THE NUMBER

~$1.5M

What Ovintiv says each premium Montney location in Logan costs on average, once current output is valued at $27,500 per flowing boe/d.

Plenty of oil companies are using AI. Few can tell you what it’s worth.

We went through 200 AI projects at 96 oil and gas companies. Most are up and running. Only 48 come with a number, and those numbers don’t measure the same thing.

TODAY’S MENU

LEAD STORY

9 Bcfe/d — EQT buys Range in an all-stock deal to lead U.S. gas

•   Range holders get 0.987 EQT shares each and 27% of the company. Reuters puts the premium at 20.6% and the value at ~$13 billion. Combined: nearly 3 million net acres.

•   EQT sees $325 million of synergies in two years and ~$20 billion of free cash flow over five at strip. Range’s 3Q: 2.50 Bcfe/d, record liquids of 133,173 bbl/d.

THE HEADLINES

MIDSTREAM

425 MMcf/d — Howard buys Sixth Street’s Iron Horse in the Anadarko

•   The deal adds ~400 miles of gas pipe in Canadian, Caddo and Grady counties and a 425 MMcf/d processing complex, with multidecade contracts on ~167,000 dedicated acres. No price given.

•   With June’s Midship and Superior deals, Howard’s Oklahoma system reaches ~2,000 miles and 580 MMcf/d. Its two-year Midcontinent spend nears $2.5 billion. Close is due by year-end.

UPSTREAM

20+ years — NEQ hires Devon’s John Raines as COO, Michael Magilton as CFO

•   Raines last ran Devon’s Permian business after the Coterra merger. Magilton was CFO at Encino, which carved out Chesapeake’s Ohio Utica, and at Sabine through its restructuring.

•   They join CEO David Harris, who helped lead ~$40 billion of Devon deals. Quantum-backed NEQ runs PDP-heavy assets in South Texas, Appalachia, the Haynesville and the Mid-Con.

UPSTREAM

US$890M / 20 Mboe/d — Ovintiv buys Logan Energy for its Montney oil

•   Ovintiv pays C$1.40 a share in cash, C$1.26 billion with net debt. Logan adds 266,000 net acres and 7,000 bbl/d of oil and condensate, taking Ovintiv’s Montney to ~720,000.

•   Of 420 net 10,000-foot locations, 220 clear a 35% IRR at $55 WTI and $2.75 gas. Ovintiv sees $60 million a year of synergies and ~5% cash-flow-per-share accretion in 2027. Close: early 1Q27.

NUCLEAR

$5B — DOE offers Constellation a conditional loan for nuclear uprates

•   The loan could fund uprates at eight plants: six in Illinois, plus Calvert Cliffs and Limerick. DOE still has to finish diligence and sign documents, and no single uprate is committed.

•   Google and Amazon’s 20-year deals already back $7 billion-plus for ~1,080 MW of added capacity; Meta’s backs 30 MW at Clinton. We ran Google’s 890 MW Constellation deal Oct. 6.

DATA CENTERS

$63B — Banks and Blackstone finance Broadcom chips for Anthropic

•   A new SPV buys Broadcom XPU accelerators and networking gear and leases them to Anthropic, with deliveries from 2027. BofA, Citi and Morgan Stanley arrange the first lien.

•   Blackstone alone provides the committed second lien. Broadcom gives the SPV residual-value support equal to the first-lien amount. The release gives no tranche sizes or pricing.

QUICK HITS

UTILITIES

$70.7B — CenterPoint adds $4 billion to its 10-year capital plan

The plan was $66.7 billion; $1.5 billion more moves into 2026–30 for Houston-area demand, backing 14%-plus rate-base growth. The 2026 EPS guide rises to $1.90–1.92; 2027’s is $2.07–2.09.

MIDSTREAM

$8.55B — ONEOK raises its 2026 EBITDA guide on record Permian volumes

3Q adjusted EBITDA rose 6% to $2.24 billion as Gulf Coast/Permian NGL raw feed rose 16%. The $2.13 EPS includes a $0.53 noncash tax benefit. Capex is now ~$3.5 billion for 2026.

DATA CENTERS

$37.5B — Meta prices its equity raise, with Nvidia buying $3 billion

The common sale was upsized to $25 billion at $625, settling by forward on or before Nov. 19, 2027; $12.5 billion of preferred pays 6.5%. Up to $60 billion more may follow in 2027, DCD reports.

POWER

1.1 GW — Baker Hughes books 43 turbine packages for a U.S. tech company

Its IET segment booked $5.9 billion of orders, and its backlog hit a record $39.4 billion. Revenue rose 14% to $8.0 billion, mostly on the Chart deal; free cash flow was $769 million.

ALMOST HEADLINES

DATA CENTERS  $1.45B — Vertiv closes UtilityInnovation at ~13x 2027 EBITDA, with up to $1.15 billion more in earnouts

DATA CENTERS  $230M — SLB’s data-center revenue rises 76% year over year; it’s still under 3% of $9.45 billion in quarterly sales

NUCLEAR  $750M — Elementl signs a term sheet with a Korean group led by DS Investment Partners to help fund up to three projects to FID

GAS  $1B+ — The Third Circuit won’t rehear its ruling against NESE’s New Jersey water permit, putting Williams’ late-2027 date at risk

LNG  15 mtpa — Singapore plans five new gas plants by 2031 and a second LNG terminal that lifts regas capacity 50% by 2030

UPSTREAM  $800M — TotalEnergies closes its Nigeria oil exit to Vaaris; it keeps the three gas licenses supplying half of NLNG’s gas

THE READING LIST

WALL STREET JOURNAL

Broadcom CEO Intervened to Seal $63 Billion Anthropic Debt Deal

FINANCIAL TIMES

UK considers forcing data centres to invest locally to meet new AI ‘covenant’

HEATMAP

Canada Looks to the U.S. to Get Its Nuclear Mojo Back

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