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The Headlines
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Power & Digital Infrastructure
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Hut 8 turns Beacon Point into a $9.8B AI lease
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• Hut 8 commercialized the first phase of its 1 GW Beacon Point AI campus with a 15-year, 352 MW IT lease worth $9.8B of base-term value and up to $25.1B with renewals.
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• The deal takes contracted AI capacity to 597 MW and aggregate base-term value to ~$16.8B — built on NVIDIA’s DSX reference architecture with AEP, Vertiv and Jacobs in the delivery stack.
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Midstream
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Western Midstream buys Brazos Delaware for $1.6B
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• WES agreed to buy Brazos Delaware II for ~$1.6B ($800M cash + $800M units), adding ~470,000 dedicated acres, 900 miles of pipe and 460 MMcf/d of gas processing at the Comanche complex.
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• Pro forma, WES grows Delaware acreage +49% to 1.4M acres and processing capacity +20% to ~2.75 Bcf/d, with long-term fixed-fee contracts (WAR > 9 years) priced at ~8.0x 2027E EBITDA, stepping to ~7.5x post-synergies.
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E&P / M&A
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Diversified and Carlyle buy Camino’s Anadarko PDPs for $1.175B
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• Diversified and Carlyle agreed to buy Camino’s Oklahoma Anadarko assets for $1.175B, adding ~300 MMcfepd, 101,000 net acres, 100+ drill-ready locations and 1,478 Bcfe of proved reserves.
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• The producing PDPs sit in an ABS-backed SPV owned ~60% Carlyle / 40% Diversified — the latest read on PE re-entering mature gas via securitized cash-flow structures rather than balance-sheet equity.
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LNG
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Cheniere raises guidance after record LNG quarter
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• Cheniere exported a quarterly record 187 LNG cargoes in Q1, generating $5.87B revenue, $2.33B adjusted EBITDA and $1.67B DCF (GAAP net loss of $3.50B was non-cash IPM derivative mark).
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• The company lifted 2026 adjusted EBITDA guidance to $7.25B–$7.75B and DCF to $4.75B–$5.25B, deployed ~$1.2B in Q1 (including $537M of buybacks), and flagged Train 6 first LNG as “imminent.”
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