $4.2 billion through five ABS deals across 11 data centers in five U.S. markets. |
| Quick Hits | ||||||||
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| The Reading List | |||
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| Sunya Stories | |
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| Full Archive on Spotify → |
| In Case You Missed It | |||
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Disclaimer: Not financial advice. This newsletter is for education + entertainment — not a recommendation or a solicitation to buy or sell anything. Do your own research and make your own calls (and talk to a pro when it matters).
