| WTI $91.30 ▲0.32% · NG $2.904 ▼1.76% · RIGS 588 — · S&P 7,747.71 ▲1.06% · XOP $192.33 ▼0.43% |
| September 3 close · Gas = Henry Hub Oct 2026 · Rigs = Baker Hughes (week ending August 28, 2026) |
| 6 GW |
| of new Venezuelan power GE Vernova committed to — a number the U.S. Energy Department published and GE Vernova did not |
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| Today’s Menu | |||||||
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| Lead Story |
| $7B / 6 GW — Chevron, Eni and GE Vernova sign Venezuela in one day |
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• Chevron’s JVs will spend over $7 billion and more than double output to 600,000 bbl/d below $20 a barrel. Eni took 25-year operatorship of Junín 5. |
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• GE Vernova committed to 1 GW inside 24 months and 5 GW after. DOE published that number; GE Vernova’s own newsroom said nothing about Venezuela. |
| The Headlines | |
| Finance | |
| $1.8B / 3.3x — Diversified buys Elliott’s Birch Permian with an ABS | |
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• $1.5 billion of the $1.8 billion Elliott price comes from a Carlyle-originated ABS on the PDP. The wells fund 83% of their own purchase. |
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• 68 Mboepd at 38% oil, 480 net wells, 46,000 acres. 3.3x $548 million of EBITDA against $2.0 billion of PV-10. Carlyle’s framework widens to $10 billion. |
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| Equipment | |
| $4.4B / 13x — Flex buys EPC Power from Goldman Sachs Alternatives | |
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• EPC Power builds the rectifiers and DC-DC conversion feeding 800V racks. Flex pays $4.4 billion. Citi and Bank of America committed the financing. |
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• $800 million of 2026 revenue, 40% growth in 2027, 30% EBITDA margin. That is 13x 2027 EBITDA — our math, not a disclosed multiple. |
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| E&P | |
| 56.3% / $12.22 — Gilinski takes control of GeoPark for the Bare block | |
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• 42.1 million shares at $12.22 go to Grupo Gilinski for the Bare block. Gilinski ends up with 56.3% of GeoPark. |
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• 15.7 billion barrels in place, 11,000 bopd from 1,100 wells. GeoPark funds 100% of capex for a 65% working interest over 25 years. |
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| Semiconductors | |
| $16.7B / +221% — Broadcom’s AI quarter is 56% of the company | |
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• $16.7 billion of AI semiconductor revenue, up 221%, with Q4 guided to $21.7 billion. Total revenue $29.6 billion, so AI is 56% of the company. |
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• Q4 guidance is $34.8 billion, up 93%, at a 66% non-GAAP operating margin. Free cash flow was $13.7 billion on $0.5 billion of capex. |
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| Power | |
| $3.6B / $1.3B committed — FuelCell books Fit Energy’s option as backlog | |
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• $3.6 billion of committed and awarded backlog. Only $1.3 billion is committed. The other $2.4 billion is 350 MW Fit Energy holds an option on. |
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• Product costs exceed Fit contract pricing. FuelCell took $17.0 million of Phase 0 charges at a 37.1 MW rate; revenue fell 29% to $33.0 million. |
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| Data Centers | |
| 2.5 GW / no tenant named — Cipher lays the gas pipe first | |
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• Gas laterals under way at multiple sites, enough to feed up to 2.5 GW of onsite generation, with power targeted in 2027. |
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• No sites, no turbines, no partners, no capex, no tenants. 2.5 GW is what the pipe could feed, not what is financed. |
| 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).