Texas Energy Report NewsClips
Wednesday November 26, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices climbed on Wednesday after sliding to a one-month low in the previous session, though an expected supply glut and a potential Russia-Ukraine peace deal capped gains.
West Texas Intermediate crude futures gained 24 cents, or 0.41%, to $58.19 a barrel.
Brent crude futures rose 27 cents, or 0.43%, to $62.75 a barrel at 0412 GMT.
“The mild gains feel more like a technical breather than a trend,” said Priyanka Sachdeva, a senior market analyst at Phillip Nova. “Any upticks we see – today or going forward – are largely driven by softer inventory signals and pockets of short-covering, but these spikes will be short-lived and fragile.”
“The market remains fundamentally skewed to the downside, with investors increasingly pricing in an oversupplied 2026 and no convincing demand catalyst to offset it.”
Both Brent crude and WTI settled down 89 cents on Tuesday after Ukrainian President Volodymyr Zelenskiy told European leaders that he was ready to advance a U.S.-backed framework for ending the war with Russia, with only a few points of disagreement remaining.
Top Stories
Houston Chronicle – November 25, 2025
Texas is running out of water. Here’s what you need to know*
Texas is running out of water. The booming population and industry growth, coupled with declining water supply, have many parts of the state on a path to severe shortages in the coming decades. Drought has already transformed some regions of the state with significant economic consequences. In the Rio Grande Valley, the $300 million citrus industry has been crippled by lack of water. Along the Gulf Coast in Corpus Christi, the massive petrochemical complex faces water shortages as soon as next year.
According to the 2022 state water plan, Texas will face a water deficit of at least 7 million acre-feet by 2070. (An acre-foot is the amount of water needed to cover an acre of land to the depth of a foot, or about 325,000 gallons.) The state’s water supplies and needs vary widely by region. West Texas, which relies primarily on groundwater, has seen agriculture and a booming oil and gas industry deplete those reserves. As Central and North Texas have swelled in population, rivers and aquifers are being stressed.
And Houston is facing an enormous backlog of infrastructure repairs. Its pipes leak more than 30 billion gallons of water annually, for example, enough to supply the entire city of Fort Worth. By 2060, municipal water use will surpass agriculture as the state’s largest consumer of water. Much of that water goes to irrigate lawns. “There needs to be more serious cultural changes on how Texans relate to water,” said Robert Mace, the executive director of the Meadows Center for Water and the Environment at Texas State University.
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The Wall Street Journal – November 25, 2025
Judge Backs Elliott’s $6 Billion Bid for Venezuela’s Citgo*
A federal judge endorsed Elliott Investment Management’s roughly $6 billion bid for Venezuela’s shares of Citgo Petroleum, pushing the forced sale of the country’s prized foreign asset closer to completion. U.S. District Judge Leonard P. Stark approved a court-appointed special master’s selection of Elliott as the winning bid, saying that although it didn’t have the highest sticker price, it was the best all-around bid and the one most certain to close.
The judge’s ruling ends a fraught auction process in which bidders competed for control of one of the largest U.S. oil refiners, with the sale proceeds earmarked for certain creditors of Citgo’s ultimate owner, the bankrupt Venezuelan government. A Citgo representative didn’t immediately respond to a request for comment. While Stark’s ruling could be appealed, the Venezuelan officials in charge of the company face a narrowing set of options to prevent its loss.
A change in control of Citgo would mark the final chapter in a lengthy effort by Venezuela’s foreign creditors to seize the refiner as compensation for asset expropriations and debt defaults. The U.S. put Citgo under the control of U.S.-backed opposition leaders in Venezuela starting in 2019 and shielded the company for years from creditors out of concern that its loss would set back efforts to oust authoritarian President Nicolás Maduro. But in 2023, the U.S. indicated it was open to ending Citgo’s protections from seizure, clearing the way for Stark to order a forced sale of the company.
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Washington Reporter/Mathew Foldi – November 25, 2025
24 House Republicans outline how the Department of Energy can prioritize more baseload energy (blog)
Twenty-four members of the conservative Republican Study Committee (RSC) want the Trump administration to prioritize more baseload energy sources to keep the lights on for American families. Lawmakers wrote to Energy Secretary Chris Wright in a letter obtained exclusively by the Washington Reporter, thanking Wright and President Donald Trump for their “thoughtful leadership on energy dominance and for your commitment to strengthening America’s grid to meet the emerging power demands of data centers and artificial intelligence (AI).”
They specifically appreciate Trump’s Executive Order 14154, which “terminated harmful Biden-era policies, advanced meaningful improvements in the efficiency and certainty of permitting approvals, and supported critical baseload energy projects.”
The Latest TERse Tips
The number of Houston-area customers without power during the height of cold-front-related storms on Monday was about 20,000, according to a CenterPoint estimate — almost all are back online
Fitch Affirms Xcel Energy’s and Subsidiaries’ Ratings; Outlook Stable — Fitch
X-Energy, an advanced nuclear technology company backed by Amazon.com, raised some $700 million from investors led by Jane Street Group to commercialize its small reactor — Politico*
The National Energy Assistance Directors Association projects average US home heating costs will rise 7.6%, from $907 last winter to about $976 this season — WFAA
SWEPCO Lineman Honored for Saving a Driver from a Burning Car — Gilmer Mirror
Oil & Gas Texas
Houston Chronicle – November 25, 2025
Houston floodplains investigation: Outdated maps, broken rules and more takeaways*
Stormwater does not follow local government boundaries, yet in the Houston area, a patchwork of rules has created gaps that let some homebuilding projects move forward without fully mitigating flood risk. Even after Hurricane Harvey, builders have continued to put up homes in Greater Houston’s high-risk areas, developing at least 65,000 new properties within mapped floodplains. That accounts for about one in every five new homes built across the region in the past eight years.
Since the 2017 disaster, some places – such as Houston and Harris County – have tightened their rules. Others have not, allowing controversial engineering strategies and outdated data to guide decisions about where and how homes can be built. Flood maps are supposed to show where water will go during a major storm. But even in Harris County, where officials tout stronger rules than some surrounding jurisdictions, experts said those maps no longer reflect the true risks on the ground. The Federal Emergency Management Agency delineates official floodplain boundaries in partnership with local governments. The maps help determine where flood insurance is required and guide decisions about where and how new development can happen.
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Pipeline & Gas Journal – November 25, 2025
Permian-to-Katy Eiger Express Expansion Advances to 3.7 Bcf/d
WhiteWater has expanded its Eiger Express Pipeline project, upsizing the Permian-to-Katy line from 42 to 48 inches and boosting capacity to 3.7 Bcf/d. Backed by the Matterhorn JV, ONEOK, MPLX and Enbridge, the project strengthens long-haul gas takeaway to Gulf Coast and LNG export markets while remaining on track for a mid-2028 in-service date.
WhiteWater has expanded the planned capacity of its Eiger Express Pipeline, increasing the mainline from 2.5 Bcf/d to 3.7 Bcf/d after securing additional firm transportation agreements, the company announced. To accommodate the higher capacity, the project has been upsized from a 42-inch to a 48-inch diameter pipe, along with additional compression. Despite the redesign, WhiteWater said the expansion will not change the expected in-service date of mid-2028, pending regulatory approvals.
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November 25, 2025
Port of Corpus Christi: Third Quarter 2025 Volumes
Port of Corpus Christi customers moved 50.9 million tons of commodities through the Corpus Christi Ship Channel in the third quarter of 2025, a 4 percent decrease over the same period in 2024. Crude oil shipments in Q3 2025 totaled 31.3 million tons, a 6.8 percent decline over Q3 2024, while LNG shipments increased 9.2 percent to 4.5 million tons. The third quarter of 2024 remains the record third quarter for the Port of Corpus Christi. In that quarter, 53 million tons transited the ship channel.
In June 2025, the Port announced the completion of the fourth and final phase of the unprecedented Corpus Christi Ship Channel Improvement Project (CIP). The newly expanded waterway enables more efficient transport of crude oil, liquefied natural gas and other commodities. The project deepened the main channel to 54 feet from 47 feet, widened the channel to 530 feet in most places, and added barge shelves to the longest portion across Corpus Christi Bay. Annual transportation cost savings are estimated to exceed $200 million.
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Bloomberg – November 25, 2025
The Oil Market’s Gloom About Long-Term Prices Is Overdone: Javier Blas*
Let’s be honest: The oil market has always been wrong about long-term prices. Unsurprisingly, it’s currently wrong in anticipating that a barrel of crude will cost around $60 by 2030, close to current levels. Barring an economic cataclysm, oil will be more expensive five years from now. Before the bulls celebrate, however, let me reaffirm that I remain short-term bearish, particularly for the first half of 2026. Little has changed since late 2024, when I warned the price level that mattered wasn’t $100-a-barrel anymore, but rather $50. Unless OPEC+ cuts production significantly, and quite soon, oil prices will weaken further in the next few months, probably overshooting to the downside. I’m not convinced that we won’t see prices starting with a 4 before the dollar sign, even if briefly, early next year.
But it increasingly feels like the energy market is way too sanguine about oil prices staying low. Look at the oil price curve, and it’s $50 to $60 a barrel from here to eternity. I’m not convinced. Neither is the equity market, where companies that depend on crude cash flows over the longer term — Exxon Mobil Corp. and Chevron Corp. spring to mind — are faring well. For simplicity, let’s use the five-year forward contract as proxy for long-term oil prices. Admittedly, that contract, currently changing hands at just under $62 for a barrel of West Texas Intermediate crude, isn’t a forecast, but rather the level that buyers and sellers are today – today – willing to trade at for delivery in 2030.
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Houston Chronicle – November 25, 2025
From cartels to corporate fraud: How accurate is Landman’s second season?*
The Houston Chronicle spoke with a few industry experts to get their take on some of the show’s latest plotlines. Some, but not much, according to Mike Sommers, CEO of the American Petroleum Institute. In the scene, Demi Moore’s character Cami Miller is addressing a room full of investors, business partners, and industry sharks after inheriting control of her late husband’s billion-dollar oil company. It’s a ruthless speech with a plethora of veiled and direct threats about the (mostly) men in the room trying to cut and run now that she’s in charge. As many independent oil companies are reliant on equity investments, owning other companies and operators’ debts and keeping their investors happy, it’s not inaccurate that a business would want to address its biggest stakeholders after such a change, industry experts said.
But not much else about the scene is accurate, he said. “I haven’t been in many meetings where everybody is wearing a cowboy hat and a bolo tie,” joked Sommers. Nor has he heard of such meetings being referred to as “the Serengeti,” a quip made by a young woman attending in hopes of landing a lucrative relationship with one of the oilmen in the room.
How likely is it to strike oil on your first try, like Cooper Norris? “It’s likely inaccurate that a sole proprietor in the first well that he’s drilled would strike that kind of resource,” Sommers said. But the calculations that happened within minutes of the pressure valve “singing,” would happen, maybe just not as fast. In the scene, the young Norris, played by Jacob Lofland, says he expects about $880,000 a month from the well.In today’s market, that number is unlikely. The price-per-barrel of oil this year has significantly dropped, in part due to the market’s reaction to tariffs, a surplus of product, and rising production costs. In the show, Cooper says the value of Texas crude is around $78 per barrel, but in reality the price of oil has hovered near the $60 mark for the last month or so, and is only expected to further fall next year.
Oil & Gas National & International
E&E News By Politico – November 25, 2025
Interior skips NEPA analysis for offshore drilling expansion
The Interior Department will skip the standard environmental analysis for its five-year offshore drilling plan, a break from the agency’s decadeslong practice. The decision to forgo the review under the National Environmental Policy Act comes as the Trump administration pushes to increase fossil fuel production and roll back environmental regulations. Interior’s Bureau of Ocean Energy Management laid out a proposal last week to hold 34 oil and gas lease sales in federal waters between 2026 and 2031 — including in new areas off California, in the High Arctic and in the eastern Gulf of Mexico.
All prior five-year offshore drilling plans — dating back to 1980 — reference NEPA analyses. But in its proposal, BOEM called that NEPA analysis “discretionary,” citing two past rulings from the U.S. Court of Appeals for the District of Columbia that dismissed challenges to NEPA analyses of five-year plans.
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Houston Chronicle – November 25, 2025
BP finds leak in major Pacific Northwest pipeline, resumes delivering fuel to Seattle-Tacoma airport
Oil company BP has found the source of a leak in a major Pacific Northwest pipeline system, allowing it to restart the flow of jet fuel to Seattle-Tacoma International Airport on Tuesday and help avoid any major disruptions to Thanksgiving travel. Separately, Washington state regulators announced they were fining the company $3.8 million for a 2023 spill from the same pipeline system nearby.
The 400-mile-long (644-kilometer-long) Olympic Pipeline is the backbone of the region’s system for moving gasoline, diesel, jet fuel and other petroleum products from refineries near the Canadian border to distribution terminals in the Pacific Northwest west of the Cascades, including major cities in Washington and Oregon.
BP shut the pipeline system down on Nov. 17 following intermittent shutoffs after a farmer discovered a gas sheen in a drainage ditch on a blueberry farm near Everett, north of Seattle, on Nov. 11. That prompted Washington Gov. Bob Ferguson to declare an emergency last week, lifting restrictions on how long truck drivers could work to enable them to deliver fuel to Sea-Tac by road. Oregon Gov. Tina Kotek issued a similar order Monday.
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Reuters – November 25, 2025
U.S. LNG producer Venture Global accused Shell of waging a “three-year campaign” to damage its business after Shell appealed an arbitration loss, according to a staff note confirmed by Reuters on Wednesday. Venture Global has faced arbitration claims from Shell, BP and other European buyers alleging contract breaches after the company sold LNG on the spot market during the 2022 energy crisis.
The email from Venture Global’s co-founders, Michael Sabel and Robert Pender, criticized as “misguided” a decision by Shell to challenge the unanimous ruling and added that Venture Global would continue to defend itself. Venture Global and Shell did not immediately respond to a Reuters request for comment. The decision should be a concern to Shell’s board of directors and its shareholders, the Venture Global co-founders added in their email.
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S&P Global Platts – November 25, 2025
TotalEnergies completes Bonga oilfield divestment off Nigeria
TotalEnergies has completed the divestment of its non-operated stake in the huge deepwater Bonga field off Nigeria, the French supermajor announced Nov. 25, netting it $510 million. In a statement, the company said its local subsidiary TEPNG had closed the sale of its 12.5% stake in Oil Mining License 118 to fellow majors Shell and Eni, broken down as 10% and 2.5% respectively. The two companies are already partners in the development.
It comes exactly two months after the French company said Nigerian authorities had approved the sale. Shell initially agreed to purchase the entire 12.5% stake, but Eni later exercised its pre-emption rights to acquire an additional 2.5%.
Utilities, Electricity & Renewables
Energy Storage News – November 25, 2025
Vistra cancels 600MW BESS proposed 150 miles from Moss Landing facility in California
Texas-based IPP Vistra Energy has informed the California Energy Commission (CEC) that it will not be advancing its 600MW Morro Bay battery energy storage system (BESS).
The news was reported by the California news outlet KSBY, and a representative for the CEC told Energy-Storage.news, “Vistra has informed the CEC that they will not be advancing the project and will not be seeking certification through the CEC’s Opt-In Certification programme.” Vistra proposed the Morro Bay facility in 2021, which was set to be double the output of the 300MW/1,200MWh Moss Landing Energy Storage Facility it had recently completed.
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Dallas Morning News – November 25, 2025
Texas loan program for gas power plants making progress after a rocky start*
After an inauspicious start, a state incentive program created to encourage the construction of natural gas power plants has begun issuing loans. State lawmakers created the Texas Energy Fund in 2023 and have dedicated roughly $7 billion to the fund. After seeing numerous proposed projects drop out and one allegation of fraud, energy regulators can now point to progress that began this summer.
Since June 26, the Public Utility Commission of Texas has authorized about $2.5 billion in loans to six power plant projects that, when completed, will have the capacity to power at least 875,000 homes. They include a $278 million loan to Houston-based Calpine, which will use the government loan to finance a 460-megawatt plant about 85 miles southeast of Dallas in Freestone County. The Legislature created the Texas Energy Fund in response to the February 2021 winter blackouts that killed more than 200 Texans. Many Republican lawmakers blamed renewable energy for the power outages, despite clear evidence fossil-fuel power plants also failed during the record-breaking freeze.
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KERA – November 25, 2025
Proposed data center project for Waco area would be “paradigm-changer”
Texas’ AI boom and the tide of data center companies chasing it have arrived in the Waco area. Lacy Lakeview, a suburban town five miles north of downtown Waco, and McLennan County are negotiating the area’s first large-scale data center project, valued at some $10 billion on 520 acres of farmland west of Elm Mott. Across the bargaining table is Infrakey, a data center company formed in March.
Infrakey purchased the farmland in June, the same month the Lacy Lakeview City Council signed a memorandum of understanding with the company. The Lacy Lakeview Data District depicted in the company’s online material shows a scale of industrial development and investment unmatched in McLennan County’s history: acres of computer hardware, substations and a 1.2-gigawatt gas-fired plant capable of powering about 300,000 homes.
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KXAN – November 24, 2025
Austin Energy 2035 plan sees challenges and successes one year after adoption
The city of Austin is one step closer to being carbon neutral. Last year, the City passed the Resource, Generation and Climate Protection Plan 2035. The plan sets goals for the utility up to 2035. Those goals include lowering costs, improving reliability and going carbon free. On Nov.18, Austin Energy presented the results of the first year of the plan to Austin City Council.
Major takeaways included: making it easier to connect to solar power, contracting battery storage options and improving import capacity for the city. However, more local resources are needed. “In less than one year, we’ve moved the needle on all areas of customer energy solutions,” said Lisa Martin, deputy general manager with Austin Energy.
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Daily Energy Insider – November 25, 205
Xcel, Transource Energy awarded transmission project connecting Texas, Oklahoma substations
The Southwest Power Pool (SPP) Board of Directors awarded a new 345-kilovolt transmission project to Xcel Energy, its subsidiary Southwestern Public Service Company, and Transource Energy LLC. “This project reinforces our commitment to delivering reliable, cost-effective energy to our customers while supporting the region’s long-term energy needs and growing economy,” said Jarred Cooley, strategic planning director for Xcel Energy. “Partnering with Transource allows us to combine not only expertise, but also resources to strengthen the grid for decades to come.”
Known as the Beckham County–Potter project, it is a key component of SPP’s 2024 Integrated Transmission Planning Assessment designed to bolster the regional grid and support growing electricity demand. The new transmission line will span approximately 128 miles, connecting Xcel Energy’s Potter County substation near Amarillo, Texas, to Oklahoma Gas & Electric Company’s Beckham County substation in western Oklahoma.
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E&E News By Politico – November 25, 2025
Electricity prices jump after Trump rejects disaster aid for Michigan utilities
A recent decision by President Donald Trump to deny disaster aid to electric utilities in rural northern Michigan could cost residents tens of millions of dollars. Trump’s decision on Oct. 22 is the most prominent example of how his cuts to disaster aid — and his vow for deeper reductions next year — threaten to shift billions of dollars in costs from federal taxpayers to households that are struggling to rebuild.
The president’s refusal to reimburse two rural utilities that rebuilt their grids after a three-day ice storm in March could force rate hikes costing each household in this working-class area thousands of dollars, utility officials and lawmakers warned. The power companies might get state funding.
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Oil Price – November 21, 2025
The World’s First Thorium Molten Salt Reactor
An experimental Chinese nuclear plant reportedly just crossed a historic threshold, successfully operating the world’s first thorium-based molten salt reactor (TMSR). The Chinese Academy of Sciences’ Shanghai Institute of Applied Physics has broken a major scientific barrier by successfully converting thorium to uranium in a historic first. The Hong Kong-based South China Morning Post reports that the breakthrough, which took place at an experimental reactor out in the Gobi Desert, is “poised to reshape the future of clean sustainable nuclear energy.”
The process works by using a “precise sequence of nuclear reactions” in which naturally occurring thorium-232 absorbs a neutron, becoming thorium-233. Through a decay process, that isotope breaks down into protactinium-233 and then finally into uranium-233, a potent form of nuclear fuel that can sustain chain reactions for nuclear fission.
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Canary Media – November 24, 2025
Feel the cold? Offshore wind alleviates grid woes in winter, study says.
President Donald Trump has made it his mission to banish offshore wind farms from America. He has derided wind energy as unreliable and expensive while freezing permitting and halting projects already under construction. Yet a new report suggests that the president’s moves could be working against grid reliability in key parts of the country. Along the Northeast and mid-Atlantic regions, offshore wind can play a critical role in keeping the lights on year-round, especially through the winter, according to a study published this month by New York City–based consultancy Charles River Associates.
Trump’s attacks on offshore wind and other renewable sectors come amid dire challenges for the nation’s power system. The world’s wealthiest companies are building power-hungry data centers as grid infrastructure ages and households’ energy bills skyrocket. The White House itself has declared an “energy emergency,” which it’s using to push for more fossil-gas, coal, and nuclear power plants.
Regulatory
Politico – November 25, 2025
Interior to send out $14.6B from energy revenues*
States, Native American tribes and federal programs will share $14.61 billion in revenue from energy and mineral production on federal territory for fiscal 2025, the Interior Department said Monday. The total disbursement is about 12.6 percent lower than fiscal 2024, which Interior attributed to a drop in commodity prices. This year’s total is the fifth-largest disbursement since 1982, the department said in a news release.
More than $4 billion of the total goes to states, which receive around half of the royalty revenues from production on federal land within their borders, as well as portions of revenue from federal offshore tracts along states’ coastlines. The two largest state revenue shares are New Mexico with $2.76 billion and Wyoming with $544.87 million. The federal fiscal year runs from October until the end of the following September. One billion dollars goes toward Native American tribes or individual Native American mineral owners, who receive all of the revenues for production on their lands.
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Politico – November 24, 2025
Energy Department seeks input on gas turbines supply*
The Energy Department said Friday it is seeking input on the challenges facing natural gas turbine manufacturers amid a supply crunch for the power generation equipment. The request for information comes as the Trump administration confronts rapidly rising electricity demand that will strain equipment supply chains, including gas turbines. Already, prices have increased for those turbines, and delivery wait times have lengthened due to limited supply.
DOE made the request through its newly christened Hydrocarbons and Geothermal Energy Office. The responses will inform research and development to reduce lead times for gas turbine manufacturing, the department said. Turbine availability “is critical to ensure the growing demand for electricity does not impact reliability,” the request said. “U.S. economic and national security and prosperity require affordable and reliable access to electricity. Thus, the Department of Energy requests information on how to ensure timely supply of gas turbines and relieve constraints in the supply chain.”
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Texas Energy Report NewsClips
Tuesday November 25, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices eased on Tuesday as concerns supply will exceed demand next year outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive.
West Texas Intermediate (WTI) crude declined 23 cents, or 0.4%, to $58.61.
Brent futures fell 27 cents, or 0.4%, to $63.10 a barrel as of 0500 GMT.
Both crude benchmarks gained 1.3% on Monday as rising doubts about a peace deal to end the Russia-Ukraine war reduced expectations for the unfettered flow of Russian crude and fuel supplies, which are under sanctions from Western nations.
Even as market participants worry about Russian shipments, the overall outlook for crude oil supply and demand balances in 2026 is looser amid numerous forecasts supply growth will exceed demand increases next year.
Top Stories
E&E News By Politico – November 24, 2025
Republican split widens as Texas regulator bashes CCS
A Texas energy regulator is publicly slamming carbon injection plans, challenging the oil and gas industry over a technology designed to curb climate-warming emissions. Wayne Christian, one of three elected Republicans at the state Railroad Commission, disagreed with a recent staff decision to grant a state permit for a major Texas carbon removal and storage project.
He called the proposal “a danger” during a public meeting last week, questioning how much it was studied. And he tied government incentives for carbon projects to global emissions efforts and a Biden-era climate law. Christian is one of a growing number of Republican voices pushing back on carbon capture and storage while typically supporting oil and gas initiatives.
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Inside Climate News – November 24, 2025
A Rare Recusal by Texas Oil and Gas Regulator Up for Re-election
Jim Wright stepped out of the room last week while his fellow Railroad Commissioners voted to renew the permit for Eagleford Recycling LLC, an oilfield waste company to which he has financial ties. It was an unusually public recognition of his ongoing financial stakes in companies that are regulated by the Railroad Commission.
The agency, which regulates oil and gas extraction and disposal, is led by three elected commissioners. Wright, a Republican elected in 2020, touts his experience in the oilfield waste industry as an asset to his work as a commissioner. He continues to serve as president of one oilfield waste company and holds stock in several others, according to financial disclosure statements. Advocates have called for stricter conflict of interest protocols at the Railroad Commission and urged commissioners to recuse themselves from matters in which they have a financial interest.
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Dallas Morning News – November 24, 2025
Electrifying oil-rich West Texas could mean massive power lines in Hill Country*
Burnet County — Clare Nelson moved to the edge of the Hill Country in January 2024 into what she describes as her “forever home.” Nelson and her husband picked out a lot on one of the largest rises in the area and built a home angled westward to watch sunsets from their porch. “It’s silent,” Nelson said. “The air is pure. There are birds, blackbuck, antelope, deer, rabbits, and the sunset is just absolutely magical. If there are a lot of clouds, they just turn beautiful colors, violets, oranges, reds.”
Now, she fears that view could be spoiled by steel lattice power lines as tall as a 15-story building. Several electric utilities that build, own and maintain power lines in Texas are in the process of planning a government-approved $15 billion electricity infrastructure plan that will create more than 1,200 miles of ultra-high-voltage power lines to power the oil and gas industry in West Texas. For Burnet County, a largely rural area about 50 miles northwest of Austin, the power lines provide little immediate benefit. There are no planned off-ramps for power in the northern part of the county, where power line utility Oncor plans to carve 200-foot-wide rights of way through hundreds of properties.
But for Oncor, which is the largest transmission and distribution utility in Texas, the Permian plan could boost its bottom line. Oncor’s government-regulated business model grants the company roughly a 10% return on investment on the infrastructure it builds, funding that through Texans’ electric bills. The more the company builds, the more profit it earns. The company expects to spend at least $7.5 billion building the power lines, according to a recent earnings report. Jeffrey Martin, the CEO of Oncor’s parent company, Sempra, called the ultra-high-voltage plan a “key growth driver” during a Nov. 5 earnings call.
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The Wall Street Journal – November 24, 2025
Harbour Energy Explores U.S. Deals*
Harbour Energy is exploring both offshore and onshore merger-and-acquisition opportunities in the U.S. as its production base shifts toward the western Atlantic in the coming years, its chief executive said. The U.S. is the biggest market in the world where the U.K. oil-and-gas producer isn’t already present, and is a logical place for the company to establish a scalable position, Harbour Energy Chief Executive Linda Cook said in an interview. The company a year ago closed an $11 billion deal to buy oil-and-gas producer Wintershall Dea’s upstream assets, and the company is still integrating the portfolio. But Cook said she is now focused on acquiring new assets, with active discussions on deals.
“We continue to look for M&A opportunities; it’s part of our DNA,” Cook said. “I think the market dynamics are okay right now from an M&A standpoint.” Harbour Energy had previously considered only U.S. offshore assets, but could now make a move for onshore assets, Cook said. Some oil-and-gas companies are looking to expand production and reserves, reversing years of underinvestment as the clamor for greener assets peters out. In the U.S., President Trump made “drill, baby, drill” a campaign pledge and is pushing ahead with a pro-fossil-fuel agenda. The Trump administration has moved to cut back environmental regulations, open land and federal waters to drilling and approved new terminals to export natural gas.
A move into U.S. assets would mark something of a full circle for Cook. The American CEO turned down offers to launch an oil-and-gas venture in her home nation, before helping to establish Harbour Energy in 2014. At the time, money was flowing into non-producing onshore U.S. shale acreage. “The more I heard that pitch, the more concerned I got about the ability to actually make money,” Cook said.
The Latest TERse Tips
Fitch Ratings has assigned a ‘AA-‘ rating to the following electric and gas system revenue refunding bonds to be issued by the city of San Antonio on behalf of San Antonio City Public Service (CPS Energy) — Fitch
Louisiana Gov. Jeff Landry’s moratorium on new carbon storage well permits has caused the state’s oil and gas industry and other advocates for carbon capture and storage to worry Texas will now look more attractive for projects — the Environmental Protection Agency gave Texas a fresh leg up in the rivalry Nov. 12 by granting the state the authority to permit carbon storage wells by itself, putting both states on a similar regulatory playing field and potentially making Louisiana’s concerns about growing competition closer to becoming a reality — Bloomberg*
“Permian Resources Corp. continues to expand its scale and improve its operational performance while maintaining strong financial measures,” so S&P Global says it’s affirmed the ‘BB+’ issuer credit rating on the company and ‘BB+’ issue-level rating on its unsecured debt — S&P Global
Head of Texas’ largest business organization accused of sexual assault in lawsuit — Texas Tribune
For consumers: What is Battery Energy Storage Systems, the latest in green energy coming to Texas? — KTRK
The cost of electricity in America state-by-state — Visual Capitalist
Oil & Gas Texas
Energies Media – November 24, 2025
The US energy market has seen tremendous growth in the gas and LNG sector as the world aims to transition away from conventional oil and coal projects in favor of the transitional nature of gas. Keeping that in mind, Cardinal Midstream has outlined a series of new pipelines to move Permian volumes to Mexico and the Texas coast through 2030. The Dallas-based company has become a mainstay in the Permian, which holds significant volumes of natural energy resources despite decades of operations.
The energy market in the United States has been as volatile in recent months as a jilted ex-girlfriend with a vendetta. Several huge energy companies have lamented the directive that the current administration has undertaken, forcing operators to continue projects well beyond their planned closures as US President Donald Trump aims to increase oil production.
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Inside Climate News – November 24, 205
Texas Workers Keep Dying in the Heat
The first heat fatality that OSHA investigated in Texas in 2024 was of a 51-year-old oilfield worker. Jose Gallegos died on May 24 while working on a rig in South Texas. He was pulling pipe under full sunlight, on a day with a high of 101 and a heat index peaking at 114. Nolasco collapsed and died in July of that year. Less than one month later, 21-year-old Ethan Mackay died while installing fences in the small Panhandle town of Girard.
Then the biggest heat wave of the year hit Houston and San Antonio. On Aug. 19, Martin Arias Cabrera died while installing fences at a Houston house. Two hundred miles west, Alfredo Sedillo, 43, died the next day after a shift at a nursery in San Antonio. On Aug. 21, Rolando Varela Gómez died in Fort Bend County, outside Houston, at the construction site of a water treatment plant.
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S&P Global Platts – November 24, 2025
Anticipated LNG supply glut pushes funds into EU carbon market
Investment funds are increasing their exposure in the EU carbon market while curtailing positions in the natural gas market amid a shift in fundamentals expected from 2026 onwards. The long-standing correlation between gas and carbon markets has been breaking down over the previous months as EU Allowance prices diverge from Dutch TTF natural gas counterparts.
The divergence has amplified since the start of Q2 this year. The correlation coefficient between the prices of both markets was 0.45 in 2024, and further strengthened to 0.91 in Q1 2025, before flipping to -0.41 from Q2 to date.
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Texas Observer – November 20, 2025
Dammed If You Do: East Texas Locals Fight to Stop an Unnecessary Reservoir
Smoke curled lazily from the kitchen, carrying the sweet weight of brown sugar and spice through the room. An elk and two whitetail deer stared down from the wall, their glass eyes fixed above a Texas flag and a scattering of wooden crosses. Around a circular laminate table, the group of locals bent over a printout titled “The City of Canton: Annual Water Usage vs. Availability Report.” Across from me, behind polarized Ray-Bans, a big beard, and a lattice of tattoos, sat a pitmaster named John Borgstedt. Known to locals by his Facebook username, “BBQ and a Prayer,” he was ready to explain how the fight for his livelihood had become inseparable from the fight against the reservoir and the leaders he believes are selling out their own people.
As John’s wife, Virginia Borgstedt, set plates of steaming barbecue chicken and paprika-dusted potato salad on the table, John began to talk. His story reaches back to a childhood scarred by abuse and years in and out of prison before he rebuilt his life through faith and grit. An oilfield explosion later shattered his body and ended his work in the industry. So he set up on Interstate 20 with a cooler and a cutting board on his tailgate, selling barbecue to whoever stopped. Here in Van Zandt County, which is an hour east of Dallas and stretches across long fenceline miles of pasture and pine, the proposal to build a new reservoir on Grand Saline Creek ignited a fight over land rights, public trust, and the future of rural East Texas.
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Grist – November 19, 2025
How a billionaire’s plan to export East Texas groundwater sparked a rural uprising
The farmers and ranchers who descended on City Hall in Jacksonville, Texas, had been told to “leave their pitchforks at the door.” While everyone ultimately arrived unarmed, the attendees of the June 19 board meeting of the Neches & Trinity Valleys Groundwater Conservation District were ready for a fight. In the hallway outside the boardroom, wives tried to cool their husbands with handheld paper fans that flapped uselessly amid a sea of silver hair — stoic men with sweat-slicked brows beneath weathered cowboy hats, veterans’ insignia, and red MAGA ball caps.
Near the chamber door, a uniformed officer stood sweating through his shirt, trying to enforce the fire marshal’s 150-person limit while the crowd swelled behind him. The sign-in table, barely visible through the crush, had already collected nearly 100 names — almost all were there to speak out against the water permits requested by two shadowy LLCs tied to hedge fund manager Kyle Bass and his investment group, Conservation Equity Management Partners.
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Energies Media – November 21, 2025
Whistler Pipeline expansion targeted for early 2027, subject to regulatory sign-off
For any energy company, expansion operations can often be a precursor to positive performance over the next few years. In a world that has become dominated by the Russian energy supplies that have flowed into the market, developing alternatives has become paramount, especially since the latest sanctions on Russia have all but strangled their energy market. Now, amajor US-based energy operatorhas announced plans to expand a substantial gas pipeline in 2027.
The Whistler pipeline is a vast 450-mile, 42-inch-diameter intrastate pipeline that transports essential gas from the Permian Basin to a terminus near Agua Dulce, Texas. The pipeline is a joint venture between Enbridge, which holds a 19% interest, along with WhiteWater/I Squared (50.6%) and MPLX (30.4%). The pipeline system offered Enbridge an opportunity to enter the gas production market in the Permian basin, which the company has been eyeing for a long time, indeed. A year after entering the Permian, Enbridge still sees the basin as a major prize, as noted by the company’s leadership.
Oil & Gas National & International
Politico – November 24, 2025
Trump’s worldwide shadow over climate action*
When it comes to climate change, President Donald Trump is everywhere — even where he’s not. That dynamic played out at home and abroad during the past week. Trump proposed a major expansion of oil and gas leasing along the Pacific coast and eastern Gulf of Mexico, rolled out rewrites of Clean Water Act protections that could make wetlands more vulnerable to pollution and climate threats, and proposed to overhaul Endangered Species Act regulations.
On the global stage, meanwhile, Trump snubbed both a South Africa-hosted summit of the G20 nations and the U.N. climate conference that ended Saturday in Belém, Brazil. The G20 adopted a declaration supporting the climate fight despite U.S. pressure, but Trump’s absence had a bigger impact in Belém. The modest deal that COP30 nations eked out on Saturday in Brazil failed to include any language explicitly urging faster efforts to wean the world off fossil fuels, despite European urging, Sara Schonhardt, Karl Mathiesen, Zia Weise and Zack Colman reported.
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BOE Report – November 19, 2025
California refinery closures spark pipeline race to West Coast
A race is on among energy companies to build a major fuel pipeline to the U.S. West Coast, a potentially lucrative prize as the planned closure of two California refineries threatens to send gasoline prices in the isolated market soaring. Motorists in West Coast states have long paid some of the country’s highest fuel prices due to limited regional production and minimal connectivity to the Gulf Coast refining hub.
There are no pipelines delivering fuel to California from across the Rocky Mountains and only a few pipelines deliver to the West Coast from the Gulf Coast, according to the Energy Information Administration. Phillips 66’s Los Angeles plant began winding down operations in September and Valero Energy’s Benicia refinery plans to close in April, threatening more price shocks for consumers but presenting an opportunity for pipeline operators.
Utilities, Electricity & Renewables
Nira Energy – November 3, 2025
ERCOT’s Next Transmission Backbone: Modeling the 765 kV Future
Note: ERCOT stakeholders endorsed a 1,109-mile, single-circuit 765-kV backbone project that is projected to cost nearly $9.4 billion in capital costs, making it the largest initiative in decades — RTO Insider*
ERCOT’s transmission system has long operated at 345 kV, a reliable foundation for decades of steady growth. But that system is now stretched thin. Texas is adding roughly 50 GW of new demand from data centers, industrial facilities, and electrification, while also managing a surge of renewable generation projects. The result: rising congestion, limited transfer capability, and $1.97 billion in congestion costs in 2024 alone. The existing backbone is effectively at capacity, and new generation and load interconnections are increasingly difficult to accommodate.
ERCOT’s Regional Transmission Plan (RTP) for 2026–2030 evaluated multiple options to expand this backbone. Two primary solutions emerged:
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Enhanced 345 kV upgrades
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A new 765 kV high-voltage overlay
The studies found the 765 kV plan to be more cost-effective over time. Higher voltage means lower resistance, fewer losses, and greater transfer capacity, enabling bulk power to flow farther and more efficiently between generation and load centers.
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Austin American-Statesman – November 24, 2025
This Texas firm is using AI to increase grid capacity up to 30%. Here’s how.*
Texas — already the nation’s largest energy consumer — is at the heart of a U.S. surge in demand driven by population growth, industrial demand and an explosion in data center construction, which quadrupled around Austin and San Antonio between 2023 and 2024. The increasing hunger for electricity is often met with one solution: development of more energy generation.
But Austin-based technology company Gridraven has a different idea, one it says would come at less cost for both utilities and their customers: reducing congestion on the increasingly overcrowded network of lines that carry electricity. It says its AI-driven software would increase grid reliability while maximizing the use of existing generation sources, in the process increasing the current grid capacity by about 30%.
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KVUE – November 24, 2025
A Texas utility agreed to reimburse Austin homeowners for approximately $200,000 after residents were forced to spend tens of thousands of dollars to fix broken sewer equipment themselves. West Austin residents said malfunctioning wastewater equipment led to sewage overflowing in yards and into Lake Austin, their drinking water source. After months – and for at least one couple, years – of complaints to lawmakers and state regulators, Undine LLC reversed its position and accepted responsibility for the repairs.
Ollie Zimmerman noticed the smell on July 18. His grinder pump – equipment that grinds solid waste before it’s piped for treatment – had stopped working. Undine LLC, which provides water and wastewater utilities to Zimmerman and his neighbors in the Greenshores on Lake Austin community, initially told him to make repairs himself and submit the bill for reimbursement.
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The Wall Street Journal – November 24, 2025
Can the U.S. Make Big Nuclear Reactors?*
The U.S.’s last big nuclear-power project came in more than $16 billion over budget and seven years behind schedule. Now, the U.S. government wants to give the AP1000 another shot. President Trump is betting $80 billion that the U.S. can revive the stalled nuclear power industry—and make large reactors, like the AP1000 from Westinghouse Electric, a ubiquitous power source rather than a cautionary tale. U.S. electricity demand is rising across the country, partly thanks to the frenzy over artificial intelligence, after remaining flat for decades. Using some of the proceeds from its trade deal with Japan, the U.S. unveiled plans in October to partner with Westinghouse and its owners, Brookfield Asset Management and Cameco, on an ambitious plan to accelerate nuclear power.
Executives at the companies now say that plan could translate into eight AP1000 reactors across four sites, a pace of nuclear construction not seen in decades. The reactor produces about 1,100 megawatts of electricity—enough to power a midsize city or a major AI data center. Dan Sumner, Westinghouse’s interim chief executive, said the reactors will help the U.S. win the AI race and achieve the president’s “energy dominance” agenda. “We’re all in on this mission,” Sumner said in an interview. “We think it’s very achievable. We have the right technology to do it and it makes sense as the solution for the United States.” Westinghouse estimates an “overnight cost” of roughly $10 billion per reactor—a sum that omits financing charges and assumes the plants could theoretically be built overnight.
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Fidelity – November 19, 2025
Biggest US power grid operator moving forward with plan to manage data centers
Operators of the U.S. electric grid covering the world’s largest data center market last Wednesday said they planned to move forward with a plan to manage the connection of the giant server warehouses that are propelling the country’s power use to record highs and raising the risk of supply shortfalls.
PJM Interconnection, the biggest grid operator in North America, spanning 13 states and Washington, D.C., has been struggling to keep up with booming demand from the proliferation of Big Tech’s power-hungry data centers needed for the rapid expansion of artificial intelligence.
Regulatory
E&E News – November 24, 2025
Dems urge Interior to keep oil bonding requirements*
Senate Democrats want the Trump administration to preserve Biden-era bonding rates and mandates to reduce harm to wildlife from oil and gas projects on public lands. Four Democratic lawmakers penned a letter to Interior Secretary Doug Burgum and the Bureau of Land Management’s acting director, Bill Groffy, asking the administration to keep in place a 2024 BLM rule that raised bonding requirements for oil and gas leases and prioritized areas for lease that are close to existing infrastructure.
Sens. Michael Bennet (D-Colo.), John Hickenlooper (D-Colo.), Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.) wrote that undoing the rule would put the onus back on taxpayers to clean up orphan wells and would increase the risk of methane leaks.
“Reversing oil and gas bonding requirements would undo the first meaningful progress in decades toward ensuring fiscal accountability for oil and gas operations on federal lands,” the lawmakers wrote. The Fluid Mineral Leases and Leasing Process rule, also known as the 2024 Onshore Oil and Gas Leasing Rule, was listed for removal in the administration’s rulemaking agenda in September. The rule entered review at the White House’s Office of Information and Regulatory Affairs on Thursday.
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Poltico – November 24, 2025
Conflicts of interest cloud FERC’s data center cases*
Ethics waivers needed to address conflicts of interest involving Federal Energy Regulatory Commission Chair Laura Swett are raising questions about how big of a role she can play in developing federal policy for powering data centers. Swett and her choice for general counsel, James Dawson, both practiced law for the firm Vinson & Elkins. The firm represents Houston-based Talen Energy, which is involved in a seminal case about co-locating data centers with power plants, and Chicago-based Invenergy, which is participating in a case challenging a regional transmission planning rule.
Talen sued FERC over its rejection of a contract to supply an Amazon data center with more electricity from a Pennsylvania nuclear power plant. FERC is also trying to write guidance for how to co-locate computing centers and power plants inside the eastern regional grid PJM. Talen and Invenergy both submitted comments on the docket. People familiar with how FERC handles ethical questions, granted anonymity to speak on a sensitive issue, said that Swett will probably have to seek an ethics waiver to participate in the Talen lawsuit and to vote on the prospective PJM data center co-location rule. Participating without a waiver, one person warned, could see a resulting order being thrown out in court.
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Texas Energy Report NewsClips
Monday November 24, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices slipped Monday, extending losses from last week, as Russia-Ukraine peace talks edged closer to a solution and the U.S. dollar strengthened.
West Texas Intermediate was down 15 cents, or 0.26%, at $57.91 a barrel.
Brent crude futures fell 14 cents, or 0.22%, to $62.42 per barrel at 0148 GMT.
Both crude benchmarks were down about 3% last week and hit their lowest settlements since October 21, as market participants worried that a Russia-Ukraine peace deal could lift sanctions on Moscow and flood the market with previously sanctioned supply.
“The sell-off was triggered mainly by President Trump’s forceful push for a Russia-Ukraine peace deal, which markets see as a fast track to unlocking substantial Russian supply,” IG analyst Tony Sycamore wrote in a note.
Top Stories
Energy Now November 21, 2025
Exxon Freezes Plans for Major Hydrogen Plant Amid Weak Customer Demand
The suspension of the project, which had already experienced delays, reflects a wider slowdown in efforts by traditional oil and gas firms to transition to cleaner energy sources as many of the initiatives struggle to turn a profit. U.S. President Donald Trump had also yanked funding for green initiatives to focus on fossil fuels.
Oil major Exxon announced plans in 2022 to build the plant at its refining and chemical complex in Baytown, Texas, with a goal of producing 1 billion cubic feet per day of so-called blue hydrogen, a clean fuel that produces water when burned. Potential customers have stayed on the sidelines due to the higher cost of using hydrogen, Woods said, adding that an industrial slowdown and economic uncertainty in Europe have further crimped demand.
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Politico – November 22, 2025
Inside Greenpeace USA’s fight for its life
Greenpeace USA, one of the nation’s most iconic environmental groups, is threatened with extinction. The green group is struggling after nearly a decade of losing court battles against a Texas-based energy company co-founded by a billionaire backer of President Donald Trump. The group is facing possible bankruptcy if a judgment holds up finding that Greenpeace owes hundreds of millions of dollars in damages to the oil pipeline company Energy Transfer. A North Dakota jury found that the environmental group had committed trespassing, conspiracy and defamation while opposing the company’s Dakota Access pipeline in 2016 and 2017.
Internally, the epic legal fight has already taken a toll. The group hasn’t had a permanent leader since its last one was sidelined in 2024. Senior lawyers exited the organization as litigation dragged on. And morale has slumped after the group cut about 20 percent of its staff in anticipation of a budget squeeze. Beyond the crisis facing Greenpeace — one of several big-name environmental groups struggling with leadership crises and policy setbacks in the second Trump era — the outcome of the litigation could have wide-ranging implications that stretch to other nonprofits in the United States and beyond.
“This case could establish dangerous new legal precedents that could hold any participant at protests responsible for the actions of others at those protests, chilling free speech in the U.S. and beyond,” Greenpeace says on its website. “Simply put, our entire movement’s future could be in jeopardy.”
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Houston Chronicle – November 22, 2025
CenterPoint has already hired more than 260 lineworkers this year and is committed to hiring nearly 800 by 2030. It’s the most aggressive hiring spree that Ed Allen, head of the local International Brotherhood of Electrical Workers union, has ever seen in his 40-plus years with the company, which has long outsourced many of its lineworker jobs. “They’re bringing this work back in-house,” Allen said.
The workforce initiative comes a year after CenterPoint faced immense anger in the wake of Hurricane Beryl, which knocked out power to a record 2.2 million customers. One of the most common criticisms from Texas lawmakers, regulators and everyday residents was the concern that the utility had become too reliant on outside contractors, slowing down its storm response. In the months that followed, CenterPoint pledged to rebuild its internal workforce. At its Hiram O. Clarke training facility in southwest Houston, the company is making good on that promise.
Now, CenterPoint faces two top priorities. One is to strengthen its infrastructure and be “the most resilient coastal grid in the country.” The other is to expand the Houston-area grid for what could be a huge surge in electricity usage in the near future as the region continues its rapid growth. The company is scaling up its hundreds of men — and handful of women — who’ll install the poles, build the towers and string the lines to accomplish those goals. “We know we’re going to be doing more,” Nathan Brownell, CenterPoint’s vice president of resilience and capital delivery, said in an interview. “So we had much more detailed conversations of, ‘All right, we need to start bringing in some of this work.’”
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CNBC – November 22, 2025
Activist Ananym Capital sees upside if Baker Hughes spins off its oilfield services business
A coalition of environmental groups is suing a New York regulator after the department granted a key permit to a fiercely contested interstate natural gas pipeline project into New York City. The groups on Nov. 18 petitioned the US Court of Appeals for the 2nd Circuit to review the New York State Department of Environmental Conservation’s (DEC) recent decision to grant a water quality certificate to Transcontinental Gas Pipe Line Northeast Supply Enhancement (NESE) project.
The groups do not anticipate filing a brief until February 2026, but their arguments will reflect their Aug. 15 public comments on Transco’s application, an Earthjustice spokesperson told Platts, part of S&P Global Energy.
The Latest TERse Tips
Gen. Dan Caine is making a trip to the Caribbean today as President Trump is said to have approved plans for covert action in Venezuela — The New York Times*
Turkish Airlines has temporarily suspended flights (until November 28th) to and from Venezuela after the US Federal Aviation Administration warned that it cannot guarantee security in the area because of heightened military activity in the region…other international airliners also cancelled flights…a new CBS News poll indicates only 30% of those asked support military action in the Caribbean, unless President Donald Trump explains what the mission there might be…fully one-third of deployed warships in the US fleet are amassed not far from the coast of Venezuela
The Texas Supreme Court declined to hear Anadarko Petroleum Corp.’s appeal for a $4 billion franchise tax refund related to the Deepwater Horizon oil spill settlement — the court’s decision upholds lower courts’ rulings that the settlement payment was for tort damages, not a deductible cost of goods sold, meaning the company is not owed a refund — Anadarko had argued the payment was a deductible expense, but the state and lower courts disagreed, stating the settlement was for liabilities resulting from negligence — Law 360*
Massive $50M overhaul to reimagine iconic downtown Houston tower, One Shell Plaza — Houston Chronicle*
In the years since Uri, Texas has received a staggering amount of requests from data centers, crypto mining facilities and industrial customers seeking a grid connection, more than 220 gigawatts of projects have requested connection as of this month, a 170% increase over the 83 gigawatts of project requests back in January, according to data published Wednesday by ERCOT — CNBC
Executives are starting to chill out about tariffs after a year of anxiety — months into President Trump’s roller coaster of a global trade war, something has shifted: business leaders sound less gloomy about tariffs than they have for much of the year — The Wall Street Journal*
An overnight drone strike triggered a fire at the Shatura power plant supplying Moscow, as Russia and Ukraine step up attacks on energy infrastructure amid a peace plan pushed by the Trump administration — the 1,500-megawatt Shatura plant, less than 80 miles (129 kilometers) from the Russian capital, accounts for around 6% of electricity production in Moscow and the surrounding region — Bloomberg*
There are 10 hydraulic fracturing crews operating in North Dakota, down from 13 in October, the state regulator said on Friday, as weak oil prices push operators to put the brakes on activity — Energy Now
U.S. liquefied natural gas company Freeport LNG’s export plant in Texas was on track to take in more natural gas on Friday in a sign that one of its three liquefaction trains has returned to service after shutting on Thursday, LSEG data and regulatory filings show — Oil & Gas 360
McKinstry, a construction and energy services provider, has expanded its corporate presence in Texas with two new offices and a fabrication shop, according to a Nov. 12 news release — Construction Dive
The House on Thursday passed two Republican-backed energy bills aimed at accelerating approvals for liquefied natural gas export terminals and assessing the nation’s refinery capacity — each with support from several moderate Democrats — the chamber cleared Rep. August Pfluger’s (R-Texas) “Unlocking our Domestic LNG Potential Act of 2025,” H.R. 1949, in a 217-188 vote. Every Republican present backed the bill, along with 11 Democrats — Politico
Oil & Gas Texas
Oil Price – November 21, 2025
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count in the US rose by 5 to 554 this week, according to Baker Hughes, down 29 from this same time last year.
