THE NUMBER

$111.33

The strike on Anthropic’s Akamai warrant. Akamai closed at $110.41, then traded 21% higher after hours on the deal.

TODAY’S MENU

LEAD STORY

$11.6B / $111.33 — Anthropic commits $11.6 billion to Akamai over seven years and takes a warrant for up to 5%

•   It buys cloud capacity for CPU workloads, with up to $9 billion more uncommitted. Akamai sees ~$5.5 billion of capex, $1.7 billion of it added to 2026 for memory and parts.

•   The 7.7 million-share warrant vests ~2% now and ~1% per extra $3 billion. Akamai closed at $110.41, below the strike, then rose 21% after hours.

THE HEADLINES

DATA CENTERS

Force majeure / $18B — Oracle invokes force majeure on Project Jupiter over power delays

•   The notice to Blue Owl’s developer lets Oracle pay lower development rent longer if Jupiter misses 2028. Oracle can’t terminate the lease and says it’s on schedule.

•   Blue Owl has ~$3 billion of equity; Oracle carries the debt cost on a reported $18 billion of loans. The site has fought pipeline delays and permit challenges. Oracle fell 3.3%.

UPSTREAM

~77 Mboe/d / $3.5–4.5B — BP looks at Devon’s Eagle Ford as an activist pushes for a sale

•   BP is in the data room on ~90,000 net acres making ~77,000 boe/d. Sources say $3.5–4 billion; TPH says ~$4.5 billion. BPX already makes ~205,000 boe/d there. No bid yet.

•   Toms Capital, now a top-five holder, wants Devon to weigh a full sale. It says Devon trades at ~4.5x 2027 EBITDA, a turn-plus below peers. (CNBC)

MIDSTREAM

$700M / ~5.6x — Select Water buys Pilot Water for $600 million cash and $100 million of stock

•   Pilot brings ~2.7 MMbbl/d of Delaware disposal, 700-plus miles of pipe and 480,000 bbl/d of MVCs. Over 80% of revenue is contracted for seven-plus years.

•   Pilot guides to $120–130 million of 2027 EBITDA, or 5.4–5.8x, before synergies and a $15 million earnout. JPMorgan and BofA committed debt; close is set for Q4.

POWER

33 MW / 900 MW — Fervo reaches first power at Cape Station

•   The first 33 MW GeoBlock in Utah is exporting, with COD due Oct. 1. The other two blocks of the ~100 MW Phase I follow by Jan. 1; another 400 MW is due in 2028.

•   Fervo says ~900 MW of Cape Station offtake is contracted. It listed in May. We ran Google’s 396 MW Fervo contract Sept. 2.

CAPITAL MARKETS

$11.1B / 9.75% — SoftBank sells the largest high-yield bond deal on record

•   $10 billion in dollars at 8.625–9.75% plus €1 billion at 7.125% and 8%, topping Numericable’s 2014 record. The money goes toward a $64.6 billion OpenAI commitment.

•   Five-year CDS is above 400 bp, from ~280 bp in June. OpenAI and SB Energy have delayed IPOs. SoftBank’s $3.1 billion DigitalBridge buy cleared its last approvals Sept. 22.

QUICK HITS

CRUDE

$94.61 / –13% — WTI snaps a six-session slide on Houthi missiles

WTI rose $2.45 after a 13% six-day drop; Brent settled at $106.60. Gains faded from ~5% on reports of U.S.-Iran talks on reopening Hormuz. Yanbu loadings still haven’t resumed.

REFINING

$6.52 / 90 days — Wright asks refiners to curb diesel exports voluntarily

Trump backed limits Tuesday; Politico reported a 90-day ban, which Wright disputes. No companies or volumes named. Diesel is ~$6.52/gal and stocks sit ~13% below normal.

GAS

53 Bcf / +95 Bcf — A light injection takes storage to 3,351 Bcf

Stocks for the week ending Sept. 18 are 95 Bcf above the five-year average and 146 Bcf below last year. October gas closed at its highest since July.

DATA CENTERS

$100M / Sept. 21 — New Era files an ATM and flags Abbott’s permit freeze

The ATM is capacity, not cash. The prospectus says Texas air permits may wait for ERCOT’s audit, and no tenant is signed. We ran its Vistra deal Sept. 22.

ALMOST HEADLINES

LNG  Up to $6B / $51B — U.S. EXIM issues a non-binding term sheet for YPF, Eni and XRG’s Argentina LNG

GAS  350 MMcf/d / 2028 — TotalEnergies and AMNI take FID on Ima gas, which will supply about a third of Nigeria LNG Train 7

POWER  $1.9B / 31 projects — DOE funds reconductoring and grid-enhancing tech it says will free 23 GW-plus across 26 states

POWER  15–35% — Italy’s CDP is talking to Gulf investors including Mubadala about a stake in turbine maker Ansaldo Energia

OILFIELD SERVICES  450+ wells / three years — Aramco hands SLB four integrated well-construction contracts; value undisclosed

UPSTREAM  $420M net / 50% of Coulomb — Talos closes its Shell Gulf deepwater purchase, including 25% of BP-operated Na Kika

CRUDE  ~150,000 bbl/d — Rosneft starts exports from Vostok Oil, once billed at up to 2 MMbbl/d

DATA CENTERS  222 MW / Oct. 31 — Fermi and TensorWave push back the Matador lease closing while Fermi negotiates an investment-grade guaranty

POWER  275 MW / 4Q27 — Energy Vault orders 2G gas gensets for powered-land sites, a day after buying 2.3 GW of Goshe BESS projects

OILFIELD SERVICES  Undisclosed / 1H27 — Superior Energy agrees to buy Danish well-intervention robotics maker Welltec

THE READING LIST

BLOOMBERG OPINION

A Diesel Export Ban Is a Bad Idea. Trump Needs It Anyway

SEMAFOR

Data centers have an insurance problem

LATITUDE MEDIA

Load growth is straining already worn-out electrical equipment

Sunya stories

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