| WTI $105.83 ▲ 4.38% · NG $2.920 ▲ 0.83% · RIGS 591 ▲ 3 · S&P 7,585.73 ▼ 0.45% · XOP $199.70 ▲ 3.22% |
| September 15 close · Gas = Henry Hub Oct 2026 · Rigs = Baker Hughes (week ending September 11, 2026) |
| $5.7 Billion |
| of New Fortress debt extinguished at Friday’s close. What is left is about $700 million of corporate debt and a preferred that converts into 87% of the company in 2029 |
|
| Today’s Menu | ||||||
|
| Lead Story |
| $5.7B / 87% — New Fortress closes its restructuring; the preferred is built to take the company |
|
• Creditors swapped about $5.7 billion of debt for BrazilCo, $2.45 billion of preferred, 65% of the common and $571.3 million of term loans. |
|
• The preferred accrues 3%, 5% then 7% and converts in 2029 into 87% of the common. Today’s 35% legacy stake shrinks to about 4.5% unless NFE redeems it at par first. |
| The Headlines | |
| Crude | |
| $105.83 / 4–5 MMbbl/d — Yanbu stops loading; WTI closes at a four-month high | |
|
• Yanbu loadings stopped Tuesday and some European cargoes were canceled, four days after Riyadh shut the 4–5 MMbbl/d East-West line over drone strikes from Iraq. |
|
|
• WTI settled $105.83, its highest close since May 19; Brent $108.75. Wright expects a restart within days; Goldman’s range runs to eight weeks. Aramco has given no date. |
|
|
|
|
| Power | |
| 3.3x / $3.0B — Forgent books more orders in a quarter than it sold all year | |
|
• Q4 orders of $1.503 billion against $462 million of revenue took backlog to $3.0 billion, up 53% in a quarter. Adjusted EBITDA was $113 million, a 24.4% margin. |
|
|
• FY2027 guidance is $2.4–2.6 billion of revenue and $575–625 million of EBITDA, 76% and 86% midpoint growth. A $35 million Tijuana expansion takes capacity to $5.8 billion. |
|
|
|
|
| Gas | |
| 65 MMcfe/d / 0.35 Tcfe — BKV closes a Barnett package without a price | |
|
• The assets add more than 65 MMcfe/d, over half liquids, ~0.35 Tcfe of PDP and 117,000 net acres, paid with cash and the revolver. No price, no seller named. |
|
|
• Also a 180 MMcf/d plant, about 340 miles of gas gathering, 225 miles of water lines and two SWDs; the CCS unit captured 100,000-plus tonnes in the year to Q1. |
|
|
|
|
| Upstream | |
| 300,000 acres / 75% — Carlyle stands up Avenrock to buy Parallax from Carnelian | |
|
• Avenrock, Carlyle’s new vehicle led by Paul Smith, ex-CFO of Wintershall Dea, takes Parallax’s 75% operated stake in ~300,000 gross Duvernay acres. Bloomberg says ~C$1 billion. |
|
|
• NOG agreed in May to pay C$350 million, plus up to C$25 million contingent, for the other 25%: ~75,000 net acres, 500-plus locations and ~4 Mboe/d in 2027. |
|
|
|
|
| Policy | |
| $310B / 45 days — EPA repeals most of the 2024 power-plant carbon rule | |
|
• The final rule removes most of the 2024 Section 111 GHG standards, including the CCS-based limits, 60 days after publication. EPA puts the savings at $310 billion. |
|
|
• A separate proposal pulls the endangerment and significant-contribution findings to scrap the remaining power-sector GHG standards. Comments run 45 days; Connecticut’s AG is ready to sue. |
| Quick Hits | ||||
|
| The Reading List | |||
|
| Sunya Stories | |
|
|
|
|
| Full Archive on Spotify → |
| In Case You Missed It | |||
|
|
Know someone who should be reading this? Forward this email. It takes 2 seconds. They’ll thank you. |
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).