The number of active oil rigs rose by 2 in the reporting period, according to the data, reaching 419. Year over year, this represents a 60-rig decline. The number of gas rigs rose by 2 to 127, which is 28 more than this time last year. The miscellaneous rig count rose by 1 to 8. The latest EIA data showed that weekly U.S. crude oil production dipped just slightly in the week ending November 14 to 13.834 million bpd on average, just 28,000 bpd under the all-time high.
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Rigzone – November 21, 2025
ExxonMobil to Acquire 40 Percent of Bahia NGL Pipeline
Enterprise Products Partners LP will farm out 40 percent of the Bahia natural gas liquids (NGLs) pipeline to Exxon Mobil Corp, in a deal expected to be completed “early 2026” subject to regulatory approvals, Enterprise said Thursday. “The 550-mile Bahia pipeline, which has begun commissioning activities and will begin commercial operations immediately thereafter, will have an initial capacity to transport 600,000 barrels per day (bpd) of NGLs from the Midland and Delaware basins of West Texas to Enterprise’s Mont Belvieu fractionation complex”, the Houston, Texas-based oil and gas midstream company said in a press release.
A.J. Teague, co-chief executive of Enterprise’s general partner Enterprise Products Holdings LLC, earlier said in Enterprise’s quarterly report the pipeline was on track to start operations this month.
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KPLC – November 20, 2025
Port, pipeline project proposed for Cameron Parish
A proposed project aims to make it easier for the U.S. to export crude oil. Energy Transfer wants to build the Blue Marlin Offshore Port around 100 miles south of the Cameron coast, which has some local residents concerned. The Blue Marlin Offshore Port will load crude oil onto tankers, but to get there, the oil must travel through a pipeline from Nederland, Texas, to Johnson bayou, then through an existing pipeline to the offshore port.
The project proposes installation of a 42-inch pipeline, measuring approximately 37 miles in length. The pipeline will began in Nederland, Texas and end in Cameron Parish Louisiana where it will tap into the existing stingray mainline at the stingray 501 station.
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Indiana Lawyer – November 21, 2025
Biglari Holdings’ lawsuit says it was deceived during purchase of Texas oil company
Biglari Holdings says it was deceived into buying a Texas oil company after being falsely told that the assets included a dormant drilling rig worth $8.4 million that Biglari eventually had to sell for $200,000. Biglari, an Indiana corporation with headquarters in San Antonio, Texas, makes the allegations in a lawsuit filed this week against Robert L.G. Watson, former CEO of the Abraxas oil company.
Biglari, owner of the Indianapolis-based Steak n Shake restaurant chain, alleges that Watson fraudulently misrepresented Abraxas’ valued assets when Biglari was negotiating to acquire the company. … According to the complaint, Abraxas ventured outside of its West Texas oil drilling base in 2008 and into North Dakota.
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Dallas Morning News – November 21, 2025
Pennzoil vs. Texaco: Why Texas’ massive petroleum trial verdict 40 years ago still matters*
Forty years ago this past weekend, famed Houston trial lawyer Joe Jamail sat at his desk at home to handwrite his portion of the closing arguments in the multibillion-dollar trial of Pennzoil vs. Texaco. “All of a sudden, I hear a car horn blowing outside my house,” Jamail told The Texas Lawbook in an interview five months before his 2015 death.
A white limousine pulled into Jamail’s driveway. Two of his best friends, singer Willie Nelson and former University of Texas football coach Darrell Royal, jumped out and started begging Jamail to go out drinking with them. “I told them that I was working on the biggest closing argument of my life — hell, the biggest closing argument of anybody’s life — and that I needed to prepare,” he said. “But they weren’t having any part of it. They kept me up all f—ing night drinking. I could barely see the jury the next morning.”
Jamail and his co-counsel at Baker Botts did fine. They kept the basic argument simple for Pennzoil in a highly complex, four-month trial in which Houston-headquartered Pennzoil accused Texaco of tortiously interfering with its existing agreement to purchase Getty Oil in January 1984. “We had a deal, and we shook hands on that deal. And in Texas, a deal is a deal,” Jamail said. “These New York Wall Street bankers and lawyers had been playing fast and loose with merger agreements for decades, and they thought they were smarter than the rest of us and could get away with it.”
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MSN – November 21, 2025
Rethinking the role of the Strategic Petroleum Reserve: Rory Johnston
The United States’ Strategic Petroleum Reserve hit a four-decade low in mid-2023—at 347 million barrels, or less than half the reserve’s capacity—and today stands at 410 million barrels or 57% of the SPR’s 714 million barrel authorized capacity. This pool of presidentially controlled crude oil is a strategic asset, but also an internationally agreed-upon reserve squirreled away in case of emergency. At current prices, it would cost the Trump administration more than $18 billion to refill the SPR completely to the brim.
However, America’s strategic requirements for the SPR have greatly evolved since its establishment in the 1970s. The reserve’s modern-day purpose—and potential—is muddied. Without a clear vision from the White House and the Department of Energy, it’s all but guaranteed that the SPR won’t be used to its fullest potential. The reserve holds the potential to be a unique and strategic tool if used bidirectionally—as both seller and buyer of last resort—rather than viewed as a battery, where the main value is in the ability to simply extract energy when needed.
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Energies Media – November 21, 2025
Whistler Pipeline expansion targeted for early 2027, subject to regulatory sign-off
For any energy company, expansion operations can often be a precursor to positive performance over the next few years. In a world that has become dominated by the Russian energy supplies that have flowed into the market, developing alternatives has become paramount, especially since the latest sanctions on Russia have all but strangled their energy market. Now, amajor US-based energy operatorhas announced plans to expand a substantial gas pipeline in 2027.
The Whistler pipeline is a vast 450-mile, 42-inch-diameter intrastate pipeline that transports essential gas from the Permian Basin to a terminus near Agua Dulce, Texas. The pipeline is a joint venture between Enbridge, which holds a 19% interest, along with WhiteWater/I Squared (50.6%) and MPLX (30.4%). The pipeline system offered Enbridge an opportunity to enter the gas production market in the Permian basin, which the company has been eyeing for a long time, indeed. A year after entering the Permian, Enbridge still sees the basin as a major prize, as noted by the company’s leadership.
Oil & Gas National & International
E&E News By Politico – November 21, 2025
Alaska oil production poised to jump 13% next year, EIA says*
Alaska could see a boom in oil production next year, a sharp reversal for a state that has seen decades of declining production, according to the U.S. Energy Information Administration. EIA estimates in a forecast released this week that Alaska could see a 13 percent rise in production compared to 2025 — the largest annual increase for the state since the 1980s — thanks to two new projects on the North Slope.
ConocoPhillips’ Nuna project came online in December 2024 and is expected to produce 20,000 barrels a day at its peak. Pikka Phase 1, jointly owned by Santos and Repsol, is slated to start production in early 2026 and could reach peak production of 80,000 barrels a day later that year. The state last year averaged about 421,000 barrels a day in production, according to EIA, and could be roughly flat this year. The agency estimates that oil production could grow to 477,000 barrels a day next year. Alaska Gov. Mike Dunleavy, a Republican, cheered the forecast in a statement.
KING – November 22, 2025
Olympic Pipeline remains shut down with leak source still unidentified, BP says
The Olympic Pipeline remained shut down Saturday evening, an outage that prompted Washington Gov. Bob Ferguson to declare an emergency over potential disruptions at Seattle-Tacoma International Airport. “Olympic Pipeline continues to respond to a release of refined products east of Everett, Washington,” BP America spokesperson Christina Audisho said in a statement. “The pipeline system remains shut down at this time. Crews have safely excavated nearly 200 feet of pipeline but have not yet identified the source of the release. Crews are operating around the clock and will continue overnight operations tonight.”
Ferguson said earlier in the week that “if fuel deliveries via the Olympic Pipeline cannot resume by Saturday evening … airport operations will be significantly affected.” The governor’s emergency proclamation eased restrictions on trucking hours that allowed fuel deliveries to the airport and minimize impacts to travelers. “That is working as expected, and more fuel deliveries are reaching the airport,” Gov. Ferguson’s office said Friday evening.
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S&P Global Platts – November 21, 2025
Environmentalists sue NY, NJ regulators over Transco Northeast gas pipe permits
A coalition of environmental groups is suing a New York regulator after the department granted a key permit to a fiercely contested interstate natural gas pipeline project into New York City. The groups on Nov. 18 petitioned the US Court of Appeals for the 2nd Circuit to review the New York State Department of Environmental Conservation’s (DEC) recent decision to grant a water quality certificate to Transcontinental Gas Pipe Line Northeast Supply Enhancement (NESE) project.
The groups do not anticipate filing a brief until February 2026, but their arguments will reflect their Aug. 15 public comments on Transco’s application, an Earthjustice spokesperson told Platts, part of S&P Global Energy.
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Reno Gazette Journal – November 21, 2025
Sinclair eyes Reno pipeline expansion to stabilize fuel supply
HF Sinclair Corp. is considering a major pipeline expansion that could link Reno to its Western fuel network, part of a broader effort to address tightening gasoline supplies and refinery shutdowns across California. Reno has a single pipeline for its gasoline and diesel supply — Kinder Morgan’s SFPP line that carries fuel from Bay Area refineries into Northern Nevada.
Patrick De Haan, head of petroleum analysis at GasBuddy, said Reno is “almost completely reliant on California’s refineries for refined products,” including the gasoline that feeds the region’s only major pipeline system. Dallas-based Sinclair is evaluating a multi-phase project that would add up to 150,000 barrels per day of refined fuel to Western markets, including Nevada. The proposal includes a potential new lateral line from Salt Lake City to Reno — which would mark the region’s first direct connection to the company’s supply system.
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Insurance Journal – November 18, 2025
Fatigue Crack Caused a Keystone Pipeline Oil Spill in North Dakota, Operator Says
A fatigue crack in the Keystone Pipeline led to an oil spill in North Dakota earlier this year that released thousands of barrels of oil onto farmland, according to the pipeline operator. In a quarterly report released Thursday, South Bow said initial findings show, “the failure resulted from a fatigue crack that originated along the pipe’s manufactured long-seam weld.” A fatigue crack is a crack that grows larger with changes in pressure over time, Pipeline Safety Trust Executive Director Bill Caram said.
A mechanical and metallurgical analysis found the pipe and welds met industry standards, the company said. Spill-related costs total around $55 million, which the company said it expects to recover through insurance early next year. Through September, South Bow had received about $16 million in reimbursements from its insurance policies.
Utilities, Electricity & Renewables
Daily Overview – November 21, 2025
Texas switches on a $1.8 billion superhub, the biggest US plant
Enel has switched on its $1.8 billion Solar Superhub in Texas on November 18, 2025, marking the company’s largest US power project to date. The 911-megawatt superhub now stands as the nation’s largest power plant, delivering unprecedented solar capacity directly into the Texas grid at a moment of rapidly rising electricity demand.
The Texas Solar Superhub moved from concept to reality through a multiyear development cycle that culminated in its November 18, 2025 activation. Initial planning focused on assembling enough contiguous land, transmission access, and interconnection approvals to support a utility-scale project that could ultimately reach 911 megawatts of capacity, a scale that would surpass any existing US power plant. As construction advanced, the project was consistently described as “under development” or “under construction,” with Enel positioning it as the flagship in a growing portfolio of American renewable assets that would anchor its long-term presence in the country.
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pv magazine – November 21, 2025
Battery energy storage revenues for ancillary services fall nearly 90% in ERCOT
Alberta, Canada-based Enverus Intelligence Research (EIR) has released a new report showing that revenues from battery energy storage system (BESS) projects in Texas have plummeted almost 90% over the last two years. In what analysts describe as an “after the gold rush” situation, battery saturation has transformed power markets.
According to Enverus, average annual revenue for BESS in the Electric Reliability Council of Texas (ERCOT) service area have dropped from $149/kWh in 2023 to $17/kWh projected for 2025. This dramatic decrease in profitability has made a significant impact on the ancillary services market, where the share of ancillary services in BESS revenue has fallen from 84% to 48% over the last two years.
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KFDA – November 21, 2025
Xcel Energy, Transource connecting Texas, Oklahoma with expanded transmission project
Xcel Energy and Transource Energy, LLC, are set to expand a transmission project to strengthen the regional grid and support growing electricity demand. The Southwest Power Pool (SPP) Board of Directors awarded the two companies the Beckham-Potter 345 kilovolt transmission project.
A news release states the project is a key part of the SPP’s 2024 Integrated Transmission Planning Assessment. The new transmission line will connect Xcel’s Potter County substation near Amarillo to Oklahoma Gas & Electric Company’s Beckham County substation.
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MSN – November 19, 2025
Santa Clara data centers bought by Texas firm for $90 million-plus
A Texas company has paid well over $90 million to buy a pair of data centers in Santa Clara in a sign that investors still hunger for these sites amid an artificial intelligence boom. Centersquare, a Texas-based data center-oriented real estate firm, acted through affiliates to pay $97 million in cash for adjacent data centers a short distance from Levi’s Stadium, documents filed on Nov. 14 with the Santa Clara County Recorder’s Office show.
Affiliates controlled by Centersquare paid $55 million for the data center at 4650 Old Ironsides Drive and $42 million for the site at 4700 Old Ironsides Drive, county documents show. In October, Centersquare announced it had agreed to buy 10 data centers in the United States and North America as part of a $1 billion expansion. The company didn’t indicate whether the Santa Clara sites were part of that transaction.
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El Paso Matters – November 23, 3035
As rate increases loom, El Paso households could see utility bills jump $45 a month in early 2026
Monthly utility bills for the average El Paso household could go up by about $45 a month – or 18% – in early 2026 as the electric, gas and water utilities that serve the city are seeking rate increases. That’s about $540 a year more over this year amid a broader slowdown in the U.S. economy. Utility bills are outpacing wages in El Paso, which increased about 8% on average over the last year, according to the U.S. Bureau of Labor Statistics.
“The cost of living is eating away at our American dream,” said Felipe Acuña, 68, a retired railroad worker who lives in the Lower Valley. “It feels like these utility companies are trying to squeeze every drop, like from a sponge … until nothing drops. And then, squeeze again.”
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Utility Dive – November 22, 2025
New FERC commissioners say connecting data centers is key priority
Bringing data centers to support artificial intelligence online is a top priority for the Federal Energy Regulatory Commission’s newest members, Chair Laura Swett and Commissioner David LaCerte, they said Thursday at their first open meeting since being confirmed.
“In addition to our core mission of keeping the lights on for all Americans at reasonable costs, my priority as chairman is to ensure that our country can connect and power data centers as quickly and as durably as possible,” Swett said. LaCerte echoed that sentiment.
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November 17, 2025
The case for virtual power plants: Institute for Energy Economics and Financial Analysis
Virtual power plants (VPPs) are every bit as real as conventional generation resources. Essentially collections of distributed battery storage units and other controllable devices, VPPs also can be built quickly and cost effectively—key attributes today given the recent uptick in electricity demand and projections for continued growth in the years ahead. Let’s look at some recent important VPP success stories.
During this summer’s peak demand periods, VPPs demonstrated repeatedly that they can provide reliable power at scale to utilities and system operators when called upon. They kept the lights on and air conditioners humming across the country, from large-scale projects in California and Texas to smaller but still-effective developments in New England, Puerto Rico, and elsewhere.
Regulatory
Associated Press – November 23, 2025
UN climate deal increases money to countries hit by climate change, but no explicit fossil fuel plan
United Nations climate talks in Brazil reached a subdued agreement Saturday that pledged more funding for countries to adapt to the wrath of extreme weather. But the catch-all agreement doesn’t include explicit details to phase out fossil fuels or strengthen countries’ inadequate emissions cutting plans, which dozens of nations demanded. The Brazilian hosts of the conference said they’d eventually come up with a road map to get away from fossil fuels working with hard-line Colombia, but it won’t have the same force as something approved at the conference called COP30.
Colombia responded angrily to the deal after it was approved, citing the absence of wording on fossil fuels. The deal, which was approved after negotiators blew past a Friday deadline, was crafted after hours of late night and early morning meetings.
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Texas Energy Report NewsClips
Friday November 21, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices fell 1.5% on Friday, extending declines for a third straight session, as the United States pushed for a Russia-Ukraine peace deal that could swell global market supply, while uncertainty over its rate cuts curbed investors’ risk appetite.
West Texas Intermediate was down 1.8%, or $1.03, at $57.97 a barrel, after ending Thursday down 0.5%.
Brent crude futures fell 96 cents, or 1.5%, to $62.42 a barrel by 0730 GMT, after slipping 0.2% in the previous session.
Both contracts are set to fall more than 2.5% this week on oversupply concerns, erasing most of last week’s gains.
Market sentiment turned bearish as Washington pushed for a peace plan between Ukraine and Russia to end the three-year war, while sanctions on top Russian oil producers Rosneft and Lukoil are set to take effect on Friday.
“Oil extended declines as Zelenskiy agreed to work on a US- and Russia-drafted peace plan, with U.S. sanctions on two Russian oil majors due Friday,” Saxo analysts said in a client note, referring to Ukrainian President Volodymyr Zelenskiy.
Top Stories
Yahoo! News – November 20, 2025
Exxon to Buy Stake in Enterprise’s New Permian NGL Pipeline
Oil and gas supermajor ExxonMobil will buy a 40% stake in the new Bahia natural gas liquids (NGL) pipeline from Enterprise Products Partners as producers and pipeline operators expand gas takeaway capacity in the Permian basin. Enterprise Products Partners on Thursday said it had entered into an agreement with ExxonMobil, which will acquire a 40% undivided joint interest in Enterprise’s Bahia NGL pipeline that is currently being commissioned.
The closing of the transaction is subject to regulatory approvals and is expected by early 2026, Enterprise said. The 550-mile Bahia pipeline, expected to begin commercial operations immediately after commissioning is completed, will have an initial capacity to transport 600,000 barrels per day of NGLs from the Midland and Delaware basins of West Texas to Enterprise’s Mont Belvieu fractionation complex.
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Houston Chronicle – November 20, 2025
NRG Energy awarded $370M taxpayer-funded loan to build natural gas power plant in northeast Houston*
Houston’s NRG Energy has been awarded its third loan from the taxpayer-backed Texas Energy Fund to build a natural gas power plant in the Houston area. The latest loan, totaling $370 million, will go toward an expansion of NRG’s existing Greens Bayou power generation complex in northeast Houston, according to a statement released Thursday by Gov. Greg Abbott. At Greens Bayou, NRG plans to build another 455-megawatt gas-fired power plant that can generate enough electricity for 114,000 homes during peak demand hours. It is expected to begin sending power to the Texas power grid in 2028, according to Abbott’s statement.
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Bloomberg – November 20, 2025
Biggest Gas Pipeline Buildout Since 2008 Propels Trump Energy Push*
The biggest natural gas pipeline boom in nearly 20 years is unfolding in the US South as companies build systems to feed massive export terminals rising along the Gulf of Mexico. As many as 12 projects to install new pipelines or expand existing ones are on pace to be completed next year in Texas, Louisiana and Oklahoma, increasing the region’s capacity to ship gas by 13%, according to data compiled by Bloomberg from US Energy Information Administration estimates. It will mark the biggest one-year expansion for Gulf Coast pipelines since the height of the shale-gas boom in 2008.
All told, the new systems will carry enough gas to supply all of Canada. “This is the most activity I’ve seen in my 20 years in the industry,” said Jack Weixel, senior director at East Daley Analytics. While the pipelines were underway long before President Donald Trump began his second term, the sweeping expansion is a key piece of his push to dramatically expand US gas exports and dominate global energy markets. The new systems will also offer relief to drillers in West Texas, where gas production is prolific and pipeline capacity is so tight that companies often pay customers to take the fuel away or burn it off as waste. The key driver of the building boom is soaring demand for gas around the globe. The US is the world’s largest producer and exporter of the fuel. And Sempra, NextDecade Corp., Venture Global Inc. and others are investing tens of billions of dollars to build new terminals to liquefy and ship even more to Europe, Asia and elsewhere.
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Forbes – November 20, 2025
Why Texas Is The New Gravity Center For AI, Crypto, And Capital: Becca Bratcher
Few announcements have captured the scale of Texas’s rise like Google’s 40 billion dollar investment. The tech company outlined plans to build three new data centers in West Texas and the Panhandle, making this the company’s largest investment in any state. The build out will support massive compute demands of advanced AI models. To offset grid strain, one of Google’s new centers will be paired with a solar and battery storage project.
In a joint press release with Texas Governor Greg Abbott, Google CEO Sundar Pichai said, “They say that everything is bigger in Texas – and that certainly applies to the golden opportunity with AI.” He went on to say, “This investment will create thousands of jobs, provide skills training to college students and electrical apprentices, and accelerate energy affordability initiatives throughout Texas.”
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Business & Industry Connection – November 20, 2205
Chevron launches into AI sector with plans for its first Texas power plant
Chevron is launching its entry into AI power production with a major project in West Texas. The company plans to utilize its vast Permian Basin natural gas reserves to fuel the growing demand created by the artificial intelligence boom. As part of its five-year strategy, Chevron aims to achieve first power at the data center by 2027, per its recent investor report.
The initial project will feature 2.5 gigawatts of gas-fired generation, with the capacity to expand to 5 gigawatts.
The Latest TERse Tips
FERC has closed its enforcement investigations into possible unlawful activity related to 2021’s Winter Storm Uri, just a few months before the statute of limitations on the issue was to expire — RTO Insider
McDermott and its joint venture partner Chiyoda International Corporation have signed a contract amendment with Golden Pass LNG Terminal LLC for the completion of Trains 2 and 3 of the Golden Pass LNG Project in Sabine Pass — see the press release
Officials from Competitive Power Ventures, Monahans and Pecos broke ground on the CPV Basin Ranch, a nearly 1,400-megawatt natural gas power plant — KWES
The Senate’s Republicans majority on Wednesday blocked a Democratic challenge to the Trump administration’s move to delay EPA methane rules — the Congressional Review Act resolution, S.J. Res. 76, would have nixed a recent EPA rule that extends the deadline by which states must comply with Biden-era methane emissions limits for oil and gas facilities — Politico*
Americans could see a significant increase in home heating costs next year, adding to a spike in utility bills that helped drive a Democratic sweep in this month’s elections — E&E News By Politico
Renewables developer and independent power producer Cypress Creek announced that it has reached financial close and started construction on its Hanson Solar project in Coleman County — ESG Today
Saudi Aramco has signed 17 Memoranda of Understanding and agreements with major US companies with a potential total value of more than $30 billion, the state giant said on Wednesday — upstream
Americans could see a significant increase in home heating costs next year, adding to a spike in utility bills that helped drive a Democratic sweep in this month’s elections — the U.S. Energy Information Administration released a report last week predicting that home heating costs will continue to rise next year — largely because natural gas prices are increasing as the U.S. exports more of the fuel abroad — Politico*
A coalition of environmental groups filed three separate lawsuits against New York and New Jersey Tuesday for greenlighting a natural gas pipeline that crosses through both states — environmentalists in the past argued the pipeline plan hasn’t significantly changed since the states earlier denied water quality permits for the project. New York’s Department of Environmental Conservation and New Jersey’s Department of Environmental Protection both approved the water permits Nov. 7 — Bloomberg*
MP Materials stock surges on Pentagon-backed deal to develop rare earth refinery in Saudi Arabia — MP and the Pentagon will hold a 49% stake in the joint venture — CNBC
Oil & Gas Texas
Houston Chronicle – November 20, 2025
Louisiana’s vanishing coast at center of Supreme Court battle with Houston oil giants*
Louisiana was losing a football field’s worth of land every hour. The land was – and is – sinking into the sea, with the Gulf of Mexico slowly drowning coastal communities as freshwater marshes give way to encroaching seawater. The cause of the deterioration, according to the state and two of its parishes, is decades of oil and gas operations across the region. Their 2014 claim is at the heart of a U.S. Supreme Court legal battle between Louisiana and a number of oil companies, including Houston-based oil major Chevron.
A Louisiana court ruled earlier this year that the oil companies owed the state more than $744 million to restore damages caused to its coastal wetlands. But Chevron has appealed the decision. The Supreme Court will hold its first hearing in January. The case is only one of 42 lawsuits in Louisiana against some of the world’s leading oil companies – including Exxon, BP and Shell – for their role in the state’s rapidly disappearing coastline. The shrunken wetlands protect New Orleans and the Port of South Louisiana from life-threatening hurricanes. The appeal also sets the stage for a final answer to a more fundamental question: Do Louisiana and other states have the right to pursue oil companies for violating state environmental laws in the first place?
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Houston Chronicle – November 20, 2025
Drag shows, DOGE and vouchers: Why the race for this typically low-key Texas office is heating up*
Elections for Texas comptroller rarely attract the attention and campaign cash that follow top-of-ballot races like governor or attorney general. But the 2026 primary contest is becoming one of the most hotly-contested statewide races, fueled by the office’s new role managing the state’s $1 billion private school voucher program and a trio of high-profile Republican candidates vowing to take the agency in a sharply more conservative direction.
“Races in the past traditionally haven’t had the star power that this one does,” said Enrique Marquez, a GOP strategist who isn’t affiliated with any of the three campaigns. “I think the stakes are just so much higher.” All three Republican candidates — former state Sen. Don Huffines, Texas Railroad Commissioner Christi Craddick and Acting Comptroller Kelly Hancock — have vowed to use the office’s auditing and regulatory powers over government agencies to greater effect. At a recent candidate forum, all three said they would have pushed harder than former Comptroller Glenn Hegar to go after Dallas-area bars that hosted drag performances by labeling them as “sexually oriented businesses.” Such a designation would have triggered higher state fees and barred minors from entering.
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Politico – November 20, 2025
Interior schedules second Gulf oil and gas lease sale*
Federal officials are forging ahead with plans for a second oil and gas lease sale in the Gulf of Mexico, while environmentalists contend that the push to expand drilling runs afoul of environmental laws. The Bureau of Ocean Energy Management (BOEM), which is part of the Interior Department, scheduled a lease sale Wednesday called the “Big Beautiful Gulf” for March 11, 2026.
The sale would be the second in the region during President Donald Trump’s second term, with the first sale scheduled to happen Dec. 10. Both sales will make available around 80 million offshore acres on the outer continental shelf, stretching from Texas toward the east. BOEM acting Director Matt Giacona said in a statement that the sale would show the agency’s “commitment to restoring certainty and long-term investment” in federal waters, with a 12.5 percent royalty rate. Royalty rates are a percentage of the total production value that the government charges companies that extract oil and gas from public territory.
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Bloomberg – November 20, 2025
Exxon Lifts Force Majeure on Giant Mozambique LNG Project*
Exxon Mobil Corp. lifted a force majeure on its Rovuma liquefied natural gas project in Mozambique as security concerns subside, a key step toward sanctioning the development and committing construction funds. The force majeure was put in place after Islamic State-affiliated militants carried out an attack near its operations in northeastern Mozambique in 2021. Ending the force majeure will allow work to resume and is a crucial step toward Exxon making a final investment decision on the project, which is expected next year.
TotalEnergies SE, which is building a separate $20 billion LNG plant nearby, ended its own suspension last month. “We have lifted force majeure for the Rovuma LNG project,” an Exxon spokesman said. “We are working with our partners and the government of Mozambique to ensure the safety of our people and facilities, as we look to develop a world-class LNG project that can help drive economic growth.”
The Exxon and TotalEnergies projects are expected to be online by the early 2030s — assuming no further delays — and will enable Mozambique to ship gas around the world for decades. They also promise to transform the country’s economy, one of the world’s poorest, into an energy-export powerhouse. Mozambican President Daniel Chapo is keen to realize those promises and has worked in recent months with Rwandan troops to help secure the Cabo Delgado region. He called the area “relatively stable” in July and urged companies to resume work even if threats remain.
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Bloomberg – November 20, 2025
As US Expands NGL Exports, Fractionation Capacity Risk Emerges*
US midstream companies are racing to expand natural gas liquids export capacity as global buyers show interest in American barrels, but analysts warn that a processing squeeze could slow the system long before cargoes reach the docks. While production of natural gas liquids, or NGLs, continue to reach new record highs — soaring to 7.7 million barrels a day in August — the so-called fractionators that turn the hydrocarbons into usable products such as ethane and propane aren’t able to keep pace. Across the US, the facilities can only process 6.8 million barrels a day. “If NGLs begin accumulating more quickly than they can be fractionated, we risk backing up the system, which could eventually force gas and even oil production to slow or shut in,” said Julian Renton, an analyst at East Daley Analytics.
The bottleneck threatens to hamper President Donald Trump’s energy ambitions even as a wave of new export facilities are planned for this decade. More than 3 million barrels a day of NGLs are currently being shipped abroad, with exports expected to continue booming in the coming years. “I have never seen such an appetite for US hydrocarbons,” Enterprise Products Partners’ Co-Chief Executive Jim Teague said at a Houston conference recently.
Recent and upcoming additions tracked by East Daley include Enterprise’s Neches River Phase 2 project– which can handle 180,000 barrels a day of ethane or double that in LPG– along with Targa’s planned 200,000 barrel a day expansion at Galena Park in 2027, and a 400,000 barrel a day Texas City terminal jointly developed by ONEOK and MPLX.
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Argus Media – November 18, 2025
Tokyo Gas sells Louisiana gas interest to Grayrock
Japan’s gas distributor Tokyo Gas’s US subsidiary TG Natural Resources (TGNR) sold its gas exploration and production business in Louisiana to Texas based E&P firm Grayrock Energy. Tokyo Gas said on 17 November that it signed an agreement to sell TGNR’s subsidiary called TGNR TVL to Grayrock Energy on 14 November. TGNR TVL is a gas field interest in Louisiana which was acquired from US natural gas producer Range Resources in August 2020.
The divestment is part of a portfolio review aimed at improving asset efficiency, Tokyo Gas said. Grayrock paid $255mn to acquire the Louisiana gas asset and transaction is planned to complete on 31 December 2025.
Oil & Gas National & International
Pipeline & Gas Journal – November 20, 2025
FERC Weighs Blanket Authorizations to Streamline LNG Permitting
The Federal Energy Regulatory Commission (FERC) is considering new blanket authorizations that could ease permitting and maintenance activities at liquefied natural gas (LNG) facilities and hydroelectric projects. The Commission opened two Notices of Inquiry (NOI) to gather industry feedback on ways to simplify regulatory approvals.
“Energy infrastructure needs to be built now, and existing projects need to be maintained efficiently to ensure grid reliability today and in the future. We are taking a hard look at our processes and ways we can simplify certain activities,” FERC Chairman Laura Swett said.
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Politico – November 20, 2025
Greens say Congress has put oil and gas leases in jeopardy*
Environmental groups told the Bureau of Land Management in a letter this week that Congress’ new interpretation of land-use plans has “raised serious questions” about more than 5,000 oil and gas leases. The Wilderness Society and five other groups said the leases may violate federal management law, and they’ve asked BLM to halt all oil and gas leasing on federal lands while the matter is sorted out.
“BLM should pause all further leasing and permitting until it takes affirmative steps to ensure compliance with the law and remedy this grave legal uncertainty,” green leaders said in the letter to the BLM acting Director Bill Groffy. The letter was signed by Alison Flint, senior legal director at The Wilderness Society, as well as officials with the Conservation Lands Foundation, the Western Environmental Law Center, Advocates for the West, Wild Montana and Southern Utah Wilderness Alliance. Republicans in Congress this year took a novel approach to federal regulations, finding for the first time that land-use plans around the country are technically “rules,” which has allowed Republican lawmakers to reject Biden-era policies they don’t like.
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Tallahassee Democrat – November 20, 2025
Oil rigs off Florida? Trump says yes, DeSantis says no
Gov. Ron DeSantis is pushing back against the Trump administration’s plan to open up Florida’s Gulf coast to oil drilling. The Bureau of Ocean Energy Management, an agency under the U.S. Department of the Interior, is proposing to open a vast stretch of the Eastern Gulf of America – long considered off limits – to offshore drilling.
A map released Nov. 20 outlines a plan to extend oil exploration and drilling opportunities east from the Alabama state line, covering federal waters along the entire length of Florida’s Panhandle. This would place drilling rigs roughly 100 miles off Florida’s coastline. If adopted as proposed, the plan would clear the way for offshore lease sales in the Eastern Gulf as early as 2029.
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The Wall Street Journal – November 20, 2025
Trump Peace Plan Demands Major Concessions From Ukraine*
The Trump administration’s peace plan for Ukraine demands sweeping territorial and security concessions from Kyiv while offering Moscow major economic and political incentives, including U.S. recognition of its claims to parts of Ukraine, to halt the nearly four-year-old war. The White House has been pursuing a deal to end the conflict since President Trump took office in January, but the details of the terms he and his top aides were offering Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky have been kept largely under wraps until now.
A draft of the blueprint posted online that the White House confirmed was authentic calls for Ukraine to cede the eastern Donbas region now under its control to Moscow and accept Russia’s de facto control of other parts of Ukraine where the front line would be frozen. Ukraine’s military would be capped at 600,000 personnel and its goal of joining the North Atlantic Treaty Organization would be foreclosed. Taken together, the proposals seek to address many of Putin’s longstanding demands for ending the war. The inducements offered to Ukraine are far more limited, reflecting Trump’s prioritization of ending the bloodshed over maintaining U.S. support for the target of the Kremlin’s 2022 all-out invasion.
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Bloomberg – November 20, 2025
TotalEnergies CEO Warns Europeans Not to Overrely on US LNG*
TotalEnergies SE Chief Executive Officer Patrick Pouyanne said European nations should avoid becoming too reliant on imports of US liquefied natural gas as they prepare to further trim supplies from Russia. US President Donald Trump “seeks somehow to replace the Russian dependency with an American dependency” as Europe looks for energy, Pouyanne said on LCI Television Wednesday. The US is “supplying about 40% of Europe in liquefied natural gas and there’s pressure from President Trump to increase that share, which is significant.”
“If he’s pushing to abandon Russian LNG quicker, it’s because somewhere he knows that it will boost prices,” said Pouyanne. “We must keep the diversity of our supplies.” TotalEnergies is the biggest importer of US LNG to Europe, which has become heavily more reliant on cargoes from global suppliers since Russia throttled pipeline flows to the continent following its invasion of Ukraine in early 2022. The European Union recently adopted a new package of sanctions against Russia including a ban on LNG imports from 2027 — when new projects in Qatar and the US are due to come on stream — to chip away at Moscow’s ability to wage its war against Ukraine.
Utilities, Electricity & Renewables
Utility Dive – November 20, 2025
Texas is winning the energy war by ignoring the politics
Federal energy policy has been the subject of such rancorous political debate that fossil fuels, renewable energy and electric vehicles have become part of the culture wars dividing people across the United States. But while the federal government continues picking winners and losers among energy technologies, Texas demonstrates an affordable and reliable path to achieving American energy resilience that repeatedly prioritizes practicality over ideology.
To be certain, the state has had its fair share of reliability challenges in recent years, and extreme weather will continue to be a risk to our energy infrastructure. But Texas is blessed with tremendous natural gas, wind and solar resources, and embracing these with an all-of-the-above strategy has kept the state’s electricity prices affordable in recent years. Equally important, Texas has shown that resources must stand on their own economic merits. If they don’t deliver affordable, reliable energy in practice — not just on paper — they don’t scale here.
Houston Chronicle – November 20, 2025
Houston’s CenterPoint Energy faces furious customers — this time, hundreds of miles away*
Houstonians frustrated with CenterPoint Energy might feel right at home in Evansville, Indiana. Outside one Evansville home, two grinning skeleton decorations stand near a sign with a simple message: “CenterPoint sucks.” A local Italian restaurant announced that it would no longer serve CenterPoint executives. The owners of Penny Lane Coffeehouse said the Houston company’s leaders were always welcome — if they paid a “barista distribution and service charge of $1,000 per order” to cover the business’s “skyrocketing” utility costs.
A year after CenterPoint touched off a political firestorm over its response to Hurricane Beryl in Houston, the utility has once again angered many of its customers — this time, in Indiana. When CenterPoint’s CEO visited Evansville a few weeks ago, several small businesses shut off their lights at the same time, a symbolic protest against utility bills they say are increasingly unaffordable. Online, other businesses have also posted about their CenterPoint bills, which locals and elected officials say harm the area’s economy. More than 17,000 people have joined a growing Facebook group, where there are new posts about the utility’s rates nearly every day. That’s a sizable gathering, given that CenterPoint serves just 150,000 customers in Indiana’s southwest corner — a mere 5% of the utility’s 2.8 million customer base in the Houston area. But the uproar in the small community is having an outsized impact. The Indiana’s governor issued a statement about utility rate increases titled: “We can’t take it anymore.”
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pv magazine – November 20, 2025
Intersolar & Energy Storage North America examines development and risk management in ERCOT
Texas’ electricity market, managed by independent operator Electric Reliability Council of Texas (ERCOT), is unlike any other in the United States. Representing ~90% of the state’s electrical load with more than 46,000 miles of transmission lines, it operates as a standalone, energy-only market. Power plant operators and independent power producers earn revenue exclusively from energy sales and ancillary services, as there are no capacity payments to stabilize cash flow.
This design creates volatile market conditions with significant risks and high-reward opportunities.
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pv magazine – November 20, 2025
SEIA warns 13 GW of Texas solar and storage at risk
Federal policies targeting renewable energy are causing catastrophic damage to development in Texas, the nation’s leading solar and energy storage state, said SEIA. SEIA has released an analysis indicating that new federal policies targeting renewable energy are placing a significant majority of planned solar and battery storage capacity in Texas at severe risk. The data suggests that up to two-thirds of the state’s future clean energy portfolio could be indefinitely stalled due to a combination of regulatory and financial headwinds.
The primary factors cited for this development risk include the administrative slowdown of federal permitting processes, the rollback of critical investment tax credits, and the cancellation of the $7 billion Solar for All grant program. Solar has taken a hit from political attacks, including the One Big Beautiful Bill Act and executive and agency actions aimed at curbing solar development. After years of growth, Wood Mackenzie forecast that solar installations may decline 1% annually through 2035.
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Utility Dive – November 13, 2025
TVA pursues ‘historic’ gas build-out, advanced nuclear
The Tennessee Valley Authority saw its operating revenue for fiscal year 2025 increase by more than a billion dollars over the previous year, and plans to make significant investments in nuclear and transmission, said TVA’s CEO Don Moul during a Thursday investor call. TVA is “undertaking one of the largest new asset campaigns in our history,” with 3.7 GW of new generation currently under construction, Moul said.
TVA’s CFO Tom Rice said the utility is “in the middle of a historic gas build right now” as it constructs 1.4 GW of natural gas at its Cumberland Fossil Plant and another 1.4 GW at its Kingston Fossil Plant. The utility is planning to build up to four small modular reactors at its Clinch River Nuclear Site after TVA’s board of directors authorized up to $350 million in expenses,and in February entered into an agreement with Type One Energy to develop a plan for a TVA fusion power plant project.
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Utility Dive – November 13, 2025
US needs more gas infrastructure, storage to support electric grid: NARUC
Rising electricity demand, extreme weather and a reliance on gas-fired generation has at times left the power sector scrambling when necessary fuel was not available. During Winter Storm Uri in February 2021, some Texas electric companies cut power to gas production and transportation facilities as part of their emergency conservation response. That reduced fuel supplies to gas-fired power plants, contributing to energy shortages and blackouts. Almost 250 people in Texas died in the storm.
And in 2022, unplanned generator outages reached 90,500 MW during Winter Storm Elliott, with gas fuel supply issues accounting for 20% of unplanned generating unit outages, derates and failures to start, according to the North American Electric Reliability Corp.
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Utah News Dispatch – November 14, 2025
Kennecott bets on wind energy coming from a newly opened Texas project
Amid an effort to become carbon neutral by 2050, Rio Tinto Kennecott signed a 15-year agreement with a clean energy company to purchase power from a newly completed wind farm in Texas. TerraGen, a renewable energy developer, opened the Monte Cristo I Windpower Project in Hidalgo County, Texas this week. The facility has a 238.5-megawatt capacity — equivalent to powering 81,000 homes a year. And, 78.5 of those megawatts are committed to the copper mine outside Salt Lake City.
The agreement strengthens the company’s renewable energy portfolio in the country, Rio Tinto Kennecott managing director Nate Foster said in a statement. … Kennecott’s Bingham Canyon mine has been in operation for over 120 years and currently is ready to remain active until 2026. Up until recently, there were plans in place to extend mining until 2032, but the company is also preparing feasibility studies to prolong the mine’s life until 2040.
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Utility Dive – November 14, 2025
Data center volatility, batteries and the electric grid’s new reality
I spent most of September on the road, from RE+ in Las Vegas to Climate Week NYC, Houston Energy and Climate Week and Data Center World Power in San Antonio. Four different audiences, four very different rooms, but one conversation that always found its way to the surface: power. Not just how much we need, but what kind. The quality, the stability and the very real stress being placed on a grid that was never built for what is coming next.
It is the problem no one planned for. As the next wave of data centers energizes, operators are discovering that the real challenge is not just finding enough megawatts. It is what happens when those megawatts do not stay still.
Regulatory
ProPublica – November 20, 2025
How Trump’s Transportation Department Is Loosening Safety Rules Meant to Protect the Public
On its face, the rule proposed in July by the country’s pipeline-safety regulator seemed innocuous. The regulator, a division of the U.S. Department of Transportation called the Pipeline and Hazardous Materials Safety Administration, was proposing what looked like minor, bureaucratic changes to its process for issuing regulatory waivers. Between the lines, PHMSA watchers saw a much more consequential effort — one that would curtail the power of agency experts to impose conditions aimed at preventing catastrophic pipeline failures.
The rule was signed by Ben Kochman, whom the administration of President Donald Trump appointed as deputy administrator of the agency. In the proposal, Kochman noted that the Interstate Natural Gas Association of America, a powerful pipeline industry group, had criticized the policy that the new rule would change. It went unmentioned that Kochman was a director of that same trade group until January.
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The New York Times – November 20, 2025
A Trump Overhaul of the Energy Dept. Breaks Up Clean Energy Offices*
The Energy Department is breaking up or rebranding several offices that played key roles in the Biden administration’s push to develop clean energy technologies that could help address climate change. A revised organizational chart posted by the agency on Tuesday no longer shows the Office of Clean Energy Demonstrations, the Office of Manufacturing and Energy Supply Chains, or the Grid Deployment Office. Those offices had overseen billions of dollars in funding for batteries, hydrogen fuels and electrical grids, among other projects.
Also gone is the Office of Energy Efficiency and Renewable Energy, which has played a major role in promoting technologies like solar power. That office has been rebranded as the Office of Critical Minerals and Energy Innovation. It is not yet clear how much of the work in these offices may be preserved or transferred elsewhere. But the overhaul reflects the priorities of the Trump administration, which has sought to dismantle Biden-era efforts to tackle global warming and encourage renewable energy and has instead focused on expanding fossil fuel production and prioritizing technologies like nuclear power.
“The Energy Department is aligning its operations to restore common sense to energy policy, lower costs for American families and businesses, and ensure the responsible stewardship of taxpayer dollars,” Chris Wright, the energy secretary, said in a statement announcing the reorganization. The Trump administration has already frozen or canceled large amounts of Biden-era clean energy funding. In May, the Energy Department announced it was terminating $3.7 billion in awards to companies trying to demonstrate technologies that could reduce greenhouse gas emissions. That included natural gas and cement companies trying to capture and bury the carbon dioxide put out by their smokestacks.
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The Hill – November 20, 2025
Energy Department reorganizes, a move it says will help it align with Trump priorities
The Energy Department announced a reorganization on Thursday that it says will better reflect the Trump administration’s priorities. An organizational chart released to the public no longer lists the Office of Energy Efficiency and Renewable Energy. According to the department, this office will be renamed as the newly established Office of Critical Minerals and Energy Innovation.
That office will also take on pieces of what was formerly the Grid Deployment, Clean Energy Demonstrations and fossil energy and carbon management offices, among others. Spokesperson Emery Washington said that the reorganization will not result in staff reductions. In addition, the reorganization reassigns offices related to electricity and nuclear energy from falling under the under secretary for science and innovation to under the secretary’s office.
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Politico – November 18, 2025
Trump’s tariffs are costing companies. Keeping up with them may cost even more.*
Businesses from Wall Street to main street are struggling to comply with President Donald Trump’s byzantine tariff regime, driving up costs and counteracting, for some, the benefits of the corporate tax cuts Republicans passed earlier this year. Trump has ripped up the U.S. tariff code over the past year, replacing a decades-old system that imposed the same tariffs on imports from all but a few countries with a vastly more complicated system of many different tariff rates depending on the origin of imported goods.
To give an example, an industrial product that faced a mostly uniform 5 percent tariff rate in the past could now be taxed at 15 percent if it comes from the EU or Japan, 20 percent from Norway and many African countries, 24 to 25 percent from countries in Southeast Asia and upwards of 50 percent from India, Brazil or China.
“This has been an exhausting year, I’d say, for most CEOs in the country,” said Gary Shapiro, CEO and vice chair of the Consumer Technology Association, an industry group whose 1,300 member companies include major brands like Amazon, Walmart and AMD, as well as many small businesses and startups. “The level of executive time that’s been put in this has been enormous. So instead of focusing on innovation, they’re focusing on how they deal with the tariffs.”
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Texas Energy Report NewsClips
Thursday November 20, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices edged up on Thursday after falling in the previous session as a bigger-than-expected draw in U.S. crude stockpiles offset speculation that a U.S. push to end the Russia-Ukraine war may add barrels to an amply supplied market.
West Texas Intermediate crude futures were 22 cents, or 0.37%, higher at $59.66.
Brent crude futures were up 20 cents, or 0.31%, to $63.72 a barrel at 0714 GMT.
Top Stories
Bloomberg – November 19, 2025
Trump’s Green Light of Saudi F-35s for MBS Is Only the Beginning*
Related: Saudi Crown Prince Mohammed bin Salman told President Trump Tuesday that the Kingdom of Saudi Arabia will increase its investments of $600 billion in the U.S. to near $1 trillion — CBS News
President Donald Trump quipped that it would just take just one day for the US to approve the billions in advanced fighter jets, tanks and other weapons that Saudi Arabia’s crown prince has pledged to buy.The process is a bit more complicated. “It’s already approved, but don’t worry, we have to go through a process. The process will take — Elon knows — the process will take, would you say, 24 hours?” Trump said at the US-Saudi Investment Forum in Washington on Wednesday, directly addressing Elon Musk in the audience and with a nod to the government efficiency drive the president unleashed earlier this year that saw the Tesla CEO taking the reins.
As Saudi Crown Prince Mohammed bin Salman continued a pageantry-heavy bilateral visit to Washington this week, Trump has boasted that the kingdom will purchase around $142 billion of US military equipment and services. Trump’s approval to sell Saudi Arabia the advanced F-35 fighter jets the kingdom has long coveted was the most high-profile deal the two leaders agreed to in an Oval Office meeting on Tuesday. A White House fact sheet published Tuesday didn’t detail the purchases beyond references to “nearly 300 American tanks” and “future F-35 deliveries” of the Lockheed Martin Corp.-produced jet, highlighting the boost to the US defense industrial base and workforce. General Dynamics Land Systems referred questions on a potential sale of its Abrams tanks to the US government.
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Pipeline & Gas Journal – November 19, 2025
Enbridge Expands Gulf Coast Gas Storage with 23 Bcf Buildout at Egan, Moss Bluff
Enbridge is advancing another round of natural gas storage expansions on the U.S. Gulf Coast as LNG demand and industrial growth continue to tighten regional capacity. The company said it has sanctioned new buildouts at its Egan, Louisiana, and Moss Bluff, Texas facilities, adding a combined 23 Bcf of working gas storage between 2028 and 2033 at an estimated cost of $500 million.
“These demand dynamics dramatically shift supply economics and increase the importance of strategically located storage capacity,” Enbridge President and CEO Greg Ebel said during the company’s third-quarter earnings call. He noted that Enbridge currently controls about 10% of available Gulf Coast storage.
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South Carolina Press Association – June 16, 2025
Recent investigations by U.S. experts have revealed deeply troubling findings:
- Undocumented Communication Devices: During routine security assessments, hidden communication modules, including cellular radios, have been found in Chinese-manufactured solar inverters and batteries. These devices are not listed in product documentation, bills of materials, or operating specifications, raising serious questions about their purpose and unauthorized access capabilities. As reported by Reuters on May 14, 2025, these “rogue” communication devices have been a significant cause for concern among U.S. officials and cybersecurity experts.
- “Kill Switches” and Remote Manipulation: The presence of these hidden components suggests a deliberate effort to circumvent existing firewalls and establish covert communication channels. Experts warn that these “rogue” devices could allow remote actors to switch off inverters, alter their settings, or even cause physical damage to grid infrastructure, potentially triggering widespread blackouts. Reports indicate incidents where solar power inverters in the U.S. were remotely disabled from China, underscoring the tangible nature of this threat.
- Circumventing Security Measures: While inverters are designed to allow remote access for updates and maintenance, utility companies typically employ firewalls to prevent unauthorized external communication. The undocumented devices found in Chinese inverters could bypass these safeguards, creating a backdoor for foreign adversaries to manipulate the U.S. power grid at will.
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Energy Now – November 19, 2025
US Crude Stocks Fall on Higher Demand, Fuel Inventories Rise, EIA Says
U.S. crude stocks fell as refining and export demand rose, while gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.4 million barrels to 424.2 million barrels in the week ended November 14, the EIA said, compared with analysts’ expectations in a Reuters poll for a 603,000-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub dropped by 698,000 barrels in the week, the EIA said.
U.S. crude exports rose by 1.34 million barrels per day to 4.16 million bpd, and net U.S. crude imports fell last week by 614,000 barrels per day, EIA said. Oil futures pared some losses following the larger-than-expected draw. Global Brent futures were trading at $63.42 a barrel, down $1.47 at 10:38 a.m. EDT (1538 GMT), while U.S. West Texas Intermediate futures were trading at $59.24 a barrel, down $1.49.
