WTI
$66.43
▲1.90%
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NG
$2.996
▼0.50%
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551
—0
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6,862
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XOP
$151.36
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Feb 19 close · Gas = Henry Hub Mar · Rigs = Baker Hughes (Feb 13)
$3.0B
Ovintiv Anadarko Basin divestiture — all cash
Today's Menu
Ovintiv sells Anadarko assets for $3.0B cash
SM Energy sells South Texas to Caturus for $950M; Denison gets Wheeler River uranium mine approval
Grid + AI power: Heron ($140M), DG Matrix ($60M), Calibrant + Iron Mountain, Zeo + Creekstone (280 MW)
SAF momentum: LanzaJet $650M valuation equity round + Montana Renewables/World Energy 70M+ gallon deal
Midstream earnings: Targa record results, DT Midstream +50% backlog, Western Midstream record Q4
Utility earnings: CenterPoint load update, Evergy $21.6B capex plan + 4 large customer ESAs
E&P: Expand Energy, EQT, CNX, Devon, Cenovus Q4 results + 2026 outlooks
Johnson Controls acquires Alloy; Trane closes Stellar; DigitalBridge sells Netomnia (£2B EV)
Lead Story
The buyer isn't named — but the fingerprints point to Flywheel Energy, the Stone Ridge-backed OKC private that's become the most active acquirer in upstream gas.
Ovintiv agreed to sell its Anadarko Basin assets for $3.0B cash. The package: ~360,000 net acres producing ~90 mboe/d (Feb MTD), including ~27 kbpd oil & condensate, ~240 MMcf/d gas, and ~23 kbpd NGLs. Expected close early Q2 2026 (effective Jan 1, 2026). Advisors: Wells Fargo (financial), Kirkland & Ellis (legal).
• Why it matters: Ovintiv continues to high-grade toward the Permian and Montney. The likely buyer — Flywheel Energy, an operating partner of Stone Ridge Energy — has been on a tear: ConocoPhillips' Anadarko assets (~$1.3B, mid-2025), Baytex's Eagle Ford ($2.3B, late 2025), and Terra Energy Partners' Piceance gas position (mid-2025). Add this deal and Flywheel is building one of the largest private gas portfolios in the country.
• The pattern: Publics are pruning non-core gas. Well-capitalized privates with commodity trading or LNG-linked backers are building scale. Pair this with SM Energy selling South Texas to Caturus (below).
The Headlines
Asset Sales
• ~61,000 net acres + ~260 producing wells in Webb County, TX (southern Maverick Basin). 2026E production: ~37–39 MBoe/d (45% liquids). Net proved reserves: ~168 MMBoe.
• Caturus pro forma: ~950 MMcfe/d across >275k net acres with >15 years of inventory. Ties into Commonwealth LNG (9.5 Mtpa, targeting FID Q1 2026). Advisors: RBC (SM), BofA (Caturus).
Nuclear / Uranium
• CNSC issued Licence to Prepare Site & Construct for the Phoenix ISR uranium mine — the first in Canada approved for in-situ recovery, and the first large-scale Canadian uranium mine approved for construction in >20 years.
• Timeline: ~2-year construction; targeted first production mid-2028. U₃O₈ spot near $88.50/lb; new Western supply remains the biggest bottleneck in the nuclear fuel chain.
Grid + AI Power
• Co-led by Andreessen Horowitz and Breakthrough Energy Ventures. Building a 40 GW automated U.S. manufacturing facility for its "Heron Link" solid-state transformer; targeting grid + data center projects.
• Total capital raised now >$100M. Power conversion hardware for faster deployment to data centers and electrification loads.
• Build-own-operate model; integrates with existing 7.2 MW rooftop solar; supports Iron Mountain's 24/7 carbon-free energy commitment. Calibrant backed by Macquarie Asset Management.
• Another indicator that "data center power" is showing up directly in corporate announcements — not just utility IR calls.
SAF + Clean Fuels
• $47M in new capital ($135M target overall); round co-led by IAG + Shell, with additional investments from Groupe ADP, LanzaTech, and Mitsui. Supports deployment of Alcohol-to-Jet tech.
• Claimed impact: up to 600,000 MT CO₂ reduction. Montana Renewables is an unrestricted subsidiary of Calumet (CLMT).
Digital Infrastructure
• Terms not disclosed. Alloy's platform claims up to 35% improved thermal efficiency and up to 75% pressure drop reduction. Expected to close in fiscal Q3.
• Netomnia: ~3M premises passed, ~460k customers. DigitalBridge manages $108B of infrastructure assets.
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Disclaimer: Not financial advice. This newsletter is for education + entertainment — not a recommendation or a solicitation to buy or sell anything. Do your own research and make your own calls (and talk to a pro when it matters).
