June 23, 2026
 
WTI (Aug) $73.86 ▼2.60% · NG (Jul) $3.253 ▲0.60% · RIGS 563 ▲1 · S&P 7,472.79 ▼0.37% · XOP $154.90 ▲1.00%
June 22 close · Gas = Henry Hub Jul 2026 · Rigs = Baker Hughes (week ending June 18, 2026)
2.67 GW
Chevron’s 20-year, behind-the-meter gas plant for Microsoft’s Pecos AI campus — FID expected by year-end 2026
The Meme
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
2.67 GW / 20 years — Chevron will power Microsoft’s Pecos campus with behind-the-meter Permian gas
$1.9B / 12,000 tpa — Energy Fuels is buying VAC to build a Western mine-to-magnet platform
25+ GWh / $4–5B — NatPower and Tesla signed a European storage framework covering five projects
$8.5B / 11.5x — CRH is buying Arcosa for its aggregates and grid-equipment exposure
176 MW / 15 years — Walmart signed its first nuclear PPA with Constellation
Lead Story
2.67 GW / 20 years — Chevron plugs Microsoft into Permian power

Chevron gets long-dated power revenue and a new outlet for Permian gas; Microsoft gets an AI-campus timeline it can control.

• Microsoft is funding ~2 GW of data-center capacity in Pecos, Texas, running at launch off a co-located, behind-the-meter gas plant independent of the public grid.

• Chevron’s Project Kilby (developed with Engine No. 1, via subsidiary Energy Forge One) covers 20 years and ramps to 2.67 GW — mostly GE Vernova turbines, with Caterpillar’s Solar Turbines — first power targeted for 2028 and FID by year-end 2026, a large new gas-demand sink near the Waha hub.

Chevron · Microsoft
The Headlines
Critical Minerals / M&A
$1.9B / 12,000 tpa — Energy Fuels buys its way from mine to magnet

• Energy Fuels agreed to buy 100% of VAC from Ara Partners for an implied $1.9B equity value — $718M cash plus 65.853M new shares (at the $16.12 June 22 close), with ~$140M of VAC net debt assumed and a $250M Goldman Sachs term loan committed.

• The growth case does the work: VAC posted $29M adjusted EBITDA in 2025, but Energy Fuels projects Sumter at $65–75M run-rate at 2,000 tpa and ~$400M at 12,000 tpa. Those are company forecasts, not contracted earnings; closing is targeted for early 2027. Energy Fuels
 
Storage
25+ GWh / $4–5B — NatPower gives Tesla a European storage runway

• NatPower and Tesla signed a multiyear framework for 25+ GWh of storage across Italy and the UK — NatPower owns and operates; Tesla supplies Megapack and Autobidder trading tech — opening with five projects inside a planned 100+ GWh program.

• NatPower pegs first-phase construction value at $4–5B and potential 20-year revenue above $15B — both company projections, not contracted. The next proof point is turning the five sites into financed, contracted projects.
 
M&A / Infrastructure
$8.5B / 11.5x — CRH buys Arcosa’s grid-and-aggregates platform

• CRH agreed to acquire Arcosa for $150/share in cash — ~$8.5B enterprise value, an 11.5x 2026E EBITDA multiple and a 25% premium to the 60-day VWAP, with $175M of run-rate synergies expected by year three.

• CRH is buying both sides of the infrastructure cycle: ~35M tons of aggregates (265M+ tons combined) plus a top-three energy-transmission structures business levered to grid modernization and data centers. Pro forma leverage is 2.4x; close is targeted for Q1 2027.
Quick Hits
176 MW / 15 years — Walmart signs its first nuclear PPA Nuclear
Constellation will supply 176 MW from its Dresden Clean Energy Center in Illinois under two 15-year terms beginning in 2029 and 2030, including a planned 30 MW uprate to support Walmart’s Belvidere perishable-distribution center.
$1.4B — Indiana approves NiSource’s Amazon power contracts Utilities
The Indiana Utility Regulatory Commission approved the settlement, Amazon special contract and related PPA; NiSource estimates the structure saves existing NIPSCO customers ~$1.4B, with data-center customers funding the associated generation and transmission.
€3.6B / 55% — RWE takes control of Amprion Grid
RWE is buying additional interests in Germany’s second-largest transmission operator, lifting its indirect stake from ~20% to 55% for €3.6B, funded by an equity raise of up to 10% of capital (~€4B); close is targeted for Q3 2026.
A$1.65B — Iluka clears its government-funding condition for Eneabba Critical Minerals
EFA confirmed access to the full A$1.65B non-recourse loan for the Eneabba rare-earths refinery (Tranche 1 of A$1.25B drawn by end-2026 at ~75% complete), and Civmec won the SMPEI completion contract. Commissioning remains targeted for mid-2027.
100 miles / 1 GW — New York energizes Smart Path Connect Transmission
NYPA and National Grid completed and energized the upgrade, including four new substations and improvements at 10 existing sites. The state says it unlocks 1 GW of renewables and provides ~$438M of annual benefits.
23 MW / 200 MWh — Google and Energy Dome advance an Irish CO₂ Battery Storage
Weeks after the SRP/Google/Energy Dome Arizona project (19 MW), the partners’ first bilateral deal lands in County Offaly with a 10-year EirGrid capacity contract and 2028 COD; a second 200 MWh unit could follow.
August 21 — Treasury temporarily authorizes Iranian oil sales Policy
OFAC’s General License X authorizes specified production, delivery and sale of Iranian crude, petroleum products and petrochemicals through August 21, 2026 — time-limited, not a blanket sanctions repeal.
$13.6B / July 10 — Baker Hughes offers EU remedies for Chart M&A
Baker Hughes submitted undisclosed concessions for its $13.6B Chart Industries acquisition. The European Commission can accept the package, request more or open an extended probe; the current deadline is July 10.
Almost Headlines
95% / $17M annually — BLM proposes cutting the statewide oil-and-gas bond from $500,000 to $25,000 Policy
3 years — Seneca Resources and Evolution Well Services sign an Appalachian electric-frac agreement Oilfield Services
$125M / 750 MWdc — Solar Landscape closes an oversubscribed revolving credit facility Solar / Finance
100 MW / 244 MWh — Varco selects NHOA Energy and IQA-Elecnor for its Old Allen Road battery Storage
167 bcm / $54B — Global gas flaring rose for a third straight year in 2025 Gas
5 mtpa / 41 cargoes — China lines up a second terminal (Longkou) for sanctioned Arctic LNG 2 shipments LNG
1,272 workers / June 27 — Norwegian OFS employers answer the Safe union’s strike with a lockout Labor
The Reading List
Financial TimesNew York’s green-energy rethink is a lesson for the UK
WSJWhat’s the state of play in the Strait of Hormuz?
AxiosNvidia says AI’s water challenge is largely solved
The AustralianWestern Sydney’s grid sends data centers a “sold out” signal
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