The Latest TERse Tips
Texas public power utility CPS Energy has issued a Request for Proposal to acquire up to 600 megawatts of additional solar energy through one or more Power Purchase Agreements — this latest RFP supports the utility’s previously approved Vision 2027 generation plan, which aims to deliver affordable, reliable, and sustainable energy to the greater San Antonio area, it said on Nov. 18 — American Public Power Association
ERCOT staff told Texas regulators they plan to file two urgent protocol changes with the Board of Directors in their latest push to design a new ancillary service that further strengthens the grid’s resource adequacy — RTO Insider
Entero Therapeutics, Inc. says its subsidiary Grid AI has executed a Letter of Intent with a stealth-mode hyperscaler artificial intelligence data-center developer to deploy Grid AI’s advanced power-cluster optimization and orchestration platform at the customer’s first large-scale AI campus, to be located in the ERCOT market in Texas — investor news
Schneider Electric said on Wednesday it had signed new deals worth almost $2.3 billion with two U.S. data center operators, as surging adoption of artificial intelligence boosts infrastructure demand — KFGO
BP was responding to a release of refined products on the Olympic Pipeline System east of Everett, Washington, and had partially restored part of the system, the company said on Monday — Market Screener
Longtime climate activist Tom Steyer, 60, announces run for California governor — KTVU
Phillips 66’s 293,532 b/d Sweeny refinery is undergoing a planned startup, and Marathon Petroleum’s 665,000 b/d Galveston Bay refinery reported an emissions event on Tuesday, the companies told the Texas Commission on Environmental Quality — MarketWatch
Fitch has assigned ‘BB’ Long-Tem Issure Default Ratings to LandBridge Company LLC and DBR Land Holdings LLC — the Rating Outlooks are Stable — Fitch
Oil & Gas Texas
Upstream – November 19, 2025
Aramco to take stake in Woodside’s $17.5 billion Louisiana LNG project
Aramco is expected to sign two more major US liquefied natural gas deals during Saudi Crown Prince Mohammed bin Salman’s visit this week to Washington DC. The Saudi giant — the world’s largest oil exporter — is expected to sign an agreement to acquire equity in, and offtake volumes from, Woodside Energy’s under-construction 16.5 million tonnes per annum Louisiana LNG, Reuters reported, quoting multiple sources familiar with the matter. Aramco is expected to agree to take up to 2 million tpa of LNG from this greenfield project.
Australian operator Woodside in late April took the final investment decision for the US$17.5 billion Louisiana LNG project, which is targeting production start-up in 2029. The following month Aramco and Woodside entered into a non-binding collaboration agreement to explore the Saudi company’s potential acquisition of equity in, and offtake from, the Louisiana LNG project.
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Offshore Energy – November 19, 2025
Chiyoda and McDermott take revised final EPC step forward for giant US LNG project
Months after the U.S. Department of Energy (DOE) gave its third LNG approval since President Donald J. Trump returned to the White House, allowing more time to begin LNG exports from the Golden Pass LNG terminal (GPLNG) export project in Texas, Chiyoda and McDermott have signed a final revised EPC contract to complete the terminal’s Train 2 and Train 3.
The Federal Energy Regulatory Commission (FERC) already handed Golden Pass permission to inject hazardous liquids into the project’s thermal oxidizers. Currently, Chiyoda and McDermott are the main contractors for Golden Pass LNG, following a court ruling from July 2024, which enabled the remaining contractors to continue construction work.
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Center Square/KDH News – November 19, 2025
Lawsuit challenges oil lease sales in the Gulf
The Trump administration’s plan to allow more oil and gas exploration off the Gulf Coast has received a legal challenge from environmental groups. A lawsuit filed Tuesday in U.S. District Court for the District of Columbia seeks to halt a Dec. 10 offshore oil and gas lease sale covering 80 million acres. The sale is the first of 30 required in the Gulf through 2040 under a bill signed by President Donald Trump in July.
According to the suit, the Interior Department’s Bureau of Ocean Energy Management failed to study the environmental and health effects of the sale and consider alternatives. The requirements are part of the 50-year-old National Environmental Policy Act. Additionally, the suit says oil and gas operations would hurt millions of people who live along the Gulf Coast, as well as its ecosystems and the endangered Rice’s whale. The suit noted the worst offshore oil spill in U.S. history resulted from the 2010 explosion of the Deepwater Horizon rig in the Gulf.
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Upstream – November 19, 2025
US LNG player wants to double capacity at export terminal*
million metric tons per year (MTPA) of capacity, which would bring the total to nearly 60 million MTPA and would be built in three phases. According to the company, this expansion is in response to strong market details: The proposed expansion would add 31 million MTPA of liquefaction capacity, increasing the terminal’s total authorized capacity from the current 27.2 million MTPA to 58.2 MTPA across all phases.
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Bloomberg – November 19, 2025
Shale Oil’s Next Revolution Should Worry OPEC: Javier Blas*
Even after years of technological breakthroughs, the shale industry still leaves most of the oil underground. At best, American drillers siphon away 15% to 10% of what’s potentially available; the rest has remained thousands of feet under the surface. Until now. The next phase of the revolution — call it shale 4.0 — is an engineering arms race to improve the so-called recovery factor. Increasing the ratio even by a single percentage point is a prize worth billions of dollars over the lifetime of thousands of wells in Texas, New Mexico, North Dakota and Colorado. “The best place to find oil is where you already know you’ve got oil,” Chevron Corp. Chief Executive Officer Mike Wirth tells me in an interview in New York. “We know where the oil is. If we left 90% of the oil behind, it would be the first time in history that we didn’t figure out how to do it.”
If engineers are successful, it would turn shale from a sprinter into a marathon runner. The impact won’t be another gusher, but a steady flow of barrels far longer into the future than the industry anticipated. And the more the US provides, the less other sources — above all, the OPEC+ cartel — can pump without undermining prices. American wildcatters spent much of the 1990s and early 2000s experimenting with ways to exploit a new source of petroleum: shale formations. To the untrained eye, the geology resembles tiramisu, with thin layers of productive but hard-to-crack rock sandwiched between non-productive ones. By the mid-2000s, engineers found a way to tap the riches — drilling vertical wells several miles deep into the tiramisu, and then turning the bit around by 90 degrees to proceed horizontally, nowadays as far as 22,000 feet (6,705 meters). Those L-shaped wells reach deep into the productive stratum. Then comes hydraulic fracturing, or fracking — water, sand and chemicals blasted deep underground to free oil from the hard-to-crack shale rock.
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The New York Times – November 18, 2025
Energy Companies Turn to Fossil Fuels, 10 Years After Climate Pact*
TotalEnergies, the French energy giant, said on Monday that it would spend 5.1 billion euros (about $5.9 billion) to acquire a 50 percent interest in mostly natural-gas-fired power plants in several European countries, the latest move by an energy company to return to the once-shunned fossil fuel business. The company, which is already a sizable investor in electric power, said it would use the gas plants to help balance its portfolio of electricity production from renewable sources like wind and solar farms.
The facilities, which are owned by EPH, an energy company controlled by the Czech industrialist Daniel Kretinsky, are in Britain, Italy, the Netherlands, Ireland and France. The move appears to be a sign of an increasingly pragmatic approach to energy and climate change by companies, even in Europe, which has been more aggressive pursuing environmental goals than the United States. The world has changed since the Paris agreement was adopted decade ago with ambitious goals to tackle climate change. It has become increasingly apparent that the agreement’s targets to reduce global greenhouse gas emissions will not be met, and not just because the Trump administration has pulled out of the Paris process.
Oil & Gas National & International
Politico – November 19, 2025
Are federal pipeline safety cops still on the beat?*
President Donald Trump’s unbridled demands for fossil fuel dominance have stirred fear and anger among pipeline critics and safety advocates. But a longtime regulator, who left the federal pipeline safety agency this year amid Trump’s purges, had a message last week for the worriers: It’ll be OK.
“The professionals are still there,” Alan Mayberry, who had been the top career pipeline safety official at the Pipeline and Hazardous Materials Safety Administration, told a conference of safety and environmental advocates. “We have a solid statute that gives us direction to oversee the pipeline industry. The mandate has not changed.”
Many of those attending were not swayed, but Mayberry said the administration’s drive for deregulation offers a chance for “spring cleaning.” PHMSA “thrived” in the first Trump term by removing an underbrush of outdated regulations while advancing new ones, he said. Now, according to Mayberry, the agency has an opportunity to make updates that account for new technology.
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Politico – November 19, 2025
BLM delays enforcement of methane waste rule
The Bureau of Land Management pushed back deadlines for oil and gas companies to comply with the Biden administration’s methane waste rule as it works to rewrite the regulation. The BLM rule finalized last year, Reg. 1004-AE79, charges oil companies royalties for the methane their operations produce but don’t deliver to market as natural gas.
The Trump administration was expected to finalize a rescission of the rule, Reg. 1004-AF33, in October, but has yet to finish that work. According to an update posted to its website Tuesday, BLM will delay enforcement by one year for two of the rule’s provisions that were scheduled to take effect on Dec. 10. Operators with flares flowing between 1,050 and 6,000 cubic feet of gas a month will now have until Dec. 10, 2026, to install measurement and sampling devices. Operators of higher-pressure flares were required to have installed those devices by earlier deadlines, and those rules remain in effect.
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Politico – November 19, 2025
82 countries at COP30 urge to double down on push to abandon fossil fuels
Dozens of governments on Tuesday urged countries to agree on a “roadmap” for phasing out coal, oil and natural gas, ratcheting up the stakes for United Nations climate change negotiations that end this week. The call from 82 countries spanning Europe, the Pacific islands, Latin America and Africa immediately elevated the topic to the top of the COP30 agenda, making it one of the most substantial and likely divisive topics of the two-week negotiations.
One name absent from the list is the United States, the world’s top oil and gas producer, which is skipping the talks entirely. Even so, “this is a coalition of Global North and Global South … saying with one voice that this is an issue that cannot be ignored,” U.K. Energy Secretary Ed Miliband said at a press conference.
The effort seeks to put teeth in a bold but nonbinding pledge from the 2023 climate summit in Dubai in which nearly 200 nations agreed to begin “transitioning away from fossil fuels.” While it is unclear what specific language, shape or form such a template could take, the nations backing the roadmap said it would offer more tangible metrics and guideposts for realizing the goal in hopes of limiting the dangerous rise in global temperatures.
Utilities, Electricity & Renewables
November 19, 2025
ERCOT battery profits drop as market saturation reshapes Texas storage: Enverus
- ERCOT’s installed BESS capacity surged to 11 gigawatts by mid-2025, with batteries delivering more than 7 gigawatt-hours during peak demand.
- Market saturation has driven ancillary service prices down, with average annual battery revenue collapsing nearly 90% in two years.
- Profitability among operators now depends more on strategic site selection, operational timing, and energy market optimization, rather than fleet size or scale.
- Energy arbitrage strategies have become widespread, but have not offset declining returns, with most major operators posting year-to-date profitability below 2.2%.
- Future market success will require advanced approaches as ERCOT transitions to Real-Time Co-optimization plus Batteries (RTC+B), making service selection and timing increasingly critical.
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Exchange Monitor – November 13, 2025
Group challenges NRC license for Holtec storage
Beyond Nuclear has asked the U.S. Supreme Court to invalidate a Nuclear Regulatory Commission (NRC) license that could allow Holtec International to develop a waste storage site in New Mexico, although Holtec says it no longer plans to do so. Beyond Nuclear has filed what is known as a writ of certiorari and asked the Supreme Court to hear the case. “Our SCOTUS [Supreme Court of the United States] appeal is critically important,” said Kevin Kamps, radioactive waste specialist at Beyond Nuclear, said in a Nov. 6 press release.
Although Holtec has abandoned the New Mexico site pointing to barriers set up by the state, Kamps said Holtec’s license for an interim waste disposal site still poses a risk to public safety and the environment. Holtec said last month it would no longer seek a storage facility at the site. Holtec announced the decision five months after the U.S. Supreme Court ruled against a challenge to NRC’s authority to license a similar private spent fuel facility in West Texas.
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KPRC – November 19, 2025
Katy homeowners stopped a battery project, now the developer wants the state to overrule them
What started as a local land-use fight in Katy is now turning into a major battle at the state level. After months of homeowner pushback and a city council vote that stopped a proposed 500-megawatt battery energy storage facility in 2024, the developer is now appealing to the Public Utility Commission of Texas, PUC, hoping they can overturn the city’s decision.
The dispute centers on a 24-acre site inside Katy city limits, where Ochoa Energy Storage LLC planned to build one of the largest battery storage systems in Texas, a facility designed to charge and discharge electricity to support the state’s grid. But from the beginning, many Katy residents opposed the project.
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KXXV – November 19, 2025
Army picks 9 bases for nuclear microreactors, including Fort Hood
The Army announced Tuesday that it has selected nine installations for consideration to host microreactor power plants as part of its Janus Program for next-generation nuclear energy.
The Defense Innovation Unit simultaneously released a request for commercial solutions for advanced nuclear power technologies, marking the next phase of the Army’s effort to deploy secure and reliable energy sources at military installations.
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Utility Dive – November 19, 2025
Groups sue FERC over MISO, SPP fast-track interconnection programs
In separate lawsuits, public interest groups on Tuesday asked a federal appeals court to overturn the Federal Energy Regulatory Commission approval of fast-track interconnection review programs proposed by the Midcontinent Independent System Operator and the Southwest Power Pool.
In part, the groups contend the fast-track interconnection processes give the reviewed projects an unfair advantage compared to projects in the grid operators’ standard interconnection queues. Also, the processes will improperly add to residential ratepayer costs, they say.
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Utility Dive – November 19, 2025
Some load forecasts using ‘unrealistically high load factors’: Grid Strategies VP
Significant load growth is likely to arrive as forecast, but uncertainties associated with data centers are complicating load growth estimation, as are “unrealistically high load factors for the new large loads” in some load forecasts, said John Wilson, a vice president at Grid Strategies.
Wilson is one of the lead authors of a November report which found the five-year forecast of U.S. utility peak load growth has increased from 24 GW to 166 GW over the past three years — by more than a factor of six. The report concluded that the “data center portion of utility load forecasts is likely overstated by roughly 25 GW,” based on reports from market analysts.
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Utility Dive – November 13, 2025
Electricity prices to continue rise in 2026: EIA
Overall U.S. wholesale electricity prices are expected to continue rising next year, the Energy Information Administration said in its latest short-term energy outlook, published Wednesday. The agency forecast the load-weighted average of the 11 regional wholesale prices it tracks to be $47/MWh in 2025 — 23% higher than the 2024 average — and to reach $51/MWh in 2026, another 8.5% increase.
Driving the rise in wholesale prices next year is primarily a projected 45% increase at the Electric Reliability Council of Texas-North pricing hub. “Natural gas prices tend to be the biggest determinant of power prices,” the EIA said. “But in 2026, the increase in power prices in ERCOT tends to reflect large hourly spikes in the summer months due to high demand combined with relatively low supply in this region.”
Regulatory
E&E News By Politico – November 19, 2025
House votes to kill Biden-era curbs on drilling, mining*
The House on Tuesday voted to overturn a slew of Biden administration land protections through the rule-busting Congressional Review Act. The House passed S.J. Res. 80 from Sen. Dan Sullivan (R-Alaska) to ax former President Joe Biden’s decision to withdraw millions of acres from production in Alaska’s National Petroleum Reserve.
Three moderate Democrats — Jim Costa of California, Henry Cuellar of Texas and Vicente Gonzalez of Texas — crossed the aisle to vote “yes.” The legislation passed the Senate last month with support from Pennsylvania Democrat John Fetterman and now heads to President Donald Trump.
Mining companies seeking to dump dredge or fill material into nearby streams and waterways or dig up metals in sensitive headwaters will likely face fewer federal Clean Water Act restrictions under a proposal the Trump administration unveiled on Monday. A draft rule from EPA and the Army Corps of Engineers would scale back the number of waterways and wetlands that fall under the federal government’s jurisdiction, in some cases leaving mineral- and coal-rich states — many with weaker protections — in charge.
In turn, fewer companies would be required to obtain permits under Sections 402 and 404 of the Clean Water Act before disposing of mining waste and byproducts into those waterways, said Mark Ryan, a former Clean Water Act attorney for EPA Region 10 who previously worked on mining projects. “It’s likely more mines will be freed from 404 permitting requirements,” Ryan said.
The proposal marks significant regulatory shift that would likely to be amplified by President Donald Trump’s ongoing efforts to juice domestic mining of everything from copper in Arizona to coal in Appalachia. The administration has opened large swaths of public land to mining, fast-tracked permitting and even taken private equity stakes in companies to boost production.
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Inside Climate News – November 19, 2025
Trump’s Policies Risk Texas’ New Solar and Battery Projects
President Donald Trump’s policies targeting U.S. renewable energy have put two-thirds of Texas’ future solar and battery storage projects at risk of getting stuck in regulatory limbo. The sector’s leading trade group, Solar Energy Industries Association (SEIA), found that the Trump administration’s stalling of renewable projects through slowing federal permitting and rolling back tax credits could result in more than 13,000 megawatts of planned solar and battery projects—half of all the scheduled projects—might not come online in Texas next year.
In 2027, the share of at-risk capacity jumps to more than 22,500 megawatts of the 26,000 planned. In total, SEIA identified 165 projects in Texas that are at risk of not being built. The figures are from an analysis of Energy Information Administration (EIA) data. More than 70 gigawatts of solar and 40 gigawatts of battery projects haven’t received all the federal, state and local permits required and are at risk of being slowed down by an administration determined to halt renewable development in favor of fossil fuels.
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Texas Energy Report NewsClips
Wednesday November 19, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices fell on Wednesday as an industry report showing higher crude inventories in the U.S., the world’s biggest crude consumer, reinforced concerns of oversupply, though price declines were limited by sanctions on Russian oil flows.
West Texas Intermediate crude futures were down 9 cents, or 0.2%, at $60.65 a barrel, after rising 1.4% on Tuesday.
Brent crude futures eased 11 cents, or 0.2%, to $64.78 a barrel as of 0510 GMT, after gaining 1.1% in the previous session.
U.S. crude and fuel stocks rose last week, market sources said late on Tuesday, citing American Petroleum Institute figures.
Crude stocks rose by 4.45 million barrels in the week ended November 14, while gasoline inventories climbed by 1.55 million barrels and distillate inventories increased by 577,000 barrels, the API reported, according to the sources.
“Overall, the report was relatively bearish,” said ING commodities strategists, though they cautioned that “market participants appear more concerned about supply risks than the odds of a surplus going forward.”
Top Stories
Business Insider – November 18, 2025
The AI bubble you haven’t heard about
There’s an artificial intelligence bubble you may not know about, and it could soon come for your electric bill. The companies that provide the power to data centers are pushing regulators to approve massive spending increases for power plants and grid infrastructure. The electricity forecasts they’re using to make their case have an inflation problem — and consumers could end up paying for power plants they may never need.
Many utilities are citing sky-high estimates to justify new AI data centers from Georgia to Texas and up to Minnesota. The catch? Data center operators submit electricity requests in multiple jurisdictions, hoping that one might pan out. Constellation Energy CEO Joseph Dominguez compared it to fishing: “You put a bunch of lines in the water to try to catch fish,” he said. “And the data center developers are doing exactly the same thing.”
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Politico – November 18, 2025
Democrats revive package of bills to clamp down on fracking*
A group of Democrats are reviving a package of bills that would tighten federal regulations for oil and gas drilling, in a rebuttal to expected votes in the House to shore up the energy industry this week. The five-bill package, dubbed the “Frack Pack,” aims to hold oil and gas companies accountable to national standards for air and water quality. It would also eliminate the so-called Halliburton Loophole, which has exempted fracking fluids from regulation under the Safe Drinking Water Act since 2005.
“What all of us are hoping is that this will make the oil and gas industry comply with the same environmental regulations as anybody else,” said Rep. Diana DeGette, a Colorado Democrat and the sponsor of the “Fracturing Responsibility and Awareness of Chemicals (FRAC) Act.” “If we’re going to be drilling, and if we’re going to be leaning in on drilling, we need to make sure we’re not contaminating our aquifers with harmful chemicals,” DeGette said.
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Politico – November 18, 2025
House Dems release plan for energy technology investments*
Climate-focused House Democrats on Monday detailed their plans for boosting investments in cleaner energy technologies, including shoring up federal support. The new policy statement from members of the Sustainable Energy and Environment Coalition (SEEC) sets in-depth priorities for clean energy policies, and shows the coalition moving forward with a shadow climate agenda even as Democrats are the minority party in Congress.
Democratic Reps. Kevin Mullin of California and Andrea Salinas of Oregon, who serve as co-chairs of the SEEC’s Innovation and Technology Task Force, detailed plans to improve federal investment in clean energy technology. Among the group’s goals are expanding federal investment in clean energy technology, with a specific focus on making the technologies marketable — and ensuring the appropriations landscape stays stable enough to attract private investment in new technology.
“The impacts of climate change are intensifying and being felt by communities across the country. We urgently need to support innovation to help tackle our climate crisis, increase American energy independence, make our grid more reliable and efficient, and reduce costs for consumers,” Mullin said in a statement.
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The Latest TERse Tips
An explosion on a major underground gas pipeline near the Siberian city of Omsk sent a column of fire into the air on Tuesday, forcing several industrial plants to cut off gas supplies, regional officials said — Moscow Times
US technology firm Palantir, known for providing surveillance systems to government agencies, may be developing a data center in Texas at the planned Fermi campus outside Amarillo — Data Center Dynamics
Fitch Ratings has assigned a ‘BBB’ rating to Cenovus Energy Inc.’s (CVE) proposed senior unsecured notes — “On a pro forma basis, following close of the MEG acquisition, CVE’s production will rise to over 900 mboed before royalties, making it one of the largest exploration and production (E&P) companies in North America, bigger than Suncor Energy Inc. (Suncor; BBB+/Stable; 808 mboed), Devon Energy Corporation (BBB+/Stable; 841 mboed) and Ovintiv Inc. (BBB-/Positive; 615.3 mboed), but smaller than Canadian Natural Resources Limited (BBB+/Stable; 1,420 mboed), and ConocoPhillips (A/Stable; 2,182 mboed)” — Filtch
New Era Energy & Digital Inc has reported over $4.2 million in losses from operations for the third quarter as it winds down assets toward becoming an integrated power and digital infrastructure company — Rigzone
Evers & Sons Inc. has been awarded a new pipeline project in South Texas from a nationally recognized customer, with work that began November 10th, marking another milestone in the company’s continued expansion across the U.S. energy sector — see the press release
Empire Petroleum. with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, Tuesday reported operational and financial results for the third quarter 2025 — see the press release
Talen Energy Corporation announced Tuesday that it has received regulatory clearance from the Federal Energy Regulatory Commission and the Department of Justice for its previously announced acquisitions of the Freedom Generating Station in Pennsylvania and the Guernsey Power Station in Ohio, both natural gas fired combined cycle generation plants in PJM — see the press release
Conroe is buying the former Dailey Oil Tool building for $5.6 million to use as the site for its future city hall — Dailey was founded in 1945 with its focus in supplying downhole drilling equipment and went public in 1996 — Houston Chronicle*
Oil & Gas Texas
Alternatives Watch – November 18, 2025
Rockland Capital raises $1.2bn for fifth energy fund
Rockland Capital has closed its fifth fund targeting power generation assets at $1.2 billion, reaching its hard cap after less than eight months of fundraising. The Houston-based private equity firm’s latest vehicle, Rockland Power Partners V, attracted institutional investors including endowments, foundations, pensions, healthcare systems, insurance companies and family offices. The fund exceeded its predecessor by more than 70%.
The capital will target existing power plants that can be adapted to provide reliability services as the electrical grid faces mounting pressure from data center expansion and manufacturing reshoring. Rockland plans to focus on assets that require operational improvements or restructuring to enhance their flexibility and capacity.
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KIII – November 18, 2025
South Texas is running dry, and Corpus Christi leaders say they’ve finally found a way to squeeze a little more life out of a shrinking water supply. The city is rolling out a plan to recycle treated wastewater and pump millions of gallons back into daily use without relying on storm clouds that haven’t shown up in months. City officials want to reroute the treated wastewater that currently flows into Oso Bay, turning it into a new source for industrial customers.
The area around the Ennis Joslin treatment facility has become a haven for wildlife, but the city says it also represents a big opportunity. The proposal calls for sending that treated water through a long pipeline to the Greenwood and Saratoga wastewater plant.
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Energy Now – November 18, 2025
Qatar-Exxon LNG Plant in Texas Plans First Shipment in February
The Texas joint venture between QatarEnergy and Exxon Mobil Corp. is targeting February to load its first liquefied natural gas cargo, in what would be a major milestone for US exports of the fuel. The timeline could still change because initiating production at LNG export facilities is a complex procedure, according to people familiar with the matter, who asked not to be identified because they weren’t authorized to speak publicly. A Golden Pass spokesperson didn’t immediately respond to a request for comment.
Golden Pass LNG, located at the border between Texas and Louisiana, is 70%-owned by QatarEnergy while Exxon holds the other 30%. Exxon said previously that the venture was due to start LNG production by the end of the year. The facility is part of an LNG boom that in the space of several years has turned the US into the world’s biggest exporter. Golden Pass will become the ninth operational US export plant. It’s slated to bring a total of 18 million tons a year of capacity online once fully completed, just as concerns are mounting that global supply could exceed demand.
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Oil & Gas Middle East – November 18, 2025
Aramco seals new US LNG deals during Washington visit
Aramco is poised to sign two significant US liquefied natural gas (LNG) agreements during Saudi Crown Prince Mohammed bin Salman’s visit to Washington DC this week, as the company accelerates efforts to expand its international gas portfolio. According to a news report by Upstream, citing multiple sources familiar with the matter, the Saudi energy giant is expected to move forward with plans to acquire equity in, and secure long-term LNG volumes from, Woodside Energy’s Louisiana LNG project, currently under construction.
The greenfield development has a planned capacity of 16.5 million tonnes per annum (tpa), and Aramco is understood to be negotiating a commitment for up to 2 million tpa once the plant comes on stream.
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East Daley – November 17, 2025
ET Considers Upsizing Desert Southwest After Strong Open Season
Energy Transfer (ET) is looking to upsize its Desert Southwest pipeline after selling out the initial 1.5 Bcf/d of capacity in a recent open season. The results confirm strong gas demand potential in the Southwest from utilities and data centers. ET made waves this summer when it announced a final investment decision (FID) on Desert Southwest, a proposed expansion of its Transwestern Pipeline, before completing an open season. The project will add 516 miles of 42-inch pipe at an initial capacity of 1.5 Bcf/d, and with the potential for further expansion, ET said in the Aug. 6 announcement.
The decision to move forward without formal contracts showed confidence in Desert Southwest, a strategy validated by the results of the open season. The project sold all 1.5 Bcf/d of the initial capacity under 25-year contracts with investment-grade counterparties, ET revealed in its 3Q25 investor presentation. Moreover, since closing the initial open season, the project has “received significantly more interest than current planned capacity,” and the company is evaluating expansion options.
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Dallas Morning News – November 17, 2025
New ‘Landman’ season gives oil, gas lobby a chance to promote itself*
As Taylor Sheridan’s wildly popular West Texas oil drama, Landman, returned Sunday for its second season, the American Petroleum Institute also premiered new content: three 30-second ads featuring real workers in the oil patches. The TV show, which stars Billy Bob Thornton as Tommy Norris, had more than 5 million viewers watch last year’s season premiere and broke streaming records. It also helped vault the modern oilfield into the pop culture spotlight.
API president and CEO Mike Sommers told The Dallas Morning News that Landman, like other shows in Sheridan’s portfolio, is a reflection of the “current culture.” To be sure, the fossil fuels industry has its share of critics, particularly in an environmental movement motivated by climate change, and the imperative to shift away from oil and gas. But at least for now, “I think we are finally in a moment, a cultural moment, where people understand how important the oil and gas industry is,” Sommers said.
“There has been a lot of talk about the so-called ‘energy transition’ over the course of the last five years, but I think we’re finally at this point where people are starting to understand ‘energy reality,’ and that oil and gas are going to play a key role in our energy future for decades and decades to come,” he added.
Oil & Gas National & International
Yahoo! News – November 18, 2025
Global oil refining profits surge and may stay strong
Global refining margins have hit multi-year highs in November due to sanctions on Russia, refinery outages and maintenance, according to LSEG data and analysts, and some see little respite without more plants being built in the Western world. The strength in margins contrasts with crude oil markets coming under pressure from an expected oversupply, and has defied expectations earlier this year that the rally could prove to be a short-term blip due to the impact of tariffs.
In the U.S., the 3-2-1 crack spread, a key measure of overall profitability, hovered at $32.13 a barrel on November 18, close to an earlier high which was the highest since March 2024. Asian margins have eased from a 20-month high, while gasoline cracks were close to their highest since early 2024 on November 14.
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S&P Global Platts – November 18, 2025
Argentina to lift 8% export tax on conventional crude
Argentina’s national government said Nov. 18 it will lift the 8% tax on conventional oil exports in a bid to spur production and exports after years of decline. The first province to benefit from the tax elimination will be Chubut, the biggest source of conventional crude in the country, the Economy Ministry said in a statement. The exemption will “gradually extend to the rest of the producing provinces,” it added.
Chubut Governor Ignacio Torres has been the most vocal about the need to scrap the tax, saying in October that this will revive investment in sustaining heavy oil output from maturing reserves in the southern province, and across the country. This, he added at the time, would improve the competitiveness of conventional oil in export markets, helping to increase exports.
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KATU – November 17, 2025
BP confirms leak in Olympic Pipeline near Everett, oil cleanup underway
Oil and gas behemoth BP has confirmed a leak of refined fuel products from its Olympic Pipeline system east of Everett. The Olympic Pipeline is a 400-mile system running from Whatcom County, Washington, to Portland, Oregon, transporting gasoline, diesel, and jet fuel to terminal sites in Seattle, SeaTac, Tacoma, Vancouver, Washington, and Portland, Oregon.
The incident, which was first reported to BP on Nov. 11 after a sheen was observed in a drainage ditch, has prompted a coordinated response involving federal, state, tribal, and local authorities. It was first noted by the public and media on Nov. 17, when ABC reported that operations at Seattle-Tacoma International Airport could be impacted due to fuel delivery issues.
Utilities, Electricity & Renewables
Bloomberg – November 18, 2025
US Faces Winter Blackout Risks From Data Centers’ Power Needs*
Rising electricity demand from data centers is raising the risk of blackouts across a wide swath of the US during extreme conditions this winter, according to the regulatory body overseeing grid stability. Power consumption has grown 20 gigawatts from the previous winter, the North American Electric Reliability Corp. said Tuesday in its winter assessment. A gigawatt is the typical size of a nuclear power reactor. Supply hasn’t kept up. As as result, a repeat of severe winter storms in North America that unleash a polar vortex, of which there have been several in recent years, could trigger energy shortfalls across the US from the Northwest to Texas to the Carolinas. All regions have adequate resources in normal conditions.
“Data centers are a main contributor to load growth in those areas where demand has risen substantially since last winter.” Mark Olson, manager of the reliability assessment, said in an emailed statement. America’s power grid has been facing rising blackout risks for years as aging infrastructure is increasingly stressed by severe storms and wildfires. Now the data center boom, driven by the spread of artificial intelligence, is adding to the strain by supercharging US electricity growth after being stagnant for two decades. Winter is especially risky because solar generation is available for fewer hours and battery operations may be affected. Gas supplies, meantime, could drop off because of freeze-offs or pipeline constraints.
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S&P Global Platts – November 18, 2025
NERC reliability assessment anticipates 2.5% spike in peak winter power demand
The North American Electric Reliability Corp. anticipates total peak demand for the bulk power system it oversees to increase by 20.2 GW for the upcoming winter generating season. This would amount to more than double NERC’s projected level of new peak capacity additions. The 2.5% jump in expected peak demand represents a sharp increase compared to NERC’s last several winter assessments, which have projected year-over-year peak demand growth of roughly 1%.
NERC’s 2025-2026 Winter Reliability Assessment, released Nov. 18, found that all regions are expected to maintain resource adequacy during normal peak operating conditions. However, the Western Electricity Coordinating Council (WECC) Northwest and Basin subregions, as well as the Electric Reliability Council of Texas Inc., parts of the US Southeast, US Northeast, and the Canadian Maritime provinces were all found to be at elevated risk of supply shortfalls during extreme weather scenarios.
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WOAI – November 18, 2025
CPS Energy announces plans to purchase more solar energy in major sustainability plan
CPS Energy has announced a significant step forward in its commitment to sustainable energy. On Tuesday, the energy company issued a Request for Proposal (RFP) to acquire up to 600 megawatts of additional solar energy.
This initiative is part of the utility’s Vision 2027 generation plan, which aims to provide affordable, reliable, and sustainable energy to the San Antonio area. “Every megawatt counts in powering San Antonio, one of the fastest growing regions across the country,” said Rudy D. Garza, President and CEO of CPS Energy. “We are the number one purchaser of solar energy in the state of Texas. I’m grateful for our dedicated teams and their efforts to grow our use of solar to fulfill CPS Energy’s Vision 2027 strategic plan.”
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Austin American Statesman – November 18, 2025
Tesla reports 4 Austin robotaxi crashes in September as it preps to remove safety monitors*
Tesla’s driverless robotaxis were involved in four crashes in Austin during September, according to new data from the National Highway Traffic Safety Administration. News of the wrecks comes as the Austin automaker is planning to remove safety monitors from its self-driving ride-hailing vehicles by the end of the year, a step CEO Elon Musk teased last month for investors. The human monitors have been riding in the robotaxis’ front passenger seat since the service launched in June. Their role is to stop the vehicle or take control in case of trouble.
The four September crashes bring to seven the total that Tesla Inc. has reported for its service in Austin, where it operates about two dozen robotaxis. Waymo, which operates more than 100 autonomous ride-hailing vehicles in Austin in partnership with Uber, reported nine crashes in September. But the narratives it included show most were not the fault of the company’s self-driving system.
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November 14, 2025
ERCOT, TAMU partnering to research state electric grid: Texas A&M
The Electric Reliability Council of Texas (ERCOT) will partner with the Texas A&M Engineering Experiment Station to develop detailed generic dynamic models of large electric loads. The research will focus on data centers, cryptocurrency operations, and electrolyzers, which behave differently from conventional loads and create stability and reliability challenges for the Texas grid.
The project will produce plant-level characteristics, benchmark lab models and more accurate assumptions for future grid studies. It will also generate the first open-source Electromagnetic Transient models informed by current large-load behavior.
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Associated Press/WFMJ – November 14, 2025
Future data centers are driving up forecasts for energy demand. States want proof they’ll get built
The forecasts are eye-popping: utilities saying they’ll need two or three times more electricity within a few years to power massive new data centers that are feeding a fast-growing AI economy. But the challenges — some say the impossibility — of building new power plants to meet that demand so quickly has set off alarm bells for lawmakers, policymakers and regulators who wonder if those utility forecasts can be trusted.
One burning question is whether the forecasts are based on data center projects that may never get built — eliciting concern that regular ratepayers could be stuck with the bill to build unnecessary power plants and grid infrastructure at a cost of billions of dollars. The scrutiny comes as analysts warn of the risk of an artificial intelligence investment bubble that’s ballooned tech stock prices and could burst.
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The Wall Street Journal – November 18, 2025
AI Data Centers Are Banging on Crypto’s Door*
Mike Alfred had become convinced by 2021 that he was on to a great idea: building huge data centers for bitcoin mining in some of the loneliest spots in Texas. The investor found kindred spirits at a bitcoin-focused data-center developer, now called IREN, and joined its board. They were among the few who saw locations like Childress, a tiny city in the Texas Panhandle with a population of 5,700, as ripe for massive infrastructure investment.
By the following year, the vision appeared flawed. During the crypto winter that culminated in the collapse of Sam Bankman-Fried’s FTX exchange, IREN shares tumbled toward $1. Now, the company’s fortunes have reversed—and Microsoft is coming to Childress. Earlier this month, the software giant signed a $9.7 billion cloud-services contract with IREN to expand its rural data-center site to process Microsoft’s workloads for artificial intelligence. The hardware is expected to be rolled out in phases through 2026.
IREN is among a handful of companies initially focused on bitcoin mining that have pivoted to AI while tech companies pursue one of the most expensive infrastructure build-outs in U.S. history. IREN’s market value has swelled to more than $13 billion thanks to a more than 300% jump in its stock price this year. Microsoft, Amazon.com, Google and other tech companies are spending tens of billions of dollars to build massive new facilities to house the thousands of power-hungry graphics-processing units required to train and run AI models.
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CNBC – November 18, 2025
Trump administration backs Three Mile Island nuclear restart with $1 billion loan to Constellation
The Trump administration will provide Constellation Energy with a $1 billion loan to restart the Crane Clean Energy Center nuclear plant in Pennsylvania, Department of Energy officials said Tuesday. Previously known as Three Mile Island Unit 1, the plant is expected to start generating power again in 2027. Constellation unveiled plans to rename and restart the reactor in Sept. 2024 through a power purchase agreement with Microsoft to support the tech company’s data center demand in the region.
Three Mile Island Unit 1 ceased operations in 2019, one of a dozen reactors that closed in recent years as nuclear struggled to compete against cheap natural gas. It sits on the same site as Three Mile Island Unit 2, the reactor that partially melted down in 1979 in the worst nuclear accident in U.S. history.
Regulatory
Politico – November 18, 2025
Zeldin touts ‘limitless’ potential for chemical recycling*
EPA Administrator Lee Zeldin has signaled support for continued development of “chemical” or “advanced” recycling technologies that can process hard-to-recycle plastics. “The capital investment seems to be extraordinary and the future potential here seems to be limitless,” Zeldin said in a video Exxon Mobil released Monday from his September tour of the oil giant’s chemical plant in Baytown, Texas. Zeldin’s comments are some of his first public remarks on the issue.
“It’s very eye-opening being here at this Exxon Mobil site where you’re seeing a proof of concept on advanced recycling get developed in a way that may inspire other cities and really this entire country,” Zeldin said in the video. Exxon’s Baytown complex, one of the largest refining and petrochemical facilities in the world, is among a handful of working operations using a process involving high temperatures to break plastics down into their chemical building blocks for future reuse. That process, called pyrolysis, is perhaps the most common form of “chemical recycling,” an umbrella term for multiple potential new plastics recycling technologies.
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Politico – November 18, 2025
House Republicans move to undo energy efficiency rules*
A House Energy and Commerce subcommittee is looking to advance several bills aimed at rolling back Biden-era efficiency regulations. The Subcommittee on Energy plans to vote on seven Republican bills that sponsors say would lower utility and energy prices for Americans by reducing efficiency requirements. Affordability concerns featured prominently in the recent gubernatorial elections won by Democrats.
“The bills before us today represent an opportunity for this Committee to refocus energy efficiency policies on true energy savings — whether reflected in the cost of an appliance or in utility bills — for hard-working American families,” Energy Subcommittee Chair Bob Latta (R-Ohio) said at a September hearing. But the markup is expected to reignite partisan clashes over efficiency standards. Democrats have long argued that such rules help lower consumer costs and curb energy demand.
“Republicans don’t care about lowering costs,” committee ranking member Frank Pallone (D-N.J.) said at the same September hearing. “All they care about is rewarding their oil and gas friends, punishing clean energy, and keeping President [Donald] Trump happy. Doesn’t matter what the facts are.”
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Texas Energy Report NewsClips
Tuesday November 18, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices dipped on Tuesday as supply concerns eased with the resumption of loadings at a Russian export hub, briefly halted by a Ukrainian drone and missile strike, while traders continued to assess the impact of Western sanctions on Russian flows, according to Reuters.
West Texas Intermediate (WTI) crude futures were down 45 cents, or 0.75%, at $59.46 a barrel.
Brent crude futures were down 46 cents, or 0.72%, at $63.74 a barrel, as of 0420 GMT.
Russia’s Novorossiysk port resumed oil loadings on Sunday following a two-day suspension triggered by a Ukrainian missile and drone attack, according to two industry sources and LSEG-compiled data.
Crude oil is trading marginally lower “as reports indicate that loadings have resumed sooner than expected at Novorossiysk,” IG analyst Tony Sycamore wrote in a note.
Top Stories
Utility Dive – November 17, 2025
FERC OKs NRG’s 19 GW purchase of LS Power gas-fired, demand response assets
The Federal Energy Regulatory Commission on Friday approved NRG Energy’s plan to buy 12.9 GW in gas-fired power plants, and a demand response company from LS Power in a roughly $12 billion deal, saying it wouldn’t hurt market competition. FERC rejected calls by the PJM Interconnection’s market monitor to impose conditions on NRG designed to prevent it from exerting market power in PJM’s energy and capacity markets. Monitoring Analytics failed to show that NRG would be able to influence market prices after the deal is completed, FERC said.
Under the deal, NRG’s capacity in PJM would jump to 9.5 GW from 2.1 GW and NRG would own 2.2 GW in New York, up from 1.2 GW, according to the companies’ application at FERC. The Houston-based independent power producer will also acquire CPower, a commercial and industrial virtual power plant platform with 6 GW of capacity under contract, including about 4 GW in PJM, according to an investor presentation.
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Texas Tribune – November 17, 2025
The Trump administration is weighing whether to relocate the Federal Emergency Management Agency to Texas and tap the state’s top emergency official to lead it, Politico reported Monday, citing two former senior FEMA officials. In February, Trump interviewed Nim Kidd, head of the Texas Division of Emergency Management, to run FEMA. Kidd later acknowledged the interview but declined the position, writing on LinkedIn that he is “committed to serving Texas first.”
Kidd sits on a 13-member FEMA review council that Trump appointed. Politico reported that the panel is expected to recommend FEMA’s move to Texas. The outlet said that would accommodate Kidd’s wish to remain in Texas. Kidd could not be immediately reached for comment Monday. Gov. Greg Abbott also sits on the review council and could not be immediately reached. The Politico report did not say what city could be under consideration for a potential FEMA relocation.
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gasworld – November 17, 2025
BASF and ExxonMobil plan hydrogen pyrolysis plant in Texas
Chemicals company BASF and oil and gas firm ExxonMobil have unveiled plans for a demonstration plant that uses methane pyrolysis technology to produce up to 2,000 tonnes of low-carbon hydrogen and 6,000 tonnes of solid carbon product a year. The proposed plant would be located at ExxonMobil’s Baytown complex in Texas and would use existing natural gas infrastructure.
The two companies have signed a joint development agreement to co-develop the methane pyrolysis technology and advance it toward commercial scale. Methane pyrolysis uses electricity to split natural gas or biomethane into hydrogen and solid carbon without generating carbon dioxide, and it uses about five times less electricity than water electrolysis and requires no water.
The Latest TERse Tips
El Paso City Council has voted to deny Texas Gas Service’s proposed 27% rate increase, following public hearings in which residents heard from both gas service and city staff on the proposed rate increase — KVIA (El Paso)
Fitch Ratings has assigned a ‘BBB+’ rating to Enbridge Inc.’s offering of USD-denominated senior unsecured notes — Fitch
“Data centers are concentrated in these states. Here’s what’s happening to electricity prices” — CNBC
Independent power producer Terra-Gen has announced the commissioning of the Monte Cristo I wind farm in Hidalgo County — Energy News
Energetic Capital announced today that its flagship credit insurance product, the EneRate Credit Cover, supported the financing of a nearly 400MW utility-scale solar project under development in Texas — see the press release
Oil & Gas Texas
Reuters – November 17, 2025
Chevron joins race to explore potential purchase of Lukoil assets, sources say*
The Trump administration on Friday gave clearance to potential buyers to talk to Russia’s Lukoil about buying its foreign assets and allowed business dealings with Lukoil’s Burgas refinery after Bulgaria moved to seize the plant. The U.S. last month imposed sanctions on Russia’s two biggest oil companies, Lukoil and Rosneft, for their help in financing Russia’s nearly four-year war in Ukraine. Lukoil has faced growing disruptions to its foreign assets, which account for about 0.5% of global oil production, since the sanctions were imposed.
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Politico – November 17, 2025
House returns to vote on flurry of energy bills, resolutions*
The House’s long-awaited return to regular session this week will come a flurry of votes on energy and environment legislation. The chamber is set for a rare five-day workweek as GOP leaders try to plow through a backlog of energy priorities after a record-breaking government shutdown. They have queued up votes on measures to lift restrictions on liquefied natural gas exports and expand domestic refining capacity amid rising energy costs.
Lawmakers will also take up several Congressional Review Act resolutions targeting Biden-era environmental initiatives, including protections for certain drilling areas in Alaska. Republican Study Committee Chair August Pfluger (R-Texas) will once again see his “Unlocking our Domestic LNG Potential Act of 2025,” H.R. 1949, considered on the House floor. The bill would specifically give the Federal Energy Regulatory Commission (FERC) exclusive authority to approve or deny applications for liquefied natural gas export and import facilities. Pfluger and Republican leadership previously championed the bill in response to President Joe Biden’s LNG pause, in which the Department of Energy paused new terminal approvals to evaluate whether they were in the public interest. It passed the House last year, but never received Senate consideration.
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Daily Upside – November 17, 2025
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New ETFs Are Betting Big on Texas
Texas has no state income taxes for individuals or corporations, and its laws are generally favorable to businesses, such as one that limits shareholder lawsuits against corporations. The state is also favorable to people moving there, Pena said, not just companies, making it an economic engine. “Texas has more Tier 1 research universities than any other state, so we have that talent pipeline,” he said. “[People are] also moving to Texas because the cost of living is significantly lower … relative to New York and California.”
Still, niche strategies come with risks. Much of the Texas economy is dependent on oil production, a sector that’s experiencing slowing growth. Performance of Texas-focused funds is also mixed
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Center Square – November 14, 2025
Louisiana might lose its carbon capture lead to Texas:
In 2023, Louisiana celebrated securing Class VI primacy from the Environmental Protection Agency. At the time, I gave a statement to the press that Louisiana gaining the ability to do its own permitting of carbon capture and storage projects was putting our state “on the verge of a new golden age” of energy production and all that comes with it — new jobs, more state revenue and a stronger economy.
With carbon capture and storage poised to take American energy dominance to new heights, we were years ahead of any other state. As the Trump administration repealed many of the Biden-era tax credits, it doubled down on support for carbon capture and storage in the One Big Beautiful Bill because the technology is viable and has a market demand.
Oil & Gas National & International
Blioomberg – November 17, 2025
Atlantic LNG Freight Rates Surge to Highest Since Early 2024*
The cost of transporting liquefied natural gas across the Atlantic Ocean surged to the highest in almost two years, as expanding exports from North America boosted demand for tankers. The spot rate to hire an LNG vessel for delivery from the US to Europe jumped 19% to $98,250 per day on Monday, the highest since January 2024, according to Spark Commodities, which tracks shipping prices. Costs to hire a tanker in the Pacific Ocean also jumped 15% to the highest in over a year, the data show.
This is a stark turnaround for the market, which had languished at rock-bottom prices for most of the year amid a glut of available ships. Output from North America has increased steadily as new projects ramp up, requiring more vessels to deliver the fuel to customers in Europe and Asia. The 30-day moving average for LNG exports from North America has climbed nearly 40% year-to-date, according to ship-tracking data compiled by Bloomberg.
Higher freight rates threaten to widen the spread between Asian and European gas prices, as it will be more expensive to send US shipments to the Pacific. A company booked a vessel for December in the Atlantic for about $100,000 per day, traders said. Likewise, when freight rates were lower, companies sent some vessels to Asia, further exacerbating a shortage of ships in the Atlantic, they added.
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Spectrum News – November 14, 2025
Trump administration repealing protections for key swaths of Alaska petroleum reserve
The U.S. Interior Department said the final rule would be published next week but announced it is repealing rules put in place last year. Those rules restricted future leasing and industrial development in areas within the National Petroleum Reserve-Alaska designated as special for wildlife, subsistence or other values.
Thursday’s announcement is in line with an Alaska-specific executive order President Donald Trump signed upon his return to office. The order sought to unravel policies put in place by his predecessor, Democrat Joe Biden, that state political leaders complained had limited Alaska’s ability to develop its vast energy resources, including oil and gas.
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The Wall Street Journal – November 14, 2025
Trump’s Offshore Drilling Push Faces Deep-Rooted Opposition in California*
President Trump’s plan to allow oil drilling off California’s coast is running into a stark reality: in the Golden State, offshore drilling is political poison, even for the president’s Republican allies. That makes the business case for oil companies to drill offshore there virtually untenable, analysts and political consultants say. Gov. Gavin Newsom made a major pivot on drilling this year when he agreed to let Kern County, home to Bakersfield and the heart of the state’s oil patch, issue 20,000 drilling permits onshore over the next decade. It was a bid to feed domestic crude to the state’s refineries and temper its high gasoline prices.
But it didn’t take long for Newsom to register his opposition to the Interior Department’s planned proposal to allow offshore drilling in California, Alaska and the Eastern Gulf of Mexico, which Trump is calling the Gulf of America. Newsom called the proposal “dead on arrival.” It is expected to be unveiled as soon as this week. The White House referred questions to the Interior Department, which didn’t respond to a request for comment. Newsom’s office said the administration has yet to formally share its plan with California policymakers. “Expensive and riskier offshore drilling would put our communities at risk and undermine the economic stability of our coastal economies,” said Anthony Martinez, a spokesman for Newsom’s office.
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Newsweek – November 11, 2025
Gavin Newsom Reacts to Report of Trump’s New California Oil Drilling Plan
California Gov. Gavin Newsom on Tuesday dismissed reports of President Donald Trump’s plan to expand oil drilling off the state’s coast, calling the proposal “dead on arrival in California.” Newsweek contacted the White House and the Interior Department for comment via email outside office hours. Trump has promised an oil and gas drilling boom aimed at delivering low fuel prices and energy independence for the United States.
Opposition to a resumption of drilling off California from Newsom, a likely contender for the 2028 Democratic presidential nomination who has emerged as Trump’s main antagonist, sets them up for a confrontation that could help shape both the political battle in the run-up to midterm elections next year and America’s energy future.
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The Wall Street Journal – November 17, 2025
Oil Major TotalEnergies Is Betting Big on Electricity*
French oil and gas major TotalEnergies is ramping up its bet on electricity with a $6 billion investment in power plants across Europe, expanding a strategy that has set it apart from rivals focused on pumping more fossil fuels. TotalEnergies said Monday it would buy 50% of a portfolio of assets owned by Energeticky a Prumyslovy Holding, the investment fund controlled by the Czech billionaire Daniel Kretinsky. The all-stock deal will give EPH a stake in TotalEnergies valued at 5.1 billion euros, equivalent to $5.9 billion, or roughly 4.1% of its shares—making EPH one of the company’s largest shareholders.
TotalEnergies is betting that investments in electricity generation—a mix of renewables, gas-fired power plants and batteries—can eventually match the profitability of producing fossil fuels. The company expects demand growth for power to outpace oil and gas, driven by electric vehicles, heating and now artificial-intelligence data centers. Many energy analysts and investors agree that electricity demand will rise but question whether investment in power generation—particularly renewables—will be as lucrative as oil and gas. Two of TotalEnergies’ main rivals, Shell and BP, have recently pulled back from renewable power, deciding instead to double down on finding and pumping fossil fuels.
