• Comstock signed an LOI for Azerbaijan’s SOCAR to pay $1.65 billion cash for 20% of Legacy Haynesville, 15% of Western Haynesville and 15% of its 73% Pinnacle stake, effective July 1. The Western interest halves to 7.5% once SOCAR clears 15%.

• Comstock keeps operatorship and says net debt would fall from $3.1 billion to $1.5 billion; a PSA is targeted Oct. 31. The signed half is Jerry Jones, whose family funds 85% of D&C on 18 Western wells and 80% on nine Legacy, about $450 million.

SEC

• SB Energy’s S-1 shows $439 billion of backlog and 8.8 GW contracted or building, against $138.7 million of first-half revenue, a $3.21 billion loss and no operating data centers.

• NVIDIA committed $1.5 billion at the IPO price; OpenAI’s warrants are worth about $5.5 billion. Three campuses sit on 20-year leases to those two, and the filing calls SB dependent on OpenAI.

Reuters

• Dell booked $60.9 billion of AI-server orders in fiscal Q2, recognized $16.4 billion and ended July with a $95 billion backlog. Revenue was $47.0 billion, up 58%, with ISG up 89%.

• Guidance rose $25 billion to $192 billion, AI servers from $60 billion to $74 billion. Some $44.5 billion of net orders hit the queue in one quarter; the backlog now tops the full-year guide.

SEC

• October WTI settled at $90.22, up $4.46 or 5.2% and the highest close since July 23. Brent settled $94.65. Two tankers were struck leaving Hormuz, which Iran has effectively closed.

• XOP hit a 52-week high at $192.72, up 1.99%, while the S&P fell 0.71%. Diesel futures reached a 52-month high after rising 51% in ten weeks, taking the crack spread to a record $107.

Reuters

• ONEOK will pay $4.425 billion cash for Brazos Midstream’s Midland system. Apollo supplies $9 billion of nonvoting equity, $5 billion of it retiring debt, with no common stock issued.

• Apollo’s Class B takes 15% of quarterly OpCo cash flow at a 7.0% IRR cap for nine years. ONEOK can buy it out from year eight, or once the capital account hits $200 million. No board seat.

ONEOK

• Fervo and Google signed a 396 MW PPA from Cape Station in Utah, delivering from 2028 — the largest enhanced-geothermal PPA to date, and an expansion of a 100 MW first phase.

• Google also took an option on roughly 600 MW more by June 2030. That is an option, not committed load, and the data center still needs engineering feasibility and local approvals.

Fervo Energy

• SLB will buy Kelvion from Apollo-managed funds and Triton for $3.4 billion cash plus $700 million of debt. Kelvion expects $2.3–2.4 billion of 2026 revenue and $350–400 million of EBITDA.

• That is about 11x 2026 EBITDA, 8.5x with $120 million of synergies. Combined data-center revenue is over $2 billion pro forma on $300 million of EBITDA; the 2028 target is $4.5–5.0 billion.

SLB

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