Clearwater

WTI $93.03 ▲ 1.69% · NG $2.916 ▼ 1.98% · RIGS 588 — · S&P 7,673.52 ▼ 0.58% · XOP $193.91 ▲ 1.68%

September 8 close · Gas = Henry Hub Oct 2026 · Rigs = Baker Hughes (week ending September 4, 2026)

$10 Billion

of Clearwater producer, assembled with a share swap and no cash — Headwater’s third is about C$3.35B

The Meme

The Report

Sunya Research · Updated

23.18 Bcf/d on paper. 4.13 Bcf/d that actually pencils.

65 gas-to-AI deals through August, scored and sourced, then split into the five unlike things the headline number quietly sums. Appalachia carries 5.60 Bcf/d of producer-attributed supply. The Permian carries 2.49.

Open the tracker →

Today’s Menu

$10B / 1-for-1 — Tamarack takes Headwater, spins the wildcats into Tributary

$1.9B / 615 MW — DOE closes the Duane Arnold restart loan

$60B / 3.75M vested — Amazon’s Qualcomm warrant pays out on purchases

4.2 GW / 1.63 GW Base Load — Galaxy’s Batch Zero split

$14B / -$4B — Papua LNG hands Exxon the keys

$93.03 / $97.92 — Houthis hit Saudi oil; the U.S. sinks five Iranian tankers

Lead Story

$10B / 1-for-1 — Tamarack takes Headwater, spins out Tributary

• Tamarack issues 237.8 million shares, one per Headwater share, and keeps 66.5% for its holders. Pro forma >80,000 boe/d of Clearwater at a US$37 breakeven.

• Mannville rights, Handel thermal prospects and McCully gas go into Tributary under Headwater’s team, at a stated NAV of $100.7 million, or $0.42 a share.

The Headlines

Nuclear

$1.9B / 615 MW — DOE closes the Duane Arnold restart loan

• DOE reached conditional commitment and financial close the same day on up to $1.9 billion. Duane Arnold shut in 2020; restart is targeted by Q1 2029.

• Google signed a 25-year agreement for the output last October; Central Iowa Power Cooperative is in line for the rest. Iowa regulators signed off in June.

Semiconductors

$60B / 3.75M vested — Amazon’s Qualcomm warrant pays on purchases

• A warrant for 25 million shares at $161.26, expiring 2036, vests against binding orders and purchases up to $60 billion. 3.75 million vested at signing.

• The press release covers inference silicon and 1.6T optics; the dollar figure lives only in the 8-K. Qualcomm wants >$15 billion of data-center revenue by 2029.

Qualcomm press release

Data Centers

4.2 GW / 1.63 GW Base Load — Galaxy’s Batch Zero split

• Helios I (800 MW) and Helios II (830 MW), approved before Batch Zero, are Base Load. Caspian (700), Selene (900) and Helios III (1,000 MW) are Studied Load.

• Galaxy submitted Caspian as Base Load and got Studied Load. All five stay conditional while ERCOT and the PUCT audit the queue. Pipeline: >5.7 GW.

LNG

$14B / -$4B — Papua LNG hands Exxon the keys

• Redesign and rebidding EPC packages to more Asian yards cut close to $4 billion since 2024, to about $14 billion. ExxonMobil becomes operator at 34.1%.

• Total sells 9.1% and keeps 20% plus its offtake; Santos goes to 21%, PNG entities 22.5%. A Kumul marketing JV sells 2.4 of 5.6 mtpa. FID is still ahead.

Crude

$93.03 / five tankers — Houthis hit Saudi oil, CENTCOM hits back

• Houthi strikes on four southern Saudi cities wounded more than 70; Riyadh reports fires and a temporary shutdown at some sites. WTI settled $93.03, Brent $97.92.

• After settlement, CENTCOM said it destroyed five Iranian crude carriers after missile attacks on a Navy warship. Kpler counted seven Hormuz transits Monday.

Reuters on the CENTCOM strikes

Quick Hits

$200–240M / +48% — Solaris raises the power guide again Power
Q3 adjusted EBITDA guidance goes to $110–130 million from $90–105 million, Q4 to $145–180 million from $100–120 million, and Q1 2027 opens at $200–240 million. Solaris credits power services and its acquired units. The stock rose about 16%.

$10.2B / $15–18 — Holtec starts the nuclear IPO roadshow Nuclear
Holtec is marketing 50 million Class A shares at $15–18, up to $900 million before a 7.5 million-share option, to list on Nasdaq as HNUC. Reuters puts the top-end valuation at $10.2 billion. J.P. Morgan and Guggenheim lead nine bookrunners.

2 GW / 300 MW building — IREN’s Sweetwater is Base Load, conditionally Data Centers
Sweetwater 1 (1,400 MW) and Sweetwater 2 (600 MW) were conditionally included in Batch Zero as Base Load. The substation is energized; 300 MW gross of data center is building for Q4 2027. Other IREN projects made Batch Zero too, unnamed for now.

Sept. 12 / fourth target — Line 5 waits on a 1,500-foot bypass Midstream
Line 5 has been shut since a subcontractor’s truck rolled into a valve excavation on Aug. 25, releasing some 33,000 barrels of propane and butane on Enbridge’s own count. The restart target has slipped from Sept. 5 to Sept. 12.

285.4 MMbbl / 1982 — The SPR keeps draining Crude
The Strategic Petroleum Reserve fell 1.2 million barrels last week to 285.4 million, the lowest since November 1982, per DOE. The draws are part of an agreed 172 million-barrel release, landing in a week when WTI settled at a three-month high.

Almost Headlines

Jan. 1, 2027 / Ebel retires — Enbridge names Michele Harradence President and CEO Midstream

>900 MW / two Malaysian sites — OpenAI becomes Firmus’ anchor customer on Vera Rubin Data Centers

40 TJ/d / early 2027 — Tamboran delivers the first Beetaloo gas sales into the Northern Territory Gas

Reported — $1.2B / Navy reactors — HGP Intelligent Energy plans a SPAC with Meshflow Nuclear

600–700 kb/d plateau / arbitration rights — Chevron will more than double its Venezuela rig count Crude

Closed — $237M all-in / 123 MW — NET Power completes the EMPower EPC assignment we ran Aug. 26; work suspended, no PPA Power

0 kb/d / Oct. 4 — Seven OPEC+ members hold October output at September levels Crude

800 VDC / Texas — Enphase starts building solid-state-transformer power modules for AI data centers Equipment

The Reading List

FTWill data centres avoid the curse of the mega-project?

WSJOil Near $100 Threatens U.S. Stocks’ Stellar Run

Barron’sData-center fights are becoming an election issue

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