Investors are watching closely to see how the French company’s contrarian strategy plays out. TotalEnergies Chief Executive Patrick Pouyanné said the deal wouldn’t only bolster its power-generation business but allow the division to start generating free cash flow in 2027, rather than 2028. “I know that the market is impatient,” Pouyanné said. The company has pledged to boost the return on investment of its power-generation assets from 10% today to 12% by 2030, or equivalent to what its oil and gas business earns when crude oil is $60 a barrel.
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Financial Times – November 16, 2025
Mark Carney’s ‘energy superpower’ vision up against political hurdles
On the outskirts of Edmonton, the Enbridge oil terminal is a maze of pipes and tanks that embodies Canada’s fraught oil ambitions. “These are gorgeous pipes,” said Norman Omoth, Enbridge’s terminal co-ordinator, gesturing towards North America’s largest crude pipeline system that has sent rivers of Canadian oil to the US since 1950. But the politics of what moves through those pipes is as tangled as the network itself. Canada now supplies about 60 per cent of US oil imports, or about 4mn barrels a day.
Most of it comes from the giant bitumen-rich oil sands of northern Alberta, home to the world’s third-largest reserve of oil. The Canadian Association of Petroleum Producers said these shipments, which have doubled in a decade, would generate C$147bn ($105bn) this year. While Donald Trump’s punishing tariffs on Canada — the US’s second-biggest trading partner — do not affect energy, they have spurred Ottawa to seek new customers. The old US-Canada trading relationship was “over”, Prime Minister Mark Carney said after taking office in April
Once a champion of global decarbonization, the Liberal leader now wants fossil fuels to help him buttress Canada’s economy — turning the country into an “energy superpower” for the Trump era. Carney has said more pipelines to boost exports are “highly likely”, although he is yet to announce any, and vowed to ease regulations to support more energy production. If he pulls it off, Carney will have sheltered Canada from the policies of the mercurial US president while easing frictions between Ottawa and Canada’s resource-rich western provinces, and between oil companies and First Nations. “This is a bold move by Carney to take advantage of Canada’s abundance in energy . . . to reduce the country’s dependence on the United States,” said Brian Rathbun, at the University of Toronto’s Munk School of Global Affairs and Public Policy.
Utilities, Electricity & Renewables
Cybernews – November 17, 2025
The gang targeting America’s grid now says it’s coming for Canada
A notorious ransomware gang has listed Spark Power as a victim, claiming to hold 222GB of stolen data. However, so far, it has provided no evidence to support its claims. Qilin, the cybercriminal gang behind the alleged ransomware attack, has listed Spark Power, a Canada-based electrical services company with active operations in the US, as a victim on its leak site on the dark web. This is a common technique used in ransomware attacks, where threat actors post a company’s information as a warning to pay a ransom before the stolen data is leaked on the dark web.
The post appeared on November 15th. The attackers claim to possess 222GB of the company’s data. However, at this stage, they have not provided any data samples to back up their claims. Without data samples, it is unclear what kind of data attackers might have stolen from the company’s network. Although the dataset is large in size, it may encompass a wide range of data, which can cause varying levels of damage when exposed to the public.
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San Antonio Express-News – November 17, 2025
Is CPS ready for winter energy demand? Here’s what we know.*
CPS Energy board member Willis Mackey voiced the question many San Antonians may have heading into another winter season. “Do you feel confident about going into the winter?” he asked during Monday’s board discussion of the the San Antonio utility’s winter preparedness. The answer from CPS officials is that they’re ready. In large part, that’s because the utility has increased its capacity by nearly 3,000 megawatts in the past year, putting it in good shape for a high-usage winter. The utility’s winter record record for energy demand was set Jan. 16, 2024. That day, the utility customer’s requred 5,346 megawatts.
CPS can easily handle that level of demand, officials said, with more than 11,000 megawatts now ready for deployment. One megawatt powers about 250 homes during peak usage — so it has enough to power more than 2.7 million homes. That’s up from the 8,718 megawatts it had available heading into last winter. San Antonio is facing a La Niña winter this year. That means temperatures are likely to be warmer than usual with below-average precipitation. While the grid may not be seeing the typical surge in demand from people cranking their heaters, there are other concerns for the grid.
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San Antonio Express-News – November 17, 2025
Big data center planned next to Samsung’s $17B chip factory in Central Texas*
Plans for a big data center next to Samsung Electronics’ $17 billion chip factory in Central Texas may be on the horizon as a Dallas-based developer eyes a 220-acre parcel directly northeast of the rising factory. The Taylor Planning and Zoning Commission were expected to consider a proposal for KDC, an employment center plan for the site at 1051 County Road 401, on Wednesday, November 12, according to reports by KXAN. While details are limited, the campus “would have primary data center uses along with a small lot of space for commercial, civic and other uses.”
The property under consideration would be next to Samsung’s massive chip factory in Taylor, which has already sparked a growing tech hub outside of Austin. Last year, Samsung announced it anticipated to open the first part of its Taylor fabrication facility by 2025, and in July the company confirmed the factory is expected to be completed on time. Recently, MySA reported on a possible launch delay of the multi billion-dollar chip factory as heightened immigration crackdowns continue across the U.S. As a result, Korean suppliers and companies have been working to secure U.S. work visas, impacting the progress of Central Texas’ next big tech hub.
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KPRC – November 17, 2025
Customers face higher bills again with new CenterPoint plan approval
State regulators approved CenterPoint Energy’s $2.9 billion resiliency plan. For customers, this also means bill changes. CenterPoint Energy will increase electric rates by about $1 a month starting next year. KPRC 2’s Amy Davis breaks down what’s included in the plan and when customers can expect higher electric bills. The bill increase will gradually rise until customers are paying an extra $4 a month by 2028.
This latest rate hike funds CenterPoint’s $2.9 billion resiliency plan. The utility told the Public Utility Commission it aims to prevent the frequent power outages customers have experienced. The money will be used to trim trees, bury more power lines and install more storm-resilient poles. In part, a CenterPoint Energy statement said: “High-risk vegetation remains the leading cause of outages in Houston, and with the Public Utility Commission’s approval of our Systemwide Resiliency Plan, we can go above and beyond standard vegetation management by implementing an industry-leading three-year trim cycle. This enhanced approach will allow us to clear high-risk vegetation from thousands more miles of power lines every year.”
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KVUE – November 17, 2025
New analysis shows more US consumers are falling behind on their utility bills
More people are falling behind on paying their bills to keep on the lights and heat their homes, according to a new analysis of consumer data — a warning sign for the U.S. economy and another political headache for President Donald Trump. Past due balances to utility companies jumped 9.7% annually to $789 between the April-June periods of 2024 and 2025, said The Century Foundation, a liberal think tank, and the advocacy group Protect Borrowers. The increase has overlapped with a 12% jump in monthly energy bills during the same period.
Consumers usually prioritize their utility bills along with their mortgages and auto debt, said Julie Margetta Morgan, the foundation’s president. The increase in both energy costs and delinquencies may suggest that consumers are falling behind on other bills, too. “There’s a lot of information out there about rising utility costs, but here we can actually look at what that impact has been on families in terms of how they’re falling behind,” Margetta Morgan said.
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San Antonio Express-News – November 17, 2025
Atma Energy aims to bring the ‘magic’ of solar to homeowners who’ve been burned*
Anabella Starnes is eager to show off her CPS Energy bill from August, proudly displaying the three-digit total cost: $6.96. “What is the magic here?” she asked. “The magic is solar.” But the magic didn’t happen until Atma Energy, a San Antonio residential and commercial solar business with offices in Austin and Houston, came to fix the solar installation she’d spent $16,000 on — one that in just a couple of years left her with a sagging roof and no savings on her utility bills.
Initially, the solar system worked, though with bills around $56, not the savings she’s seeing now. But gradually, her electricity costs began increasing. Within two years, the monthly bill for her three-bedroom home in Converse was more than $200. She called the solar installer but was told it didn’t have enough personnel to send a technician, she said. Then the pandemic hit — causing another level of complications. Despite having a 25-year warranty on the work, Starnes was unable to get any assistance from the installer. Her husband disengaged the inverter and took it to an electronics shop. He was told the inverter was missing a piece — one that was outdated and no longer in production.
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November 17, 2025
Last month, the State Energy Conservation Office, a unit of the Texas Comptroller of Public Accounts, asked stakeholders for input on whether to move forward on adoption of the 2024 International Energy Conservation Code, a modern code that assures that new buildings use less energy and incorporate new technologies that save energy. The announcement – which requires stakeholders to put in comments by November 24th – is an important step in assuring that Texas does not waste energy – and therefore saves money for consumers – as our population and economic development continues to boom.
The last time the state of Texas considered adopting the latest energy codes for new residential and building construction was back in 2015. At that time, legislation supported by the Sierra Club passed which essentially mandated the state of Texas to adopt a new energy code as the state’s minimum energy code, and they did so, as the State Energy Conservation Office adopted the 2015 International Energy Conservation Code for commercial construction and the energy chapter of the 2015 International Energy Code. Since that law and subsequent rulemaking occurred, virtually every city in Texas has gone forward and adopted new codes for construction, and many of the cities have since updated those codes to the 2018, 2021 or 2024 energy codes. Essentially, every three years the International Code Council adopts new model codes for potential adoption.
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KTRK – November 17, 2025
Texas microgrids emerge as a backup solution to state’s isolated power grid
Houston is the energy capital of the country. From oil and gas to the renewable sector, there are always new advances and upgrades being made to help keep the statewide power grid running.
Texas is a state that solely depends on its own power grid for electricity, which can come with its challenges, especially during extreme weather and peak demand. That’s why many have turned to other ways to keep the lights on in their home through backup sources of power. One innovation on the rise for collecting and storing power is the microgrid.
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The New Yorker – November 17, 2025
Why the Time Has Finally Come for Geothermal Energy*
Scientific work that has been discarded or forgotten can return—sometimes through unknowing repetition, at other times through deliberate recovery. In the early nineteen-seventies, the U.S. government funded a program at Los Alamos that looked into developing geothermal energy systems that didn’t require proximity to geysers or volcanoes. Two connected wells were built: in one, water was sent down into fractured hot, dry rock; from the other, the steam that resulted from the water meeting the rock emerged. In 1973, Richard Nixon announced Project Independence, which aimed to develop energy sources outside of fossil fuels.
“But when Reagan came into office, he changed things,” Jefferson Tester, a professor of sustainable energy systems at Cornell University, who was involved in the Los Alamos project, told me. The price of oil had come down, and support for geothermal dissipated. “People got this impression that it was a failure,” Tester said. “I think if they looked a little closer, they would see that a lot of the knowledge gained in those first years could have been used to leverage what is happening now.”
Tester went on to help establish the M.I.T. Energy Lab (now called the Energy Initiative), which focusses on advancing clean-energy solutions. He and his colleagues felt that students needed to know the history of the research into diverse energy sources, so they put together a course and a textbook called “Sustainable Energy: Choosing Among Options.” In 2005, the Department of Energy, under George W. Bush, commissioned a group consisting of Tester and some seventeen other experts and researchers—including drilling engineers, energy economists, and power-plant builders—to investigate what it would take for the U.S. to produce a hundred thousand megawatts of geothermal energy, a bit more than one-fifth of the energy the U.S. had consumed that year. (Geothermal energy production in the U.S. at that time was around three or four thousand megawatts.)
Regulatory
Politico – November 17, 2025
Car-centric Texas inches toward mass transit*
Texas officials are drawing up the state’s first-ever mass transit plan, a notable milestone for a state that has relied primarily on cars and highways for transportation. The Statewide Multimodal Mass Transit Plan explores ways Texas can expand or develop bus, light rail and intercity rail service to help handle the state’s booming population growth and worsening traffic congestion. Historically, the Texas Department of Transportation has only built highways.
The state is taking written comments on the draft plan through Nov. 20, and officials said they intend to update it every five to eight years. In the meantime, the state transportation department says it will try to improve coordination among transit agencies and work on identifying transit corridors and hubs around the state. So far, there appears to be broad support for more transportation options. A public opinion survey included in the draft plan found that 86 percent of respondents said it’s important to improve mass transit.
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Texas Energy Report NewsClips
Monday November 17, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices fell on Monday, erasing last week’s gains, as loadings resumed at the key Russian export hub of Novorossiysk after a two-day suspension at the Black Sea port that had been hit by a Ukrainian attack.
West Texas Intermediate (WTI) crude futures were trading at $59.53 a barrel, down 56 cents, or 0.93% from Friday’s close.
Brent crude futures dropped 53 cents, or 0.82%, to $63.86 a barrel at 0423 GMT.
Both benchmarks rose more than 2% on Friday to end the week with a modest gain after exports were suspended at Novorossiysk and a neighbouring Caspian Pipeline Consortium terminal, affecting the equivalent of 2% of global supply.
Top Stories
The Conversation – November 14, 2025
Supply-chain delays, rising equipment prices threaten electricity grid
Two new data centers in Silicon Valley have been built but can’t begin processing information: The equipment that would supply them with electricity isn’t available. It’s just one example of a crisis facing the U.S. power grid that can’t be solved simply by building more power lines, approving new power generation, or changing out grid software. The equipment needed to keep the grid running – transformers that regulate voltage, circuit breakers that protect against faults, high-voltage cables that carry power across regions, and steel poles that hold the network together – is hard to make, and materials are limited. Supply-chain bottlenecks are taking years to clear, delaying projects, inflating costs and threatening reliability.
Meanwhile, U.S. electricity demand is surging from several sources – electrification of home and business appliances and equipment, increased domestic manufacturing and growth in AI data centers. Without the right equipment, these efforts may take years longer and cost vast sums more than planners expect.
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Bloomberg – November 14, 2025
Firm Says Elliott Push to Liquidate Oil Fund Will Hurt Investors*
A Texas private equity firm told a judge that Paul Singer’s Elliott Investment Management would hurt 100 other investors if an oil and gas fund was forced to liquidate assets now as part of a legal dispute over expenses. Stronghold Investment Management urged a Delaware Chancery Court judge to deny Elliott’s demand to wind down two partnerships known as Fund II, according to a court filing. The Texas firm said it would have to sell the assets at a discount — breaching its fiduciary duties — to satisfy “Elliott’s desire for short-term liquidity.”
The investments in companies that buy and sell oil and gas interests were designed to mature over 10 years or more, Stronghold said in a court filing made public Nov. 10. “Elliott now demands Fund II’s wind down well before its natural end, in disregard of the general partners’ obligations to one hundred other limited partners.” Elliott sued in September, claiming Stronghold charged excessive expenses to manage the partnerships and breached a contract by refusing to liquidate Fund II. Stronghold disputes the claims. The private equity firm said its relationship with Elliott began to sour in 2022 when it refused to let the activist investor exercise more control over Stronghold’s business. Elliott responded “by accusing Stronghold of misconduct and threatening ruin,” the private equity firm said.
The court fight with a fund investor is rare in the private equity world since relationships are long-term given the nature of the asset class. Elliott, which managed $76.1 billion as of June, has tussled with some of the world’s largest public companies to try to force change. Elliott is demanding to liquidate the Fund II before its natural end having made a $97 million investment almost seven years ago, Stronghold said. The private equity firm also leveled an accusation of its own — that Elliott owed it proceeds from the sale of assets in earlier oil and gas ventures.
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Reuters – November 14, 2025
Enbridge approves $1.4 billion project to boost Canadian oil flows to US*
Canadian pipeline operator Enbridge on Friday approved $1.4 billion in expansion projects for its Mainline and Flanagan South pipelines to the U.S., which it stressed is the most logical destination for new crude export capacity out of Canada. The projects will add a combined 250,000 barrels per day of capacity for Canadian heavy oil shippers moving oil to the U.S. Midwest and Gulf Coast. The additional capacity is expected to come online in 2027.
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Houston Chronicle – November 14, 2025
Controversial Tarrant County GOP chair accused of antisemitism enters Railroad Commission race*
The Republican race for a seat on the Texas Railroad Commission heated up this week, with Hawk Dunlap and Bo French throwing their hats in the ring. French announced his candidacy Wednesday, resigning from his current position as chairman of the Tarrant County Republican Party months after a controversy in which Lt. Gov. Dan Patrick accused him of “antisemitism and religious bigotry.” Dunlap is a 35-year oil worker who most recently has made headlines for taking on Houston oil major Chevron and other companies for their alleged handling – or lack thereof – of leaking and orphaned oil wells. …
French and Dunlap will face incumbent Chairman Jim Wright in the Republican primary next year. Although both Dunlap and French are running under the umbrella of the Republican party, their platforms stand in stark contrast to one another. In a statement announcing his candidacy, French touted his political fundraising record, President Donald Trump’s victory in Tarrant County last November, and his “relentless” record of fighting the “radical left” by taking on diversity and equity inclusion initiatives at Texas Christian University. French also noted in his candidacy announcement his history of “calling out” Chinese-owned oil companies across the state, highlighting his efforts to put “American energy first.”
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Energies Media – November 15, 2025
Following the latest sanctions on Russian energy resources, the global energy community is turning to the United States to fill the gap left behind by the end of Moscow’s energy flow into the world. Now, two energy majors from the US are considering and contemplating a new refined product pipeline that would link the great state of Texas to the Western states of the United States, fostering trade and providing essential energy products. The pair of companies has established an open season for the proposed project recently, with interested parties urged to get in touch.
Texas has been the cornerstone of the American energy sector for generations, while California has become the most blue state in recent memory, boosted by the recent proposal by Governor Gavin Newsom to gain five more seats in Congress by redistricting several areas. Geopolitical differences aside, the pair of US states will hopefully become a lot closer in the near future through the proposed Western Gateway pipeline.
The Latest TERse Tips
Firefighters worked all of Sunday to control and now monitor a fire at the decommissioned P. H. Robertson power plant near Texas City off Galveston Bay — the plant was shut down following Hurricane Ike in 2008 because of damage and aging infrastructure — the worry now is hot spots while investigators try to understand how a fire can start and a presumably abandoned facility — no injuries reported — see more at KHOU
New SEC filing reveals Exxon spinoff Sable Offshore entered October about a month from potential bankruptcy — Hunterbrook
“Data centers are concentrated in these states. Here’s what’s happening to electricity prices” — CNBC
Goldman Sachs upgraded Sempra Energy from Neutral to Buy and set a price target of $106.00, citing the company’s increased focus on Texas operations — Investing
EPA’s popular water infrastructure loans are scarce this year — the agency has closed only three loans since the Trump administration began in January, a nosedive from activity in 2023 and 2024 — Politico*
Check this out! Submerged electric vehicle causes water to boil for 13 hours — KGO
Oil & Gas Texas
Oil Price – November 14, 2025
US Oil Drilling Picks Up: Baker Hughes
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count in the US rose by 1 to 549 this week, according to Baker Hughes, down 35 from this same time last year.
The number of active oil rigs rose by 3 in the reporting period, according to the data, reaching 417. Year over year, this represents a 61-rig decline. The number of gas rigs fell by 3 to 125, which is 24 more than this time last year. The miscellaneous rig count rose by 1 to 7. The latest EIA data showed that weekly U.S. crude oil production rose in the week ending November 7, with crude oil production reaching 13.862 million bpd—yet another new high—up from 13.651 million bpd in the week prior.
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Pipeline & Gas Journal – November 14, 2025
U.S. Replenishes SPR with New Energy Transfer, Trafigura Supply Deals
The U.S. Energy Department said on Nov. 12 that it has bought 900,000 barrels of crude oil for nearly $56 million, a small step in replenishing the Strategic Petroleum Reserve. Trafigura Trading will supply 600,000 barrels while Energy Transfer Crude Marketing will supply 300,000 barrels, an Energy Department document said. The solicitation, which called for up to 1 million barrels, was announced in October.
The oil will be delivered in December and January to the Bryan Mound SPR site in Texas, the Energy Department said.President Donald Trump’s administration has been looking to replenish the SPR, but has been limited by a lack of funds and by ongoing maintenance at the reserve, held in a series of hollowed-out salt caverns on the Texas and Louisiana coasts.
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Midland Reporter-Telegram – November 14, 2025
Permian Basin expected to fuel OpenAI, Oracle data*
Beyond impacting demand for power and natural gas in the Permian Basin, data centers are also influencing plans for pipeline investments in the region. One example is Project Jupiter, a four-building data center campus located in Santa Teresa, New Mexico, planned by OpenAI and Oracle. The facility will be developed and operated by BorderPlex Digital Assets and Stack Infrastructure, which plan to construct an onsite natural gas–powered microgrid capable of supplying 700–900 MW of generation directly to the campus. East Daley Analytics expects the full campus to be in service by October 2029 and to consume 110–140 million cubic feet of gas once fully operational.
The Permian is likely to be the primary gas source for Project Jupiter. However, the San Juan Basin could play an indirect role by backfilling system volumes. While the San Juan lacks a direct connection to Doña Ana County, the basin’s production could help meet power and industrial demand in northern New Mexico or Arizona, effectively freeing up Permian gas to serve load growth from new developments like Project Jupiter farther south. Ian Heming with East Daley noted that, recently, Permian egress has been limited, which has pushed Waha prices into negative territory for significant periods of time. Because of the limited capacity, competition has been limited, with every available route often running full out of the Permian. Matterhorn entering service increased egress capacity, but production is still sufficiently high that there won’t be available capacity until 2027 following multiple new projects coming online.
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MSN – November 14, 2025
Permian gas forecast: Pipelines, LNG will tighten Waha
The rise of natural gas, whether to fuel power generation or to export as liquefied natural gas, is reshaping global markets. Permian Basin pipeline developments were one of the trends closely examined by analysts at Enverus Intelligence Research, along with Haynesville production trends. Analysts say the trends in those two basins underscore the importance of both drilling efficiency and pipeline expansions.
In the Permian Basin, analysts forecast the Waha differential will narrow to an average of roughly 50 cents per MMBtu late in the decade with new pipeline expansion and improving market access. Permian gas production is seen as resilient, expected to reach about 31 billion cubic feet per day by 2030 due to rising gas-to-oil ratios. An expected 16 Bcf per day of new pipeline capacity and surging LNG demand will ease that congestion and tighten the basis.
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The Wall Street Journal – November 15, 2025
The Texas Billionaire Trying to Tame the Wild West of College Sports*
It was homecoming weekend at Texas Tech and oil billionaire Cody Campbell was everywhere. Before the Red Raiders took on Kansas, he stood on Cody Campbell Field while an ad—paid for by Cody Campbell—aired on the jumbotron. The star of the spot was none other than Cody Campbell. Until this season, few people outside of West Texas had ever heard his name. But now Campbell, the 44-year-old chairman of Texas Tech’s Board of Regents, is unmissable. He has made it his singular purpose to tackle the influence and financial might of the Big Ten and Southeastern Conferences.
Campbell’s fingerprints are already all over Texas Tech’s campus. If he gets his way, they’ll be all over college sports on a national scale, too. Inside the White House, he is already thought of as America’s college sports czar. Long a major supporter of Texas Tech athletics—and a former offensive lineman for the Red Raiders—Campbell says that he began quietly studying the inner workings of college sports in 2021. Two things concerned him. First, he feared that rising financial pressure would lead schools to eliminate women’s and Olympic sports teams to save money. And second, he worried that the widening revenue gap between the Big Ten, the SEC and everyone else would soon leave his beloved alma mater in the dust.
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Morningstar – November 14, 2025
Chevron, Exxon plan to keep boosting oil production, even as crude gets cheaper. What gives?
Chevron and Exxon are ‘deep-pocketed names that are thinking 20 and 30 years out’ Chevron plans to boost oil and gas production by up to 3% a year through 2030. Exxon’s five-year plan calls for an output increase of about 18%. Chevron Corp. and Exxon Mobil Corp. plan to boost their oil and gas production over the next five years, even as falling oil prices may leave investors scratching their heads at the companies’ moves.
Chevron (CVX) and Exxon (XOM) are energy giants that look at longer cycles – and they have a wealth of experience playing the long game. They both benefit from their size and footprint and are among the few remaining global integrated energy companies, meaning they also refine crude oil and have robust chemicals businesses.
Oil & Gas National & International
Oil Price – November 15, 2025
Floating Oil Storage Surge Puts Market Balance on Edge
A shadow fleet is quietly swelling across the world’s oceans, packed with sanctioned barrels from Russia, Iran, and Venezuela. For now, those tankers have kept to the sidelines of the global market—but the sheer scale of crude idling offshore could soon jolt prices, depending on whether the oil ever finds a buyer. Of course, Russia’s oil shipments abroad have been in the spotlight over the past few weeks, as the media rush to report how Chinese and Indian buyers are canceling orders and switching to Middle Eastern and American oil until they find a way to go around the sanctions to resume buying of discounted Russian crude.
In the meantime, however, Iran appears to have run into difficulties trying to export crude oil to its biggest—and pretty much only—oil client. As a result, Iranian barrels in floating storage have gone up quite substantially as well. Kpler reported recently that between August and November Iranian oil in floating storage swelled twofold to top 36 million barrels while deliveries to Chinese buyers have declined to a rate of less than 1.2 million barrels daily, from an average 1.44 million barrels daily earlier in the year.
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S&P Global Platts – November 14, 2025
Goldman sees oil demand rising through 2040 driven by petchem, jet fuel growth
Goldman Sachs expects global oil demand to rise through 2040, driven by limited alternatives for jet fuel and petrochemicals, energy demand growth outpacing displacement by low-carbon technologies, and an indirect 3 million b/d boost from artificial intelligence through higher global GDP. Global oil demand is forecast to grow from 103.5 million b/d in 2024 to 113 million b/d by 2040, the investment bank said in a new report, which expects annual average demand growth of 0.6 million b/d through 2040.
The report, published Nov. 13. comes days after the International Energy Agency said it sees global oil demand rising until 2050 under its current policies scenario, in a major departure from the base case presented in its previous annual World Energy Outlook. Goldman said its demand projection reflects a shift in demand drivers as road transportation oil consumption is expected to peak around 2030, with petrochemicals becoming the primary growth engine thereafter.
Utilities, Electricity & Renewables
Houston Chronicle – November 14, 2025
Texas regulators approve CenterPoint’s $2.9B plan to harden Houston power grid*
State regulators have approved CenterPoint Energy’s request to bill ratepayers approximately $2.9 billion to strengthen its Houston-area power grid against hurricanes and extreme weather. The request, known as a “resiliency plan,” includes installing more storm-resilient poles, burying additional power lines and increasing tree-trimming from 2026 to 2028. Once completed, CenterPoint expects the improvements to prevent more than 820 million minutes of power outages, company spokesperson Keith Stephens said.
High-risk vegetation remains the leading cause of power outages in Houston, Stephens said. Now, with its resiliency plan approved, CenterPoint will be able to step up its ability to trim all trees along its power lines from every five years to every three years. “This enhanced approach will allow us to clear high-risk vegetation from thousands more miles of power lines every year,” Stephens said. To fund the improvements, CenterPoint plans to gradually increase its portion of electricity bills over the next three years, until the rate hike plateaus at approximately $4 per month in 2028, Stephens said. CenterPoint considers the $2.9 billion investment the next step to win back customers’ trust after Hurricane Beryl wreaked havoc on the company’s infrastructure last year.
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San Antonio Express-News – November 16, 2025
The highest-voltage power line in Texas raises the stakes for Hill Country*
As Jada Jo Smith wades into the clear water of the Sabinal River, she can see down to the stony base of the waterway, which is shaded by overhanging cypress trees. She’s spent countless summer days here, swimming alongside the Guadalupe bass and turtles as they navigate through the river grass. Her daughter, Viola, is growing up around the pristine waters. She recently celebrated her sixth birthday along the river, which is usually quiet save for the sounds of the trickling spring feeding it, humming insects and chirping birds.
Many Texans have spent time here swimming, kayaking and fishing. The Hill Country the Sabinal runs through offers visitors an escape from the rapidly growing cities nearby, with a night sky still dark enough to view the Milky Way and a long history of ranches that have been in families for generations. Now, Smith says, one of the few parts of Texas still untouched by development is in danger. Soon, a 370-mile-long swath of the Hill Country stretching from San Antonio to Fort Stockton could be sliced by a massive electric transmission line. Though the precise route of the 765-kilovolt line has yet to be determined, it would potentially cut through 14 counties including Uvalde, which includes the tiny town of Utopia.
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Politico – November 14, 2025
Republicans ask Trump to restrict Chinese solar, grid parts*
More than 50 House Republicans are urging the Trump administration to curb imports of Chinese-made solar and battery grid components, warning they pose significant security risks. In a letter sent Friday to Commerce Secretary Howard Lutnick, members of the Republican Study Committee — led by Chair August Pfluger (R-Texas) — said Chinese-manufactured solar and battery inverters present “unacceptable” public safety, economic and national security vulnerabilities.
“The integration of critical grid technologies, such as utility-scale solar and battery inverters, sourced from foreign entities of concern pose unacceptable national security, economic, and supply chain risks,” the lawmakers wrote. “For these reasons, we respectfully request that the Department of Commerce exercise its authorities to restrict the future importation of such Chinese equipment and inverters for U.S. critical infrastructure.” Power inverters — most of which are made in China — are used across the electric system but are especially critical for renewable and battery projects. Solar projects are particularly dependent on inverters, which convert electricity generated on-site into grid-ready power.
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Dallas Morning News – November 14, 2025
Does nuclear energy have a future in Texas? Here’s one person betting that it does*
For Clay Sell, it is an exciting time. His company, X-energy, is making progress on possibly becoming the first to energize a small modular nuclear reactor in the U.S. The four planned reactors are set to power a Dow Chemical facility on the Texas coast. Sell’s company has a lot to boast about. At the Texas Tribune Festival in Austin on Thursday, he ticked off what he sees as groundwork for his company to become a leader in the nuclear power industry, which has seen a surge of interest in recent years as political and regulatory forces have aligned behind nuclear power.
X-energy has raised $2 billion in capital. Amazon bought a 20% stake in the company in hopes of using it to power data centers, and the company is working through the federal regulatory process — sped up thanks to a Trump administration — to obtain approval to build reactors at the Dow Chemical site in Seadrift. “We have a lot of really important players that bought into our story that believe in us,” Sell said during the panel.
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Power Magazine – November 14, 2025
Entergy Ends Plan for Floating Methane Gas Power Plant in Louisiana
Opponents of a planned methane gas power plant on a floating barge off the coast of Louisiana were successful in moving Entergy Louisiana to cancel the project. Earthjustice in a news release sent to POWER said the group represented the Alliance for Affordable Energy in opposition to the proposed 112-MW Bayou Power Station.
The groups argued that the methane gas plant would pose an environmental threat to local communities, and would have been significantly more expensive than available alternatives for power generation. Entergy on October 28 moved to withdraw its proposal for the facility, and the Louisiana Public Service Commission formally dismissed the case on November 3, according to Earthjustice.
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H2 View – November 14, 2025
Ballard cancels 3GW Texas fuel cell plant
Ballard Power Systems has framed the cancellation of its hydrogen fuel cell plant in Rockwall, Texas, as an exercise in capital discipline. During its Q3 earnings call, CEO Marty Neese confirmed the company “will not pursue” the 3GW facility. The decision follows earlier uncertainty over whether the project would secure Department of Energy (DOE) funding, after the US government cut 223 clean energy projects totalling $7.5bn across its grant programmes.
Neese, who was appointed CEO in July, explained, “Our analysis shows our existing global manufacturing capacity, with minor adjustments, will meet forecasted volumes. “This decision underscores our commitment to capital discipline and focus on efficient execution.”
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Midland Reporter-Telegram – November 14, 2025
Startup reports success in extracting lithium from water in Texas*
A Calgary-based company has announced a successful pilot in Texas to extract lithium from water. Ghada Nafie, chief executive officer and co-founder of Litus, said she is not allowed to say where in Texas the pilot is located, but she reported it achieved more than 98% sustained lithium removal in the field after thousands of liters were processed and more than 5,000 hours of continuous operation.
Its nanotechnology-based Litus LiNC system “is a single-step direct lithium extraction. It interfaces with oil operations without disruption, creating a revenue stream,” she told the Reporter-Telegram. The pilot test results proved Litus’ nanotechnology could use fresh water — produced water provided the brine — rather than costly purified water to extract lithium cleanly, profitably and at scale, she said. The next step is a commercial plant, she said. “It’s an exciting time to see the technology move from the lab to commercial scale. It’s not an easy transition,” Nafie commented.
Regulatory
Politico – November 13, 2025
Regulators press FERC on state authority as Trump promotes data centers*
State utility regulators this week called on the Federal Energy Regulatory Commission to respect their authority over local power systems as the Trump administration pushes to quickly connect data centers to interstate transmission grids. The resolution passed by the National Association of Regulatory Utility Commissioners at a meeting in Seattle granted broad support for FERC to address reliability and cost issues emerging from the rush to pull huge data centers for artificial intelligence onto the grid.
But the NARUC resolution insisted that existing utility customers served by regional grids should be protected from higher costs. In addition, it said that any FERC rule should not infringe on state authority under the Federal Power Act to regulate retail electricity sales. In October, Energy Secretary Chris Wright called on FERC to develop rules and standards to speed up grid connections for AI projects. Since January, the Trump administration has sought to accelerate the build-out of AI infrastructure. Sprawling data centers critical to the booming AI industry house rows of computer servers and advanced chips that require access to huge amounts of power.
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Politico – November 14, 2025
What EPA’s restructuring means for climate policy*
EPA has expunged climate change from its org chart, but it hasn’t washed its hands of climate-related work just yet. The agency overhauled the Office of Air and Radiation early this month, including eliminating two offices that produced climate rules: the Office of Atmospheric Protection and the Office of Air Quality Planning. But some of those offices’ programs, like Energy Star, will remain, while career rulemaking staff continue their work to repeal climate rules.
“I don’t think anything has changed for those teams, other than they now have a new acronym,” said a former EPA official, who spoke on condition of anonymity to discuss private conversations with career officials. The reorganization comes as EPA works to repeal the so-called endangerment finding for greenhouse gas emissions. The 2009 scientific finding props up most Clean Air Act climate rules, and rescinding it is a key part of the Trump administration’s broader deregulatory agenda.
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Washington Examiner – November 11, 2025
Regulatory agency will expand, not shrink, for nuclear buildout, Trump official says*
Rapidly deploying more nuclear power will require the Nuclear Regulatory Commission to grow in size, not shrink, the Trump administration now says, even as outsiders worry the agency is on the chopping block. For months, many have feared that President Donald Trump’s executive order on restructuring the regulatory agency would result in sweeping staffing cuts, making it more difficult to deliver on the administration’s goals of quadrupling domestic nuclear capacity and building 10 large new reactors.
Since the executive order was signed in May, the NRC has lost dozens of employees, including several members of the agency’s senior leadership team, as well as two commissioners. The Trump administration does not appear concerned by these departures, however, and is instead confident that as more companies look to secure federal licenses to build new nuclear power plants and small reactors, the regulatory agency will also expand.
“Despite some of the language in the executive order, the NRC is almost certainly going to be growing in the coming years,” Seth Cohen, chief counsel for nuclear policy at the Department of Energy, said during the American Nuclear Society’s winter conference on Tuesday.
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Texas Energy Report NewsClips
Friday November 14, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices jumped about 2% on Friday on supply fears after a Ukrainian drone attack hit an oil depot in the Russian Black Sea port of Novorossiysk, a major export hub.
West Texas Intermediate crude rose $1.25, or 2.13%, to $59.94 a barrel.
Brent crude futures rose $1.24, or 1.97%, to $64.25 a barrel by 0315 GMT
The attack early on Friday damaged a ship in port, apartment buildings and an oil depot in the Russian Black Sea port of Novorossiysk, injuring three crew members of the vessel, Russian officials said.
“Ukrainian drone attacks on the port of Novorossiysk have sparked new fears of oil supply flow disruptions as this port is the second largest oil export hub in Russia and comes on the heels of another major attack at Tuapse barely two weeks ago,” said June Goh, senior oil market analyst for Sparta Commodities.
“The extent of the damage is not yet known but if the pattern of escalation continues, then there would be a supply curtailment both in crude and product exports out of Russia.”
The world oil market will see a small surplus in 2026 after OPEC+ production increases and higher supply from other producers, an OPEC report showed on Wednesday, a further shift from its earlier projections of a deficit, Reuters reports.
Top Stories
Power Magazine – November 13, 2025
Texas Issues First Performance-Based Grant Under Energy Fund for LCRA’s New 188-MW RICE Peaker
The Public Utility Commission of Texas has executed its first agreement under the Texas Energy Fund Completion Bonus Grant Program, awarding the Lower Colorado River Authority up to $22.56 million for its 188-MW Timmerman Power Plant Unit 1, a new natural gas–fired plant in Caldwell County, Texas. The agreement marks the operational launch of Texas’s performance-contingent funding mechanism, which is designed to accelerate dispatchable generation projects connecting to the Electric Reliability Council of Texas (ERCOT) grid before June 1, 2029.
Timmerman Unit 1, which features 10 high-efficiency Wärtsilä 50SG natural gas reciprocating engines, supplied under LCRA’s multiyear procurement program, delivers roughly 190 MW of fast-start peaking capacity on a 51-acre site near Maxwell in Caldwell County. Unit 1, which was formally connected to the ERCOT grid in August 2025, is the first of two identical Wärtsilä-engine peaker units planned for the site, built by Minnesota-based Fagen as its engineering, procurement, and construction contractor. According to the PUCT, Unit 1 can start within 45 seconds and reach full output within five minutes.
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Houston Chronicle – November 13, 2025
A toxic geyser blew sky-high in West Texas. New rules that followed wouldn’t stop the next one.*
Last year, a 100-foot-high tower of oily saltwater exploded from the West Texas desert like Old Faithful. Poisonous hydrogen sulfide gas billowed from the geyser in plumes so powerful that workers trying to fix the malfunctioning oil well had to evacuate multiple times before they fetched air tanks. It surged that way for weeks, contaminating acres of ranch land and a nearby creek. It was also noxious — a threat to breathable air, drinkable groundwater and tillable soil. But the oilfield operations that triggered it were nothing out of the ordinary. In fact, they were compliant with standards set by the Texas Railroad Commission, which regulates oil and gas exploration.
The eruption in Reeves County in October 2024 helped usher in a new wave of reform at the Railroad Commission. The revised permitting guidelines for underground wastewater injection, which took effect June 1, aim to prevent the oil industry’s wastewater from leaking into old wells and causing more saltwater blowouts in the future. Yet even the new, more-stringent requirements would not have prevented the conditions that caused the October geyser, according to Railroad Commission documents reviewed by the Houston Chronicle. The commission’s scientists traced the primary source of the pressure that caused the eruption to a wastewater disposal well operated by Apache Corp. It was 3.3 miles away from the blowout — well beyond the 2-mile radius of review now mandated by the commission.
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Los Angeles Times – November 13, 2025
Despite $80-billion commitment, nuclear plants face decade-long timeline to meet AI energy needs
After a generation of stagnation, interest in U.S. nuclear energy is sky high, thanks to artificial intelligence’s voracious energy needs. Nuclear companies are stock market darlings, and the Trump administration recently unveiled an $80-billion-plus commitment to help fund new reactors. There’s just one problem: Hardly anything will be ready to plug in for a decade. In theory, $80 billion can buy enough reactors to power all of Virginia’s Data Center Alley. In reality, traditional reactors take 10 years or more to build, while a highly anticipated wave of small, modular reactors has yet to produce commercial power. That means the only plants that will go into service anytime soon are a handful of shuttered facilities that can be restarted.
“There’s a lot going on, and nothing is going on,” said BloombergNEF’s head nuclear analyst Chris Gadomski. That dissonance underscores how radically, and rapidly, the U.S. energy system has transformed in recent years. Not long ago, utilities were shutting down costly nuclear plants and replacing them with cheaper natural gas-fired and renewable plants. The AI boom has since supercharged electricity consumption, straining power supplies and driving up prices. But while nuclear is suddenly in demand again, logistics and technology constraints threaten to thwart development even with President Trump’s moves to streamline permitting and commit billions of dollars in funding.
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Poltico – November 13, 2025
Supreme Court sets date in battle over Louisiana’s disappearing coast*
The Supreme Court will start the new year by hearing arguments in a long legal battle over oil majors’ responsibility for Louisiana’s receding coastline. In a newly published calendar, the court scheduled a Jan. 12 hearing in Chevron v. Plaquemines Parish, in which oil companies are seeking to shift lawsuits against them from state court to the federal bench, where they believe they are more likely to win.
The lawsuits say the companies should pay to restore Louisiana land degraded by oil production dating back to World War II. Chevron has pushed for the disputes to be resolved in federal court, saying it has grounds to do so because the company was producing oil and gas under a federal contract to bolster domestic aviation fuel production. Under the federal officer removal statute, if a company is “acting under” the direction of a federal officer, then a case filed in state court can be bumped to federal court. Oil industry lawyers have argued that federal courts provide a more impartial forum for the Louisiana challenges.
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The Latest TERse Tips
The onset of cold weather and record LNG exports have driven natural-gas prices to their highest levels since fuel markets spiked following Russia’s 2022 invasion of Ukraine, good news for U.S. drillers, who suffered through a supply glut and some of the lowest prices on record last year — The Wall Street Journal*
Marathon Petroleum is restarting the last repaired section of the residual hydrotreater at its 631,000 barrels-per-day (bpd) Galveston Bay Refinery in Texas City — Hydrocarbon Processing
WaterBridge Infrastructure LLC on Wednesday reported a loss of $667,000 in its third quarter — Associated Press
A federal grand jury has charged five men in connection with an alleged scheme to steal crude from New Mexico oil fields and sell it from a yard in Carlsbad, New Mexico — WTEN
A 300-mile Oregon power line was supposed to serve the public. Now it may serve a data center — The Oregonian
Blackstone Energy Transition Partners has approved a $1.2 billion investment to build West Virginia’s first combined-cycle natural gas power plant, a 600-MW facility expected to create 500 construction jobs and meet rising AI-driven electricity demand — Pipeline & Gas Journal
Hochul enrages environmentalists with shift to ‘all of the above’ energy policy — Democrats are focusing on affordability over climate goals as midterm elections loom — Politico*
New York state will delay its statewide mandate to build all-electric buildings, which was scheduled to go into effect on Jan. 1, 2026 — Spectrum News
Oil & Gas Texas
Pipeline & Gas Journal – November 13, 2025
ONEOK, LandBridge Ink Long-Term Lease for Permian Gas Processing Site
LandBridge Company LLC said it entered into a long-term lease with a subsidiary of ONEOK Inc. for a natural gas processing facility in Loving County, Texas, while expanding its Permian footprint with the acquisition of roughly 37,500 surface acres across Loving, Reeves, Winkler and Ward counties. The acreage adds high-quality pore space to support produced-water handling and other midstream uses and lifts LandBridge’s total holdings to more than 300,000 surface acres in Texas and New Mexico.
LandBridge reported continued growth in surface use royalties and revenues, citing higher activity tied to produced-water handling royalties related to WaterBridge’s Kraken development, new project easements and damages, and broader commercial activity on the company’s lands.
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MSN – November 13, 2025
Chevron Wants Argentina Tax Reform as It Plans Major Oil Growth
Chevron Corp. called on Argentina’s government to lower taxes and relax capital controls as it laid out a plan to triple production from the South American country over the next decade. Oil recovery rates from shale wells in Argentina’s Vaca Muerta formation are 50% higher than in the Permian Basin of West Texas and New Mexico, the world’s biggest shale field, but costs are 35% greater, Chevron Vice Chairman Mark Nelson said Wednesday. While Chevron plans to increase Argentinian production to 180,000 barrels a day over the next decade, it would still be less than a fifth of the company’s current output from the Permian.
“There’s nobody really debating the rock,” Nelson said during Chevron’s investor day meeting. “The challenge today would be the overarching cost of doing business in Argentina. The current administration is taking actions in this regard.”
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Midland Reporter-Telegram – November 13, 2025
Court ruling exonerates Goldston, shields Texas oil producers*
A legal tussle between Goldston Oil Corp. and the Texas Commission on Environmental Quality establishes several protections that could ripple throughout the industry. In 2021, the TCEQ issued a Final Order designating Goldston as a responsible party for the McBay Superfund Site, a 20.32-acre former oil refinery and reclamation plant near Grapeland. This decision was in connection with a single 1986 sale of 165 barrels of skim oil, allegedly containing two calculated barrels of basic sediment and water.
Ed Longanecker, president of the Texas Independent Producers and Royalty Owners Association, said this created a concerning precedent that could have forced Texas oil and gas producers to track every barrel sold in perpetuity, regardless of the buyer’s downstream actions or the passage of time. Goldston, in Travis County District Court, contested the TCEQ Final Order. TCEQ’s improper usurping of the RRC’s jurisdiction, in derogation of the memorandum of understanding (MOU) between the Railroad Commission and TCEQ, which has been formally memorialized in the Texas Administrative Code, was a centerpiece of Goldston’s position in this Travis County District Court lawsuit.
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Insurance Business – November 12, 2025
Alliant grows Texas footprint with Highpoint Insurance Group acquisition
Alliant Insurance Services has expanded its footprint in Texas with the acquisition of Highpoint Insurance Group, a multi-line insurance broker based in Friendswood. This is the second acquisition for Alliant in Texas in a month, following its recent acquisition of McAfee Insurance Agency in Mercedes. … The timing of the acquisition comes as the Texas oil and gas sector faces new challenges. Industry analysts report that oil and gas companies across the US are preparing for a potential downturn as capital budgets tighten.
According to Wood Mackenzie, upstream spending in North America is projected to decline by 5% this year. The report notes that operators are shifting toward more cautious investment, prioritizing cash flow and shareholder returns over expansion. This trend is leading to reduced drilling activity and delayed projects, which may influence the types of insurance coverage Texas energy businesses require.
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Texas Tribune – November 13, 2025
Texas oil and gas regulators win new power to approve projects that shoot carbon underground
The Environmental Protection Agency on Wednesday granted Texas permission to authorize companies to capture and store carbon dioxide underground, fulfilling a key wish for the state’s oil and gas industry. The approval comes after a two-year federal review of the Railroad Commission of Texas, the agency regulating oil and gas. The agency needed to prove it could enforce federal rules, a requirement that supporters of the effort said it could do better than the EPA. Critics have said that state regulators have a history of being too lax on the oil and gas industry.
In a statement, the Texas Oil and Gas Association, which represents the industry’s political interests, lauded the approval. “Today’s approval is a watershed moment that launches the next chapter of Texas energy leadership,” said Todd Staples, the association’s president. “Texas is now poised to lead the world in (carbon capture and
Oil & Gas National & International
CNBC – November 13, 2025
The International Energy Agency’s latest outlook signals that oil demand could keep growing through to the middle of the century, reflecting a sharp tonal shift from the world’s energy watchdog and raising further questions about the future of fossil fuels. In its flagship World Energy Outlook, the Paris-based agency on Wednesday laid out a scenario in which demand for oil climbs to 113 million barrels per day by 2050, up 13% from 2024 levels.
The IEA had previously estimated a peak in global fossil fuel demand before the end of this decade and said that, in order to reach net-zero emissions by 2050, there should be no new investments in coal, oil and gas projects. The concept of peak oil refers to the point at which global crude production reaches its highest point, before subsequently entering an irreversible decline.
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Bloomberg – November 13, 2025
Trump Is Helping Big Oil’s Return to Exploration*
Global crude markets may be headed for a record oversupply in 2026, but Exxon Mobil Corp. and Chevron Corp. are ramping up exploration for new oil fields to a level of intensity not seen in years. In recent weeks, Exxon has signed deals that could expand its exploration in Greece, Gabon, and Trinidad and Tobago, while Chevron inked an agreement with Suriname and plans to increase its budget for wildcat wells by 50% in the next few years.
Both are in talks to re-enter Iraq and Libya, the second and seventh-largest OPEC members ranked by production. This revival in international exploration can be attributed, at least in part, to US President Donald Trump. As Chevron Chief Executive Officer Mike Wirth acknowledged Wednesday, many foreign nations feel freshly compelled to strike business deals with the US. “The Trump administration has played a critical role in opening doors and creating an environment where people are looking to do these kinds of deals,” Wirth told Bloomberg TV. But it’s not just the transactional nature of the Trump administration. The president’s withdrawal from the Paris climate agreement, removal of low–carbon subsidies and cancellation of offshore wind permits have all helped shore up expectations for long-term fossil fuel demand.
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Poltico – November 13, 2025
Enviro group that helped lead Keystone Pipeline opposition suspends US operations
Environmental group 350.org, which spearheaded the movement to block the Keystone XL oil pipeline, will “temporarily suspend programming” in the U.S. and other countries amid funding woes, according to a letter obtained by POLITICO. The move comes as environmental groups have struggled to find their footing and raise money under President Donald Trump, whose threats to investigate left-leaning organizations and rapid-fire dismantling of environmental rules have hamstrung green groups.
The letter to outside organizations from Executive Director Anne Jellema said 350.org had suffered a 25 percent drop in income for its 2025 and 2026 fiscal years, compelling it to halt operations. The group will keep three U.S. staff members in hopes of reviving operations in the future.
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Bloomberg – November 13, 2025
Our Fossil-Fuel Addiction Can’t Remain Taboo: Javier Blas*
Suggesting that fossil fuels will stay around for a long time remains taboo in the energy debate. In climate change gatherings, the world has agreed to “consign coal to history” and “transition away” from oil and natural gas. It has signaled, too, “the beginning of the end” of the fossil-fuel era and a “swift” transition to renewables. That’s all very well meaning but there’s a problem: With apologies to Margaret Thatcher, fossil fuels are not for turning.
Just two years ago, the International Energy Agency unequivocally said that fossil-fuel demand would peak before the end of this decade. It was a black-and-white statement that left no wiggle room. “The world is on the cusp of a historic turning point,” IEA Executive Director Fatih Birol said at the time, adding: “This is the first time that a peak in demand is visible for each fuel this decade — earlier than many people anticipated.”
The message won accolades from green campaigners and shocked the energy establishment. But it was premature, in part because it didn’t anticipate an obvious flaw: governments backpedaling on their clean-energy commitments. Thus, the IEA is now in retreat. The agency, whose analysis is closely followed, isn’t so sure anymore about a peak. Maybe coal will reach a zenith, but oil may not, and gas certainly won’t. And when, and if, fossil-fuel demand eventually tops out, it will do so at a higher level than the agency anticipated, in some cases barely showing any reduction from today’s consumption levels.
The flip-flopping has damaged the agency’s reputation, perhaps irreparably. It could have been avoided by sticking to the unsexy basics: providing boring, data-driven analysis exploring all the possibilities rather than a narrow set of outcomes. The focus should be on what’s actually occurring rather than on what governments, subject to voter pressure, say they hope will happen.
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Politico – November 7, 2025
New York, New Jersey approve Trump-backed pipeline*
Gov. Kathy Hochul has signed off on a major new gas pipeline to bring more fuel into New York City. The Department of Environmental Conservation issued a state water quality permit for the Northeast Supply Enhancement pipeline Friday. The project would run 24 miles from New Jersey, across the Raritan Bay, to connect to the pipeline system in the Rockaways. The New Jersey Department of Environmental Protection also issued key permits, Commissioner Shawn LaTourette told POLITICO.
