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The Headlines
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Power / Data Centers
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210 MW / $5.2B — Applied Digital adds another hyperscale lease
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• Applied Digital signed a 15-year, take-or-pay lease at Delta Forge 2 — 210 MW of critical IT load for a U.S. investment-grade hyperscaler — worth ~$5.2B in base-term rent, ~$12.7B over a 30-year term.
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• It’s the customer’s third lease and Applied Digital’s fifth AI Factory campus. The book now spans 1.4 GW of IT load and ~$36B of base-term revenue (~$86B with renewals), ~70% backed by investment-grade hyperscalers.
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Oil & Gas / Upstream
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$20B+ — Eni and PETRONAS launch Searah gas JV
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• Eni and PETRONAS established Searah, a 50/50 JV combining 19 assets — 14 in Indonesia, five in Malaysia — starting above 300,000 boe/d and targeting more than 500,000 boe/d within three years.
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• Searah secured a $6B revolving credit facility and expects more than $20B of investment over five years against 3B+ boe of discovered resources. First production from recent FIDs comes in 2028.
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LNG
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€1B+ / 3.6 mtpa — Technip, JGC and Samsung lock Coral Norte FLNG work
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• Technip Energies, with JGC and Samsung Heavy, won the EPCIC contract from Mozambique Rovuma Venture for Coral Norte, developed by Eni with CNPC, ENH, XRG and KOGAS. Nameplate is ~3.6 mtpa, doubling the Coral hub to 7 mtpa and putting Mozambique among Africa’s top three LNG producers.
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• For Technip the award is “major” — above €1B of revenue, booked in Q2 2026. Coral Norte is an enhanced replica of Coral Sul, reusing its feed-gas composition and deepwater setting to cut execution risk.
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Midstream
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2.4 Bcf/d — Summit pushes Double E toward a Permian compression FID
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• Summit signed two firm transportation deals on Double E totaling 150 MMcf/d, lifting open-season commitments to 250 MMcf/d and contracted firm capacity to ~1.9 Bcf/d. The expansion would add ~50%, to ~2.4 Bcf/d.
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• The open season runs to June 30 with interest above the available 800–900 MMcf/d; FID is expected by end-summer, turbines are on order for an end-2028 in-service date, and a FERC 7(c) filing is due later this year.
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Capital Markets / Minerals
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$200M / $26 — WhiteHawk Minerals prices an upsized gas-royalty IPO
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• WhiteHawk priced 7.7M Class A shares at $26 for ~$200M before fees, upsized by 775,000 shares; underwriters hold a 30-day option for another 1.155M shares. Trades on the NYSE as WHK.
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• The gas mineral and royalty book spans ~3.4M gross DSU acres across Appalachia and Haynesville, giving public investors a new pure-play gas-royalty vehicle.
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