April 16, 2026
 
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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Today’s Menu
C$6.4B / 12%–15% / 31.6%GFL agreed to buy SECURE, adding a large Western Canada and North Dakota waste platform and pushing pro forma free-cash-flow-per-share accretion into the low teens.
$650M / 72 BcfSpire is selling its Wyoming and Oklahoma gas-storage business to I Squared, further shrinking around the regulated utility and helping fund the Piedmont Tennessee purchase.
3,200 acres / $68MMicrosoft outlined its next Cheyenne expansion and says its Black Hills tariff structure keeps the cost of new power infrastructure off base-rate customers.
6–7 Tcf / Feb. 2027 — Greece is lining up its first deepwater exploration well in roughly 40 years, with Exxon, Energean and HELLENiQ moving Block 2 toward drilling.
$768M / 52 MW / 1.4M sq ftSwitch added a Reno facility to its ABS trust and now says it has raised about $4.2B across five securitizations since 2024.
$2.35B / $590M / $60MESCO is buying Megger to deepen its grid-test and utility diagnostics platform as utilities and large-load customers pour money into infrastructure.
$1B / 7 yearsTrafigura signed a Gabon oil prepay that locks in exclusive profit-oil offtake and adds another sovereign-linked crude-financing line.
Lead Story
GFL buys SECURE to bulk up Western Canada waste

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.

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.

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

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.

 
AI Power
Microsoft maps the next Cheyenne datacenter push

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.

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.

 
E&P
Greece moves Block 2 toward its first offshore test well in 40 years

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.

 
Capital Markets
Switch adds Reno to its ABS machine

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
1,156 days / $445M / Nov. 2030 — Transocean extends Petrobras work E&P
Deepwater Corcovado adds ~$445M of backlog; rig committed through Nov. 2030.
$1B / 7 years / exclusive profit oil — Trafigura signs Gabon oil prepay Midstream
Exclusive profit-oil offtake from Gabon for seven years; syndication already underway.
$2.35B / 14x / $590M / $60M — ESCO is buying Megger M&A
~14x 2026E EBITDA incl. synergies; $590M revenue, $60M cost synergies targeted within three years.
>20 MW / Oct. 2027 / 79-62 / 21-13 — Maine advances a big-load datacenter moratorium AI Power
Freeze on >20 MW datacenter approvals until Oct. 2027; awaiting governor’s signature.
10 cargoes / 1.4 bcm / 7 U.S. cargoes — Edison says Qatar force majeure may run longer LNG
Replaced 10 cancelled Qatari cargoes with 7 U.S. LNG cargoes; disruption may extend past mid-June.
$115M / $290M / 438 acres / 1+ GW — New Era locks funding for its Permian AI campus AI Power
$115M equity + $290M Macquarie term loan pushing the 438-acre Permian campus toward 1+ GW.
$900M / 47.4M shares / Kentucky — TeraWulf upsized its equity raise for Hawesville Capital Markets
Upsized from $800M; proceeds fund Hawesville, KY data-center campus and repay bridge facility.
20,000 boe/d / 180,000 net acres / 8,300 boe/d — North Hudson buys HWN Energy E&P
180,000+ net Montney acres; pro forma 2026 production approaching 20,000 boe/d.
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