| WTI $101.91 ▼ 0.51% · NG $2.901 ▲ 0.35% · RIGS 591 ▲ 3 · S&P 7,637.76 ▲ 1.14% · XOP $192.59 ▲ 0.41% |
| September 17 close · Gas = Henry Hub Oct 2026 · Rigs = Baker Hughes (week ending September 11, 2026) |
| $8 Billion |
| of Amazon generator payments before the last Generac warrant vests. The disclosed order is $2.4 billion. Generac closed up 18.3%. |
|
| Today’s Menu | |||||
|
| Lead Story |
| $2.4B / $8B — Amazon signs Generac for data-center generators and takes warrants on the rest |
|
• The supply agreement, signed Sept. 16, starts with about $2.4 billion of backup generators for Amazon data centers in 2027 and 2028. Generac closed at $207.23, up 18.3%. |
|
• Amazon’s warrant covers 1,693,745 shares at $200.9266 through 2033. 307,954 vested at signing; the rest vest as payments climb toward $8 billion. That is a vesting cap, not an order. |
| The Headlines | |
| Data Centers | |
| $2.227B / 175 MW — CleanSpark takes Sandersville, and Meta’s guarantee, to the bond market | |
|
• CSDC Finance I plans $2.227 billion of senior secured notes due 2031 to finish the 175 MW campus, repay CleanSpark’s equity and fund reserves. Proposed, not priced. |
|
|
• The deck names the tenant: Anviran, a Meta subsidiary, with Meta guaranteeing a 20-year triple-net lease worth ~$6.6 billion. Development cost is ~$11.9 million per IT MW; the debt is ~$12.7 million. (Deck) |
|
|
|
|
| Nuclear | |
| $900M / postponed — Holtec pulls its IPO the night before pricing | |
|
• Holtec was set to price 50 million shares at $15–18 on Thursday, up to $900 million. It postponed Wednesday evening, citing market conditions, with no new date. |
|
|
• CEO Kris Singh told the FT the AI data-center selloff was “a big factor in market sentiment against nuclear.” Palisades began fuel load Aug. 30. (WNN) |
|
|
|
|
| Midstream | |
| $585M / 125 kbbl/d — Plains buys Silver Creek’s Powder River system from Tailwater and EMG | |
|
• Cash for ~600 miles of crude gathering and transmission, 350,000-plus bbl/d of capacity, 1.2 MMbbl of storage and 49% of Powder River Gateway. Enbridge took Tallgrass’s 51% on Sept. 10. |
|
|
• Throughput is ~125,000 bbl/d on 915,000 dedicated acres and eight-plus years of weighted contract life. Plains says returns clear its 300–500 bps hurdle; Q4 close after HSR. |
|
|
|
|
| Gas | |
| $550M / 6x — Chord sells its non-op Marcellus to POSCO International | |
|
• About 32,000 net acres and 121 MMcf/d of residue gas at ~6x trailing EBITDA on $3.50 Henry Hub. POSCO paid a $55 million deposit; Q4 close, July 1 effective date. |
|
|
• Chord goes pure Williston: oil weighting up 4–5 points, LOE up 70–80 cents/boe, capex down ~$25 million a year. Moelis and RBC advised Chord; BofA advised POSCO. |
|
|
|
|
| Crude | |
| 30 billion bbl / 126,000 acres — Continental signs an MOU for Ayacucho 2 in the Orinoco | |
|
• A definitive contract is targeted within weeks; Continental would then operate at 100% working interest. The 30 billion barrels is resource in place, not reserves. No price, capex or fiscal terms disclosed. |
|
|
• Reuters says Exxon is separately negotiating a return to Petromonagas, where it held 41.67% before the 2007 nationalization. Conoco is holding out for ~$11 billion it is owed. (Reuters) |
| Quick Hits | ||||
|
| The Reading List | |||
|
| Sunya Stories | |
|
|
|
|
| Full Archive on Spotify → |
| In Case You Missed It | |||
|
|
Know someone who should be reading this? Forward this email. It takes 2 seconds. They’ll thank you. |
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).