The largest private oil producer in the world and one of the biggest commodity traders just broke ground on gas-fired generation in ERCOT. The wellhead-to-grid thesis is under construction.

• Mercuria Americas and Continental Resources announced a partnership to build the Pecos Power Plant, a 452 MW gas-fired facility in Pecos, Texas. Construction started September 2025; commercial operations targeted for 2027.

• The plant uses 24 reciprocating internal combustion engines — dispatchable, flexible generation designed to balance intermittent renewables on the ERCOT grid. Enough power for roughly 200,000 homes.

• Continental is extending past the wellhead into power. Harold Hamm framed it as putting Permian gas “to work in a new way” as data centers and manufacturing drive demand. Mercuria led development; Continental joined as strategic partner.

• $600M green financing from SocGen and HSBC for two Texas solar projects (252 MW + 187 MW), both backed by long-term Meta PPAs and already under construction.

• Zelestra and Meta now have PPAs across seven projects totaling 1.2 GW.

• C$37.25/share — a 31.8% premium. Total EV C$9.0B. Brookfield 70%, La Caisse 15% → 30%.

• ~3.8 GW operating, ~8 GW pipeline across Canada, U.S., France, UK. Close targeted Q4 2026.

• 12 GWh of 100-hour iron-air systems. Deliveries start 2027. Manufactured at Form’s West Virginia factory.

• Iron-air crossed from utility pilots into hyperscale DC procurement. 18 months ago this tech had zero commercial data center customers.

• $9B project, 1B+ BOE recoverable. Targets 126 kbpd oil/condensate plus 16 MMcm/d gas — ~15% of Brazil’s gas demand. Startup 2028.

• Equinor (35%), Repsol Sinopec (35%), Petrobras (30%).

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