Hochul said in a statement she’s comfortable with DEC’s decision to approve the project based on an impartial review. “As Governor, a top priority is making sure the lights and heat stay on for all New Yorkers as we face potential energy shortages downstate as soon as next summer,” Hochul said. “We need to govern in reality. We are facing war against clean energy from Washington Republicans, including our New York delegation, which is why we have adopted an all-of-the-above approach that includes a continued commitment to renewables and nuclear power to ensure grid reliability and affordability.”
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Politico – November 6, 2025
UAE oil giant leans on US expertise for ‘promising’ shale pivot*
The United Arab Emirates, long one of OPEC’s key oil producers, is pivoting to U.S.-tested fracking techniques to tap its “very promising” unconventional gas resources, with the intention of ramping up output amid forecasts for surging demand. Abu Dhabi National Oil Co. is tapping new sources of natural gas in its deserts and coastal waters to meet local demand and supply an export terminal that’s under construction. The company is benefiting from lessons the industry has learned developing hydraulic fracturing, or fracking, in U.S. shale fields, said Musabbeh Al Kaabi, chief executive for upstream.
“We are making a remarkable progress with the unconventional resources,” Al Kaabi said in an interview at the Adipec conference in Abu Dhabi. “The results we see so far are very promising, in some areas exceeding what we see in the U.S.” The UAE and other Middle Eastern states are ramping up gas projects, seeing the fuel as a key source of energy for the power-hungry data center boom. In addition to building the multibillion-dollar Ruwais liquefied natural gas project, Adnoc has stakes in export facilities in the U.S. and Africa. Ruwais will add 9.6 million tons of annual gas export capacity, more than doubling Adnoc’s production capability.
Utilities, Electricity & Renewables
KEYE – November 13, 2025
How Big Tech’s data center power play could implode amid widespread voter revolt
Large tech companies are moving at a breakneck pace to build out data centers across the U.S., but their efforts could be at serious risk if voter pushback becomes more widespread ahead of the 2026 midterm and 2028 general elections. There’s a lot at stake for companies investing in AI.
Data centers were top of mind for many candidates during this year’s elections in states like Virginia and Georgia, the latter of which saw two Democrats who focused on the issue and energy prices win seats on the Public Service Commission. There’ve been protests and moves to restrict or outright ban centers in places like Arizona.
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RTO Insider – November 13, 2025
How ERCOT’s RTC+B is a Game-changer for Market Operations*
ERCOT is preparing to launch its Real-Time Co-Optimization + Batteries initiative, perhaps the most sweeping market redesign in its history, says Yes Energy’s Portia Gilman. ERCOT is preparing to launch its Real-Time Co-Optimization + Batteries (RTC+B) initiative, perhaps the most sweeping market redesign in its history. This transformation, scheduled to launch Dec. 5, will touch virtually every aspect of the market, from energy to ancillary services, introducing a more dynamic, efficient and integrated approach to market operations.
For battery operators in particular, RTC+B is a game changer. The redesign recognizes batteries not as separate charging and discharging assets but as unified energy storage resources (ESRs), allowing operators to more easily participate simultaneously in energy and ancillary services markets. This shift will enable batteries to capture more value, optimize dispatch and contribute to overall market efficiency in ways that were impossible under ERCOT’s legacy design.
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MSN – November 13, 2025
Sunnova Energy’s Chapter 11 bankruptcy plan approved by court
Sunnova Energy said Wednesday the U.S. Bankruptcy Court for the Southern District of Texas confirmed the company’s Chapter 11 plan, following the previously approved sale of most of its assets and business operations to Solaris Assets. Sunnova filed for Chapter 11 bankruptcy protection in June, pressured by mounting debt and weakening demand for its residential solar panels.
Under the confirmed plan, a creditor trustee will be appointed to distribute the sale proceeds to creditors and conduct an orderly wind-down of the company’s remaining business operations.
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Community Impact – November 13, 2025
Nuclear share up, coal down: CPS Energy updates City Council on Vision 2027 plan
To provide San Antonio City Council with an update on CPS Energy’s strategic plan, utility officials gave a brief presentation that encompassed recent energy acquisitions and updates on the company’s transition to more renewable resources Nov. 5. Known as the Vision 2027 Generation Plan, the plan was first approved Jan. 23, 2023, and guides CPS’s approach to diversifying and strengthening its sustainable resources portfolio. A major component of the plan is to use the diverse portfolio of solar, wind energy and more efficient gas generation methods to replace older coal and gas units by 2030, city documents state.
Elaina Ball, chief strategy officer for CPS, said the company uses five pillars to shape its approach. “We have five key elements of Vision 2027: evolving the operations of our utility, focusing on our financial stability, centering all of our work around our customers, building a strong team culture, and encouraging community partnership and growth throughout the regions that we serve,” Ball said.
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Yahoo! News – November 12, 2025
Texas company eyes Lea County for data center campus
New Era Energy & Digital Inc. has entered into a land option purchase agreement for around 3,500 acres in Lea County, a move that could see yet another data center campus come to New Mexico. According to a Nov. 6 news release, Midland, Texas-based New Era Energy plans to develop the seven-gigawatt artificial intelligence hub as the company’s first wholly owned project, independent from its Texas Critical Data Centers joint venture.
The proposed data center campus would be powered by two gigawatts of natural gas generation and at least five gigawatts of nuclear energy, which New Era Energy said would enable reliable power for hyperscale AI operations. The company expects to have the facility powered by 2028.
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November 13, 2025
New Mexico Gas Company latest utility facing private equity takeover: Energy & Policy Institute
A private equity firm whose limited experience owning utilities is checkered with compliance problems and cost overruns is attempting to buy the New Mexico Gas Company (NMGC), raising concerns from regulators, environmental advocates and customers in that state about the company, Bernhard Capital Partners (BCP). The proposed bid by BCP to purchase the gas utility is part of a larger national trend in which private equity firms are seeking to buy utility companies. This includes another much larger acquisition attempt in New Mexico, that one by Blackstone to buy Public Service Company of New Mexico (PNM), the state’s largest electric utility company.
The BCP acquisition would place NMGC under the ownership of Saturn Utilities Holdco, LLC (Saturn), a subsidiary of BCP, which is based in Louisiana. As a private company, BCP is not subject to the same legal and financial transparency as NMGC’s current owner, the publicly traded energy holding company Emera. The New Mexico Public Regulation Commission (PRC) must approve the transaction.
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PV Magazine – November 13, 2024
Peak Energy to supply up to 4.75 GWh of sodium-ion batteries to Jupiter Power
Denver-based Peak Energy has announced a multi-year phased agreement with Jupiter Power, a US grid-scale battery storage developer and operator Jupiter Power. Under the deal, Peak Energy will supply up to 4.75 GWh of its sodium-ion battery energy storage systems for deployment between 2027 and 2030.
The first phase will see Peak deliver approximately 720 MWh of storage capacity in 2027- marking the largest announced single deployment of sodium-ion batteries to date. The agreement also includes an option for an additional 4 GWh through a capacity reservation covering 2028–2030. In total, the contract’s value could exceed $500 million, representing a major milestone both for Peak and for the broader stationary energy storage sector.
Regulatory
Texas Tribune – November 13, 2025
Texas still needs a plan for its growing water supply issues, experts say
Voters just approved $20 billion to be spent on water supply, infrastructure and education over the next 20 years. That funding is just the beginning, however, and it will only go so far, panelists said during the “Running Out” session at The Texas Tribune Festival. And in a state where water wars have been brewing, and will continue to do so, the next legislature to take over the Capitol in 2027 will need to come with ideas.
Proposition 4, which will allocate $20 billion to bolster the state’s water supply, was historic and incredible, said Vanessa Puig-Williams, senior director of climate resilient water systems at the Environmental Defense Fund. She wants to see the state support the science and data surrounding how groundwater works and implement best management practices.
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Texas Energy Report NewsClips
Thursday November 13, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices edged down on Thursday, extending losses from the previous session, as a report showing rising crude inventories in the U.S. reinforced concerns that the global supply is more than sufficient to meet current fuel demand.
West Texas Intermediate crude fell 3 cents, or 0.1%, to $58.46 a barrel, extending a 4.2% decline on Wednesday.
Brent crude futures were unchanged at $62.71 a barrel at 0645 GMT after dropping 3.8% a day earlier.
Market sources, citing American Petroleum Institute figures, on Wednesday said U.S. crude stockpiles rose by 1.3 million barrels in the week that ended November 7. Gasoline and distillate stockpiles dropped, the sources said, citing the API data.
Prices fell more than $2 a barrel on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said global oil supplies will slightly exceed demand in 2026, marking a further shift from the group’s earlier projections of a deficit.
Top Stories
E&E News By Politico – November 12, 2025
Inside the oil industry’s efforts to sway regulatory comment periods
An advocacy group funded by the American Petroleum Institute has helped hundreds of people write and rehearse comments to government agencies in favor of decisions that could benefit the oil industry’s bottom line. Energy Citizens has launched mass mobilization efforts in recent years to influence agencies at both the federal and state level. It helped supporters draft oral comments urging EPA to grant Louisiana and Texas permitting authority over carbon dioxide sequestration wells. More recently, the group rallied dozens of people in New Mexico to write and offer oral comments against a proposed state rule requiring oil and gas operators to pay higher insurance bonds.
Such efforts are not uncommon in the regulatory world, where advocacy groups sometimes provide their supporters with form letters that can flood an agency’s docket. But Energy Citizens’ efforts have prompted environmental groups to accuse the oil industry of spreading misinformation, at a time when the Trump administration is rolling back pollution rules and challenging accepted climate science to help the industry “drill, baby, drill.”
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Houston Chronicle – November 12, 2025
Texas GOP chair resigns, cites ‘Islamic invasion’ in Texas run*
Tarrant County GOP Chairman Bo French is stepping away from his role to vie for a spot on the Texas Railroad Commission—oddly citing his desire to “stop the Islamic invasion of Texas.” “[French] has fought the radical Left relentlessly, refusing to cave to pressure,” French’s campaign announcement reads. “From local nonprofits supporting the invasion of Texas to DEI, transgenderism and Islamic radicals, Chairman French refuses to back down.”
In the memo, French said, “With Iran and radical Islamists attacking our allies in the Middle East, the Chinese Communist Party pushing its agenda worldwide, and the radical Green New Scam artists waging war on domestic energy production,” Texas needs a “strong leader.” French lauded less-controversial accomplishments, citing the party’s all-time fundraising record and “historic” Republican victories it collected in the 2024 election. If elected, French would join a three-person panel in charge of the agency regulating Texas’ oil and gas industry.
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Moosejaw Today – November 12, 2025
Baytex exits the U.S. in $3.25B deal, focuses on higher-return Canadian assets
Baytex Energy Corp. is turning its focus to Canada, announcing plans to divest its position in the Eagle Ford shale formation in Texas — the biggest part of its business — through a $3.25-billion deal. The assets being sold to an undisclosed buyer represent all of Baytex’s U.S. operations. They produced an average of almost 83,000 barrels of oil equivalent per day during the third quarter, comprising a mix of light oil and condensate, natural gas liquids and natural gas.
That’s greater than the Canadian business that remains, with daily production of about 65,000 barrels of oil equivalent per day during the first nine months of the year. “This transaction positions Baytex as a focused, high-return Canadian energy producer,” chief executive Eric Greager said in a news release Wednesday.
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CNBC – November 12, 2025
Anthropic to spend $50 billion on U.S. AI infrastructure, starting with Texas, New York data centers
Anthropic announced plans Wednesday to spend $50 billion on a U.S. artificial intelligence infrastructure build-out, starting with custom data centers in Texas and New York. The facilities, which will be designed to support the company’s rapid enterprise growth and its long-term research agenda, will be developed in partnership with Fluidstack.
Fluidstack is an AI cloud platform that supplies large-scale graphics processing unit, or GPU, clusters to clients like Meta, Midjourney and Mistral. Additional sites are expected to follow, with the first locations going live in 2026. The project is expected to create 800 permanent jobs and more than 2,000 construction roles.
The Latest TERse Tips
In its Wednesday World Energy Outlook report the IEA estimated that if there are no major policy changes aimed at curbing fossil fuel use, oil and gas demand will not peak by 2050 — the IEA now estimates that crude demand will rise to 113 million barrels per day by 2050, with gas demand jumping to 5,600 billion cubic metres in that same timeframe, as the Washington Examiner put it in a note on Wednesday
A Texas appraisal district was wrong to tax Marathon Petroleum Co.‘s crude oil that temporarily passed through a Corpus Christi export terminal on its way to out-of-state markets, the company told a state appeals court — the San Patricio County Appraisal District didn’t have the authority to impose 2022-2023 property taxes on oil that only made a brief and necessary staging stop in the county, the company told the Texas Court of Appeals, Thirteenth Judicial District, in its opening brief filed Nov. 10 — Bloomberg*
Governor Greg Abbott today announced that an NRG Energy, Inc. natural gas facility to be constructed at the existing NRG Cedar Bayou power production complex in Chambers County has been designated as a qualified project under the Texas Jobs, Energy, Technology, and Innovation program — the new 721 megawatt (MW) natural gas power plant represents an estimated $936 million in capital investment in Texas — see the press release
Nasdaq Texas coming to Y’all Street as trading giant launches new exchange — Nasdaq plans to take on NYSE Texas and the new Texas Stock Exchange — Dallas Morning News*
The AI Cold War That Will Redefine Everything — America holds a sizable lead, but China is working to tip the scales with a sweeping countrywide push, betting ‘swarms beat the titan’ — The Wall Street Journal*
2024 was the hottest year on record and likely the hottest in at least 125,000 years, according to an annual report issued by an international coalition led by Oregon State University scientists — “Without effective strategies, we will rapidly encounter escalating risks that threaten to overwhelm systems of peace, governance, and public and ecosystem health,” said co-lead author William Ripple — Oregon State University
Toyota is making one of the industry’s biggest bets on green transportation and opening a $14 billion battery plant — The Wall Street Journal*
Oil & Gas Texas
World Oil – November 12, 2025
Trump Administration grants Texas primacy over Class VI CO₂ storage wells
The U.S. Environmental Protection Agency (EPA) has approved Texas’ application for primary enforcement authority over Class VI Underground Injection Control (UIC) wells, transferring regulatory oversight from the federal agency to the Railroad Commission of Texas (RRC). The approval gives the RRC responsibility for permitting and managing wells used to inject carbon dioxide into deep rock formations for permanent storage—an important step for advancing carbon capture and storage (CCS) projects across the state. Texas now joins North Dakota and Wyoming as one of only three states with Class VI primacy.
“This approval by the EPA recognizes RRC’s expertise to add Class VI wells to our UIC program, to continue our work of protecting Texans and our natural resources,” said Wei Wang, RRC Executive Director. “Primacy will streamline the application process and provide regulatory certainty critical to one of the most productive energy regions in the world.”
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Houston Chronicle – November 12, 2025
Chevron is building its first power plant for AI in Texas. Here’s where*
TER note: Word is that the plant will be located near Pecos, Texas
Related: See the company’s announcement: “chevron outlines plan for sustained cash flow growth at investor day“
Chevron has selected West Texas to be the home of its first natural gas power project in support of the growing demands of AI data centers. The Houston-based oil major said Wednesday during an investor presentation that it hopes to bring the power plant online by 2027. The company did not disclose the data center’s specific location and end user, which could be any entity from tech industry giants like Amazon or Meta, or a government entity.
Chevron’s choice of West Texas for the site of its first power project is part of a growing trend of power centers being located farther from major cities and closer to fuel sources, such as the oil and gas-rich Permian Basin. “In the Permian, we have an unmatched data advantage through our interest in one out of every five wells,” said Jeff Gustavson, Chevron’s vice president of lower carbon energies, during the investors’ presentation. “We’re building AI driven tools that can further unlock this advantage.” Some of the country’s largest oil and gas companies have plans to power data center development. Last December, Exxon announced its own plans for a natural gas powered plant.
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Bloomberg – November 12, 2025
Chevron Sees Oil Prices Under ‘More Pressure’ Than LNG in 2026*
Increased oil supply from OPEC and its allies will continue to put pressure on crude prices next year, while liquefied natural gas prices will likely fall later in the decade, according to Chevron Corp. Chief Executive Officer Mike Wirth. “Oil prices in 2026 are likely to feel more pressure than LNG prices,” Wirth said in an interview with Bloomberg TV. “There’s a lot of oil supply that’s coming back from the OPEC+ countries that have been holding supply back.”
Back in August, Chevron correctly called the drop in oil prices in the second half of this year, and today unveiled a five-year plan to focus on profitability over production growth through 2030. The plan proposes to grow free cash flow at a 14% compound annual rate through the period with crude at $70 a barrel. … Chevron expects strong, “linear” demand increases for liquefied natural gas globally, but sees lower prices at the end of the 2020s due to a surge in supply, particularly from the Gulf Coast and the Middle East.
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S&P Global Platts – November 12, 2025
ONEOK sees growing interest in Texas LPG export terminal
ONEOK is receiving “lot of interest” for contracting capacity on its planned 400,000-b/d Texas City LPG export terminal, even as midstream players are working toward providing incremental export capacity from the US Gulf Coast, a senior company official said Nov. 12.
“We are very pleased with the way contracting is going and we have lot of interest from people wanting to sign up for capacity,” Chief Commercial Officer Sheridan Swords said on a webcast of a fireside chat at the B of A Securities Global Energy Conference 2025. “The big competitive advantage is the location and the customers understand that and they value the closeness to open water where you take a lot of risk out of the fog.”
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Rigzone – November 12, 2025
Texas RRC Reveals Latest Oil and Gas Output Stats
The Railroad Commission of Texas (RRC) revealed its latest preliminary crude oil and natural gas production figures in a statement posted on its website earlier this month. The preliminary reported total volume of crude oil in Texas in August was 128,748,039 barrels, according to the statement, which showed that the preliminary reported total volume of natural gas in the state during the same month was 1.01 trillion cubic feet.
The RRC noted in the statement that crude oil and natural gas production for August came from 157,458 oil wells and 84,131 gas wells. In its statement, the RRC highlighted that crude oil production reported by the RRC is limited to oil produced from oil leases and does not include condensate, which the organization said is reported separately by the RRC. The RRC also pointed out in the statement that preliminary figures are based on production volumes reported by operators and said they will be updated as late and corrected production reports are received.
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KBMT _ November 12, 2025
Cheek residents call for meeting with officials over proposed ExxonMobil carbon capture project
Residents in Cheek and nearby Jefferson County communities are urging local, state and federal officials to meet with them Nov. 17 to address safety concerns about a proposed ExxonMobil carbon capture project near their homes.
Community members raised alarms earlier this summer at a Texas Railroad Commission public hearing, where they questioned the proximity of planned injection wells to residential areas. In a new letter from the Cheek Texas Community Association, residents are now asking elected officials “at all levels of government” to hear their concerns in person during a community meeting scheduled from 6 to 8 p.m. at St. Martin DePorres Hall, 7467 Boyt Rd. in Beaumont.
Oil & Gas National & International
Energy Now – November 12, 2025
IEA Says Questions Linger on Who Will Scoop Up New LNG Wave
The IEA said it revised up overall gas demand in its World Energy Outlook published Wednesday, but “questions still linger about where all the new LNG will go.” Global LNG capacity is set to rise by about 50% by the end of the decade — the biggest build-out in the industry’s history — with suppliers and market watchers trying to gauge how deep and how long an anticipated glut could last, weighing on prices.
The IEA details several scenarios in its outlook, assuming different paces of energy transition and climate goals. The most bullish for gas demand — the so-called “current policies scenario” — sees global LNG appetite rising in line with supply until the end of the decade and even slightly exceeding already planned export capacities by 2035. However, the “stated policies scenario” sees stronger renewables growth, resulting in LNG oversupply in 2030, gradually disappearing only by 2035.
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Politico – November 6, 2025
BLM to hold January oil lease sale in Montana, North Dakota*
The Bureau of Land Management plans to sell oil and gas leases covering more than 4,000 acres in Montana and North Dakota in January. The 20 parcels slated for leasing are in Montana’s Liberty and Richland counties and North Dakota’s Bottineau, Burke, Dunn and McKenzie counties. The plan to offer public lands for lease comes as the Trump administration has sought to emphasize U.S. fossil fuels as a key part of its national and foreign policy agendas. A recent lease sale netted $38 million in Montana and North Dakota, while offerings in Louisiana, Michigan, Mississippi and Utah brought in $22.8 million.
The administration also plans to lease areas within the National Petroleum Reserve-Alaska this winter. And the administration is preparing to allow leasing in the Arctic National Wildlife Refuge, according to documents viewed by POLITICO. With the January lease sale, BLM will accept protests and additional public input about the project through Dec. 4, according to a Tuesday news release. The bureau finished scoping of the parcels in July and an initial public comment period about the plans closed in September.
Utilities, Electricity & Renewables
Texas Public Radio – November 12, 2025
Hill Country counties lining up against massive power line project
Hill Country counties are lining up to oppose the largest ever power line project in state history that would bring electricity from Central Texas to West Texas. It would cut across the Hill Country in the process. Llano County commissioners this week joined their counterparts in Burnet County to formally oppose the project by the Lower Colorado River Authority (LCRA) and Oncor to build the 200-mile project using 15-story-tall towers every 1,000 feet.
An exact path for the project from Bell County to Schleicher County has not been selected. But the counties are asking state agencies to vote to kill the project due to concerns that no matter where it lies, it will mar scenic views and harm groundwater, wildlife, ranching and farming interests, and property values.
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CNBC – November 12, 2025
Coinbase moves incorporation to Texas from Delaware, following Musk’s lead
Coinbase is following Tesla out of Delaware and into Texas. Paul Grewal, Coinbase’s chief legal officer, wrote in a Wall Street Journal op-ed on Wednesday that the crypto exchange is moving its state of incorporation, a year after Elon Musk did the same with his electric vehicle maker. Musk also reincorporated his rocket maker SpaceX from Delaware to Texas. “Delaware’s legal framework once provided companies with consistency. But no more,” Grawal wrote, pointing to recent “unpredictable outcomes” in the Delaware Chancery Court.
A handful of notable names, including Dropbox, Trip Adviser, and venture firm Andreessen Horowitz have announced departures from Delaware. It’s a move that was championed by Musk following a Delaware Chancery Court ruling that ordered Tesla to rescind the CEO’s 2018 pay package, worth about $56 billion in options.
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Inside Climate News – November 12, 2025
Data Centers’ Use of Diesel Generators for Backup Power Is Commonplace—and Problematic
“Five nines.” In the world of data centers, ensuring a facility will be online 99.999 percent of the time, is everything. Access to power is the number one priority when developers are trying to figure out where to build the warehouses storing supercomputers that in recent years have grown beyond what was previously imaginable.
In order to ensure five nines, data center developers secure power in various ways: They’ll seek to connect to the grid, build out or buy their own behind-the-meter power supply—typically in the form of gas-fired generation—and lastly, host multiple backup generators on site.
These generators commonly run on diesel. The refined crude oil has become the industry standard to ensure around-the-clock access to power as developers in Texas await a new state regulation that empowers the Electric Reliability Council of Texas (ERCOT), the state’s grid operators, to disconnect large power users like data centers at times of peak demand. Backup generators have also become vital to developers as slow supply chains delay onsite gas turbine installations.
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CNBC – November 12, 2025
Voter anger at surging electricity prices is fueling political backlash against the artificial intelligence industry’s data centers, with Democrats accusing the Trump administration of failing to address the issue as they zero in on affordability ahead of next year’s mid-term elections. Abigail Spanberger won last week’s governor’s race in Virginia, home to the largest concentration of data centers in the world, after promising to make the industry “pay their own way and their fair share” of rising electricity costs.
New Jersey governor-elect Mikie Sherrill has promised to declare a state of emergency over electric bills on her first day in office and freeze prices in the Garden State. Two Democrats were elected to Georgia’s commission that regulates utilities, breaking total Republican control, with one of the candidates arguing that prices are rising in the Peach State in part due to data centers.
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The Conversation – November 6, 2025
How the US cut climate-changing emissions while its economy more than doubled
Countries around the world have been discussing the need to rein in climate change for three decades, yet global greenhouse gas emissions – and global temperatures with them – keep rising. When it seems like we’re getting nowhere, it’s useful to step back and examine the progress that has been made.
Let’s take a look at the United States, historically the world’s largest greenhouse gas emitter. Over those three decades, the U.S. population soared by 28% and the economy, as measured by gross domestic product adjusted for inflation, more than doubled. Yet U.S. emissions from many of the activities that produce greenhouse gases – transportation, industry, agriculture, heating and cooling of buildings – have remained about the same over the past 30 years.
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Daily Energy Insider – November 12, 2025
EIA: Fewer delays reported for new solar projects
Solar projects representing about 20 percent of planned capacity reported a delay in the third quarter, according to a new report from the Energy Information Administration. This is a decrease from 25 percent in the same period in 2024. Solar power is the fastest-growing source of new electric generating capacity in the country. Its growth is fueled by large-scale solar photovoltaic (PV) projects built by electric utilities and independent power producers.
Delays in bringing these solar projects into operation have been trending down in recent months. Delays in solar project schedules tend to be relatively short in duration. Last year was a record year for U.S. solar capacity additions. Power plant developers added 31 gigawatts (GW) of utility-scale solar PV generating capacity in 2024, which boosted total U.S. utility-scale solar capacity by 34 percent.
Regulatory
Politico – November 1, 2025
Meet the Republicans who killed solar subsidies — after using them*
At least three Republican lawmakers took advantage of a decades-old rooftop solar credit that will end in January due to President Donald Trump’s megalaw, according to a review of property records and satellite imagery by POLITICO’s E&E News. The lawmakers — with solar arrays on a California villa, a $3 million Utah manse and an off-the-grid Kentucky homestead — all supported ending the perk this summer that sliced thousands of dollars off the cost of installing their panels.
California Rep. Ken Calvert, a long-serving Republican who was thrust into a race next year with a member of his own party when the state redrew his conservative district, defended voting to end the solar credit that he used about 15 years ago to offset the cost of putting two rows of panels on the back roof of his ranch-style house in Southern California. “It never was supposed to be permanent,” Calvert said of the credits — a line echoed by other Republicans who criticized renewable energy as unreliable and dependent on subsidies. The law that Trump called his “one big beautiful bill” passed Congress with no Democratic votes and the support of all but five Republicans.
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Reuters – November 12, 2025
Protesters force their way into COP30 summit venue, clash with security*
Dozens of Indigenous protesters forced their way into the COP30 climate summit venue on Tuesday and clashed with security guards at the entrance to demand climate action and forest protection. Shouting angrily, protesters demanded access to the U.N. compound where thousands of delegates from countries around the world are attending this year’s U.N. climate summit in the Amazon city of Belem, Brazil.
Some waved flags with slogans calling for land rights or carried signs saying, “Our land is not for sale. We can’t eat money,” said Nato, an Indigenous leader from the Tupinamba community, who uses only one name. “We want our lands free from agribusiness, oil exploration, illegal miners and illegal loggers.” Security guards pushed the protesters back and used tables to barricade the entrance. A Reuters witness saw one security guard being rushed away in a wheelchair while clutching his stomach.
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Bloomberg – November 12, 2025
European Nations Seek One-Year Delay to Deforestation Law*
European Union nations are pushing for a one-year delay of a landmark law to curb deforestation across the world, seeking more time to comply with it than proposed by the bloc’s executive arm. Representatives of member states signaled support for the delay at a meeting of EU ambassadors in Brussels Wednesday, according to people with knowledge of the talks. The law in its current form is set to take effect at the end of the year.
The latest proposal would remove the need for an additional grace period of six months that the European Commission put forward, said the people, who asked not to be identified because the negotiations were private. The EU’s Deforestation Regulation aims to tackle the felling of trees associated with imports into the bloc of key commodities from soybeans and coffee to cocoa and palm oil. But it’s faced criticism at home and abroad for being too bureaucratic. The commission’s proposal is currently being discussed by the European Parliament and member states in the EU Council, with each of the institutions having the right to propose amendments. The final shape of the law will be agreed in negotiations that will also involve the commission.
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Texas Energy Report NewsClips
Wednesday November 12, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices softened on Wednesday but held onto most of their gains from the previous session amid expectations that an end to the longest-ever U.S. government shutdown could boost demand in the world’s biggest crude-consuming nation, according to Reuters.
West Texas Intermediate crude was down 22 cents, or 0.36%, to $60.83 a barrel, after climbing 1.5% in the previous session.
Brent crude futures slipped 22 cents, or 0.34%, to $64.94 a barrel by 0625 GMT after gaining 1.7% on Tuesday.
Top Stories
Inside Climate News – November 11, 2025
One Year After Trump’s Election, This Group Is Celebrating Their Sway Over U.S. Energy Policy
Dozens of people packed into a ballroom at the glitzy Waldorf Astoria in Washington in mid-October for a “who’s who” of the conservative energy world. For those in attendance, the America First Policy Institute’s (AFPI) Global Energy Summit simultaneously served as a victory rally for the group’s successes, a homecoming for some of its main stars and a warning cry of the threat it believes environmentalists pose to basic liberties. …
Before founding AFPI, Rollins led the Texas Public Policy Foundation, another powerful political organization group that, among other conservative initiatives, has funded efforts to block wind and solar development. Scores of other key administration officials have ties to AFPI, ranging from EPA administrator Lee Zeldin, who chaired the group’s China Policy Initiative and led its “Pathway to 2025” voter drive, to Kevin Hassett, a former AFPI board member now serving as National Economic Council Director.
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CNN – November 11, 2025
Solar eruption: Second-highest level could bring voltage control problems
Several eruptions of energy from the sun, known as coronal mass ejections, or CMEs, are expected to reach Earth’s magnetic field over the next two nights. The Space Weather Prediction Center issued a G4 “severe” geomagnetic storm watch for Tuesday and Wednesday. G4 is the second-strongest level on the five-step scale. Geomagnetic storms happen when the solar wind rushes through Earth’s magnetosphere. Charged particles from the sun interact with gases in the Earth’s atmosphere, causing stunning northern lights, or glowing curtains of green, red and purple light that ripple across the sky.
It’s not all beauty and wonder; a G4 storm brings potential for voltage control problems in power systems, GPS navigation errors and intermittent issues with radio and satellite operations. This latest round of solar eruptions includes several CMEs from an active sunspot cluster. The storm may ease slightly by Wednesday but could stay elevated through midweek — along with the chance to see the northern lights farther south than normal.
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The Wall Street Journal – November 11, 2025
Exxon-Backed Coalition Sets Out Goals to Fix Carbon Accounting*
A new carbon-accounting initiative to establish a system for calculating emissions at a product level set out its goals during a Friday event in Sao Paulo, Brazil, in the run up to the United Nation’s climate conference taking place in the country this week. Carbon Measures, founded last month and backed by U.S. energy giant Exxon Mobil, aims to create an accounting system based on the direct emissions of products and one that avoids the double counting seen in current supply-chain—or Scope 3—reporting.
Darren Woods, the CEO of Exxon Mobil, who was speaking at the event, said that holding a supplier responsible for the emissions of its supply chain was like holding McDonald’s responsible for the weight of its customers. “The only way that an oil and gas company meeting the demands of society today can reduce its Scope 3 emissions is to stop selling product,” he said. Carbon Measures, which includes BASF, Banco Santander and BlackRock’s Global Infrastructure Partners among its members, is forming an independent panel of experts to advance a ledger-based carbon accounting framework. Speaking at the event on Friday, Amy Brachio, the CEO of the organization, said: “We’re going to move fast, but we’re also going to be collaborative with respect to our approach.”
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ESG Drive – November 6, 2025
Shell, Mitsubishi invest $17M in hybrid direct air capture startup
Automaker Mitsubishi Corporation and Shell’s U.S. gas and power business are investing up to $17 million in New Jersey-based hybrid direct air capture startup Avnos, allowing the company to build its first commercial-scale facility. Avnos, which uses an air capture process that also captures water, will build a facility capable of annually capturing 3,000 tons of carbon dioxide and producing 6,000 tons of clean water, the startup announced Thursday. The facility is expected to come online by the end of 2026.
Shell previously invested in Avnos, being one of three companies — along with ConocoPhillips and JetBlue — to sign a multi-year strategic and investment partnership totaling over $80 million with the startup in 2023.
The Latest TERse Tips
Marathon Oil Co. had no obligation to deliver natural gas during a catastrophic winter storm in 2021, a Texas business court ruled Tuesday — the take-nothing order for Mercuria Energy America, which sought $26.5 million in damages, came during the first trial the court has heard since opening in September 2024 — Marathon, now owned by ConocoPhillips, “made reasonable efforts to avoid the adverse impacts” but freezing temperatures during Winter Storm Uri limited its ability to process and transport gas, Judge Melissa Andrews wrote in the order — Bloomberg*
RRC Commissioner Christi Craddick announced her candidacy for Texas Comptroller through a series of posts on November 10th — Midland Times
Texas regulators approved ERCOT’s methodologies for determining minimum ancillary services for 2026 while hinting at the same time that they are considering discontinuing the use of conservative operations — RTO Insider
Venezuela announces ‘massive mobilization’ of military forces as America’s largest warship sails into region — a US carrier strike group has arrived in the region — CNN
Fermi Inc on Tuesday said it began on-site construction at its Project Matador campus in the third quarter, as the company reported a “fortified” cash balance from its initial public offering — the Amarillo, Texas-based real estate investment trust, which focuses on data centres, reported a loss from operations of USD43.5 million between January 10 and September 30 — Morningstar
Argent LNG today announced the filing of Resource Reports 1 and 10 with the Federal Energy Regulatory Commission, marking a significant milestone in the development of its 25 million tonnes per annum (MTPA) Port Fourchon LNG Export Project — see the press release
EPA carves out ‘forever chemicals’ reporting exemptions — the Trump administration unveiled proposed changes to the first-ever PFAS reporting rule, which requires companies to hand over private chemical data — Politico*
Oil & Gas Texas
Santa Fe New Mexican – November 11, 2025
New Mexico Supreme Court to hear suit accusing state of failing to control oil industry pollution
The New Mexico Supreme Court will take up a 2023 lawsuit accusing the state of failing to protect its residents from pollution from oil and gas operations. The lawsuit was dismissed by the New Mexico Court of Appeals earlier this year, and then the plaintiffs — a group that includes individuals as well as Indigenous, youth and environmental organizations — appealed to the higher court.
The lawsuit argues New Mexico, one of the nation’s top oil-producing states, has failed to follow the Pollution Control Clause in the state constitution. Approved by voters in 1971 as a constitutional amendment, the clause directs the Legislature to adopt pollution controls to protect the state’s natural resources while still using and developing those resources to the “maximum benefit of the people.”
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Energy Intelligence – November 11, 2025
Chevron Eyes $6.5B Gas-Fired Power Plant in Western Texas*
Chevron is considering plans to build a $6.5 billion gas-fired power plant in Western Texas. The proposed 2.5 gigawatt (GW) “behind-the-meter” power plant near Pecos, Texas, would supply electricity to an onsite data center campus, with operations intended to start in 2030.
This potential investment is separate from Chevron’s other major investments in the state, such as its $5 billion blue hydrogen and ammonia plant project planned for Port Arthur, Texas.
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New Orleans Times Picayune – November 11, 2025
80 million acres, hundreds of millions of dollars: Gulf oilfield leases open again
The federal government released Monday a call for bids to lease about 80 million acres in the central and western Gulf under the recently enacted One Big Beautiful Bill Act. It’s the first lease sale since December 2023. Energy companies have until December 10 to submit bids for how much they will pay to explore for and develop oil and natural gas reserves on the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama.
The sale is also the first that will bring in higher rates under the Gulf of Mexico Energy Security Act, GOMESA, which pays Louisiana and other Gulf states a portion of the millions of dollars from bid prices and royalties once the offshore rigs are producing. It takes about five years from the lease until a well produces fossil fuels. The last lease sale brought in $372.5 million.
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S&P Global Platts – November 11, 2025
S&P Global Ratings Revises Hydrocarbon Price Deck Assumptions
S&P Global Ratings reviewed its hydrocarbon price decks. We lowered our WTI and Brent assumptions for 2026 by $5 per barrel, with all other years remaining the same. For Henry Hub, we raised our price assumptions for 2025 by $0.50/mmBtu and 2026 by $0.25/mmBtu, and we lowered our 2028 assumption by $0.25/mmBtu. All other assumptions have remained unchanged. This revision supersedes our last oil price update published Sept. 4, 2025.
To calibrate the potential use of cash flow volatility adjustments and the resilience of the financial risk profile and ratings, we maintain a ratings midcycle price reference point for use in our analysis of oil and gas producers. These midcycle prices are unchanged at $50 per barrel (bbl) of oil for WTI and $55/bbl for Brent, as well as $2.75/mmBtu for natural gas prices as determined by Henry Hub, $2.25/mmBtu for AECO, and $8.00/mmBtu for TTF.
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Pipeline & Gas Journal – November 11, 2025
Shell Taps Morrison for Major Oil Infrastructure Project at Port Fourchon, Louisiana
Morrison has been awarded a contract by Shell Pipeline Co. to construct a new elevated oil metering facility at Fourchon Junction, a key infrastructure hub south of Port Fourchon, Louisiana. The project aims to boost regional flow capacity and improve system reliability for several offshore oil pipeline networks in the Gulf of Mexico.
Under the agreement, Morrison will oversee all aspects of execution, including project management, scheduling, subcontractor coordination, site work, and logistics. The scope also includes prefabrication of about 500 tons of modular components at Morrison’s Houma and Harvey, Louisiana facilities, as well as instrumentation and electrical integration, sub-foundation construction, selective demolition, and interconnecting piping installation.
Oil & Gas National & International
S&P Global Platts – November 11, 2025
IEA sees global oil demand rising until 2050 under current policies
It could be another quarter of a century before the world reaches peak oil demand under the current policy climate, the International Energy Agency said Nov. 12, citing shifting US decarbonization goals, rapid growth in electricity consumption and slowing adoption of electric vehicles as factors shaping its revised long-term outlook.
Based on current policies and regulations, the IEA projects that global oil consumption will continue to increase through 2050, with oil prices expected to exceed $100/b by that year. Global oil demand, including biofuels, could increase from 100 million barrels in 2024 to 105 million barrels by 2035, and may rise further to 113 million barrels by 2050, according to the organization, which advises economies on energy policies.
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Bloomberg – November 11, 2025
America’s Dirty Little Fuel Secret Is Spreading Around the World: Javier Blas*
Days after he was sworn in as the 45th US President, Donald Trump confidently predicted the return of coal in America. “We’re going to put our miners back to work,” he said. But he didn’t. For all his rhetoric about “clean” and “beautiful” coal, US demand fell more than 20% during his first term. As the 47th President, he’s making similar promises. But assuming he’ll fail again would be a mistake. Sure, Trump won’t resurrect the dirtiest fossil-fuel source to its glory days of two decades ago. But he’s likely to arrest its decline, freezing demand at around current levels — and the biggest beneficiary may be China.
First, the data. On current trends, US coal demand will rise this year to about 465 million short tons, driven by higher electricity generation. From one perspective, that’s still down 60% from 2007’s record high and the third-lowest annual consumption in half a century. From another, the year-on-year increase of roughly 55 million tons would be the largest annual jump in 40 years. Regular readers know I’m a glass half-empty kind of person, so that’s where my pessimistic focus lies. Whichever lens one looks through, US coal consumption has interrupted its decline. In part, that’s due to Trump’s policies, including using emergency laws to keep some coal-fired power stations open. Rising electricity demand, a trend that predates his re-election, is also playing its part.
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Oil Price – November 11, 2025
Shell Takes Venture Global LNG Arbitration Loss to NY Supreme Court
Shell has challenged an arbitration ruling against it in the long-running dispute with Venture Global over contracted LNG supply, alleging the U.S. LNG exporter withheld information to Shell and the arbitration court. Shell has challenged the arbitration decision at the New York Supreme Court, the supermajor told Reuters on Tuesday. Shell has sued Venture Global for selling LNG on the spot market while foregoing long-term supply contracts because of delaying the commissioning phase of its first LNG plant at Calcasieu Pass.
Shell and other major oil and gas firms accused Venture Global in 2023 of profiteering by selling on the higher-price spot market LNG cargoes that should have been supplied under their long-term contracts. The U.S. firm used a loophole to do that by extending the deadline for officially commissioning the Calcasieu Pass export project.
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Reuters – November 10, 2025
Oil prices have oscillated in a relatively narrow range of $60 to $70 a barrel in recent months, reflecting both warnings over rising oil supplies as well as concerns about trade wars and geopolitical conflicts. While this may be a sweet spot for U.S. President Donald Trump, it is a ‘no man’s land’ for oil producers.
Crude prices hit the low end of this range in mid-October, enabling Trump on October 22 to follow through on his threat to slap severe sanctions on Russia’s two oil giants Lukoil and Rosneft, which account for around 5% of global output. Trump likely calculated that the escalation of the economic warfare on Moscow would not lead to severe disruption and price spikes since the oil market is today oversupplied. At the same time, with prices in the current range, the United States’ status as the world’s top oil producer remains unchallenged. The U.S. Energy Information Administration in October boosted its forecasts for 2025 production by 100,000 barrels per day to 13.5 million bpd, while also increasing next year’s output forecasts.
When the United States and European Union launched the Global Methane Pledge four years ago, they turned a spotlight on one of the most effective ways to slow global warming in the short term. That’s because methane, which leaks from oil and gas operations and landfills and is produced by the agriculture sector, is a very powerful but short-lived greenhouse gas. Scientists estimate it’s responsible for about a third of the warming we’ve experienced so far. Methane also makes for poor air quality.
Utilities, Electricity & Renewables
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KEYE – November 10, 2025
Austin Energy adds 18.8 megawatts of local solar
Austin Energy added 18.8 megawatts of new local solar power to the grid this year, the utility announced Monday. The utility service took on 749 new solar projects across the city, including 690 residential systems and 59 commercial installations. Austin Energy now supports 188 megawatts of total local solar capacity, putting it within 17 megawatts of reaching its 2027 goal of 205 megawatts of active local solar capacity.
“Local solar is a cornerstone of Austin’s clean energy future,” said Stuart Reilly, Austin Energy general manager. “Every system installed in Austin helps electric bills stay affordable and makes our city’s power generation portfolio even cleaner.”
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EVXL – November 11, 2025
Tesla Bets Big On Energy Storage With $200M Houston Megafactory As EV Business Stumbles
Tesla is ramping up hiring for its $200 million Megapack battery factory in Brookshire, Texas, just outside Houston, with 41 positions currently posted and a job fair scheduled for the week of November 10, 2025. The facility represents Tesla’s aggressive push into utility-scale energy storage at a time when its automotive division faces mounting challenges from expired tax credits and intensifying competition.
The Houston-area factory will mirror Tesla’s successful Lathrop, California facility, producing 10,000 utility-scale Megapack batteries annually—equivalent to 40 gigawatt hours (GWh) of energy storage capacity. This expansion comes as Tesla’s energy business has emerged as a bright spot in the company’s
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The New York Times – November 11, 2025
Why Debt Funding Is Ratcheting Up the Risks of the A.I. Boom*
For years, the tech industry’s giants, which make tens of billions of dollars in annual profits, usually built new data centers with their own money. Just last year, Google expanded an already massive computing facility in Oklahoma, while Amazon went to work on a new data center in Indiana that will eventually use enough electricity to power over a million homes. But a new set of free spenders is emerging in the gallop toward bigger and bigger artificial intelligence projects. Smaller outfits — far from household names, not nearly as wealthy but eager to get in on the A.I. boom — have started to build their own giant data centers. And they are borrowing tens of billions of dollars to do it.
In September, Meta agreed to buy $14.3 billion in computing power from CoreWeave, a New Jersey company that went public this year. CoreWeave has told financial analysts that for every $5 billion in computing power it plans to sell to customers over the next four years through new data centers, it must borrow $2.85 billion. The same month, Microsoft made a similar deal with Nebius, a start-up based in Amsterdam, for $19.4 billion. To help build its data centers, Nebius recently sold $3.16 billion in what are called convertible notes, which can be converted into company shares years down the road but begin as debt.
Now, there are growing concerns that these smaller companies are shouldering risks they may not be able to handle, entwining themselves in relationships that financial analysts say are worryingly opaque. So are a handful of much larger companies that are working with OpenAI, the San Francisco company that launched the A.I. boom with its ChatGPT chatbot three years ago. The debt used to fund data centers could exceed $1 trillion by 2028, or more than a third of all dollars spent on these facilities, according to analysts at Morgan Stanley. If A.I. technologies do not pull in as much revenue as expected over the next several years, the debt-laden companies could be left holding the bag for the rest of the industry.
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Politico – November 11, 2025
3-year study maps CO2 spikes from AI data center boom*
The U.S. data center boom could spike carbon emissions through the end of the decade to the equivalent of adding 5 million to 10 million cars annually to U.S. roadways and stress water supplies significantly, according to a new peer-reviewed study led by Cornell University researchers. The analysis in Nature Sustainability, three years in the making, aims to quantify the environmental effects of the U.S. artificial intelligence build-out across the country, a task that has been challenging because of the industry’s size and pace of growth. Researchers found that the technology currently is being expanded in a way that will exacerbate emissions and water challenges in many regions, while hindering the ability of large technology companies to reach net-zero targets.
“The future is in our hands. AI is growing fast, but the future doesn’t have to come with a penalty to our climate, to our water,” said Fengqi You, an energy systems engineering professor at Cornell and co-author of the study, which was funded partly by the National Science Foundation.
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Yaiyang – November 11, 2025
SEIA: Political Attacks Threaten Nearly 116 GW Solar & Storage Capacity
Over 500 solar and storage projects totaling 116 GW capacity or more than half of all new power capacity planned to be built in the US through 2030, are under threat, due to growing political attacks on renewable energy in the country, according to the Solar Energy Industries Association (SEIA).
Referring to data from the Energy Information Administration (EIA), SEIA says 73 GW of solar and 43 GW of storage projects, spread across 44 states, are yet to receive the requisite permits. These are at risk of being ‘targeted’ by the administration. Their loss could mean 18 states could lose half of all their planned capacity, including Texas, Virginia, Arizona, and Nevada. Texas alone accounts for nearly 40% of the at-risk projects.
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CNBC – November 11, 2025
Nuclear power is back, largely due to the skyrocketing demand for electricity, including big tech’s hundreds of artificial intelligence data centers across the country and the reshoring of manufacturing. But it returns with an old and still-unsolved problem: storing all of the radioactive waste created as a byproduct of nuclear power generation.
In May, President Trump issued executive orders aimed at quadrupling the current nuclear output over the next 25 years by accelerating construction of both large conventional reactors and next-gen small modular reactors. Last week, the U.S. signed a deal with Westinghouse owners Cameco and Brookfield Asset Management to spend $80 billion to build nuclear plants across the country that could result in Westinghouse attempting to spinoff and IPO a stand-alone nuclear power company with the federal government as a shareholder.
Regulatory
Politico – November 11, 2025
House Republicans warn leaders against E15 bill*
A group of 27 House Republicans urged GOP leadership to block legislation easing the way for year-round sales of gasoline with 15 percent ethanol after the oil and gas lobby pulled its support for bipartisan legislation. Eliminating restrictions on E15 has been a long-held priority for both Republicans and Democrats from agricultural states, where biofuels pay dividends for farmers. But the issue has proved sticky amid resistance from oil state Republicans and Democratic climate hawks, who are skeptical of biofuels.
Last week’s letter from Republicans, addressed to House Speaker Mike Johnson and Majority Leader Steve Scalise, both Louisiana Republicans, comes biofuel boosters push to include the “Nationwide Consumer and Fuel Retailer Choice Act” — H.R. 1346 and S. 593 — from Nebraska Republicans Rep. Adrian Smith and Sen. Deb Fischer in a broader must-pass package. “While we support policies that promote American energy production, we are deeply concerned that advancing stand-alone E15 legislation would further disadvantage the U.S. refining sector — an industry that is essential to American energy dominance, national security, and good-paying manufacturing jobs,” the lawmakers wrote.
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Politico – November 11, 2025
Clean energy groups sue DOE over blue-state funding cuts*
A coalition of clean energy groups sued the Trump administration Monday for canceling more than $7.5 billion in grants in Democratic-led states. The federal lawsuit argues that the cancellations were politically motivated — and illegal. Energy Secretary Chris Wright announced the funding cuts during the government shutdown, after White House budget chief Russell Vought previewed the move as canceling “Green New Scam funding to fuel the Left’s climate agenda.”
“Bare animus, political or otherwise, is not a legitimate government interest,” the groups said in their lawsuit filed in the U.S. District Court for the District of Columbia. The coalition includes the Interstate Renewable Energy Council, Plug In America, Elevate Energy and the Environmental Defense Fund, as well as the city of St. Paul, Minnesota, and the St. Paul nonprofit Southeast Community Organization. The groups were awarded millions of dollars from the Biden-era climate and infrastructure laws. They were funded to build electric vehicle infrastructure, install solar panels, and reduce emissions in buildings and at oil and gas wells.
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Texas Energy Report NewsClips
Tuesday November 11, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Top Stories
Oil Price – November 10, 2025
Occidental Beats Guidance With Strong Q3 Production
Occidental Petroleum Corporation (NYSE: OXY) posted third-quarter 2025 net income of $661 million, or $0.65 per diluted share, with adjusted earnings of $649 million ($0.64/share), as strong upstream performance and disciplined capital spending lifted operating cash flow and exceeded production targets.
The Houston-based producer generated $2.8 billion in operating cash flow and $1.5 billion in free cash flow before working capital, supported by solid oil and gas output and steady commodity prices. Total company production reached 1.465 million barrels of oil equivalent per day (Mboed)—above the high end of guidance—driven by strength in the Permian (800 Mboed), Rockies (288 Mboed), and International (238 Mboed) segments.
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E&E News By Politico – November 10, 2025
Exxon lawyer vows to crush climate lawsuits
A top lawyer for Exxon Mobil says the company — named in more than two dozen lawsuits from local governments seeking compensation for climate change — has no intention of losing the battle against what he called “absolutely relentless” opponents. The remarks Friday by Justin Anderson, Exxon’s assistant general counsel for litigation, come as the oil and gas industry mounts its third effort in a year to persuade the Supreme Court to reject climate lawsuits brought by states and localities across the country.
“I didn’t just move my family to Texas from the East Coast to have a bunch of activists and ambitious politicians bankrupt the company,” Anderson said during the Federalist Society’s National Lawyers Convention in Washington. “We are not going to lose this fight.” Officials in Boulder, Colorado, are scheduled Monday to deliver a rebuttal to the oil industry’s Supreme Court push. The justices could decide by the close of the year whether they will get involved.
