May 26, 2026
 
WTI (Jul) $93.89 ▼2.81% · NG (Jun) $2.894 ▼0.45% · RIGS 558 ▲7 · S&P 7,519.12 ▲0.61% · XOP $166.10 ▼3.40%
May 26 close · WTI = NYMEX Jul 2026 front-month · Gas = Henry Hub Jun 2026 · Rigs = Baker Hughes (week ending May 22, 2026)
$350M
CAD (~US$259M) — to take NOG’s non-op model into Canada’s Light-Oil Duvernay at <3.0x next-12-month cash flow.
The Meme
NEW - The Report
New from Sunya Research
21.11 Bcf/d on paper. 4.89 Bcf/d that actually pencils.
We catalogued every disclosed gas-to-AI deal in one ledger — 56 transactions across 17 months — then did the math the press releases skipped. The boom looks Texan in the headlines. It looks Appalachian in the contracts.
Open the tracker →
Today’s Menu
CA$350M / 75,000 acres: NOG takes 25% non-op of Parallax’s Light-Oil Duvernay. First cross-border deal.
1+ GW / 345 kV: TeraWulf buys Kentucky’s Muskie HPC campus; first 500 MW targets 2H 2028.
$225M / 53 MW: I Squared takes 10 Cogent data centers to seed a $1B AI-inference platform.
200 MWac / 15 yrs: Enlight / Clēnera signs Google SPP solar PPA in Oklahoma.
$570M / 750 MMcf/d: Pembina sanctions Heartland straddle plant, tied to Dow ethane.
150,000 bpd: Eni and partners FID Baleine Phase 3 offshore Côte d’Ivoire.
~R$2.67B / 51%: Ecopetrol launches Brava tender offer at a 20.9% premium.
Lead Story
Upstream / Cross-Border
CA$350M / 75,000 acres — NOG takes a 25% non-op stake in the Canadian Duvernay

Inventory scarcity just pushed the U.S. non-op model north of the border.

• 25% non-op of Parallax-operated Light-Oil Duvernay (Alberta) — NOG’s first cross-border deal. CA$350M / ~US$259M, ~CA$113M in stock. ~4,000 Boe/d expected 2027 (80% light oil) across ~75,000 net acres. Close late Q2 2026.

• The math: <3.0x NTM unhedged CF for ~20 years of inventory, 500+ gross locations, sub-$50 WTI breakevens. 2026 guide raised to 143–148 MBoe/d (from 139–143), capex held at $850M–$900M.
The Headlines
AI Power / M&A
1+ GW / 345 kV — TeraWulf buys Kentucky HPC campus

• Muskie Data Campus in EastPark Industrial Park, KY (~285 acres). Sized for 1+ GW; first 500 MW ramps 2H 2028, second 500 MW 2H 2030. Kentucky Power (AEP) building a 345 kV substation tied to the 765 kV backbone. Zoned, permitting underway.

• Past “find me GPUs,” into “show me transmission.” Schneider and Motivair are separately phasing in $290M+ of power and cooling kit at TeraWulf’s Google-backed Lake Mariner in NY (up to 750 MW; Core42 and Fluidstack anchors) — same playbook, second site.
 
Infrastructure / Platform Formation
$225M / 53 MW — I Squared seeds a $1B AI-inference platform

• 10 fee-simple data centers from Cogent Fiber for $225M cash — ~53 MW, ~259,000 sq ft across nine markets (Chicago, Atlanta, Phoenix, LA, KC, Baltimore, Houston, Nashville, Stockton). Up to $1B committed. Liquid-cooling-ready. HSR + Q3 2026 close.

• Powered real estate is the platform; AI inference is the cash-flow story. What I Squared is really buying is power, permits and zip codes.
 
Renewables / Data-Center Power
200 MWac / 15 years — Enlight signs Google SPP solar PPA

• Clēnera signed a 15-year fixed-price PPA with Google — 200 MWac of solar from the 250 MWdc Solstice project in LeFlore County, OK, into SPP. Construction 2028, COD 2029. 800 MWh of storage in later phase. System-impact study cleared.

• Second Google power deal this week (Friday: $15B Missouri + Capacity Commitment Framework). SPP peak load is forecast +5 GW by 2029 against >5.7 GW of fossil retirements — SPP PPAs are now data-center supply contracts.
Quick Hits
$570M / 750 MMcf/d — Pembina sanctions Heartland: Alberta straddle plant on Pembina’s Yellowhead rights, anchored by Dow ethane (+15% to 57,500 bpd). In-service late 2029. Midstream / FID
150,000 bpd / 200 MMcf/d — Eni FIDs Baleine Phase 3: Lifts Côte d’Ivoire’s flagship offshore from 60k bpd to 150k bpd oil and 80→200 MMcf/d gas. FID May 25. Partners: Eni (op), Petroci, Vitol. Upstream / FID
~R$2.67B / 51% — Ecopetrol launches Brava tender offer: Tendering for 116.1M Brava shares at R$23 (~25% of float, 20.9% premium to 90-day VWAP). Closes June 25. Bridge-financed. Step on the April 23 path to 51% voting control. Upstream M&A / LATAM
270 MW / 720 MWh — DESRI & TAGC start NM build: Foxtail Flats (170 MW + 80 MW / 320 MWh) for Los Alamos County; Four Mile Mesa (100 MW + 100 MW / 400 MWh) through PNM’s Rate 36B for Meta. COD 2027. PNM-tariffed Meta offtake is the new shape of hyperscale ratepayer politics. Renewables / Storage
22,500 tpa — Smackover Lithium awards last key contract before FID: Standard Lithium and Equinor’s 55/45 JV awarded the EPCC for South West Arkansas to S&B (Hatch sub). Phase 1 targets 22,500 tpa LCE; FID still targeted 2026. Lithium / FID Prep
1,000+ stalls — Voltera & Revel combine: Merge charging networks under Voltera — 1,000+ stalls across 11 U.S. metros, fleet/AV focus. EQT majority, GIP (BlackRock) minority; Revel’s Frank Reig leads. EV Infra / M&A
Almost Headlines
~10% intraday hit — BP removed Chair Albert Manifold eight months in, citing governance and conduct. Corporate / Governance
>20% winter premium — European winter power at widest premium to 2027 benchmarks since 2022; gas storage ~38.2%. Power Markets / Europe
$700M/year — Pakistan drafting oil-reserve plan funded by a 10-rupee/liter levy after Hormuz exposed import vulnerability. Policy / Global
120 MW — BrightNight closes Frontier, a KY solar project for LG&E/KU; COD fall 2027. Renewables / PPA
The Reading List
WSJU.S. Energy Storage Expands — Q1 storage +32% y/y to 9.7 GWh; 610 GWh forecast by 2030.
AxiosThe new oil order from an Iran deal — Even a deal doesn’t instantly reopen trade; shipping and route risk linger.
FTIs gas making a comeback on the US power grid? — Proposed gas in the queue has surged as data-center load forces grids back to dispatchable.
FTSolar’s day in the sun is rapidly approaching — The cost curve is still the counterweight to load growth and gas-price vol.
Sunya Stories

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In Case You Missed It
$4B For Dirt May 22 Devon spent $2.6B for federal Delaware Basin acres at the record $4B BLM auction.
Bigger Than ERCOT May 19 Caturus FIDs Commonwealth LNG at $21.25B; MISO awards.
Backlog to Balance Sheet May 14 Fervo pops 33% in its Nasdaq debut; EagleRock.

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