Oil did the heavy lifting. The rest of the quarter still needs explaining.

• Upstream commodity prices should add $1.6B–$2.2B after tax to Q1 earnings versus Q4 2025. The offset: timing effects expected to cut earnings and CFO ex-working capital by $2.7B–$3.7B after tax, plus a $2B–$4B working-capital outflow.

• Production expected at 3.8–3.9 MMboe/d, with downtime at Tengizchevroil and reduced output in Israel and the Partitioned Zone. Downstream absorbs a $350M–$400M litigation reserve.

• Governor Mikie Sherrill signed legislation April 8 removing a permitting barrier that blocked new nuclear for decades. The new standard lets the DEP approve safe storage consistent with NRC rules.

• Salem and Hope Creek generate 40%+ of New Jersey electricity and ~80% of its pollution-free power. A 2020 Brattle analysis pegged consumer savings at $400M+/year. Sherrill also launched a Nuclear Task Force.

• The draft 2025–2026 Transmission Plan recommends 38 projects over the next decade, citing building electrification, transportation electrification, manufacturing, and data centers as drivers.

• Twelve recommendations use reconductoring or grid-enhancing technologies, including three with advanced conductors. Stakeholder call set for April 15.

• Subsidiary ePointZero is taking 100% of Traverse from Energy and Minerals Group, gaining minority stakes in the Rover Pipeline and Ohio River System — key transport for Marcellus/Utica gas to the Midwest, Gulf Coast, and eastern Canada.

• 2PointZero was formed in October 2025 via merger with $33B in combined assets. Deal subject to regulatory clearance.

• Framework with INNIO expands an existing 700 MW firm reservation to 1.25 GW over three years, with a significant portion aimed at hyperscale, colocation, and enterprise data-center operators.

• Delivery through Clarke Energy; combined installed base exceeds 10 GW.

Know someone who should be reading this?

Forward this email. It takes 2 seconds. They’ll thank you.