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Rigzone – November 10, 2025
EOG Completes $5.7B Purchase of Encino Acquisition Partners
EOG Resources Inc has consummated its takeover of Encino Acquisition Partners (EAP) from the Canada Pension Plan (CPP) Investment Board and Encino Energy for $5.7 billion subject to post-closing adjustments. “In the Utica, the integration of the Encino assets is proceeding exceptionally well, with continued incremental efficiency gains”, EOG chair and chief executive Ezra Yacob said in the company’s quarterly report.
The transaction involved the purchase of CPP’s 98 percent stake and Encino Energy’s two percent stake in EAP, which the two formed 2017, CPP said May 30 announcing the deal. The acquisition grows EOG’s Utica shale position by 675,000 net acres to 1.1 million net acres with over two billion net barrels of oil equivalent undeveloped resources, Houston, Texas-based EOG said in a separate statement May 30. “Pro forma production totals 275,000 barrels of oil equivalent per day creating a leading producer in the Utica shale play”, EOG said then.
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Atmos.earth – November 10, 2025
This Former Oil Worker Is Now Exposing Dirty Methane Emissions
TER note: Atmos.earth is a left-center non-profit concerned with climate and culture
Sharon Wilson spent more than a decade in the oil business, never expecting to become one of its fiercest critics. But something in her snapped after she moved to rural Texas and saw her water and air fouled by a surge of fracking that quickly consumed her community. Over the next 28 years, Wilson became one of the nation’s most relentless campaigners against the oil and gas industry—an industry that continues to enjoy near-unchecked sway in Texas, despite having extracted more planet-heating fuels across the country than any other nation in recent history. “It is a losing battle,” Wilson said. “But people are enraged. I’m not the radical here; they are. They called me all sorts of horrible names, threatened me—death threats, all kinds of things.”
Wilson’s work as a self-described “methane hunter” takes her across the vast, flat expanses of Texas, where at times the only structures breaking the horizon are tangles of oil and gas pipes and wellheads. Her workload is prodigious. Wilson has tracked methane gushing from tens of thousands of wells across the state and captured what she calls “horrific” emissions from gas turbines that power an Elon Musk-owned data center in Memphis, Tennessee.
The Latest TERse Tips
Ranger Energy Services, Inc. Announces Q3 2025 Results & Acquisition of American Well Services — see the press release
Alaska LNG, majority owned and developed by Glenfarne Alaska LNG, LLC and Baker Hughes on Monday announced a strategic alliance to advance the Alaska LNG Project — see the press release
HighPeak Energy Reports Q3 2025 Results Amid Management Changes — see the press release
Delta Sands plans to build a processing facility capable of producing 3 million tons of frac sand each year in the Texas region of the Haynesville Shale, the company announced Oct. 31 — Hart Energy*
A startup backed by billionaire Vinod Khosla says it has successfully drilled into the hottest rock ever reached by an enhanced geothermal energy system — Politico*
A multistate carbon capture pipeline began operating in September, reducing emissions from Midwest ethanol plants and carrying that carbon dioxide gas to be forever buried underground in Wyoming — an achievement after years of complaints, lawsuits and legislation blocked similar efforts by other companies – Politico*
PetroChina’s Yunnan petrochemical unit overhaul to shut plant for two months — Reuters*
Oil & Gas Texas
D Magazine – November 10, 2025
With Jerry Jones at His Side, Jay Allison Is Betting Big on the Western Haynesville
Two minutes to touchdown, Mr. Jones,” says a helicopter pilot nearing a drilling rig in Jewett during the opening scenes of America’s Team: The Gambler and His Cowboys, a new Netflix docuseries about Jerry Jones and the Dallas Cowboys. With him is Comstock Resources CEO Jay Allison. Viewers likely don’t know that the East Texas town is surrounded by what could be the last great natural gas play in the U.S. Jones sums up the risks. “Oil and gas is notoriously risky because it’s miles and miles deep,” he says in the scene. “Only God knows what’s down there.”
Comstock Resources began amassing acreage in the newly minted play five years ago through an extensive top-secret leasing program and series of acquisitions. Allison revealed its massive scope during an earnings call this past February. In an interview at his office a few months later, he shared a series of chronologically dated maps with yellow highlights, little checkers, and the game-changing swath of 525,000 acres—a disclosure that redefined Comstock’s future.
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Compliance Week – November 10, 2025
Texas gas company found that its merger acquisition paid a cartel-connected entity
A Texas-based gas company has disclosed that a Mexican affiliate made payments to local government officials that may have benefited a cartel designated as a terrorist group by the U.S. government. Entanglement with cartels is an increasing risk for companies doing business in Mexico.
Kodiak Gas Services, based in The Woodlands, Texas, disclosed on Nov. 5 that the Mexican affiliate, which came under Kodiak’s control as part of a merger, made “certain payments likely were made to persons associated with an organization designated” as Specially Designated Global Terrorists (SDGTs).
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KIII – November 5, 2025
Why 16 Texas cities just paid millions for water that doesn’t exist yet
A major desalination project that could reshape the future of water in South Texas is taking another step forward. The Nueces River Authority is moving into the design and planning phase for a massive desalination plant on Harbor Island, just off Port Aransas. It’s a multibillion-dollar project that would convert seawater into drinking water and it’s already drawing major interest from cities across the Coastal Bend.
According to Executive Director John Byrum, the plant is being designed to produce up to 100 million gallons of drinking water a day. Nearly all of that capacity has already been reserved with the City of Corpus Christi locking in 50 million gallons. In total, 16 communities have signed on, paying non-refundable reservation fees to ensure future access.
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Law.com – November 7, 2025
Water Wars Aren’t Over: Cactus Sues ConocoPhillips for $10 Million After Texas Supreme Court Loss*
Cactus Water Services is suing ConocoPhillips for over $10 million after the Texas Supreme Court ruled in favor of the oil companies in a previous case about produced water ownership. The new lawsuit alleges that ConocoPhillips and its subsidiary improperly sold water rights that Cactus claims it owns, including by selling rights to WaterBridge for stock without proper ownership. Cactus Water Services is seeking monetary damages, a declaration that it owns the water rights, and a constructive trust on the proceeds from the water rights transactions
Parties: Cactus Water Services, LLC is suing ConocoPhillips Co. and its subsidiary COG Operating LLC.
Claim: The lawsuit alleges that ConocoPhillips and COG wrongfully sold water rights to another company, WaterBridge, for approximately $165 million in stock.
Reason for claim: Cactus Water Services asserts that it owns the leases for the underground water rights in question and that the defendants sold rights they did not own.
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Counterpunch – November 5, 2025
Dick Cheney, Iraq and the Making of Halliburton
Related: Cheney helped ignite fracking boom. Did he also create a loophole? — Politico*
There’s no more pungent symbol of the corrupt nature of the Bush administration’s invasion and occupation of Iraq than Halliburton, the Houston, Texas-based oil services conglomerate, which has made billions from the war even in the face of charges of massive overbilling, shoddy work, official bribery and political influence-peddling. The remarkable thing is that Halliburton’s looting of Iraq and the US treasury happened in broad daylight, right under the nose of the press, the Democrats and Michael Moore, who made Dick Cheney’s former company the bete noire of his film “Fahrenheit 9/11.”
Nothing deterred the company from capitalizing on the war it helped orchestrate. Even the Pentagon’s own team of auditors, who nailed Halliburton red-handed for bilking the government for $108.4 million in overcharges for only “one task order” of its work in Iraq, found their report languishing in a kind of bureaucratic netherland for many months.
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Oil Price – November 9, 2025
Six FIDs, $72 Billion: U.S. LNG’s Record-Breaking Year
Europe’s rush to shake off Russian gas dependence and Asia’s push to buy higher volumes of American energy while negotiating trade deals have created a booming export deal market for U.S. LNG exporters and developers, even at increased liquefaction fees. Year to date, American LNG developers have signed sales and purchase agreements (SPAs) for existing and future export plants for a total of 29.5 million metric tons per year, according to data from consulting firm Rapidan Energy Group cited by Reuters.
The volume of newly contracted U.S. LNG more than quadrupled between January and October compared to the 7 million metric tons per year (mtpa) contracted for the whole of 2024. The U.S. LNG industry is now on track to have signed the second-highest export volumes on record, trailing only 2022, when buyers in Europe turned en masse to American gas as Russian pipeline supply to Europe slumped and stopped for many EU markets, including Germany.
Oil & Gas National & International
Oil Price – November 10, 2025
China’s $468 Billion Energy Drive Sparks Global Oil Market Shakeup
A month ago, Chinese oil heavyweight CNOOC boasted its pipeline network had hit 10,000 kilometers. That network was going to further grow to 13,000 km, the company said soon after it announced a fresh offshore discovery in the South China Sea. What CNOOC is doing is what all Chinese oil majors are doing: ramping up domestic supply of oil and gas. It is the safest kind of supply.
Chinese state energy companies have spent some $468 billion on exploration and production since 2019, Bloomberg reported earlier this month, noting that the amount was 25% higher than E&P spending in the previous six months. It was, in fact, enough to make PetroChina the biggest investor in exploration and production globally, Bloomberg wrote—and there is a very good reason for this.
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Center Square – November 7, 2025
Greece inks deal to buy U.S. LNG, strengthen energy supply chain
Greece announced on Friday it has agreed to purchase a minimum of 700 million cubic meters of liquified natural gas annually for the next 20 years from U.S. supplier Venture Global, in a move aimed at strengthening energy supply chains in western Europe.
“Fortunately, in the United States we have an amazing abundance of natural gas,” said U.S. Energy Secretary Chris Wright at the Transatlantic Energy Cooperation conference in Athens on Thursday. “I think we have a tremendous opportunity right now to displace all of the Russian gas — all of it, every last molecule — from western Europe.”
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Oil Price – November 10, 2025
Venture Global’s Q3 Profit Surges on Record LNG Exports
Related: Venture Global expects rulings on four current arbitration cases involving its US Calcasieu Pass terminal “over the course of the next few years”, assuming no settlements are reached in the interim, the US liquefied natural gas exporter’s chief executive said Monday — Upstream*
Venture Global reported Q3 2025 revenue of $3.33 billion and net income of $429 million as record cargo exports and new SPAs lifted results, while the company narrowed full-year EBITDA guidance to $6.35–$6.50 billion.
The key takeaways from earnings include:
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Q3 revenue rose 260% year over year to $3.33 billion; income from operations climbed 598% to $1.32 billion; net income reached $429 million versus a year-ago loss; Consolidated Adjusted EBITDA jumped 439% to $1.53 billion.
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The company exported a record 100 cargos (372 TBtu) in Q3 and now expects 382–386 cargos in 2025.
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Offshore Energy – November 7, 2025
Shell launches second LNG Canada train
Months after LNG Canada achieved its first LNG cargo, the project began producing LNG from its second of two LNG processing units, known as trains. As a result, both Train 1 and Train 2 are now operational. Located on Canada’s west coast, the project’s greenhouse gas (GHG) intensity is perceived to be about 60% below the global average.
The partners said: “A special thanks to all of our employees and contractors, to the Haisla Nation and the community in and around Kitimat, and to our five Joint Venture Participants for making this important milestone possible. We will continue to advance our operations, safely and responsibly, as we help Canada to diversify its export markets with key trading partners.”
Utilities, Electricity & Renewables
Utility Dive – November 10, 2025
Vistra CEO says excess capacity in PJM, ERCOT can accommodate flexible loads
Vistra owns about 43.7 GW, including 22.3 GW in eastern U.S. markets, 19.6 GW in Texas and 1.6 GW in California. Those numbers are set to grow through possible uprates at nuclear power plants and by building new resources, officials with the Irving, Texas-based independent power producer, said Thursday during a quarterly earnings conference call with equity analysts.
Vistra expects to finish analyzing by the end of the year the potential to add capacity at its nuclear power plants — with initial expectations that the company could increase its 6.6-GW nuclear fleet by about 10% starting in the early 2030s, Jim Burke, Vistra president and CEO, said. Also, Vistra plans to build 860 MW of gas-fired generation in West Texas by mid-2028 for about $900 million, company officials said.
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Brenham Banner Press – November 9, 1015
LCRA chief discusses rising energy, water demands
Brenham’s Lifetime Learning organization concluded its 2025 speaker luncheon series Friday with a presentation by Phil Wilson, general manager of the Lower Colorado River Authority (LCRA), who spoke about the growing challenges of meeting Texas’ increasing energy and water demands. LCRA, established by the Texas Legislature in the mid-1930s, is a wholesale supplier of electric power to numerous cities and cooperatives across Central Texas, including the City of Brenham and Bluebonnet Electric Cooperative. Bluebonnet, one of LCRA’s earliest customers, now serves retail electricity customers throughout Washington County and neighboring areas.
Wilson described LCRA’s evolution from relying solely on hydroelectric power generated by dams along the Colorado River to using a diversified mix that includes natural gas, coal, solar and battery storage. He said he supports an “all of the above” approach to ensuring reliable energy production.
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Yahoo! News – November 9, 2025
El Paso urges residents to attend meetings, speak out on proposed gas rate hike
City officials are calling on El Pasoans to oppose a proposed rate increase from the Texas Gas Service. The El Paso City Council has called on the Texas Gas Service to host a series of community meetings to meet with residents to discuss its plans for a 27% rate increase, which the company said it filed to recover costs related to increases in service expenses over the last three years since the last rate increase.
The company has proposed merging multiple service areas across Texas, including West Texas, the Central Gulf and the Rio Grande Valley into a single, statewide rate structure. The proposed rate increase could boost the average monthly gas bill by as much as $14.
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Engineering News Record – November 10, 2025
Bechtel Wins 430-MW Solar Project in Texas, Despite New Sector Risks
Israel-based clean energy developer Doral Group Renewable Energy Resources is expanding its U.S. footprint in solar energy—despite growing political headwinds—selecting Bechtel this month to design and build a 430-MW solar power project in Texas. The Cold Creek Solar+Storage project, sited in Schleicher and Tom Green counties, will have more than 850,000 solar modules and include a 340-MWh battery energy storage system.
Bechtel said the project will store excess solar power for use by the Electric Reliability Council of Texas, or ERCOT, grid for high demand periods. The contractor did not disclose project cost, but it was stated by the developer at an estimated $460 million, according to a report by Globes, an Israel-based business publication. Doral said construction will begin in the first quarter of 2026, with Bechtel committing to complete work by mid 2028.
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Texas Observer – November 10, 2025
Crypto’s Cryptic Texas Takeover
Eli McKay and John Weber, volunteers for the Sierra Club’s Coastal Bend Group, already had their hands full fighting plans for water- and energy-intensive projects in Corpus Christi when Bootstrap Energy’s proposal for two cryptocurrency mines appeared on the city council’s agenda in March 2022.
By then, Bitcoin mines were already popping up all over Texas, following China’s ban on cryptomining the prior year. Governor Greg Abbott had swung the state’s doors open, and Bitcoin miners were flocking to cities like Corpus and to far-flung unincorporated areas, where they benefitted from sparse regulations and local officials willing to shell out lucrative tax breaks to lure a growing number of mining facilities operated by Texas firms and others based everywhere from Australia to Singapore.
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pv tech – November 9, 2025
Pine Gate files for bankruptcy, seeks buyers for 10GWdc pipeline
North Carolina-based Pine Gate Renewables has filed for Chapter 11 bankruptcy to pursue a court-supervised sale of its solar and energy storage portfolio, along with its independent power producer (IPP) platform. The company expects to complete the competitive bidding process within 45 days through the US Bankruptcy Court for the Southern District of Texas. This will include completed and under-development projects, of which the company stated there is 10GWdc in progress.
Pine Gate plans to continue company operations through the transaction. Pine Gate CEO Ben Catt said the company’s decision to pursue a court-supervised sale aims to ensure continued renewable energy generation, adding that with strong lender support, he expects a competitive process that captures the value of its nationwide solar and storage portfolio.
Regulatory
Inside Climate News – November 8, 2025
Despite Headwinds, One Climate Group Sees Opportunity Ahead for Clean Power
Given the recent plight of America’s renewable energy industry, one could be forgiven for viewing its near future with pessimism. Since returning to office, President Donald Trump has launched an all-out assault against two of the most prominent sources of clean energy—wind and solar.
Trump has lambasted the technologies as the “scam of the century” while providing what critics describe as giveaways to the fossil fuel industry, increasing lease sales for drilling and mandating that millions of acres of federal lands be made available for mining. His signature One Big Beautiful Bill Act significantly accelerated the phaseout of tax credits for wind and solar projects, pulling back on commitments made under the Inflation Reduction Act several years prior.
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Texas Energy Report NewsClips
Monday November 10, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices rose on Monday on optimism that the U.S. government shutdown could end soon and lift demand in the world’s top oil consumer, offsetting concerns about rising supplies globally.
West Texas Intermediate crude was at $60.23 a barrel, up 48 cents, or 0.80%.
Brent crude futures rose 45 cents, or 0.71%, to $64.08 a barrel by 0426 GMT.
An end to the historic U.S. government shutdown, now in its 40th day, is within reach as the Senate on Sunday moved toward a vote on reopening the federal government.
“The imminent reopening is a welcome boost, restoring pay to 800,000 federal workers and restarting vital programs that will lift consumer confidence, activity and spending,” IG market analyst Tony Sycamore said.
“This should also help improve risk sentiment across markets” and cause a rebound in WTI prices toward $62 a barrel, he said.
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Top Stories
The Wall Street Journal – November 9, 2025
Senate Clears Key Hurdle Toward Ending Government Shutdown*
The Senate late Sunday cleared a critical procedural hurdle in its drive to end the record-long government shutdown, after Democrats provided enough votes to advance a measure designed to end the more than monthlong impasse. The vote was 60-40 on a measure to take up House-passed spending legislation that required 60 votes under the Senate’s filibuster procedures. Eight members of the Democratic caucus joined almost all Republicans in voting in favor, allowing the bill to move forward after more than a dozen failed votes since September.
The Senate’s next big step is to amend the measure and send it back to the GOP-led House—but that can’t happen unless the Senate unanimously agrees to dispense with other procedural steps that would delay action. Sen. Dick Durbin (D., Ill.), the No. 2 Senate Democrat, joined centrists in voting for the legislation. Sen. Tim Kaine (D., Va.) also voted in favor, after winning provisions that reversed the thousands of firings of federal workers initiated by the Trump administration since the shutdown—and that forbid additional firings at least through Jan. 31, when a new interim spending measure expires. The bill would also ensure back pay for federal workers after the White House had earlier called into question whether the money was guaranteed.
“This was the only deal on the table,” said Sen. Jeanne Shaheen (D., N.H.), who led a group of Democrats that provided the critical votes to end the shutdown. “It was our best chance to reopen the government and immediately begin negotiations to extend the [Affordable Care Act] tax credits.” Earlier Sunday, the Senate Appropriations Committee released three full-year funding bills, covering veterans’ programs and the construction of military housing as well as the Agriculture Department and the legislative branch. Republicans have guaranteed a vote on extending the healthcare subsidies by the second week of December, Shaheen said.
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Houston Chronicle – November 7, 2025
Texas lawmakers were furious after an applicant to the state’s $7.2 billion loan program for natural gas power plants was accused of fraud last year. The state agency administering the program should have Googled the applicant — and found that the CEO had been previously convicted in an “embezzlement scheme” — before choosing the project as a finalist for taxpayer-backed loans, lawmakers said.
The Texas Energy Fund process must be transparent, lawmakers said, because the Public Utility Commission of Texas was handing out billions in taxpayer dollars. And even though applications to the fund are typically confidential, there was one exception. “Fraud doesn’t cover confidentiality, does it?” state Rep. Todd Hunter asked at a legislative hearing last fall.
“Correct,” PUC Chairman Thomas Gleeson replied. A year later, the PUC is still fighting to prevent the agency’s records about the questionable application from being released to the public. It’s spent more than $31,000 in taxpayer funds through July to hire outside lawyers to do so, according to invoices obtained by the Houston Chronicle through a public records request.
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Midland Reporter-Telegram – November 7, 2025
SLB closes $8.2 billion ChampionX deal, expands Permian offerings*
SLB has completed its acquisition of ChampionX, an $8.2 billion deal announced last spring. “I get to lead the combined business in the Permian Basin,” said Shankar Annamalai, who transitioned from ChampionX to SLB, where he serves as regional director for Permian. The combined entity will offer Permian Basin operators production systems to well construction, wireline and steerables to artificial lift, chemicals, cementing and fluids, he said.
“We’re excited about the combination of two great companies,” he continued. “For ChampionX, it offers new opportunities, new things to learn but also new services.” For SLB, he said the Permian Basin is an important part of the company’s strategy, in part because it’s so resilient. “The Permian Basin continues to evolve and these cycles seem to get faster and faster.” As operators weather the economic cycles, Annamalai said they need new technology, more advanced technology to gather more hydrocarbons even with softer oil prices. They’re looking at deeper plays and adding inventory. Offerings from service companies like SLB let them drill faster, drill longer laterals and production chemicals help produce in harsher environments.
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Politico – November 6, 2025
EPA issues decisions on 16 small refinery exemption requests*
EPA on Friday approved 14 full and partial exemption requests sought by small refiners from their biofuel blending requirements. EPA said it was granting full exemptions to two of those petitions and partial exemptions for 12 others. The 16 total petitions from eight refineries sought exemptions from volume obligations for the 2021 through 2024 compliance years. The agency denied two requests.
The Trump administration is still considering how to account for the billions of gallons of biofuels left out of the renewable fuel standard blending requirements after it granted numerous exemptions to small refiners earlier this year. The renewable fuel standard requires refiners to blend certain volumes of renewable fuels into the nation’s fuel mix or else purchase tradable credits, known as renewable identification numbers, to comply. Small refiners facing economic hardship can petition EPA for exemptions. EPA said Friday it had cleared most pending petitions and is committed to addressing new requests as quickly as it can within a 90-day statutory review period.
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The Latest TERse Tips
Solar power generator Pine Gate Renewables has filed for bankruptcy, the largest renewables developer to collapse in the aftermath of US President Donald Trump’s cuts to solar and wind tax credits — the North Carolina-based company filed for Chapter 11 bankruptcy protection proceedings in Texas on Thursday — it listed assets and liabilities in the range of $1bn to $10bn apiece. Its creditors include Carlyle and Brookfield, from which it borrowed $150mn and $300mn respectively this year — The Financial Times reports that the company blames President Trump’s actions for its demise — Electricity Info
The San Antonio area’s rapid growth has CPS Energy openly talking about a potential rate increase in 2026 to keep up with power demands — Texas Public Radio/NPR
A trip in a residual hydrotreating unit at Marathon Petroleum’s 665,000 b/d Galveston Bay, Texas, refinery led to more than five hours of flaring, the company said in a filing with the Texas Commission on Environmental Quality — MarketWatch
CenterPoint Energy Inc. Outlook Revised To Stable From Negative On Expected Financial Improvement; Ratings Affirmed — S&P Global Platts
Coterra Energy’s CEO is defending the company’s multibasin, dual-commodity business model after energy investment firm Kimmeridge urged the Houston-based producer to divest its gas assets and focus on its Permian Basin oil operations — Energy Intelligence*
“Will Texas actually run out of water? Your questions about the state’s water supply answered — You asked our AI chatbot about Texas’ water supply. We answered some of the questions that it couldn’t” — Texas Tribune
Sabine Royalty Trust on Friday reported profit of $24.8 million in its third quarter — Associated Press
Independent Power Producer Matrix Renewables and EPC contractor SOLV Energy today celebrated the completion of the Stillhouse Solar project with a ribbon-cutting ceremony in Rogers, Texas — see the press release
Oil & Gas Texas
Oil Price – November 7, 2025
Oil and Gas Rig Count Ticks Up in the U.S. As Production Hits New High
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count in the US rose to 548 this week, according to Baker Hughes, down 37 from this same time last year. The number of active oil rigs stayed the same in the reporting period, according to the data, at 414. Year over year, this represents a 65-rig decline. The number of gas rigs rose by 3 to 128, which is 26 more than this time last year. The miscellaneous rig count fell by 1 to 6.
The latest EIA data showed that weekly U.S. crude oil production rose in the week ending October 31, with crude oil production reaching 13.651 million bpd—another new high—up from 13.644 million bpd in the week prior.
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Rigzone – November 7, 2025
ConocoPhillips Q3 Profit Down YoY
ConocoPhillips on Thursday reported $2.01 billion in net income adjusted for nonrecurring items for the third quarter, down from $2.08 billion for the same three-month period last year on lower prices. The New York-listed company’s adjusted earnings per share of $1.61 beat the Zacks Consensus Estimate of $1.4. Net profit before adjustment was $1.73 billion, or $1.38 per share, down from $2.06 billion for Q3 2024.
ConocoPhillips raised its base dividend by eight percent to $0.84 per share. The fall in prices was partially offset by “the benefits of the Marathon Oil acquisition and higher underlying production volumes”, the Houston, Texas-based global explorer and producer said in a statement on its website. ConocoPhillips completed its $22.5-billion takeover of Marathon Oil in the fourth quarter of 2024, expanding its footprint in the Delaware Basin and the Bakken and Eagle Ford shales.
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World Oil – November 6, 2025
ConocoPhillips lifts Willow project cost to $9 billion, first oil set for early 2029
ConocoPhillips raised its total spending plans for the Willow oil and natural gas project in Alaska to as much as $9 billion, citing inflation and other rising costs. The Houston oil giant, which initially estimated spending on the North Slope project at $7 billion to $7.5 billion, expects to begin oil production in early 2029, according to a statement on Nov. 6.
General inflationary costs of about $700 million are the biggest driver of the higher range of $8.5 billion to $9 billion. Shares of ConocoPhillips, which reported third-quarter earnings on Nov. 6 that beat analysts’ estimates, rose 0.8% before the start of regular trading in New York.
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World Oil – November 7, 2025
Civitas Resources boosts production, lowers costs ahead of SM Energy merger
Civitas Resources Inc. reported strong financial and operating results for the third quarter of 2025, driven by higher production, lower costs, and continued balance sheet strength. The company earned net income of $177 million, generated $860 million in operating cash flow, and achieved Adjusted EBITDAX of $855 million, exceeding internal forecasts. Oil and total production volumes rose 6% from the second quarter to 158,000 bpd of oil and 336,000 boed overall, while cash operating expenses fell 5% to $9.67/boe. The results came as Civitas advanced key development programs across the Permian and DJ basins, and finalized its previously announced non-core divestments.
In the Permian basin, output climbed to 181,000 boed, with oil volumes up 4% to 86,000 bpd. New pads, including the Double Stamp and Brother Nature developments in New Mexico and Texas, delivered average peak 30-day rates of 1,200 boed (80% oil) per well, outperforming nearby offsets by up to 20%.
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Oklahoma City Journal Record – November 7, 2025
Devon CEO preaches efficiency as earnings beat estimates again
Oklahoma City-based Devon Energy released third-quarter earnings on Wednesday, beating analysts’ expectations with net income of $656 million, or $1.04 per share, as new Chief Executive Clay Gaspar continues his push for fiscal discipline and operational efficiency. “We exceeded the midpoint of guidance on every key metric, including production, operating costs, and capital,” said Gaspar, who took over leadership of the $20 billion company in March.
“These results mark our strongest performance of the year, highlighting the exceptional quality of our assets and our unwavering commitment to operational efficiency and cost control,” he told analysts on Thursday. Devon beat Wall Street estimates by $.10, marking the fourth quarter in a row that the company has outperformed expectations. Among key highlights, the company averaged 390,000 barrels of oil production per day and lowered operating costs by 5% year to date. It generated $1.7 billion in operating cash flow, $820 million in free cash flow, and it returned $401 million to shareholders through its dividend and share repurchase program.
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AOL – November 6, 2025
Texas, oil and football: How Texas Tech has raised a football monster in no time at all
In February, during the grand opening of Texas Tech’s 300,000-square foot, $242 million football facility, athletic director Kirby Hocutt, delivering a speech from behind a pulpit within this goliath of a structure, gestures into the audience before him. He identifies those responsible for not only this lavish building but the talented new roster that trains within it.
In the room of dignitaries and donors, among the more than 200 people here to celebrate what the school believes is its informal arrival as one of college football’s havenots now-turned haves, there is gobs of money: at least a half-dozen billionaires and 30 more families worth at least nine figures. “We couldn’t have done it without you,” Hocutt says to them.
But, in a way, the responsible party lies well below this facility, deep within the Earth’s rock: a well of oil the size of the state of Florida. The Permian Basin, the largest oil field in the United States, produces more than 6 million barrels of oil per day and generates 40% of the country’s oil supply. It fuels something else: the Texas Tech football team.
Oil & Gas National & International
Politico – November 7, 2025
Trump’s Economy Is Looking More and More Like Saudi Arabia’s
If MBS appears to be taking branding lessons from Donald Trump, the U.S. president has also adopted investment strategies similar to those used by the Saudi monarch to refashion his nation’s domestic economy. In his second term, Trump and his deputies have converted federal agencies into investment arms that direct capital to industries and companies that hew to Trump’s strategic and political vision. As in Saudi Arabia, some of those industries and companies have ties to the leader’s family or allies. And Trump has made arrangements that would, if implemented, give him control of enormous investment portfolios that might one day rival sovereign wealth funds like Saudi Arabia’s Public Investment Fund, known by the acronym PIF. …
Trump’s top-down brand of state capitalism — though largely unprecedented in modern U.S. politics — doesn’t feel so foreign to the CEOs and Saudi officials sipping pomegranate juice under gigantic crystal chandeliers in the King Abdulaziz International Conference Center. The investment environment that’s been cultivated by MBS has yielded tremendous opportunities for bankers and asset managers eager to work hand-in-glove with his regime. And if there’s any agita in the United States around how Trump has blurred the lines between private enterprise, political activity and government, it’s a familiar dynamic in the Gulf.
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Reuters – November 7, 2025
Trump finalizes US Gulf oil lease sale, proposes Alaska sale in 2026*
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Pipeline & Gas Journal – November 98, 2025
Enbridge Plans Second Phase of Mainline Expansion to Boost Oil Exports
Enbridge plans to gauge commercial interest early next year in a second phase of capacity expansion on its Mainline crude pipeline system, which carries most of Canada’s oil exports to the United States, the company said on Nov. 8. The Calgary, Canada-based pipeline operator said if the project goes ahead, it could add 250,000 barrels per day of additional capacity on the Mainline by 2028, helping to meet rising demand for export access from Canadian oil shippers.
The project would be in addition to a planned first phase of expansion, on which the company expects to make a final investment decision before the end of the year. The first phase would add 150,000 bpd of capacity and be placed into service by 2027, Enbridge said.
Utilities, Electricity & Renewables
Reuters – November 7, 2025
Duke Energy beats quarterly estimates as power demand in the Carolinas increases*
Duke Energy beat Wall Street estimates for third-quarter revenue and profit on Friday, helped by higher electricity rates and strong power demand, with the U.S. electric utility signing more deals to supply energy-intensive data centers. The technology industry’s AI data centers, combined with the accelerating electrification of homes and businesses, are expected to push U.S. power demand to record levels in 2025 and 2026, according to the U.S. Energy Information Administration.
Duke, which primarily operates in the Carolinas, has signed about three gigawatts worth of energy service agreements with data centers this year, including deals with Digital Realty and Edged in the reported quarter. The company has more data center deals in its pipeline, Chief Financial Officer Brian Savoy told Reuters, without disclosing the number of the potential agreements. “I think you’ll see the three gigawatts grow in a meaningful way as we move through the quarters,” Savoy said. One gigawatt is enough to power about 750,000 homes.
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Yahoo! News – October 7, 2025
Without data centers, GDP growth was 0.1% in the first half of 2025, Harvard economist says
U.S. GDP growth in the first half of 2025 was almost entirely driven by investment in data centers and information processing technology, according to Harvard economist Jason Furman. Excluding these technology-related categories, Furman calculated in a Sept. 27 post on X.com GDP growth would have been just 0.1% on an annualized basis, a near standstill that underlines the increasingly pivotal role of high-tech infrastructure in shaping macroeconomic outcomes.
Furman’s findings, shared online and echoed by financial analysts including Robert Armstrong of the Financial Times‘ Unhedged (the same writer who coined the term “TACO trade’), echo several months of observations on the remarkable surge in data-center infrastructure. In August, Renaissance Macro Research estimated, to date in 2025, the dollar value contributed to GDP growth by AI data-center buildout had surpassed U.S. consumer spending for the first time ever. That’s remarkable considering consumer spending is two-thirds of GDP.
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Utility Dive – November 6, 2025
US installed nearly 26 GW of new generating capacity from January to August
The U.S. installed nearly 26 GW of new generation capacity between January and August 2025, up slightly from the approximately 23 GW installed over the same period last year, according to the most recent monthly infrastructure report from the Federal Energy Regulatory Commission. As it has for most of the past two years, solar continued to dominate new generation resources, accounting for 2.7 GW out of 4 GW brought online in August alone, and 19 GW — about three-quarters — of generation capacity additions this year.
The report also says FERC reissued a certificate for Williams Companies to construct and operate its Northeast Supply Enhancement Project. That expansion of the Transco gas pipeline from New Jersey to New York was revived following talks between President Donald Trump and Gov. Kathy Hochul in May after the Trump administration briefly froze the Empire Wind project. The White House and the developer of the wind project have told journalists the two sides reached a gas-for-wind deal, while Hochul has denied striking such a bargain.
KUNC (NPR Colorado) – November 5, 2025
Colorado wants to build more geothermal energy networks. But it needs to build the workforce first
There’s a field near the airport in the tiny town of Hayden, Colorado, that may look like just a flat expanse of patchy grass and dirt. But exciting things are happening there—if you look below the surface. “You wouldn’t even be able to see our project,” said town manager Matthew Mendisco. “Because it’s all underground, basically.”
That project is the start of a major geothermal energy network built earlier this year. “We just completed the first phase,” Mendisco said. “We’ll be entering the second, third, fourth phase over the next three years.”
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Reuters – November 5, 2025
Going underground: A tour of global geothermal projects in progress*
Breakthroughs in drilling methods and heat extraction techniques are widening the appeal of geothermal power systems across the world, and geothermal generation capacity is on track to double once projects currently in development are completed. Currently, only around 2% of global energy generation comes from geothermal projects, according to Energy Institute data, which places the technology squarely in the niche category of the global energy mix. However, around 35 countries or territories are constructing or have plans to build new geothermal capacity, according to Global Energy Monitor (GEM), creating the potential to make geothermal generation a more mainstream affair.
Of that total, 18 of those locations are already familiar with the technology and are within tectonically-active regions with high-temperature rock deposits relatively close to the earth’s surface. … Just 10 countries account for 94% of global geothermal capacity currently in operation. In descending order of capacity, those countries are: the United States, Indonesia, the Philippines, Turkey, New Zealand, Mexico, Italy, Kenya, Iceland and Japan, GEM data shows.
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E&E News By Politico – November 7, 2025
Trump solar attacks threaten 50% of planned electricity, report finds*
Trump administration policies are threatening more than 500 planned solar and storage projects set to provide at least half of all planned electricity in the U.S. through 2030, according to a new analysis. The Solar Energy Industries Association said the threatened projects would provide 116 gigawatts of capacity, with Texas constituting nearly 40 percent of the at-risk infrastructure. The findings, which rely on data from the Energy Information Administration, highlight the challenges facing the industry because of rollbacks in federal tax credits, funding cuts and policies such as new Interior Department reviews of projects.
“Political attacks on solar and storage are putting half of all power planned to come onto the grid this decade at risk, just as electricity demand from AI is exploding. These are projects that would lower costs for families, strengthen our grid, and cement America’s global competitiveness,” said Abigail Ross Hopper, president and CEO of SEIA, in a statement. According to the analysis, at-risk solar and storage projects stretch across 44 states and could provide electricity to 16 million homes. Eighteen states are at risk of losing more than half of their planned power capacity through the end of the decade, the report said. Many of the affected states, such as Virginia and Arizona, are expected to lead the country in growth of data centers, which are helping push electricity demand higher.
Regulatory
Politico – November 7, 2025
Methane rule enters White House review*
EPA’s final rule aimed at buying itself more time to loosen Biden-era requirements to curb methane emissions at oil and gas facilities entered White House review last month, according to the administration’s regulatory dashboard. The agency isn’t expected to scrap the rule altogether, but it could weaken standards governing how much methane needs to be reduced at new and existing facilities. The rule now at the Office of Management and Budget would put the state implementation process on hold while EPA undertakes that broader rulemaking. States have primary responsibility for existing facilities and faced a deadline of March 2026 to submit those plans.
The rule was previously introduced as an “interim final rule.” The upcoming action will finalize that change. EPA’s regulatory work has not appeared to slow down during the government shutdown. Two water rules entered review at the White House Office of Management and Budget this week — one on Wednesday and one on Thursday — despite a significant number of furloughs at the agency. Staff working on rules that are priority for EPA have not been sent home.
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Politico – November 7, 2025
DOE staffers say loan office quashed NEPA reviews*
The Department of Energy’s loan office will no longer use a bedrock environmental law to assess the projects it finances, DOE staffers told POLITICO’s E&E News. The move to shelve National Environmental Policy Act reviews was announced at a meeting Wednesday, according to the staffers, who were granted anonymity to discuss the change because they’re not permitted to speak publicly.
“They’re saying the entire department will not be doing NEPA reviews,” one staffer said. “Specifically, the phrase used was ‘We’re not respecting NEPA.’” NEPA, passed in 1969, requires environmental reviews for development projects, like fossil fuel drilling, hard rock mining, solar and wind farm siting, and transmission line construction. It calls on agencies to “create and maintain conditions under which man and nature can exist in productive harmony.” The law has been in the crosshairs of the Trump administration since it took power in January, and agencies implemented changes to NEPA over the summer.
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Politico – November 7, 2025
How the Energy Department got DOGE’d*
Department of Energy officials scrambled to map and ultimately cut their own workforce in the frantic onset of President Donald Trump’s second term. Emails obtained by POLITICO’s E&E News under the Freedom of Information Act offer an inside look at how senior executives at DOE moved quickly to fulfill the president’s campaign pledge of reducing government. Empowered by a host of executive orders, aides affiliated with tech mogul Elon Musk’s Department of Government Efficiency served as the Trump administration’s taskmasters in guiding those officials in slashing costs across the department.
Records show it become almost immediately apparent that hundreds of jobs at the Energy Department were under threat last January. In an email time stamped a few minutes before midnight on a Saturday, Jamie Sullivan, then senior adviser to the Office of Personnel Management director, thanked DOE officials for their help that first week of the new administration. “Know we have thrown a lot at you, so wanted to consolidate outstanding requests into one email,” Sullivan said in the Jan. 25 message. “Apologies in advance as I’m sure you have sent some of these (my inbox is a nightmare).”
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Texas Energy Report NewsClips
Friday November 7, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil edged up on Friday following three days of declines on worries about excess supply and slowing demand in the U.S., though prices are set for a second weekly loss.
West Texas Intermediate crude was at $59.72 a barrel, up 29 cents, or 0.49%.
Brent crude futures rose 28 cents, or 0.44%, to $63.66 a barrel at 0421 GMT.
Brent and WTI are set to fall about 2% this week, down for a second straight week, as major global producers increase output.
The price drop is driven by a surprise 5.2 million-barrel U.S. inventory build that reignited oversupply fears, IG Markets analyst Tony Sycamore said.
U.S. crude stocks rose more than expected on higher imports and reduced refining activity, while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday.
Top Stories
Grist – November 6, 2025
Rising energy bills are rewiring American politics
Related: Congressional Democrats inspired by their party’s wins across the nation this week are planning to lean in on messaging on rising energy prices as they aim to take back House and Senate majorities in next year’s midterm elections — Politico*
It has been a big week in energy news, with several resounding wins for efficiency and climate advocates. On Tuesday, voters in Georgia flipped two seats on the state’s Public Service Commission, which oversees utilities and sets rates. They installed a pair of Democrats on this little known, yet powerful, body for the first time in nearly two decades. Further north, Democratic gubernatorial candidates in Virginia and New Jersey handily won after making rising energy prices a centerpiece of their campaigns. The victories came just a few days after The New York Times reported that the Environmental Protection Agency is quietly reconsidering plans to eliminate the popular Energy Star program.
Taken together, these developments suggest that energy costs could be moving the political needle in ways that other issues, like climate change, have not. And, with next year’s midterms on the horizon, it’s an issue both political parties will increasingly have to grapple with.
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Reuters – November 6, 2025
US announces record oil and gas pollution penalty against Marathon Oil*
U.S. officials on Thursday announced a $241 million settlement with Marathon Oil over alleged air pollution violations at dozens of the company’s oil and gas facilities on a North Dakota Indian reservation, saying it was part of an ongoing crackdown. The settlement includes a record penalty and environmental equipment upgrades. President Joe Biden’s administration has ratcheted up enforcement in the oil and gas sector to fight climate change and to counter pollution, particularly in poor and minority communities.
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CNBC – November 6, 2025
Tesla says shareholders approve Musk’s $1 trillion pay plan with over 75% voting in favor
Tesla said shareholders voted in favor of CEO Elon Musk’s almost $1 trillion pay plan, with 75% support among voting shares. Board members recommended shareholders approve the pay plan, which they introduced in September. Top proxy advisors Glass Lewis and ISS recommended voting against it. Results of the vote were announced on Thursday at the company’s annual shareholders meeting in Austin, Texas. A separate proposal for investors calls for Tesla to be able to invest in xAI, Musk’s artificial intelligence startup created to compete with OpenAI. Tesla said that more votes were in favor than against but results are so far inconclusive.
The pay package for Musk, already the world’s richest person, consists of 12 tranches of shares to be granted if Tesla hits certain milestones over the next decade. It would also give Musk increased voting power over the company, acceding to demands that he’s made publicly since early 2024. His ownership would increase from about 13% to 25%, adding more than 423 million shares to his holdings.
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Reuters – November 6, 2025
Exxon enters Greece with gas deal that expands US footprint in eastern Med*
Exxon Mobil has signed a deal to explore for natural gas offshore Greece, increasing the U.S. presence in the eastern Mediterranean just as the Trump administration seeks to replace Russian energy flows into Europe. The United States, which holds vast reserves of domestic natural gas, wants to provide a larger share of Europe’s energy mix via liquefied natural gas as the European Union seeks to phase out Russian gas imports in the coming years.
“We have a tremendous opportunity right now to displace all of the Russian gas – every last molecule – out of western Europe,” U.S. Energy Secretary Chris Wright told a conference in Athens on Thursday. “Every molecule that Russia does not sell into Europe…stays in the ground, it does not go into the pocket of Russia’s war machine.” Under Thursday’s deal, Exxon will partner with Energean (ENOG.L), opens new tab, whose flagship gas fields are located offshore Israel, and Helleniq (HEPr.AT), opens new tab to explore for natural gas in Block 2 offshore Western Greece, the companies said on Thursday.
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Bloomberg – November 6, 2025
Shale Operators Defy $60 Oil to Keep Increasing Production*
US shale companies are forging ahead with their production plans, adapting to $60 oil prices while grinding out small increases and setting up the industry to add to next year’s record supply glut. Diamondback Energy Inc., Coterra Energy Inc. and Ovintiv Inc. this week announced plans to raise output slightly for this year or 2026 despite oil prices falling close to the threshold needed for many US shale wells to break even. Last week, Exxon Mobil Corp. cemented its position as the biggest Permian Basin operator by lifting its 2025 production guidance by 100,000 barrels of oil equivalent per day, more than some small companies’ total output. It’s all thanks to advancements in recent years that have made producers more efficient, allowing them to pump more crude for every dollar spent.
“Shale has to a large extent become a technology story, not in the Silicon Valley sense but in a drilling technology sense,” said Ben Hoff, global head of commodity strategy at Societe Generale SA. “It’s allowed the industry to keep barrel outputs relatively constant while tackling the other side of the ledger, which is costs.” The resiliency of US oil production stands in stark contrast to earlier this year, when crude prices tumbled 15% in less than a week after President Donald Trump announced a raft of tariffs in April. With OPEC increasing supplies, American oil executives at the time raised the possibility of shrinking US production if prices fell toward $50 a barrel, below the break-even point for most of the industry.
But those prices were short-lived. And shale’s years-long efficiency push was helping to lower costs, driving US oil output near 13.8 million barrels a day in August, a fresh record, according to the Energy Information Administration. Some of the increases were caused by higher output from the US Gulf, where several projects many years in the making recently came online.
The Latest TERse Tips
‘Trump is against humankind’: World leaders at climate summit take swipes at absent president — some of Thursday’s speeches reflected anger and dismay at U.S. policies but could not hide the ambivalence that many countries feel about this year’s climate talks — Politico*
Poland launches military training courses for all citizens — Yahoo! News
Vistra Reports Third Quarter 2025 Results, Narrows 2025 Guidance, and Initiates 2026 Guidance — see the press release
Kimball Royalty Partners reports Q3 2025 run-rate daily production of 25,530 barrels of oil equivalent (“Boe”) per day — see the press release
Plains All American Pipeline has completed the acquisition of the EPIC Crude Pipeline, gaining full ownership after previously acquiring a 55% stake in September
Texas Pacific Land up 10% on 3Q report — stock split planned — with CEO Tyler Glover highlighted a record quarter for major revenue and volume indicators, stating, “Oil and gas royalty production achieved a record of approximately 36,300 barrels of oil equivalent per day representing 9% sequential increase and a 28% increase year-over-year — MSN
APA up 9% on debt cut and “meticulous focus on operational efficiency and strategic asset management” and raises shale output projection for 4Q — WRAL
Governor Greg Abbott today announced Formosa Plastics Corporation, Texas (Formosa Plastics) in Jackson County as a qualified project under the Texas Jobs, Energy, Technology, and Innovation (JETI) program. Formosa Plastics will open a new facility to produce C6 (1-Hexene), a feedstock organic compound used at their existing complex in Point Comfort in the production of polyethylene, the most common plastic material — the project will create $150 million in capital investment — see the press release
Thanks to this additional order from Bechtel Energy for the Rio Grande LNG expansion project, Baker Hughes will supply the main liquefaction equipment for the $6.7 billion Train 5 expansion of NextDecade’s development in the Port of Brownsville — these five trains are estimated at $31.8 billion — Offshore Energy
Gunvor USA LLC, announces the successful refinancing and upsizing of its syndicated credit facility to US $2.81 billion — see the press release
ConocoPhillips’ LNG offtake portfolio has ballooned to 10 million tons/year (Mt/y), and the company has paired about half of those volumes with overseas customers after working in recent years to build out its holdings across the global natural gas value chain — Natural Gas Intelligence*
S&P Global assigned its ‘A+’ long-term rating to Bryan, Texas’ electric system revenue bonds, series 2025, with an estimated par amount of $37 million — S&P Global Platts
US FSRU player Excelerate Energy said that its LNG assets in Jamaica are ready to resume full operations following the passage of Hurricane Melissa — LNG Prime
Ford Considers Scrapping Electric Version of F-150 Truck — once hyped as a ‘smartphone that can tow,’ production of the money-losing EV pickup may be shut down for good — The Wall Street Journal*
Westinghouse Electric got a leg up on its competition last week when the Trump administration announced a partnership with the nuclear giant to deploy $80 billion of new reactors — Politico*
Williams Cos. on Monday reported third-quarter profit of $647 million — Associated Press/KTEN
Oil & Gas Texas
Yahoo! News – November 6, 2025
The AI boom has spiked energy demand, and as Big Tech firms and data center developers have scrounged for power, the fastest way to meet that demand has been with natural gas. In Texas, natural gas producer Comstock Resources is sitting on what it calls the “holy grail” of gas-rich land, company executives said during the most recent earnings call.
The key to success for the company — whose largest shareholder is Dallas Cowboys owner Jerry Jones — is a portfolio of land, acquired in 2019, throughout the far western area of the Haynesville Shale Basin in eastern Texas. The region has become the most exciting frontier shale patch in Texas — and one of the most promising in the country — for exploration and production companies willing to take the risk on “wildcatting,” or drilling new wells in untested land.
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Pipeline & Gas Journal – November 6, 2025
Energy Transfer Delays Lake Charles LNG FID Pending 80% Equity Sell-Down
U.S. pipeline operator Energy Transfer will not give its Lake Charles liquefied natural gas export facility in Louisiana a financial go-ahead until 80% of the project has been sold to equity partners, company executives said on Nov. 5 on a post-earnings call. Energy Transfer has been developing the 16.5 million metric tons per annum LNG export facility and has sold most of the expected production to long-term customers, but has faced rising project costs and wants to share the risk with equity partners.
“Our projects need to meet certain risk-return criteria, and we’re not there yet on LNG,” co-CEO Tom Long said. … The company earlier this year signed a non-binding agreement with MidOcean Energy to jointly develop the Lake Charles LNG export facility.
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Politico – November 5, 2025
Calif. county supervisors deal Sable a blow in oil permitting dispute*
A Houston-based oil company looking to boost California’s offshore oil production lost a vote Tuesday in a key permitting dispute. The Santa Barbara County Board of Supervisors voted 4-1 against Sable Offshore Corp in its request to transfer local operating permits for its three platforms off the Santa Barbara coast from Exxon Mobil, which sold the firm its assets.
The loss illustrates how far Sable’s reputation has fallen among California policymakers as it strives to get key approvals it needs to bring its oil to market. In February, the board tied on a vote on the permitting issue. But on Tuesday, county supervisors expressed concern that Sable has made a series of decisions that have been condemned by state regulators.
Since February, the California Coastal Commission issued Sable a cease and desist order and fined it $18 million for defying orders to stop work; the Central Coast Regional Water Quality Control Board filed a civil complaint for failure to comply with an investigative order; the Santa Barbara County district attorney charged the company with water code felonies; and California Attorney General Rob Bonta sued it over water discharge issues.
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Midland Reporter-Telegram – November 6, 2025
Texas oil transport workers face widespread job losses before year’s end*
A Texas trucking company is cutting dozens of jobs before the end of the year, part of a wave of layoffs affecting multiple industries across the state. Firebird Bulk Carriers, based in Dayton, notified the Texas Workforce Commission that it plans to lay off a total of 74 employees across several sites statewide starting Dec. 1 and concluding by Dec. 30.
In a letter to officials, obtained by Chron, Firebird blamed the cuts on the loss of one-third of its contracts and rising insurance costs. The company described the layoffs as permanent. The largest group affected—31 employees—works in Carrizo Springs, with smaller numbers in Victoria, Bryan, Dayton, Dilley, George West, and Tarzan. Most of the employees losing their jobs are truck drivers, but a few supervisors, mechanics and administrative workers are also impacted.
Some workers may be able to transfer to other locations under Firebird’s parent company, Adams Resources & Energy, or its subsidiary GulfMark Energy, according to the notice signed by the Human Resources Department. The layoffs come amid a broader wave of job cuts across Texas’ transportation, energy, and logistics sectors in recent months. In October, ConocoPhillips, the Houston-based oil giant, announced plans to cut up to 25 percent of its global workforce, impacting thousands of employees, while Accelore Group, a Dallas logistics contractor for Amazon, eliminated roughly 214 delivery and support positions across North Texas.
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Freight Waves – November 6, 2025
Port Houston CEO: Maritime industry must adapt as trade markets shift
Port Houston CEO Charlie Jenkins opened the 4th annual Houston International Maritime Conference (HIMC25) on Monday by calling on the maritime industry to take a more proactive stance as global trade patterns shift under tariff pressures, nearshoring trends, and new energy market dynamics. The four-day event, held Sunday through Wednesday in downtown Houston, brought together almost 900 executives, ocean carriers, petrochemical producers, economists and trade stakeholders.
Sessions focused on expected changes in North American supply chains, container and tanker markets, and the role of Texas infrastructure in supporting freight growth across the Gulf Coast and U.S.–Mexico trade corridors.
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Politico – November 5, 2025
Interior considers revoking Chaco Canyon drilling ban*
The Trump administration is moving forward on a proposal to allow oil and gas drilling on hundreds of thousands of acres of federal land that surround Chaco Culture National Historical Park, a sacred area for many southwestern Native American people. The Bureau of Land Management has begun a formal consultation with Native American tribes as it considers undoing a Biden-era order that prohibited new oil and gas leasing within a 10-mile buffer area around the park in northwestern New Mexico. BLM made its announcement in a letter to tribal groups last Thursday, which was obtained by POLITICO’s E&E News.
The move to revoke former President Joe Biden’s 2023 order comes as the Trump administration seeks to increase oil and gas production. Removing the 10-mile buffer area was listed as a priority in the Heritage Foundation’s Project 2025, widely viewed as a blueprint for the White House. New Mexico’s Democratic congressional delegation condemned the announcement, which was reported earlier by the Associated Press.
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Oil & Gas National & International
Reuters – November 6, 2025
Gunvor withdraws bid to buy Russian Lukoil assets after US calls it ‘Kremlin’s puppet’*
Swiss commodity trader Gunvor said on Thursday it has withdrawn its proposal to buy foreign assets of Russian energy company Lukoil after the U.S. Treasury called it Russia’s “puppet” and signaled Washington opposed the deal. The move scuttles what would have been Gunvor’s largest acquisition and underscores Washington’s attempt to use sanctions to isolate Russia and choke revenues it uses to fight the war in Ukraine.
The U.S. Treasury said in a post on X that President Donald Trump “has been clear that the war must end immediately. As long as (Russian President Vladimir) Putin continues the senseless killings, the Kremlin’s puppet, Gunvor, will never get a license to operate and profit.” Seth Pietras, Gunvor’s corporate affairs director, said in an email that Treasury’s statement was “fundamentally misinformed and false” and it welcomed “the opportunity to ensure this clear misunderstanding is corrected.”
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Reuters – November 6, 2025
US LNG producers ink near record contract volumes, even as fees climb*
U.S. liquefied natural gas developers are on track this year to ink the second-highest annual number of binding sales contracts, despite industry concerns about increasing capacity and rising costs. In the first 10 months of 2025, U.S. LNG producers signed sales and purchase agreements (SPAs) for 29.5 million metric tonnes of LNG per year, more than four times the 7 mtpa signed in all of 2024, data from consulting firm Rapidan Energy Group shows.
The SPAs are used by project developers to raise financing by demonstrating that planned projects can generate positive cash flow with customers locked into contracts for as long as 20 years. The only time more binding agreements were signed by U.S. exporters was in 2022, when Russia invaded Ukraine, according to Rapidan Energy. Many buyers seeking to diversify away from Russian energy are willing to pay higher liquefaction fees that American LNG developers charge to convert natural gas into a liquid that can be easily transported around the world in specialized ships.
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Global News – October 29, 2025
U.S. Tariffs to raise costs, delay oil and gas projects in 2026, report says
U.S. President Donald Trump’s sweeping tariffs are set to raise operating costs, disrupt supply chains and weaken investment momentum for the oil and gas industry in 2026, said a report published by global financial firm Deloitte on Wednesday. The energy industry relies heavily on global supply chains and internationally sourced materials such as drilling rigs, valves, compressors and specialized steel are central to their operations.
However, the U.S. has imposed tariffs on a wide range of imports, including 10 per cent to 25 per cent on raw materials not covered by the United States-Mexico-Canada Agreement and 50 per cent on steel, aluminum and copper.
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Politico – October 29, 2025
Can the US and Canada revive Keystone XL?
The Keystone XL oil pipeline has been dead for years — but leaders of Canada and the United States are mulling a revival of the cross-border project. Any plan will depend, in part, on cooling a trade war between the two countries. Canadian Prime Minister Mark Carney raised the prospect of pursuing the oil pipeline this month in an Oval Office meeting with President Donald Trump. The countries’ relationship has since soured over an Ontario ad campaign that blasted U.S. tariffs, delaying any public push to reboot the project.
Energy resources have featured prominently in multiple countries’ trade talks with the Trump administration, however, and the potential revival of Keystone XL is something that fits into Trump’s energy agenda. Trump issued a presidential permit for the project in 2019 and blasted former President Joe Biden for his decision two years later to pull the permit via executive order, ultimately dooming it.
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Oil Price – October 27, 2025
Abu Dhabi’s XRG in Talks to Join YPF’s LNG Export Venture
Abu Dhabi National Oil Company’s overseas arm, XRG, is in early talks to invest in Argentina’s first large-scale liquefied natural gas (LNG) project, led by state-owned YPF SA. The move aligns with XRG’s growing push to expand its LNG portfolio across Latin America, the US, and Asia, according to people familiar with the matter.
YPF’s project aims to transform Argentina into a significant LNG exporter by harnessing vast gas reserves from the Vaca Muerta shale basin. The plan centers on a floating liquefaction facility capable of producing up to 28 million metric tons of LNG per year once fully developed. Energy majors Shell Plc and Eni SpA are already working with YPF, though none of the partners have yet made a final investment decision.
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Bloomberg – November 4, 2025
Venezuelan Regime Change May Open Oil’s Floodgates: Javier Blas*
Despite sitting atop the world’s largest oil reserves, it’s a sad truth that Venezuela doesn’t matter for the energy markets. With production languishing near its lowest in a century, American saber-rattling against the administration of President Nicolás Maduro isn’t having much impact on oil; even an actual confrontation looks likely to only push prices a bit higher. The opposite may even be true. It’s a long shot, but a brief military campaign — perhaps echoing the US invasions of Grenada and Panama in 1983 and 1989 that triggered the collapse of the regime in Caracas — could go from bullish to bearish for the oil market rather quickly.
Regime change, ending a 25-year mix of socialism and repression, could reopen Venezuela to foreign companies, an essential step to boosting crude output. The geology is there — all that’s needed to unlock the nation’s oil wealth is capital, time and effort. Sure, I’m old enough to remember the false promises of an Iraqi oil boom post-2003. Yet a pro-Western and pro-business government could turn Venezuela into a large source of incremental petroleum supply in the decade following 2030. For a long time, Saudi Arabia has realized, even if never acknowledging publicly, that its biggest OPEC+ ally was a dysfunctional Venezuela. The more the Latin American nation sank, the more oil-market share it ceded to the kingdom. Still little understood, the arrival of socialism to Venezuela in late 1998 was a seminal moment for the oil market, one that, alongside the rise of China and convulsion elsewhere in the Middle East, paved the way to a multi-decade bull run.
Utilities, Electricity & Renewables
Reuters – November 6, 2025
NRG Energy forecasts higher 2026 core profit on strong power demand
NRG Energy on Thursday forecast standalone core profit for full-year 2026 over its updated range for 2025 on the back of surging power demand, sending the utility firm’s shares up 1% in premarket trading. NRG is positioned to benefit from surging electricity demand in Texas, driven in part by a boom in data centers, which require steady, large-scale power supplies to support artificial intelligence and cloud computing operations. The utility expects 2026 core profit in the range of $3.93 billion and $4.18 billion, compared to its updated 2025 guidance of $3.88 billion to $4.03 billion.
Late in the reported quarter, NRG secured a $562 million low-interest loan from the Texas Public Utility Commission to support construction of its 689 megawatt (MW) Cedar Bayou power plant, with funding that began in September 2025 and will continue through 2028. NRG expanded its data center partnership in the reported quarter, signing two new long-term retail power deals totaling 150 MW for PJM sites.
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KXAN – November 6, 2025
Austin Energy releases insight into May Microburst
Austin Energy released an “After-Action Report” based on its findings from the damage and response to a microburst associated with a powerful thunderstorm on May 28, 2025. The storm, which the utility dubbed the “May Microburst” brought wind gusts of up to 90 miles per hour and hail of up to 1.5 inches in diameter, or ping-pong sized hail.
Heavy showers, strong winds and hail tore through the city of Austin. Video sent in to the KXAN newsroom showed streets overflowing and becoming small rivers in areas such as Hyde Park, Northwest Austin, Brentwood, Shoal Creek and more. Trees across the city were damaged with limbs dangling and were across yards.
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Bloomberg – November 6, 2025
Supreme Court Asked to Weigh Nuclear Waste Storage License Case
The US Supreme Court should review a lower court’s decision preventing an anti-nuclear nonprofit from challenging the Nuclear Regulatory Commission’s license for a nuclear waste storage site in New Mexico, the nonprofit says. The US Court of Appeals for the DC Circuit upheld “a highly unorthodox NRC license conditionally authorizing Holtec to store federally-owned nuclear waste—conduct that the NRC concedes currently violates the Nuclear Waste Policy Act,” Beyond Nuclear Inc. said in its petition for writ of certiorari.
Beyond Nuclear in its 2023 opening brief challenged the NRC’s refusal to terminate a licensing proceeding and deny an application by Holtec International to store nuclear waste generated by commercial reactors at its facility in Lea County, N.M.
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Oil Price – November 5, 2025
China Claims World-First Thorium Reactor Breakthrough
China has just unveiled a major breakthrough in nuclear reactor materials and technology that could pave the way to safer fission energy with less waste and no water use for cooling. In April this year, Chinese scientists successfully added fresh fuel to an operational experimental thorium molten salt reactor in the Gobi Desert.
Six months later, the scientists from the Shanghai Institute of Applied Physics at the Chinese Academy of Sciences now announce they have converted thorium into uranium in the thorium molten salt reactor, in a world-first such scientific breakthrough. The achievement showed that the thorium fuel cycle is technically feasible and opens the door to the potential use of thorium in nuclear fission reactors.
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KVIA – November 5, 2025
City says Texas Gas Service is planning to raise El Pasoans’ bills by 27%
El Paso City Council, along with the Texas Gas Service, is hosting a series of community meetings about a proposed gas rate increase. The proposed increase will raise bills by more than 27%, according to the city. “These meetings are intended to give El Pasoans an opportunity to hear directly from TGS representatives and learn more about the company’s pending rate case before the City’s public hearing later this month,” a city spokesperson explained. “City Council directed TGS to take additional steps to ensure transparency and provide opportunities for meaningful community engagement.”
Houston Chronicle – November 6, 2205
Trump’s clean-energy ‘blockade’ could hit Texas hardest: ‘Every delay drives up bills’*
The Trump administration has effectively “halted” federal permitting for renewable energy projects, jeopardizing much-needed supply as electricity consumption rises for the first time in decades, according to the solar industry’s primary lobbying group. As hundreds of projects remain in limbo, Texas has by far the most electricity supply at risk if the “blockade” persists, the Solar Energy Industries Association found in a new report.
The pause on clean energy project approvals could raise electricity bills for everyday residents, the trade group warned, if electricity supply additions aren’t able to keep up with Texas’ rapidly growing power usage. “Every delay and disruption drives up power bills and hands economic opportunity to China,” Abigail Ross Hopper, CEO of the Solar Energy Industries Association, said in a statement. “We need to get back to building.” In July, the Trump administration started requiring the Interior Secretary’s office to personally sign off on all the agency’s decisions and consultations related to clean energy projects. At the time, the Interior Department said it was “ending preferential treatment for unreliable, subsidy-dependent wind and solar energy.”
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Politico – November 6, 2025
Solar group tallies 500-plus projects at potential risk from Trump attacks*
The Trump administration’s continued attack against renewable energy puts 510 solar and storage projects across the country at risk, according to new analysis from the Solar Energy Industries Association shared with POLITICO. The projects represent a total 116 gigawatts of capacity. The findings land as solar power industry advocates have positioned the renewable energy source as the quickest and most affordable to add new power to the grid — particularly amid rising demand. President Donald Trump meanwhile has placed blame on renewable energy sources for rising energy costs. The dynamic emerged as a key point of contention in Tuesday’s election votes.
“Political attacks on solar and storage are putting half of all power planned to come onto the grid this decade at risk, just as electricity demand from AI is exploding,” SEIA President and CEO Abigail Ross Hopper said in a statement. The report used data from the U.S. Energy Information Administration to examine planned U.S. solar and storage projects that have not yet received all regulatory approvals and therefore could be vulnerable to being targeted by the Trump administration. The data showed 73 GW of solar and 43 GW of storage projects had not received their necessary federal, state and local permits.
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Regulatory
Politico – November 6, 2025
US businesses object to EPA bid to kill carbon reporting*
EPA officials have said ending mandatory greenhouse gas reporting for the biggest polluters would save those industries hundreds of millions of dollars. But public comments submitted by trade groups and others ahead of the deadline this week reflected concern that ending the reporting program would expose U.S. manufacturers to potential new costs and complications.
“The lack of publicly verified [greenhouse gas] emissions data for petroleum refineries and petrochemical manufacturing may complicate carbon foot printing and product exports due to the lack of common standards for emissions reporting,” the American Petroleum Institute stated in its comments. “Halting or curtailing the EPA’s collection of [greenhouse gas reporting program] data from the U.S. oil and natural gas industry may leave U.S. companies ill equipped to meet the demand for comparable and robust information.” Meanwhile, states, front-line communities and scientists would lose their best source of economywide climate pollution data, commenters said.
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Politico – November 6, 2025
Judge orders HUD to resume climate grant payments*
Despite the government shutdown, the Department of Housing and Urban Development must abide by a court order requiring disbursement of climate grants it had sought to freeze, a federal judge has ruled. In a brief order issued Tuesday, Judge Mary McElroy of the U.S. District Court for the District of Rhode Island sided with nonprofits that accused the agency of dragging its feet on compliance with an April order to release the money and then halting its efforts because of the congressional budget impasse.
McElroy said despite the lapse in government spending, federal law permits legally authorized work. She said her prior decisions “both require and ‘authorize by law’ HUD to carry out activities necessary to comply with those orders,” including resuming processing and payment of Green and Resilient Retrofit Program grants. The Trump appointee ordered the Department of Justice to confirm in a status report to the court that HUD officials have been told to resume paying the grants and to “describe with specificity” what additional steps the government has taken to comply.
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Texas Energy Report NewsClips
Thursday November 6, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices rose on Thursday as oversupply concerns eased, after closing at two-week lows in the prior session on weaker demand.
West Texas Intermediate futures were up 18 cents, or 0.3%, to $59.78.
Brent crude futures were up 17 cents, or 0.27%, to $63.69 a barrel at 0455 GMT.
Global oil prices fell a third straight month in October on fears of oversupply as the Organization of the Petroleum Exporting Countries and its allies increased output while production from non-OPEC producers is also still growing.
Year-to-date through November 4, global oil demand has risen 850,000 barrels per day, below growth of 900,000 bpd projected earlier by J.P. Morgan, the bank said in a client note.
Top Stories
Utility Dive – November 3, 2025
The era of ‘free’ excess renewable energy is over: Thomas Sisto
Explosive growth in electricity demand is poised to consume any surplus that once was wasted. We all know what is coming: Forecasts expect data centers alone to increase their power consumption by 165% in 2030. At that point, 50 GW of the 100 GW of predicted new U.S. peak demand will come from data centers. Combined with broader “electrification of everything” policies and increasingly complex grid dynamics, this growth is triggering a seismic economic shift. Wasting power will soon become an unaffordable luxury of the past.
This shift demands a hard look at long-duration energy storage, or LDES, which will be critical for grid reliability and affordability as we integrate more renewables. The U.S. Department of Energy found that up to 460 GW of LDES capacity may be necessary by 2050. Not all LDES technologies are created equal, however. Round-trip efficiency, or RTE, will be a key determinant of which technologies can deliver at the scale and cost we need and which ones will perpetuate the pattern of waste.
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Energy Now – November 5, 2025
Oil producers need to step up drilling to sustain output, EIA says
Oil and gas producers will need to step up drilling to sustain or increase output due to rapid declines in production from existing wells, the U.S. Energy Information Administration said on Tuesday. The U.S. is the world’s largest producer, with oil production touching a record 13.8 million barrels per day in August. However, weak oil prices and rising costs have pushed energy companies to cut billions in spending and moderate drilling, slowing production growth.
Meanwhile, OPEC+, the world’s largest grouping of oil-producing nations and its allies, has been rolling back production cuts to claw back market share. Producers are drilling more horizontal wells, which allow them to recover more oil and gas quickly after initial production compared to vertical wells. In December 2024, horizontal wells accounted for 94% of oil and 92% of natural gas produced onshore. However, horizontal wells have a high initial production rate, with a steep decline period that follows relative to vertical wells.
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US News – November 5, 2025
Before Greenlighting Lake Charles LNG, Energy Transfer Seeks 80% Equity Selldown
U.S. pipeline operator Energy Transfer will not give its Lake Charles liquefied natural gas export facility in Louisiana a financial go-ahead until 80% of the project has been sold to equity partners, company executives said on Wednesday on a post-earnings call. Energy Transfer has been developing the 16.5 million metric tons per annum LNG export facility and has sold most of the expected production to long-term customers, but has faced rising project costs and wants to share the risk with equity partners.
“Our projects need to meet certain risk-return criteria, and we’re not there yet on LNG,” co-CEO Tom Long said. … The company earlier this year signed a non-binding agreement with MidOcean Energy to jointly develop the Lake Charles LNG export facility. MidOcean is expected to pay for 30% of the construction costs of the facility and receive 30% of the LNG production, or roughly 5 million tons a year.
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Amarillo Globe-News – November 5, 2025
Preliminary approval granted for Fermi America’s 6 GW power campus
The Texas Commission on Environmental Quality has granted preliminary approval for Fermi America’s plan to build up to 6 gigawatts of natural-gas-fueled power generation at its proposed Project Matador site in Carson County. The company, listed on Nasdaq as FRMI, plans to eventually develop an 11-gigawatt private energy campus combining natural gas, nuclear, solar, and battery sources. The site, located east of Amarillo, is being developed with the Texas Tech University System.
Preliminary approval means TCEQ staff have reviewed the company’s air-quality permit application and found it meets state and federal environmental standards, but it does not authorize construction. The project must still go through a formal commission meeting and a public comment period before final approval is granted.
The Latest TERse Tips
Energy Transfer reported net income attributable to partners for the three months ended September 30, 2025 of $1.02 billion compared to $1.18 billion for the three months ended September 30, 2024 — see the press release
Williams Delivers Strong Third-Quarter 2025 Results — see the press release
Targa Resources Corp. Reports Record Third Quarter 2025 Results and Announces Expectation for a 25% Increase to its 2026 Common Dividend — see the press release
Texas Pacific Land Corporation Announces Third Quarter Results — Globe and Mail
Excelerate Energy Inc. (EE) on Wednesday reported third-quarter profit of $14 million — Associated Press/KVUE
Shares of Sable Offshore Corp fell as much as 26% intraday Monday to the lowest level in the company’s history after the oil driller announced plans to raise $225 million and extend a loan with Exxon Mobil — Bloomberg*
Independent power producer Sol Systems has selected engineering, procurement, and construction contractor Solv Energy as the EPC services provider for its 209MW solar PV plant in Texas — PV Tech
Amplify Energy Corp. says it has entered into a definitive agreement to sell all of its interests in Oklahoma for a total contract price of $92.5 million — the agreement is expected to close by the end of the fourth quarter of 2025 and will represent a complete exit from the Company’s interests in Oklahoma — see the press release
Bechtel, a global leader in engineering, construction, and project management, has been selected by Doral Renewables to design and build the Cold Creek Solar+Storage project in Schleicher and Tom Green counties — see the press release
Fitch Ratings has placed SM Energy Company’s Long-Term Issuer Default Rating of ‘BB’ and unsecured note ratings of ‘BB’ with a Recovery Rating of ‘RR4’ on Rating Watch Positive — Fitch
Murphy Oil Corp. (MUR) on Wednesday reported a loss of $3 million in its third quarter — KENS
Offshore contractor Allseas has been awarded a contract to install a new export pipeline in the central U.S. Gulf, awarded by pipeline operator Shell Pipeline Company LP on behalf of Amberjack Pipeline Company LLC, a joint venture between Shell Pipeline Company LP and Chevron Pipe Line Company — Workboat
Par Petroleum Corp. (PARR) on Tuesday reported third-quarter net income of $262.6 million — Associated Press/Yahoo! News
Orsted swings to quarterly net loss as Trump’s offshore wind battle takes its toll — CNBC
Oil & Gas Texas
Argus Media – November 5, 2025
US LNG buildout to spur Permian-Haynesville competition
The scale of the planned buildout in US liquefaction capacity means new export projects in Texas and Louisiana will increasingly need to tap supply from the Permian and Haynesville shale basins. But higher production from both regions and more pipeline capacity out of the Permian will be required for the two plays to satisfy the additional feedgas demand.
The US has about 17.5bn ft³/d (181bn m³/yr) of liquefaction capacity in operation and 15bn ft³/d under construction, following a spree of final investment decisions this year. More than half of this additional capacity is set to be commissioned by the end of 2028, which will require additional feedgas supplies of about 9.9bn-10.8bn ft³/d, assuming liquefaction losses of 10-20pc.
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World Oil – November 5, 2025
Coterra rebuffs activist call for leadership overhaul, defends long-term strategy
Coterra Energy Inc. defended the strategic logic and long-term benefits of its 2021 merger that combined Cabot Oil & Gas and Cimarex Energy, following a public letter from activist investor Kimmeridge calling for leadership changes and a renewed focus on the company’s Permian assets. According to Reuters, Kimmeridge, which said it holds a “significant stake” in Coterra, urged the board to appoint an independent, non-executive chair and divest non-core assets in the Marcellus and Anadarko basins.
The firm argued that Coterra’s diversified portfolio has limited its valuation compared with pure-play Permian producers. Coterra responded swiftly, rejecting Kimmeridge’s assertions and emphasizing the company’s disciplined strategy and balanced asset base. “We are disappointed that they have chosen to release a public letter without reaching out to us,” said Coterra CEO Tom Jordan, noting that the correspondence contained “some factual errors.”
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Reuters – November 5, 2025
Texas Pacific misses quarterly core profit estimates on lower oil prices*
Texas Pacific said its realized price for oil during the quarter was down 10.3% year-over-year at $34.10 per barrel. The Permian-focused land and royalty company’s share of quarterly production rose nearly 30% to 36.3 million barrels of oil from a year earlier, while royalties from oil and gas production came to $108.7 million, compared with $94.4 million last year.
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The Wall Street Journal – November 5, 2025
Trump Pledged to Refill National Oil Stockpiles ‘Right to the Top.’ He Is in No Rush.*
President Trump pledged in his inaugural address to make the country’s emergency oil reserves whole. He appears to be in no hurry. The president inherited low stocks from predecessor Joe Biden, who drew historic amounts to tamp down rising gasoline prices. But Trump’s administration has done little thus far to ensure that the deep salt caverns that serve as the Strategic Petroleum Reserve are replenished.
Trump’s sprawling tax-and-spending bill slashed funding for new crude purchases, and Congress has yet to appropriate new monies. The Energy Department said about two weeks ago that it would start refilling the reserves by buying 1 million barrels of crude for the federal stash, equivalent to less than 1% of the shortfall. Without new funding, the stockpiles are poised to languish at some of their lowest levels in 40 years—and at a time when the U.S. is flexing its muscles in combustible geopolitics. Since June, it has respectively bombed, threatened and sanctioned Iran, Venezuela and Russia, which together account for more than 15% of global oil production, according to the U.S. Energy Information Administration.
Global markets today enjoy ample oil supplies. U.S. crude prices have fallen to about $60 a barrel, which takes the heat off stockpiling efforts, analysts say. But this means that now is also a good time to fortify the federal buffer against rising geopolitical tensions, they say. “You’re not guaranteed to get a $60 price forever,“ said Kevin Book, who heads research at energy-research firm ClearView Energy Partners.
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Houston Chronicle – November 4, 2025
Dick Cheney had deep Texas ties after half-century influencing Republican politics and oil industry*
Dick Cheney, the staunchly conservative politician and businessman who served as a powerful and polarizing vice president under George W. Bush, died Monday night. He was 84. “For decades, Dick Cheney served our nation, including as White House Chief of Staff, Wyoming’s Congressman, Secretary of Defense, and Vice President of the United States,” said his family in a statement. The cause of death, the family said, was complications of pneumonia and cardiac and vascular disease.
Though Cheney was from Wyoming, he maintained deep ties to Texas through his oil and gas work and long involvement in Republican politics during a half-century that saw the state send two leaders, a father and son, to the presidency. … In the wake of Cheney’s death, many of his friends and loved ones remembered him as a man who held firm to his convictions, even amid controversy. “History will remember him as among the finest public servants of his generation — a patriot who brought integrity, high intelligence, and seriousness of purpose to every position he held,” said George W. Bush in a statement. In their statement, his family paid tribute to Cheney as a man of honor.
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Offshore Energy – November 4, 2025
ConocoPhillips spins the drill bit in Australia’s Otway Basin with Transocean rig
As disclosed by 3D Energi, ConocoPhillips’ partner in the license, drilling has started at the Essington-1 gas exploration well within the VIC/P79 exploration permit, located in Victoria’s Otway Basin. The drilling is likely to continue through to the end of November, ConocoPhillips reported. The well was spudded on November 1, 2025, using the Transocean Equinox drilling rig. The rig was reported as being in the process of mobilization to the site last week after completing a program in the same basin with Beach Energy.
Essington-1 is located approximately 55 kilometers offshore from Port Campbell in water depths of approximately 100 meters. The well is targeting a combined 262 Bcf gross mean prospective resource from two stacked reservoirs: Waarre C and Waarre A, with the latter being a primary target encompassing gross mean prospective resource of 186 Bcf, with what 3D Energi believes is a 68% chance of success.
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Oil & Gas National & International
Bloomberg – November 5, 2025
HSBC Says Oil, Gas Deals to ‘Decline Materially’ in Energy Mix*
HSBC Holdings Plc is expecting oil and gas deals to make up a smaller part of its energy portfolio, as renewables look to be the preferred way to feed data centers powering artificial intelligence. Finance for fossil fuels will likely rise in absolute terms, but “decline materially” relative to HSBC’s overall capital allocations to the energy sector, Julian Wentzel, the UK bank’s chief sustainability officer, said in an interview. That’s due to “new energy systems coming on stream” over time, he said.
The comments are the latest to reflect how AI’s insatiable thirst for energy is reshaping capital allocations at major banks and asset managers. And while AI data centers are underpinning a revival of the green energy sector, they’re also feeding demand for oil, gas and even coal, which is ultimately making it harder to rein in emissions. Against that backdrop, HSBC unveiled less ambitious targets for the carbon footprint of the financing it does. Instead of cutting absolute financed emissions by 34% by 2030, the bank now says it targets a reduction of somewhere between 14% and 30% by the end of the decade, compared with a 2019 baseline.
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Yahoo! News – November 5, 2025
ADNOC, Shell sign 15-year LNG supply deal for Ruwais project
Related: ADNOC eyes coming aboard $50 billion LNG project with Eni and YPF in South America — Offshore Energy
Abu Dhabi National Oil Company (ADNOC) has entered into a 15-year sales and purchase agreement (SPA) with a Shell subsidiary for the supply of liquefied natural gas (LNG) from the Ruwais LNG project in Abu Dhabi. Under the SPA, Shell International Trading Middle East, a wholly owned subsidiary of Shell, will procure up to one million tonnes per annum (mtpa) of LNG from the project.
The SPA, signed at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), is ADNOC’s first long-term LNG supply contract with Shell. It is the eighth long-term offtake agreement for the Ruwais project. It formalises a previous heads of agreement into a definitive contract. With this deal, ADNOC now has long-term contracts signed for more than 8mtpa of the Ruwais LNG project’s planned 9.6mtpa total capacity.
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Energy News – November 5, 2025
The $400 Million Israel-Cyprus Gas Pipeline Awaits Government Approvals
A $400 million pipeline project designed to transport natural gas from Israel to Cyprus is currently awaiting approval from the governments of both countries. The project, led by gas producer Energean, could see gas flow within 12 months of receiving the green light from the authorities, according to Mathios Rigas, CEO of the company, in an interview in Abu Dhabi on November 4, 2025.
The pipeline, which is expected to have a capacity of 1 billion cubic meters of gas per year, is intended to supply Cyfield’s planned power plant in Cyprus. According to Rigas, it could also serve other energy needs on the island if required. Energean has already signed a letter of intent with Cyfield, a Cypriot industrial group, for natural gas supply, but is still awaiting a response from the Cypriot government.
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Pipeline & Gas Journal – November 5, 2025
Pembina, PETRONAS Sign 20-Year Cedar LNG Capacity Deal
Pembina Pipeline Corp. and PETRONAS have signed a 20-year agreement covering 1 million tonnes per year (MMtpy) of liquefaction capacity at the Cedar LNG project on Canada’s West Coast, the companies said. Under the synthetic liquefaction service structure, Pembina will transport and liquefy gas for PETRONAS LNG Ltd., providing the Malaysian company an additional export outlet for its Canadian gas production while securing Pembina a long-term, take-or-pay revenue stream.
“PETRONAS is a global LNG industry leader and one of the largest gas producers in Canada. This agreement is an extension of our existing relationship with them and an important development in Pembina’s ongoing expansion of its export business,” said Stu Taylor, Pembina’s senior vice president and corporate development officer. “It also demonstrates Pembina’s commitment to delivering growth and executing our strategy within the company’s financial guardrails.”
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Politico – November 4, 2025
Big Oil CEOs warn Trump’s Russia sanctions will hit supplies
Oil supply will be hit by President Donald Trump’s sanctions on Russia’s two biggest producers, according to the CEOs of major energy companies. The curbs on Rosneft and Lukoil, which account for about 60 percent of Russia’s supply, will delay cargoes and slow down trade, TotalEnergies CEO Patrick Pouyanne said at the Adipec conference in Abu Dhabi on Monday. The restrictions are serious and dampening supply, said BP boss Murray Auchincloss.
Trump’s restrictions on the two Russian companies, intended to curb the energy revenue that funds Moscow’s war in Ukraine, have already forced India and China to look for some alternative supply. That hasn’t had a big impact on oil prices — which began and ended October near $65 a barrel. Still, there’s reason “to be very cautious” about the latest measures, even though previous rounds of sanctions on Russia didn’t cause major disruption to oil supply, Eni CEO Claudio Descalzi said in an interview with Bloomberg TV.
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Utilities, Electricity & Renewables
Zacks/Yahoo! News – November 5, 2025
Sempra Energy’s Q3 Earnings Top Estimates, Revenues Increase Y/Y
Sempra Energy reported third-quarter 2025 adjusted earnings per share (EPS) of $1.11, which beat the Zacks Consensus Estimate of 93 cents by 19.4%. The bottom line also increased 24.7% from year-ago quarter’s figure of 89 cents. Including one-time items, the company generated GAAP earnings of 12 cents per share compared with $1.00 in the third quarter of 2024.
Sempra Energy’s total revenues of $3.15 billion missed the Zacks Consensus Estimate of $3.22 billion by 2.2%. However, the top line increased 13.3% from $2.78 billion in the year-ago quarter…. Sempra Texas Utilities: Earnings in this segment increased to $306 million from $261 million in the year-ago quarter.
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S&P Global Platts – November 5, 2025
Southwest Power Pool board approves $8.6 billion transmission investment plan
The Southwest Power Pool board of directors has approved an $8.6 billion transmission portfolio that includes high-voltage projects to help the region address rising electricity demand and enhance grid reliability.
SPP’s 2025 Integrated Transmission Plan tops the previous ITP in the size of total investment, which was authorized at $7.7 billion in 2024. The 2025 ITP identifies new and upgraded high-voltage lines needed throughout the region and is expected to produce benefits of between $12 and $18 for each dollar invested in transmission infrastructure, representing the highest benefit-to-cost ratio in SPP’s planning history, according to a Nov. 4 statement.
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November 5, 2025
Batteries, solar help keep the lights on in Texas but more needed: Dallas Fed
Many Texas residents remain skeptical about the reliability of the electric grid. Memories endure of the deadly Texas freeze and days of massive outages in February 2021 followed months later by frequent electricity conservation pleas during summer 2023.
Notably, the power supply situation has since improved, with capacity added over the past two years, primarily from utility-scale solar and battery storage. Battery capacity has nearly tripled from year-end 2019 levels to 19 gigawatt hours of energy capacity, more than three times the year-end 2023 level. Such improvements have reduced the intensity of wholesale electricity price spikes. Demand-side measures have also helped, particularly incentives for industrial and crypto-mining power users to reduce consumption during tight grid conditions, which have successfully shaved peak loads.
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Utility Dive – November 5, 2025
CPower says its load relief more than doubled, to 38 GWh
CPower Energy, a virtual power plant platform, said Monday that its customers delivered 38 GWh of load relief to the grid from January to September, 137% more than they did in all of 2024. CPower, an NRG Energy subsidiary, says it has about 6.7 GW of distributed energy resources under contract, making it one of the largest providers in the U.S. In 2024, CPower’s customers delivered a total of 16 GWh of load relief, the company said.
“Together, customers contributed enough energy to power more than 8 million homes during a peak event, or approximately every household in the state of Texas,” CPower said, citing data from the U.S. Energy Information Administration.
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The Wall Street Journal – November 5, 2025
Tesla Is Obsessed With Musk’s Pay Package. Musk Is Obsessed With AI.*
When Elon Musk left DOGE in May, Tesla investors hoped its longtime leader would hurry back to headquarters to focus on reversing a sales slump and recharging the company. For much of the summer, though, he was engrossed in something else. Musk was holed up at his newest startup, xAI, trying to catch up in the artificial-intelligence arms race. Meetings with employees often stretched into the wee hours of the morning as they brainstormed ways to make Grok, its artificial intelligence, go viral, according to former executives and people who worked with him.
He personally oversaw the design of a racy chatbot called Ani, an animated character with blonde pigtails and revealing outfits. Employees were compelled to turn over their biometric data to train avatars like Ani. Musk unwound by playing one of his favorite videogames, Diablo, for long stretches in his office. He tended to his children, who cycled in and out of the building. At one point, Musk was spending so much time at xAI that he began holding meetings there with Tesla employees.
For years, the 54-year-old billionaire has balanced the responsibilities of running several fast-growing companies, including X and SpaceX, with his duties as CEO of Tesla. With the potential spoils of AI slipping away to rivals—especially Sam Altman at OpenAI—Musk has been spending much more of his time at xAI. In recent weeks, some major Tesla investors have privately pressed top executives and board members about how much attention Musk was actually paying to the company and about whether there is a CEO succession plan. An unusually large contingent of Tesla board members, including chair Robyn Denholm, former Chipotle CFO Jack Hartung and Tesla co-founder JB Straubel, met with big investors in New York last week to advocate for Musk’s proposed new pay package.
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KTRK – November 5, 2025
New survey reveals rising energy costs in Texas, especially for low-income and minority residents
A new survey shows one in three Texans now spends 7% or more of their household income on electricity during the summer. That’s according to a new survey by the University of Houston and Texas Southern University, which polled 1,650 Texans, found that energy costs not only are rising but also specifically hurt low-income and minority Texans.
The survey shows the average monthly summer bill in Texas is $168, and nearly 45% of Texans pay more than $200 per month for electricity. The survey also shows 19% of Texans reported having to choose between paying for energy or essentials like food, medicine, or rent.
Regulatory
The New York Times – November 5, 2025
U.N. Sees Slight Progress on Climate Action, Partly Offset by the U.S.*
Countries have made very slight headway in the fight against global warming over the past year by tightening their policies to limit emissions of carbon dioxide and other greenhouse gases, according to a United Nations report released Tuesday. But there’s a catch: Some of that modest progress in tackling climate change could end up being canceled in the years ahead as the United States dismantles its pollution controls and other climate policies under President Trump, the report said.
The U.N.’s annual Emissions Gap Report measures the disparity between what world leaders have promised to do to limit the rise in global temperatures and what they are actually doing to rein in carbon dioxide and other planet-warming gases from fossil fuels and deforestation. It typically finds that this gap is very large. This year’s report is no exception: Based on policies that countries have put in place and current technology trends, Earth is expected to warm by roughly 2.8 degrees Celsius (5 degrees Fahrenheit) this century, compared with preindustrial levels. If countries followed through on all of their official promises to cut near-term emissions, warming could be limited to 2.3 degrees Celsius, though many nations are struggling to meet those pledges.
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Politico – November 5, 2025
Trump BLM pick backs more oil drilling, curbing national monuments*
President Donald Trump’s pick of a New Mexico Republican and former oil and gas industry business owner to lead the Bureau of Land Management is the White House’s latest move to bolster fossil fuel development on federal land. Steve Pearce, who served 12 years in two separate stints as a New Mexico congressman, is a staunch Trump ally. As a lawmaker during Trump’s first term in office, Pearce supported his 2017 move to dramatically cut the size of the Bears Ears and Grand Staircase-Escalante national monuments in Utah.
Former President Joe Biden restored the monuments to near their original size in 2021. A former Air Force and commercial airline pilot, Pearce also frequently butted heads with the Obama administration over efforts to restrict oil and gas drilling on lands on the nearly 250 million acres managed by the bureau, mostly across the West, including New Mexico, where drilling in the Permian Basin remains a top issue. BLM manages roughly 700 million acres of subsurface mineral estate, which Trump and Interior Secretary Doug Burgum have vowed to open up.
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Texas Energy Report NewsClips
Wednesday November 5, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices dipped on Wednesday amid a wider slump in financial markets and a strong U.S. dollar, while investors assessed the supply outlook.
West Texas Intermediate crude was down 10 cents, or 0.17%, at $60.46.
Brent crude futures edged lower by 6 cents, or 0.1%, to $64.38 a barrel by 0408 GMT, having touched a near two-week low in the prior session.
The risk-off tone across markets saw investors exit energy markets, ANZ analysts wrote in a Wednesday client note.
Asian stocks dived on Wednesday and market volatility reached levels not seen since April after an overnight tech-led selloff on Wall Street put the spotlight on stretched valuations.
The U.S. dollar index – which measures the currency against the euro and sterling, along with the yen and three other peers – was steady at a three-month high, buoyed by division among the Federal Reserve board, indicating low odds for an interest rate cut at the next policy meeting in December.
Top Stories
World Oil – November 4, 2025
Comstock boosts Haynesville output, to sell East Texas assets for $430 million
Comstock Resources Inc. reported higher third-quarter earnings on improved natural gas prices and continued strong drilling results in the Haynesville and Bossier shales, while moving forward with the sale of its Shelby Trough assets for $430 million (USD). Natural gas and oil sales, including hedging gains, rose to $335 million, generating $190 million in operating cash flow. Adjusted EBITDAX totaled $249 million, and adjusted net income was $28 million ($0.09 per share).
Comstock produced 112 Bcf of natural gas in the quarter, realizing $2.99 per Mcf after hedging. Production costs averaged $0.77 per Mcfe, resulting in a 74% operating margin after hedging. Drilling activity remained concentrated in the Haynesville and Bossier shales, where the company drilled 17 wells and turned 12 to sales during the quarter. Three Western Haynesville wells posted an average 32 MMcf/d initial production rate with an average lateral length of 8,566 ft.
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The Times (UK) – November 4, 2025
BP offloads US pipeline assets for $1.5bn
BP has agreed to sell minority stakes in some of its onshore oil and gas pipeline assets in the United States to Sixth Street, an investment firm, for $1.5 billion as part of its sell-off programme. The deal, for pipelines and facilities in the Permian and Eagle Ford basins in Texas, is the latest sale in a $20 billion divestment scheme aimed at bringing down debt levels at the group.
BP is one of the world’s biggest oil and gas producers, pumping the equivalent of 2.4 million barrels of oil per day last year. It has been under pressure from investors after an ill-fated foray into renewables hit profitability. Once the US sale is completed, BP’s onshore oil and gas business in the country, Bpx Energy, will retain a 51 per cent stake in the Permian assets and 25 per cent in those at Eagle Ford. Bpx will remain the operator of all the assets, which connect wells to third-party pipeline systems, transporting the oil and gas to customers.
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The Wall Street Journal – November 4, 2025
BP Raises Full-Year Divestment Expectations After Results Beat Views*
BP posted better-than-expected profit despite a weaker contribution from its oil trading division, and increased its expectations for full-year divestment proceeds as it continues with its turnaround program to catch up with its European peers. The London-based oil-and-gas company said Tuesday that the results reflect higher production and stronger refining margins, which were partly offset by a weak oil trading result.
BP’s underlying replacement-cost profit—a metric similar to net income its U.S. peers report—was $2.21 billion compared with $2.02 billion analysts had expected according to a company-compiled consensus. In the prior quarter it reported $2.35 billion. BP has doubled down on oil and gas production in an effort to boost shareholder valuations as profitability declines and net debt rises. It has launched a review of its portfolio and in October its new chairman Albert Manifold called for urgency in simplifying what he called an overly complex business.
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Midland Reporter-Telegram – November 4, 2025
EIA: ERCOT has fastest demand growth among grids*
According to the Energy Information Administration, the Electric Reliability Council of Texas had the fastest electricity demand growth among U.S. electricity grids between 2024 and 2025. From January through September 2025, demand for electric power in ERCOT increased 5% compared with the same period in 2024 to 372 terawatt-hours (TWh), 23% more than during the same months in 2021. In the first nine months of 2025, ERCOT saw electricity demand reach a record high compared to the same period in previous years.
ERCOT’s electricity demand is forecast to grow faster than any other grid operator in the United States through at least 2026. In the EIA’s October Short-Term Energy Outlook report, researchers forecast demand will rise another 14% in the first nine months of 2026 compared with the same period this year, reaching 425 TWh. As it seeks to meet rising demand, ERCOT is collaborating with industry partners to advance innovation and grid transformation. It recently announced the Grid Research, Innovation and Transformation (GRIT) initiative to advance research and prototyping of emerging concepts and solutions.
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The Wall Street Journal – November 4, 2025
Rick Perry’s Nuclear Ambitions Begin With Gas Power*
Former Energy Secretary Rick Perry’s $17 billion startup aims to build four large nuclear reactors in the Texas Panhandle to fuel AI data centers—eventually. For now, it is sticking with good old natural gas. Fermi, which was co-founded by Perry, is betting on an era of soaring electricity demand. The company went public at the beginning of October and has positioned itself at the crossroads of two crazes: the build-out of more data centers to power artificial intelligence and a potential U.S. nuclear-power resurgence.
Fermi, which hasn’t yet generated any revenue, intends to build what would become one of the world’s largest data-center campuses by 2038 at its site in Amarillo, Texas. It will be powered by 11 gigawatts of electricity, roughly the capacity of states like Alabama, Nebraska and New Mexico. Perry—the former Texas governor, presidential candidate and energy secretary during President Trump’s first term—frames the challenge of powering AI as a matter of defending Western civilization. “America is in an absolute race that we have to win,” Perry said at a nuclear-power conference in Austin, Texas, in October.
Fermi aims to complete the first of four large nuclear reactors by the end of 2032, an ambitious timeline given nuclear power’s recent history of construction and cost overruns. In the near term, Fermi bets it can quickly add infrastructure for natural gas, the workhorse of the U.S. power grid that supplies about 40% of the nation’s electricity. The industry is abuzz about a potential nuclear renaissance and the addition of large and small reactors, but experts think it could take a decade before many projects are completed. The U.S.’s two most recent nuclear reactors came in more than $15 billion over budget and took years longer than expected.
The Latest TERse Tips
Texas set to make $20 billion investment in water after voters approve Proposition 4 — Texas Tribune
The United States has become the first country to export 10 million metric tons of LNG in a single month, according to preliminary data from financial firm LSEG — Pipeline & Gas Journal
Ukrainian forces hit an important fuel pipeline in the Moscow region that supplies the Russian army, Ukraine’s military intelligence said Saturday, as Russia kept up a sustained campaign of massive drone and missile attacks on Ukraine’s energy infrastructure — Associated Press/KTAL
Lyondell reports a net (loss) income: $(890) million, $330 million excluding identified items — see the press release
Crescent Energy Co on Monday reported $9.51 million in company-attributed net loss (-$10.27 million including non-controlling stakes) for the third quarter, hit by a $73.53 million impairment of oil and gas properties — Rigzone
On October 23, 2025, Texas Pacific Land Corporation entered into a new revolving credit facility agreement with Wells Fargo Bank and other lenders, providing access to up to US$500 million with potential increases of up to US$250 million and a maturity date of October 23, 2029 — Simply Wall St.
GridStor, a developer and operator of utility-scale battery energy storage systems, dedicated its Hidden Lakes Reliability Project facility on November 4 with public officials and regional business leaders. Now in operation, the 220 MW / 440 MWh battery energy storage facility can provide power equivalent to serving 140,000 average Texas households during the hours of highest electric demand — see the press release
ONE Gas has released its third quarter financial results, narrowed its 2025 financial guidance and declared its quarterly dividend — See the press release
US energy player Cheniere Energy has reached a new milestone at its LNG facility, with the completion of the third train forming part of its expansion project on the La Quinta Ship Channel, along the north shore of Corpus Christi Bay — Offshore Energy
Fitch Ratings has placed SM Energy Company’s Long-Term Issuer Default Rating of ‘BB’ and unsecured note ratings of ‘BB’ with a Recovery Rating of ‘RR4’ on Rating Watch Positive — Fitch has also affirmed the reserve-based revolving credit facility at ‘BBB-‘ with a Recovery Rating of ‘RR1′ — the RWP follows SM Energy’s and Civitas Resources’ announced definitive merger agreement in an all-stock transaction valued at approximately $12.8 billion, including both companies’ net debt — Fitch
MPLX LP and MARA Holdings, Inc say they’ve signed a letter of intent for MPLX to facilitate supply of natural gas to planned integrated power generation facilities and state-of-the-art data center campuses in West Texas — see the press release
Oil & Gas Texas
Politico – November 4, 2025
Republicans launch bill to ban global carbon taxes*
Republican House members are pushing a new bill that would make it more difficult for the United Nations to tax carbon emissions. Rep. August Pfluger (R-Texas), chair of the Republican Study Committee, introduced H.R. 5888, the “UNtaxed Act,” late last week. The bill would ban the United States from funding any U.N. body that implements a global carbon tax. It reiterates that the Senate must approve any U.N.-imposed tax.
The legislation follows the International Maritime Organization setting a vote last month to adopt a carbon tax for shipping. The IMO ultimately postponed their vote by a year after President Donald Trump intervened. In a release accompanying the bill, the Republican Study Committee said congressional action was needed “to provide certainty as the IMO undertakes active discussions to expand the scope of the framework.” “The United Nations has no legal authority to impose taxes on American citizens or companies—and this attempted global carbon tax through the IMO is a flagrant overstep that violates international law,” Pfluger said in a statement.
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Reuters – November 3, 2025
QatarEnergy, Exxon executives warn of Europe exit over climate law*
Executives at two of Europe’s top gas suppliers, ExxonMobil and QatarEnergy, on Monday warned they could stop doing business with the European Union if it does not significantly loosen a sustainability law that could impose fines of 5% of their global revenue. Exxon CEO Darren Woods told Reuters on the sidelines of the ADIPEC meeting in Abu Dhabi that the EU’s Corporate Sustainability Due Diligence Directive would have “disastrous consequences” if adopted in its current form.
The directive requires companies doing business in the bloc to address human rights and environmental risks across their supply chains, and aims to hold companies accountable for harm even in operations outside Europe. “If we can’t be a successful company in Europe, and more importantly, if they start to try to take their harmful legislation and enforce that all around the world where we do business, it becomes impossible to stay there,” Woods said. Qatar’s Energy Minister Saad al-Kaabi, who is also QatarEnergy’s CEO, told Reuters at the same conference that the gas giant has contingency plans in place if it decides to halt European shipments – a threat Kaabi has repeatedly warned is not a bluff.
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Pipelline & Gas Journal – November 2, 2025
ExxonMobil Eyes End to Force Majeure at $30-Billion Mozambique LNG Project
ExxonMobil is looking at lifting force majeure on a $30 billion liquefied natural gas project in Mozambique as security conditions in the country improve, CEO Darren Woods told investors on Oct. 31 during an earnings call. “Total just lifted their force majeure, and we’re looking at, and are in the process of, trying to do the same,” Woods said, referring to the French energy firm that is developing a related – but distinct – project nearby.
Reuters reported earlier this week that Exxon was unable to make a final investment decision on its project, called Rovuma LNG, until TotalEnergies resumes work after it lifted a separate force majeure that first resulted from an Islamist-linked insurgent attack four years ago.
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The Wall Street Journal – November 4, 2025
Diamondback Energy Profit, Revenue Jump as Oil Production Rises*
Diamondback Energy recorded higher profit and revenue in the third quarter and oil production continues to increase. The oil and natural gas company on Monday posted a profit of $1.02 billion, or $3.51 a share, in the quarter ended Sept. 30, compared with $659 million, or $3.19 a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were $3.08, ahead of the $2.95 anticipated by analysts, according to FactSet. Revenue jumped 48% to $3.92 billion. Analysts surveyed by FactSet forecast revenue of $3.53 billion.
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Pipeline & Gas Journal – November 4, 2025
Black Bear Natural Gas Project in Texas Gets Fast-Track Federal Review
The Black Bear Natural Gas Development Project in San Augustine County, Texas, has been accepted for review under the FAST-41 federal permitting program, which aims to streamline environmental and regulatory approvals for major infrastructure projects. The Federal Permitting Improvement Steering Council (Permitting Council) announced the decision on Oct. 31, 2025, saying the project would support the administration’s goal of expanding domestic energy production and reducing permitting delays.
“I am thrilled to welcome the Black Bear Natural Gas Development Project to FAST-41 coverage,” said Emily Domenech, Executive Director of the Permitting Council. “Under the Trump Administration we are using every tool to responsibly increase production and strengthen our energy security. I am excited to see FAST-41 provide a transparent and predictable permitting process for this critical project.”
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Midland Reporter-Telegram – November 4, 2025
Chevron, Exxon grow Permian output despite soft prices*
Despite soft oil prices and a slowdown in activity, both Chevron and ExxonMobil reported growth in output from their Permian Basin footprint. In announcing its third quarter earnings, Chevron said Permian Basin output was just over 1 million barrels a day. The company said U.S. net oil-equivalent production during their quarter was up 435,000 barrels per day compared to a year earlier due to higher production in the Permian and offshore Gulf. The acquisition of Hess also contributed 495,000 barrels of oil equivalent per day. Total, Chevron reported record production of 4.1 million barrels of oil equivalent per day.
In its third quarter earnings, ExxonMobil said its Permian Basin production reached a record high of almost 1.7 million barrels of oil equivalent per day. Total net production rose to 4.7 million barrels of oil equivalent per day, an increase of 1.1 million barrels over the second quarter. “We also acquired more than 80,000 net high-quality acres in the Midland Basin from Sinochem Petroleum. The transaction provides control of drilling locations and opportunities to further deploy our technology to drive greater returns,” Darren Woods, chairman and chief executive officer, ExxonMobil, told analysts during the earnings call.
Oil & Gas National & International
Economy Middle East – November 4, 2025
ADNOC, Shell sign 15-year agreement to deliver 1 million tons of LNG annually
ADNOC announced a 15-year Sales and Purchase Agreement (SPA) with Shell International Trading Middle East Limited FZE, a wholly-owned subsidiary of Shell plc, for the delivery of up to 1 million tons per annum (mtpa) of liquefied natural gas (LNG). Signed during ADIPEC, this deal represents ADNOC’s inaugural long-term LNG sales agreement with Shell and marks the eighth long-term offtake agreement secured for the Ruwais LNG project. The first SPA was unveiled at ADIPEC in 2024.
This SPA transforms a prior Heads of Agreement into a definitive agreement, signifying a crucial advancement in ADNOC’s endeavors to swiftly commercialize the Ruwais LNG project. With this latest agreement, over 8 mtpa of the project’s intended 9.6 mtpa capacity is now secured through long-term contracts with clients across Asia and Europe, a mere 16 months following the project’s Final Investment Decision (FID) in July 2024.
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Politico – November 3, 2025
Conservatives to rally for permitting reform*
Conservative lawmakers and energy advocates will gather on Capitol Hill on Wednesday to urge Congress to overhaul the permitting process for energy and infrastructure projects. Leaders of the Conservative Energy Network and several members of Congress, including Rep. Mariannette Miller-Meeks (R-Iowa), are set to call for “urgent action on permitting reform and grid modernization,” per a press release from the right-leaning advocacy group.
The press conference will come as lawmakers on both sides of the aisle work to assemble a legislative package to speed up regulatory approvals for pipelines, transmission lines, power plants and other major projects. “America’s outdated permitting system adds years and millions of dollars to projects, driving up consumer costs and deterring private investment,” the Conservative Energy Network press release states.
“Modernizing these systems is not just an energy issue — it’s a national security imperative,” the release states. Congress has tried for years to achieve comprehensive permitting reform, but to little avail. Negotiations are ongoing among the leaders of the House and Senate energy, environment and natural resources committees, even as some Democrats question whether they can trust any bipartisan deal given the Trump administration’s unilateral project cancellations.
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S&P Global Platts – November 4, 2025
FERC rejects Colonial Pipeline’s bid to streamline gasoline grades
The US Federal Energy Regulatory Commission rejected Colonial Pipeline’s proposed tariff modifications that would have changed how the company handles different gasoline grades with varying Reid Vapor Pressure specifications — dealing a setback to the pipeline operator’s attempt to streamline operations and increase capacity by up to 10,000 b/d.
FERC rejected Colonial’s revised tariff without prejudice following a paper hearing, according to an order issued Nov. 3. The proposed changes, which Colonial filed in March, aimed to eliminate overlapping RVP variants during transportation cycles and modify delivery specifications from requiring “substantially the same” product to “merchantable” product compliant with destination regulations.
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Politico – November 4, 2035
White House removes Atlantic from oil lease consideration after backlash*
The Interior Department has removed the federal waters off the Atlantic coast from President Donald Trump’s upcoming offshore drilling plan after Republicans in the region pressed to keep oil and natural gas rigs away from their shores, three people familiar with the latest moves told POLITICO. The five-year leasing plan, aimed at reopening areas long closed to drilling, will still seek to allow rigs off the California coast, said the people, who were granted anonymity to discuss private deliberations. That could create a conflict with Democratic Gov. Gavin Newsom, who is trying to raise his national political profile in a state that opposes offshore drilling but also has some of the highest gasoline prices in the country.
The plan’s latest iteration will also include a portion of the eastern Gulf of Mexico but provide a buffer around Florida, a Republican stronghold where politicians from both parties have long opposed drilling, these people said. It’s unclear whether the buffer would be large enough to avoid fierce objections from Floridians, who have battled against similar proposals in past decades because of fears that an oil spill would devastate their tourism economy. Interior is expected to propose the new plan any day now, these people said. The proposal could still change before made public and then will have to undergo a review process before becoming final.
Argus Media – November 4, 2025
BP targets organic oil growth from existing discoveries
BP says it can grow oil output over the long term from its existing discoveries, chief executive Murray Auchincloss said today. “We now have the potential to grow long-term organic oil volumes for a long duration,” Auchincloss said on BP’s third-quarter results call. “I’m not sure I’ve been able to say that over the past 25 years — that we’ve been in a resource position like that. It’s a nice problem to have.”
BP will remain tightly focused on capital discipline, budgeting $13bn–$15bn/yr in spending, he said. This means the company faces choices between boosting short-term output and investing in longer-term production. “Of course, we can pivot more capital into [US onshore subsidiary] BPX Energy and drive up near-term production, or we can pivot more to things like the Paleogene and Brazil to drive longer-term resources production,” Auchinloss said.
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Center Square – November 4, 2025
LNG exports soar as new plants start up in Louisiana, Texas
U.S. LNG exports reached a fourth consecutive monthly high in October at 10.1 million tons as new gas liquefaction plants on the Louisiana and Texas Gulf Coast commenced operations, LSEG data shows. Activity ramped up at Venture Global’s Plaquemines plant in Louisiana and Cheniere Energy’s Corpus Christi Stage 3 project in Texas, with production at each of the LNG export facilities up about 600,000 tons from September, LSEG data shows. Overall, U.S. LNG exports in October were up 1 million tons, or 11%, from a revised 9.1 million tons in September.
Shipping data provided by Bloomberg shows 84 LNG tankers departed Louisiana export terminals in the four weeks between Oct. 2 and Oct. 29, representing 67% of total U.S. loadings in the period. In the same four weeks, 38 LNG tankers departed Texas export facilities, while six shipments left terminals in Virginia and Georgia, the data shows.
Utilities, Electricity & Renewables
Construction Review – November 3, 2025
Inside NRG’s 456 MW Houston Natural Gas Plant Backed by the Texas Energy Fund
In August 2025, the Public Utility Commission of Texas and Governor Greg Abbott announced that NRG Energy Inc. had secured up to $216 million in financing through the Texas Energy Fund for a 456-megawatt natural gas power plant in Houston. The project, approved as the program’s second loan agreement, will supply the Electric Reliability Council of Texas (ERCOT) grid and is expected to begin operations in Summer 2026.
The 3% interest loan over 20 years from July 31, 2025, to July 30, 2045, will fund as much as 60% of the project’s estimated cost at $360 million. The In-ERCOT Generation Loan Program of the TEF is funding the construction of dispatchable power resources in Texas.
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Houston Chronicle – November 4, 2025
Conroe looks to purchase MidSouth Electric Co-op water assets to expand city infrastructure*
Conroe city leaders are looking to expand water service west of the city with the potential purchase of the water and wastewater division of MidSouth Electric Co-op. Council members authorized City Administrator Gary Scott and Deputy City Administrator Nancy Mikeska to initiate negotiations with the company during its meeting on Oct. 23.
The purchase would expand the city’s service west for new development and to provide redundancy for existing customers. “We reached out to MidSouth management and they have agreed to enter into negotiations for this possible acquisition,” Mikeska said. “It is our understanding that MidSouth wants to focus on their core services, electric and fiber optics, and are willing to enter into this negotiation.” Water is a top priority for the city, Mikeska said. “After months of discussions, we are ready to perform extensive due diligence on this acquisition and bring back to the council a recommendation,” Mikeska said.
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Inside Climate News – November 1, 2025
Texas Grid Increasingly Meets Growing Demand With Renewables
Texas’ independent grid is meeting a large portion of the state’s rising electricity demand through its growing fleet of solar facilities, wind power generators and batteries, according to the U.S. Energy Information Administration (EIA). In the first nine months of 2025, the Electric Reliability Council of Texas (ERCOT) saw record demand on the grid compared with the same period in previous years.
The Texas grid also had the fastest electricity demand growth among U.S. electric grids between 2024 and 2025, a trend expected to continue through next year. ERCOT is tracking more than 200 gigawatts of large load interconnection requests—large energy users like data centers and industrial facilities looking to connect and buy power from Texas’ wholesale electricity market.
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Psy Tech Daily – October 30, 2025
This Wonder Material Could Revolutionize Renewable Energy
A team of researchers has explored how two-dimensional materials known as MXenes could revolutionize renewable energy and sustainable chemical production. Scientists searching for cleaner and more sustainable technologies are turning their attention to two-dimensional materials that could transform renewable energy systems. Their work may make it possible to create essential compounds like ammonia, a key ingredient in fertilizers, through cleaner and more efficient methods.
Among the most promising of these materials are MXenes, an emerging class of low-dimensional compounds. MXenes can act as catalysts that convert elements from the air into ammonia, a process that could improve energy efficiency in both agricultural and transportation applications.
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Associated Press – October 29, 2025
Study finds EVs quickly overcome their energy-intensive build to be cleaner than gas cars
Making electric vehicles and their batteries is a dirty process that uses a lot of energy. But a new study says that EVs quickly make up for that with less overall emissions through two years of use than a gas-powered vehicle. The study also estimated that gas-powered vehicles cause at least twice as much environmental damage over their lifetimes as EVs, and said the benefits of EVs can be expected to increase in coming decades as clean sources of power, such as solar and wind, are brought onto the grid.
The work by researchers from Northern Arizona University and Duke University, published Wednesday in the journal PLOS Climate, offers insight into a transportation sector that makes up a big part of U.S. emissions.
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Utility Dive – October 28, 2025
Are sodium-ion batteries finally ready to compete with lithium?
Last month, on the high prairie east of its hometown, Denver-based Peak Energy powered up what it says is the United States’ first grid-scale sodium-ion battery installation and “the first ever fully passive megawatt-hour scale battery storage system” anywhere in the world. Peak’s 3.5-MWh project marks a big step forward for the electrochemical battery chemistry that many experts believe is the most viable challenger to lithium-ion, which today dominates the energy storage market for discharge durations shorter than four hours.
“What’s nice about our technology is the way it looks and feels to a customer is like a new variant of a [lithium-ion battery] system,” said Landon Mossburg, CEO and cofounder of Peak Energy. Sodium-ion batteries’ allure is growing amid volatile commodity pricing and an on-again, off-again trade war between the United States and China affecting lithium-ion batteries.
Regulatory
Inside Climate News – October 29, 2025
AI Is Pushing Climate Goals Out of Reach, New Reports Say
Surging electricity demand driven by artificial intelligence is putting humanity’s climate goals out of reach, extending the life of fossil fuels and driving up emissions in the U.S. power sector while contributing to deadly extreme weather, according to two new reports published Wednesday. With power- and water-hungry data centers forecasted to come online at staggering speeds to serve big tech companies’ seemingly bottomless appetite for AI infrastructure, utility companies have turned to fossil fuels to help meet the explosion in demand for power.
It’s a sharp departure from earlier forecasts of only modest, gradual growth in electricity demand, potentially threatening large countries’ commitments to transition away from fossil fuels. President Donald Trump and his administration have spoken glowingly about how AI will reinvigorate U.S. coal and other fossil fuel markets.
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Texas Energy Report NewsClips
Tuesday November 4, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices slipped on Tuesday as investors read OPEC+’s decision to pause output hikes in the first quarter as a signal of oversupply in the market, according to Reuters.
West Texas Intermediate crude was down 14 cents, or 0.2%, at $60.91 a barrel.
Brent crude futures fell 15 cents, or 0.2%, to $64.74 a barrel by 0405 GMT.
On Sunday, the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed to a small oil output increase for December and a pause in increases in the first quarter of next year.
OPEC+ has raised output targets by around 2.9 million barrels per day – or around 2.7% of global supply – since April, but slowed the pace from October amid predictions of oversupply.
OPEC+ front, who have so far remained very bullish on demand trends and ability of market to absorb the extra barrels,” said Suvro Sarkar, energy sector team lead at DBS Bank.
Top Stories
CNBC – November 4, 2025
World’s largest oil company Aramco reports higher third-quarter net profit on production boost
Saudi Aramco on Tuesday posted a 0.9% jump in third-quarter profit on the back of higher production even as oil prices remained under pressure.
Here are Aramco’s third-quarter 2025 results compared with LSEG consensus estimates:
- Adjusted net income: 104.92 billion Saudi riyals ($27.98 billion) vs. 98.47 billion Saudi riyals
- Revenue: 418.16 billion vs. 411.26 billion Saudi riyals
The world’s largest oil company reported a free cash flow of $23.6 billion compared with $22 billion a year earlier. The board also declared the 2025 base dividend of $21.1 billion and performance-linked dividend of $0.2 billion to be paid in the fourth quarter.
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Fortune/Yahoo! News – November 3, 2025
SM Energy is acquiring Civitas in $13 billion oil and gas merger of near equals in the Permian Basin
Oil and gas producers SM Energy and Civitas Resources will combine in a $12.8 billion merger of near equals that will expand SM as a major producer in the booming Permian Basin. The two Denver-based energy players said Nov. 3 they are combining forces as the oil and gas industry continues to consolidate, and the most prized assets are the needed inventory and scale to continue drilling wells for decades to come. The merger is the biggest U.S. oil and gas acquisition since crude oil prices plunged in the beginning of April following the onset of tariffs and increased production from OPEC.
The deal also will create one of the biggest oil and gas companies led by a woman: The combined entity will be led by SM president and COO Beth McDonald, with SM CEO Herb Vogel set to retire in March. Neal Dingmann, an energy analyst at William Blair, said in a note: “While we think the Permian position has the ability to drive synergies and that there should be material debt refinancing gains, a merger like this with a lack of overlap across the remaining assets signals a continued need in the E&P (exploration and production) space for inventory anywhere it can be obtained.”
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Houston Chronicle – November 3, 2025
Houston oil company probes alleged leak of insider information involving golf star Phil Mickelson*
Sable Offshore, an embattled Houston oil company that has spent much of the year going up against California’s governor, launched an investigation Monday into allegations its chief executive shared insider information. In a report published late last week by the investigative publication Hunterbrook, leaked audio and group messages appear to show Sable’s CEO Jim Flores discussing undisclosed financial filings and prospects with a select group of investors — sometimes days before any public disclosures were made.
The trusted investor group included American golf pro Phil Mickelson, Hunterbrook reported. Mickelson settled with the U.S. Securities and Exchange Commission in 2016 for an insider trading incident involving Dean Foods Company. In a post on X, Mickelson called the Sable allegations “slanderous.”
It’s the latest in a series of obstacles for Sable, which is fighting the state of California, environmentalists, and some of its own investors as it aims to ramp up production off the coast of Santa Barbara. The company said Monday during an investor call that it “formed a special committee to conduct an independent review” into the Hunterbrook allegations. “We have no further comment on this matter while this investigation is ongoing,” Harrison Breud, head of investor relations for Sable Offshore, said during the call.
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Temple Daily Telegram – November 3, 2025
Study claims $8.5 billion in savings if Oncor embraced distributed energy resources
A new study by the Texas Advanced Energy Business Alliance claims Texans could save $8.5 billion over the next decade by integrating Distributed Energy Resources — such as solar, batteries, electric vehicles and smart devices — into Oncor grid planning, thereby avoiding costly infrastructure upgrades. This would cut customer bills by nearly $279 per year or $2,102 over 10 years, according to the study.
“While Oncor is at the Public Utility Commission asking to hike rates again, they’re ignoring solutions that could cut bills instead,” Matt Boms, alliance executive director, said in a press release. “Distributed energy resources are proven and popular technologies that give Texans more independence and resilience during extreme weather. But Oncor’s current policies have the effect of putting up barriers to their deployment.”
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D Magazine – November 3, 2025
When Amazon announced a groundbreaking deal with Talen Energy’s Susquehanna Nuclear Power Plant in Pennsylvania in March 2024, it was a wake-up call for the utility industry. Jim Burke, CEO of Dallas-based Vistra, quickly realized the implications. As head of one of the nation’s largest independent power producers serving two markets facing the fastest-growing demand—Texas’ ERCOT grid and the Northeast’s PJM (which includes Pennsylvania, New Jersey, and Maryland)—Burke is gearing up for what’s next.
Billions in new capital expenditures are already being spent on an infrastructure stock turnover. At a “Powering AI Summit” at Oklahoma State University in April, Anthropic—the AI company behind the large-language model Claude—underscored the point: power will determine the future of artificial intelligence. Company co-founder Jack Clark warned that capacity remains short and past forecasts were far too conservative. For AI workloads coming to massive data centers, energy is a gateway to the future—a kingmaker.
The Latest TERse Tips
Houston-based Calpine Corporation today announced the second phase of its 400-megawatt (MW) power supply agreement with Dallas-based CyrusOne, a “leading global data center developer and operator,” to serve a new data center adjacent to the Thad Hill Energy Center in Bosque County — see the press release
Ukrainian forces claim to have struck an elite Russian special forces unit stationed on an oil drilling platform in the Black Sea and the Sterlitamak petrochemical plant deep inside Russia — Yahoo! News
The US-based energy companies BKV Corporation and Banpu Power US Corporation say they have signed a definitive purchase agreement, under which BKV will acquire half of BPPUS’ stake in their BKV-BPP Power joint venture — BKV-BPP Power, a joint venture between BKV and BPPUS, owns the Temple I (752 MW) and Temple II (747 MW) CCGT power plants, located in the ERCOT North Zone in Temple — see the press release
CMS Energy Corporation says it intends to offer, subject to market and other conditions, $750 million aggregate principal amount of its convertible senior notes due 2031 — see the press release
Viper Energy: Q3 Earnings Snapshot — Associated Press/Yahoo! News
Kosmos Energy Ltd. (KOS) on Monday reported a loss of $124.3 million in its third quarter — Associated Press/San Antonio Express-News*
Omnicell Inc. on Thursday reported third-quarter profit of $5.5 million — WTOP
Oil & Gas Texas
The Guardian (UK) – November 3, 2025
Exxon funded thinktanks to spread climate denial in Latin America, documents reveal
Exxon funded rightwing thinktanks to spread climate change denial across Latin America, according to hundreds of previously unpublished documents that reveal a coordinated campaign to make the global south “less inclined” to support the UN-led climate treaty process. The documents, which include copies of the actual cheques Exxon sent, consist of internal documents and years of correspondence between the Texas-based fossil fuel company and Atlas Network, a US-based coalition of more than 500 free-market thinktanks and other partners worldwide.
The money Exxon sent to Atlas Network helped finance Spanish and Chinese translations of English books denying that human-caused climate change is real; flights to Latin American cities for American climate deniers; and public events that allowed those deniers to reach local media and network with politicians.
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S&P Global Platts – November 3, 2025
LyondellBasell to focus on US market amid ethylene capacity closures in Europe, Asia
Amid rationalizations and closures of ethylene capacity across Europe and Asia, which are expected to help offset substantial capacity additions in China, LyondellBasell will focus on growing its presence in cost-advantaged markets like the US, CEO and Executive Director Peter Vanacker said in the company’s third-quarter earnings call.
Around 10% of global ethylene supply — around 21 million metric tons — is slated to close by 2028 in response to current weak demand and oversupply issues in the global market, Vanacker said in the Oct. 31 call. “We’re confident that these closures will help to partially offset the overhang from the substantial capacity additions underway in China,” said Vanacker. “At LYB, we’re leveraging the market trends that reinforce our strategy.”
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S&P Global Platts – November 3, 2025
Chevron eyes ‘first-mover advantage’ with Guinea-Bissau exploration deal
Chevron has acquired two oil exploration blocks offshore Guinea-Bissau, it said Nov. 3, boosting the African country’s nascent hydrocarbons sector and supporting the US supermajor’s ongoing portfolio “rebalancing.” In a statement, the company said its Guinea-Bissau subsidiary would take operatorship of blocks 5B and 6B, known respectively as the Carapau and Peixe Espada exploration licenses.
Chevron will hold a 90% stake in each license, alongside state-run Petroguin with the remaining 10%. All required regulatory approvals have already been received, Chevron said.
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Houston Chronicle – November 3, 2025
Bilfinger, the global company that offers support to industrial plants, has announced plans to open two locations, including its U.S. headquarters, in Texas. The company’s new national headquarters will relocate to Hughes Landing in The Woodlands, according to a news release from the company. Additionally, Bilfinger North America is launching a new corporate office in La Porte.
“We are excited to expand our presence in Texas with these two new offices, which represent a significant step forward for Bilfinger in North America,” said Jack Martin, president of Bilfinger North America. “This growth not only strengthens our ability to serve customers in key regions but also positions us to drive innovation and support the evolving needs of the industries we serve. I look forward to the opportunities this will bring for our team and our customers.” Bilfinger has more than 2,000 employees in the region, according to the release. The company provides construction, maintenance, project execution, inspection and digital solutions to support industries including oil and gas, chemicals, energy, pharmaceuticals and food and beverage.
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Dallas Morning News – November 3, 2025
Late oil and gas pioneer will be namesake of new University of Texas engineering building*
Autry C. Stephens, a renowned oil and gas pioneer, will have a building named in his honor at the University of Texas at Austin’s campus, the school announced on Monday. Stephens died last summer after a cancer diagnosis. He was 86 years old. His entrepreneurial nature allowed him to weather the boom-and-bust cycles of the industry, and continue to build momentum.
The new Engineering Discovery Building will bear Stephens’ name — a nod to his contributions to the university that have shaped the energy industry in the state and inspired generations of engineers. The 210,000-square-foot facility is slated to open next year and will become the home of the Cockrell School of Engineering’s Hildebrand Department of Petroleum and Geosystems Engineering and McKetta Department of Chemical Engineering. … Stephens was the son of peanut and melon farmers in Comanche County. He was the fourth of five children and grew up working on the farm before becoming the first of his family to go to college, earning a bachelor’s degree in petroleum engineering at UT in 1961, and a master’s a year later.
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Houston Chronicle – November 3, 2025
Trump administration considers revoking ban on oil and gas development near Chaco historical park*
The Trump administration says it will be initiating formal meetings with Native American tribes in the southwestern U.S. as it considers revoking a 20-year ban on oil and gas development across of hundreds of square miles of federal land surrounding Chaco Culture National Historical Park. The Bureau of Land Management made the announcement in a letter sent to tribal leaders last Thursday, saying the agency will conduct an environmental assessment of the proposal to put the federal parcels back on the board for future leasing. A public comment period will follow.
The UNESCO World Heritage site has been at the center of a fight over drilling for years, having spanned multiple presidential administrations. Within park boundaries are the towering remains of stone structures built centuries ago by the region’s first inhabitants, and ancient roads and related sites are scattered farther out across the desert plains and sandstone canyons.
With the urging of some pueblo leaders, former President Joe Biden’s administration in 2023 issued an order banning new oil and gas development for two decades within 10 miles (16 kilometers) of the historic site in northwestern New Mexico. Tribal leaders who had celebrated the move and New Mexico’s Democratic congressional delegation are now concerned the protections could be rolled back as President Donald Trump’s administration reconsiders a host of public land orders issued under Biden.
Oil & Gas National & International
The Wall Street Journal – November 3, 2025
Washington’s Oil Dilemma Returns: How to Hurt Moscow Without Raising Gas Prices*
The Trump administration’s recent oil sanctions have revived a dilemma for the West: how to hurt Moscow’s war chest without inflicting economic self-harm. Even after last week’s sanctioning of Russia’s two biggest oil producers, Rosneft and Lukoil, the U.S. has still more tools at its disposal to squeeze Moscow’s oil exports. Those range from blacklisting Russia’s shadow fleet of oil tankers to using secondary sanctions on banks, traders and refiners in other countries such as China or India.
But enforcing all these measures against one of the world’s top oil producers would risk triggering a supply shock and driving oil prices up. Squeezing Moscow is particularly fraught for Washington at a time when President Trump’s tariff policies have injected uncertainty into inflation trends and midterm election season is approaching. “They are trying to thread a needle. They have clearly been given instructions not to blow up the global economy, so that does mean they are going to be using sanctions against third or fourth league targets,” said Richard Nephew, a former senior U.S. State Department sanctions official. “Based on what we have seen so far, they are basically doing a signaling operation with the hope of inflicting some damage.”
The sanctions are already reverberating across Europe, where Rosneft and Lukoil still hold supply contracts and own facilities. Germany and several Eastern European states have pushed for exemptions. Lukoil on Monday said it plans to sell its international assets due to the sanctions. Moscow’s oil revenues will likely take a hit as tougher logistics and payment hurdles cut into profits and force deeper discounts, but for now analysts expect that exports will hold steady. Experience suggests Russia will turn to its shadow fleet, obscure networks of intermediaries and nondollar financial channels to sidestep the sanctions.
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Reuters – November 3, 2025
Europe’s energy executives caution against oil supply glut next year *
The bosses of some of Europe’s biggest energy producers on Monday challenged forecasts of an oil supply glut next year, pointing to increasing demand and easing production. “I don’t think we can have an excess of supply in 2026,” Eni (ENI.MI), opens new tab CEO Claudio Descalzi said at the ADIPEC energy conference in Abu Dhabi, echoing bullish comments from ministers and other executives.
“In the last 12 years we have been investing half of what we needed to invest to increase production,” Descalzi said. “Demand is increasing but we do not have enough supply and enough investments.”
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The Wall Street Journal – November 3, 2025
The Billionaire Trader Who Swooped In on Russia’s Overseas Oil Empire*
Torbjörn Törnqvist has just struck one of the deals of his lifetime, pouncing on the overseas operations of Lukoil soon after the Russian oil producer was hit with U.S. sanctions. If Washington and London approve it, the acquisition will solve a major headache for Russia—and in the process, vastly expand the scope of the 71-year-old commodity trader’s energy empire. Gunvor, the formidable Swiss trading business he founded with an associate of Vladimir Putin, will swell to absorb gas stations from the Bronx to Sicily, refiners dotted across Europe and oil fields in the Middle East and Central Asia.
The rapid-fire deal announcement came just three days after Lukoil said it was selling the assets—a signature move for Törnqvist, who has a record of moving fast and decisively to beat out competitors, said people who have worked or dealt with the billionaire. The accord risks reigniting scrutiny of Törnqvist’s history in post-Soviet Russia. At the same time, it shows how President Trump’s economic assault on Russia has set off a reordering of the opaque oil-trading industry—where billions of dollars of crude flow daily, supplying the global economy and enriching middlemen like Törnqvist.
Neither Lukoil nor Gunvor disclosed a price or said how the deal will be structured. A former colleague who worked on another major acquisition in 2012 said even Törnqvist may not have all the answers yet. “If he sees a deal and thinks it is a good deal, he will do it,” the person said. People following the sales process suggested it could value Lukoil’s international arm at very roughly $20 billion. Bankers said they want to know what Geneva-based Gunvor is paying, how the deal will be funded and whether Törnqvist gave Lukoil any assurances it can buy the business back when the Ukraine war ends. “Torbjörn has made no such assurances to anyone. No such buy-back clause exists,” Gunvor spokesman Seth Pietras said. He added the company has sought permission from U.S. and U.K. sanction authorities to do the deal.
Utilities, Electricity & Renewables
San Antonio Express-News – November 3, 2025
CPS spending $100M to build its first 21st-century service center on South Side*
CPS Energy is spending nearly $100 million on the first new service center it’s built in decades. The city-owned utility says the far Southwest Side center will consolidate about 500 workers and 600 vehicles from the three older buildings it will replace. Those facilities, which President and CEO Rudy Garza said were built post-World War II, are struggling to meet contemporary needs and stay up to code.
“You can only pump money into old buildings for so long,” he said. A ceremonial groundbreaking last week drew applause from CPS workers who will be relocated to the facility. Construction began about two months ago. The new network center is on a 20-acre site the utility has owned for a decade. About 30,000 square feet in the new center will be dedicated to administrative work and 90,000 square feet for warehouse and garage space. Its cost has been carved into the utility’s real estate budget. The project is coming an uncertain time for such projects, as the construction industry is reeling from the impacts of tariffs, rising interest rates and a tight supply chain. Garza said the cost has increased from 20% to 30% since CPS began planning it two years ago.
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Utility Dive – November 3, 2025
Gas continues to dominate Entergy plans as data center pipeline grows
In its third-quarter investor update, Entergy said its data center customer pipeline increased 2 GW from the previous quarter to land in the 7 GW to 12 GW range. Also in the quarter, Energy secured 4.5 GW of power generation equipment to serve new load expected to come online this decade. In August, the Louisiana Public Service Commission approved the generation and transmission resources needed to support Meta’s planned 2-GW campus in northeastern Louisiana. Those include three combined-cycle gas plants with combined nameplate capacity of about 2.2 GW.
As part of the same proceeding, the commission also authorized Entergy to procure up to 1.5 GW of solar resources for the project. Entergy executives said Wednesday that the Meta agreement and additional expected load growth are reflected in the utility’s five-year capital plan, which lays out $41 billion in estimated spending through 2029.
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Center Square – November 3, 2025
Meta to buy power from Louisiana solar plants
Facebook parent company Meta will contract to purchase power generated at two new solar energy plants in Louisiana, a move that will help power the company’s new $10 billion data center and meet its long-term climate goals. Meta has signed an agreement with Texas-based Treaty Oak Clean Energy, a builder and operator of utility-scale solar and battery storage projects, to supply power generated at the 200-megawatt Hollis Creek Solar Plant in Sabine Parish and the 185-megawatt Beekman Solar Plant in Morehouse Parish.
The plants will deliver a combined 385 megawatts to the local grid in Entergy’s territory in northeast and west central Louisiana, Treaty Oak said in a statement. While Meta will purchase the renewable energy credits associated with the two plants, the electricity produced will help power the social media giant’s new AI data center under construction in Richland Parish. As part of its strategy to reach net-zero emissions by 2030, Meta typically either purchases carbon removal credits or invests in renewable power projects connected to the same grid as its data centers and offices.
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Reuters – November 3, 2025
TotalEnergies CEO says electricity is best hedge against oil and gas volatility*
TotalEnergies’ increasing investment in electricity allows for a more predictable income stream that does not follow the boom and bust cycles of the oil and gas industry, CEO Patrick Pouyanne said on Monday. The French oil major’s strategy aims to have electricity account for 20% of sales by 2030, up from 11% last year, to capture profits on power demand, the fastest growing energy sector in coming years.
“Electricity does not follow the cycle of oil and gas, so investing in electricity in my company is giving more resilience to my business model,” Pouyanne said at Abu Dhabi’s annual International Petroleum Exhibition and Conference. “When we looked at the potential of different forms of energy in terms of demand for the next 15 or 30 years, what strikes us is that in oil, growth for 20 years has been quite limited — gas has big potential but gas is more expensive.
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The Wall Street Journal – November 3, 2025
Surging Power Costs Are Putting the Squeeze on Customers*
Gerry Clauss is a former electrician. But he had never worried so much about paying for electricity until the power bill on his single-family home hit $422 a month. That was over the summer, so he turned off the air conditioner, began freeze-drying bulk food purchases rather than storing them in his electric freezer, and started shutting off his lights more often. “It’s got to the point where people will do what they gotta do to survive,” the 65-year-old from Hainesport, N.J., said.
He said he plans to vote for Republican Jack Ciattarelli in Tuesday’s election for governor, motivated in part by soaring energy costs in an open race where they have become a hot topic. Clauss agrees with Ciattarelli’s goal to quit a regional carbon-reduction program, which the former state assemblyman has pitched as a way to lower power bills—though Clauss supports clean energy. Big power bills are overlapping with rising food prices and inflation that remains persistently above the Federal Reserve’s target, frustrating Americans. Fall weather lightens electric bills as people stop using air conditioning, but a cold winter could hike bills again for those who rely on electric heat systems.
Retail power prices in New Jersey were up 19% in August from a year earlier, the latest state-by-state data from the U.S. Energy Information Administration show, on the leading edge of a 6% nationwide increase in the same time frame. There are several driving forces, including a rapidly growing number of data centers pumping up demand in some regions. The slow addition of new power generators, retirement of old plants and costly grid upgrades are also playing a role.
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Reuters – November 3, 2025
Microgrids spread across US as Big Tech, utilities shore up power supplies*
Microgrids are being developed across the U.S. as new data centers drive up power demand and companies and communities seek reliable power supplies and protection against extreme weather outages. Microgrid systems combine on-site or behind-the-meter generation, energy storage and electrical load, and can operate either connected to or independent from the main grid. U.S. microgrid capacity could hit 10 GW by the end of 2025, according to the Department of Energy (DOE). There was 4.4 GW of microgrid capacity installed at the end of 2022 across 692 sites, data from the Center for Climate and Energy Solutions (C2ES) show.
The DOE has said microgrids are “essential building blocks” of the future grid. The Biden administration pledged $7.6 billion of federal investment for grid resilience and innovation projects but cutbacks by the Trump administration have cast doubt on funding going forward and may increase the importance of state-level support. In June, the Trump administration allocated $8 million in funding and technical assistance to support 14 microgrid projects reaching 35 towns and rural villages.
Regulatory
Upstream – October 31, 2025
US senator trying to speed up LNG exports again through legislation
For the third time, US Senator Ted Cruz has filed a bill aimed at speeding up federal approvals for liquefied natural gas exports. Cruz, a Texas Republican, has submitted the Natural Gas Export Expansion Act, which would loosen the Natural Gas Act, the federal law that regulates gas sales in the US. The bill is co-sponsored by two other Republican senators, Kevin Cramer of North Dakota and Shelley Moore Capito of West Virginia.
The bill would expedite reviews for Department of Energy (DoE) permits that allow exporters to ship LNG to countries that do not have free trade agreements with the US. Such a permit is called a non-free trade agreement, or non-FTA, licence.
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KATU – November 2, 2025
Trump administration cancels $1 billion clean energy grant for Pacific Northwest
The Trump administration has canceled a $1 billion federal grant intended to fund hydrogen clean energy projects in the Pacific Northwest, a move that has significant implications for the region’s clean energy initiatives. The grant, which was part of the 2021 Infrastructure Bill, accounted for 20% of the funding for the Pacific Northwest Hydrogen Association’s projects.
Chris Green, president of the association, highlighted the impact, stating, “We had a project that’s going to use green hydrogen to make fertilizer. So you’re displacing some of the natural gas and fossil-based products that go into fertilizer and creating a green product that has huge demand in Oregon and Washington and the Northwest, where we import all of our fertilizer currently from sometimes pretty far away places.”
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Texas Energy Report NewsClips
Monday, November 3, 2025
Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall
Good morning! Here are today’s Texas Energy Report NewsClips
Oil prices rose modestly in early Asian trading on Monday after OPEC+ opted for a limited production increase in December and delayed further hikes in the first quarter of 2026, signalling caution amid demand uncertainty, according to Oil Price.
At the time of writing, Brent was trading up 0.54% at $65.12 per barrel, while West Texas Intermediate traded at $61.33, up 0.57% from the previous close.
In a Sunday online meeting, eight OPEC+ members agreed to raise production by 137,000 barrels per day in December 2025, a figure in line with the increases seen in October and November. Crucially, the group then announced a pause on further output hikes in January, February, and March 2026, citing “seasonality” and weaker demand typically seen in the first quarter. Oil markets reacted positively to the group’s efforts to balance demand uncertainty.
Top Stories
CNBC – October 31, 2025
Exxon in advanced talks to power AI data centers with natural gas and carbon capture
Exxon Mobil is holding advanced talks with power providers and technology companies to cut the emissions of AI data centers that rely on natural gas by deploying carbon capture technology, CEO Darren Woods said Friday. “I’m hopeful that many of these hyperscalers are sincere when they talk about the desire to have low emission facilities, because certainly in the near to medium term we’re probably the only realistic game in town to accomplish that,” Woods said on Exxon’s earnings call.
Hyperscalers refers to companies such as Alphabet, Amazon, Meta and Microsoft that are building large data centers to train and run artificial intelligence applications. Exxon aims to capture 90% of the carbon dioxide emissions emitted by natural gas plants that power data centers, Woods said. The oil major is talking with power companies to decarbonize their plants, he said. “We’re pretty advanced in the conversations,” the CEO said. The tech sector has mostly secured renewable energy to offset the emissions from their data centers, though they are now making major investments in nuclear power as well.
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Oil Price – October 31, 2025
U.S. Rig Count Falls Despite Record Production
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday. The total rig count in the US fell this week to 546, according to Baker Hughes, down 39 from this same time last year.
The number of active oil rigs fell in the reporting period, according to the data, sinking to 414. Year over year, this represents a 65-rig decline. The number of gas rigs rose by 4 to 125, which is 23 more than this time last year. The miscellaneous rig count fell by 2 to 7. The latest EIA data showed that weekly U.S. crude oil production rose in the week ending October 24, with crude oil production reaching 13.644 million bpd—another new high—up from 13.629 million bpd in the week prior.
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Dallas Morning News – October 31, 2025
DataBank CEO: Dallas poised to be the nation’s leading location for data center capacity*
DataBank CEO Raul Martynek is passionate about the internet, and said he loves telling people how it works. Like, seriously. Colorful posters line the walls of his downtown Dallas offices, with visualizations and maps of the “whole internet,” submarine cables, the global internet and Africa telecommunications. Born in Spain and raised in New York, Martynek’s career has taken him to places throughout the world. He most recently moved to Dallas in 2017, when he joined DataBank.
At the time, he said the “small” company had six data centers in three markets. They’ve since exploded to 65 across more than two dozen markets. In North Texas, the company has hubs in Dallas, Richardson, Plano and Red Oak. “Dallas — even before the AI boom — was a top five data center market in the U.S.,” Martynek said. “And with some of the other markets reaching some constraints around land, around power, like in Northern Virginia, Dallas is poised to continue to grow. Could it even challenge Ashburn in a couple years to be the dominant location for data center capacity here in the U.S.?” He said if current course and speed continue, he thinks it will.
The Latest TERse Tips
Emergency crews responded Friday to an explosion at an oil refinery in New Mexico as thick smoke emerged from the plant and drifted across parts of the city of Artesia before crews were able to extinguish the flames — 3 injuries reported — Associated Press
Oil States International: Q3 Earnings Snapshot — KTVB
TXNM has released its 2025 third quarter results, and as previously announced, TXNM Energy is not affirming previously issued earnings guidance for 2025 and does not plan to issue revised earnings guidance during the pending transaction — see the press release
Drones have struck oil facilities at the Tuapse port on Russia’s Black Sea coast yet again overnight on Sunday, setting major fire to an oil tanker — Kyiv Post
Nvidia will build AI supercomputers for U.S. Energy Department, wants to get back into China — Japan Times
Pennsylvania is positioning itself as a rising contender in the competitive race for AI data centers — Data Center Knowledge
Defence experts have issued a stark warning that conflict with Russia is inevitable unless NATO shows strength and unity in response to Moscow’s escalating provocations — Yahoo! News
China has spent months building up its oil reserves, and that might come in handy in the wake of the new sanctions the U.S. recently imposed on Russian crude — MSN
Oil & Gas Texas
The Wall Street Journal – October 31, 2025
How Chevron Got Caught in the Clash Between the U.S. and Venezuela*
When Chevron won a new license to drill in Venezuela, it celebrated a return to one of the world’s richest oil regions, where it had operated for more than a century. Three months later, the company is in a bind. The Trump administration has amassed the biggest American military buildup in the Caribbean since the 1980s to exert pressure on Venezuelan strongman Nicolás Maduro. The U.S. has carried out airstrikes on alleged drug boats, killing dozens. Land targets could come next, President Trump has said. For Chevron and its joint ventures, which employ about 3,000 people in the Latin American country, the tense situation is a reminder of the dangers that come with operating in an authoritarian state in Washington’s crosshairs. B-52 bombers now fly above waters where its oil tankers sail.
“Our top priority is the safety of our personnel, the communities in which we operate, the environment and the integrity of our joint-venture assets,” a Chevron spokesman said. He referred any questions about the security situation in Venezuela to the U.S. government. Chief Executive Officer Mike Wirth has orchestrated a yearslong campaign to keep Venezuela open for oil production. He told senior U.S. officials that if his company couldn’t pump oil in Venezuela, China would do so instead and lay claim to the region’s oil riches. In the midst of uncertainty about the status of Chevron’s license earlier this year, Venezuelan Vice President Delcy Rodríguez visited Beijing on a mission to shore up economic ties with China, the largest buyer of its crude oil.
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Utility Dive – October 31, 2025
ExxonMobil sues California over climate disclosure laws, alleging free speech violations
ExxonMobil sued California last week over the state’s two climate disclosure laws, alleging they infringe upon the oil major’s free speech rights. The lawsuit, filed Oct. 24 in the U.S. District Court for the Eastern District of California, claims that Senate Bills 253 and 261 — laws that require climate-related transparency from large companies operating in the state — “trumpet California’s message” which, according to Exxon, is that large corporations are “uniquely responsible for climate change.”
The oil company said it believes this messaging to be “misleading and misguided” and that both laws violate the First Amendment. Exxon’s suit asked the court to block California from implementing the rules and alleged the disclosures would force the company to adopt a flawed reporting framework that it disagrees with. The company believes the framework misrepresents Exxon’s role in driving climate change.
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Texas Monthly – October 30, 2025
Texas’s Plan to Solve the Water Crisis Could Change the Coastal Bend Forever*
If there’s a more ideal place than Baffin Bay to spend the day fishing, Sally Black can’t name it. The 65-year-old veteran fishing guide feels she’s found the “last best place,” just 45 miles south of Corpus Christi. It’s hard to argue as we glide across the bay on her 23-foot-long power catamaran in late August. For long stretches of our four-hour tour, Black’s was the only boat on the glassy water—making it easy to spot the ripples pushed by broad-shouldered redfish in the shallow water and the little oil slicks left by schools of baitfish attacked by hungry sea trout. Silvery mullet, the trout’s favorite prey, jumped above the surface here and there, but only an occasional “drummer”–a commercial fisherman bringing in a haul of prized black drum—appeared as a tiny silhouette on the horizon.
“It’s that time of year,” Black said. Kids were back at school, and many sportsmen were preparing to shift from fishing to the hunting of doves, then ducks and deer. Bird-watchers hire Black to tour Baffin Bay during fall migration, but for the most part, it would be very quiet until spring.
A lifetime sport fisher, Black moved to the Texas coast from Houston in 1985 and has since mastered multiple ways to fish its waters. She was a fly-fishing guide and pioneered kayak fishing in Rockport, but when Aransas Bay grew “too crowded” for her taste, around 2008, she found her way south to Baffin, where she learned to trout fish. “Now I’m the guru.” Black knows just about everything about the bay complex, the map of which looks like a fallen tree with gnarled branches twisting inland in all directions. Like any good guide, she knows the spots where schools of each species congregate in various conditions, as well as the quirks of the tertiary bays—Laguna Salada, Alazan Bay, and Cayo del Grullo.
World Oil – October 28, 2025
Texas Railroad Commission enhances public engagement with new remote listening sessions
The Railroad Commission of Texas (RRC) has launched a new series of remote Listening Sessions to expand public participation in its regulatory work. The initiative gives residents across Texas an opportunity to share feedback and ask questions directly to RRC experts on topics ranging from oil and gas oversight to pipeline safety and surface mining.
The inaugural session will take place Wednesday, Nov. 12, 2025, from 12:00 to 1:30 p.m. CST, with additional sessions to follow every other month. Each virtual event will include an overview of the RRC’s regulatory functions, followed by a live Q&A period during which participants can comment or pose questions to subject matter experts. Advance registration is required.
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Santa Fe New Mexican – November 1, 2025
New Mexico lawmakers question use of oil well cleanup money
In a state flush with oil and gas revenues, state officials and lawmakers butted heads Thursday over why the tank always seems to be running on empty when it comes to funding the capping and cleanup of wells at the end of their lifespans. Currently, the Oil Conservation Commission is evaluating a proposal to increase the bonding rate for companies that buy marginal wells, in an effort to ensure operators can pay to clean up any mess left behind.
But several legislators on the interim Water and Natural Resources Committee questioned at Thursday’s meeting in Artesia why an increased bonding rate was needed given that the Oil Conservation Division already has an oil and gas reclamation fund — which is paid for through a tax on the industry — to plug abandoned wells and pay for environmental restoration.
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Dallas Morning News – November 1, 2025
‘Rogue, unlawful’: Kyle Bass files dual lawsuits to force East Texas water drilling vote*
Two East Texas real estate entities owned by Dallas hedge fund operator Kyle Bass have sued the Neches & Trinity Valleys Groundwater Conservation District seeking to force the agency to rule on their request to conduct exploratory drilling for East Texas’ most precious commodity: water. In two separate documents filed in two different Texas courts Friday — and filed just 90 minutes apart — lawyers for Bass and his properties accused the water board of “rogue, unlawful” conduct and illegally delaying approval of the drilling permits.
The 21-page lawsuit filed in Cherokee County accuses the seven water district board members of “unconstitutional” delays, despite agreeing earlier this year that the Bass entities had met all the requirements. In a separate 22-page filing, the Bass properties filed a motion to intervene and to object to an Oct. 23 settlement of a lawsuit pending in Cherokee County District Court filed against the water district by poultry producer Sanderson Farms, a group of farmers and a water supply corporation that would have effectively shelved the Bass entities’ application to conduct exploratory drilling for water indefinitely.
Oil & Gas National & International
S&P Global Platts – October 31, 2025
US Northeast gas production rebounds following third-quarter shut-ins
Appalachian natural gas production is on the rebound entering November as producers react to rising in-basin pricing and regional fundamentals that are tightening on higher seasonal demand. Northeast production averaged 35.5 Bcf/d over the last two weeks, up by about 700 MMcf/d from the first half of October alongside a nearly three-fold increase in regional gas-fired heating demand between the first and last weeks of the month, S&P Global Commodity Insights data showed.
The pickup in output implies operators have somewhat moderated production shut-ins that were carried out during the third quarter as loose supply-demand fundamentals pushed storage balances higher and prices lower through the end of summer.
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Yahoo! News – November 2, 2025
The oil glut will last into 2026. Here’s why it’s unclear how big it will be.
Investors and analysts have spent much of the year embracing the view that the oil market, which has been in oversupply mode, is heading straight for a glut through 2026 — and that glut could reach as high as 4 million barrels per day (b/d) and depress global prices even further along the way. That scenario is still with us, according to industry experts. But a surprise announcement last Wednesday of sanctions levied by the US Treasury against Russia’s two largest oil producers has changed the calculus.
The bottom line: The oil glut — currently sitting around 1.9 million barrels per day — will almost certainly continue through 2026. But thanks to geopolitical curveballs, it may not grow to be quite as large as previously expected. For the oil sector, a lighter glut could mean support for prices in an industry already hurting. For consumers, it could mean slightly higher-than-expected prices at the pump for gasoline, as crude oil makes up roughly half of the cost.
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MSN – October 31, 2025
OPEC+ likely to agree small oil output increase for December
OPEC+ will likely agree on Sunday another small hike in oil output targets for December, three sources familiar with the talks said, as the group moderates its drive to regain market share amid predictions of a supply glut next year. OPEC+ has raised output targets by more than 2.7 million barrels per day – about 2.5% of global supply – since April but slowed the pace in October and November to 137,000 bpd from larger increases amid predictions of a looming oversupply.
New Western sanctions on OPEC+ member Russia are adding to challenges in the discussions as Moscow may struggle to further raise output. Eight OPEC+ members – Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Oman, Kazakhstan and Algeria – are set to agree on Sunday to increase December output targets by another 137,000 bpd, the three sources said, all of whom declined to be named.
Utilities, Electricity & Renewables
San Antonio Express-News – November 2, 2025
Kerrville’s first power plant’s price tag could spike $28M due to tariffs*
The Kerrville Public Utility Board has been planning for decades to build its first natural gas power plant — it was just waiting for the right time. Timing has often been in favor of the utility, as it was with the low interest rates it secured when it signed power purchase agreements for renewable resources, CEO and General Manager Mike Wittler said.
“We caught wind deals at about as low a cost as you could, and the same for solar,” he said. “We just had good timing.” Then, the moment finally came when it was less expensive for the utility to build its own generating plant instead of solely distributing power it purchased. In late 2023, it issued a request for proposals. In early 2024, the utility evaluated the pitches it received. About a month later came another stroke of luck — creation of the Texas Energy Fund.
“Stars aligned for us,” Wittler said. But after it won financing through the fund and placed orders for major components of the plant, the utility’s luck ran out: New federal tariffs enacted this year could wind up adding as much as $28 million to the project’s cost. When the orders were placed in December 2024, Assistant General Manager Amy Dozier said, “There was no tariff issue.”
“Stars aligned for us,” Wittler said. But after it won financing through the fund and placed orders for major components of the plant, the utility’s luck ran out: New federal tariffs enacted this year could wind up adding as much as $28 million to the project’s cost. When the orders were placed in December 2024, Assistant General Manager Amy Dozier said, “There was no tariff issue.”Bloomberg – October 31, 2025
Trump Renewables Crackdown Tests Texas Energy Market Resiliency
Texas’ efforts to maintain a resilient power grid in the face of rising demand and storm threats are being tested by the Trump administration’s attacks on renewable energy. The Lone Star state is unique compared to others because it allowed the market to determine what resources to invest in, leading to extensive transmission lines transporting solar and wind energy.
Those renewables are particularly abundant due to Texas’ extensive and sunny landscape, and have been supported by the state’s growth of battery storage. “Texas is number one in wind and solar not by accident, but because we have the resources, the infrastructure, and the market design to make it happen,” said Matthew Boms, executive director of the Texas Advanced Energy Business Alliance under Advanced Energy United.
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Associated Press – October 31, 2025
Fast chargers are expanding quickly, but American EV drivers still fear running out of juice
For most Americans, there’s less reason than ever to worry about finding chargers to fuel up an electric vehicle. But charging worries remain a top hesitation for potential buyers, second only to sticker shock. Those concerns linger even as fast chargers multiply. More than 12,000 have been added within a mile of U.S. highways and interstates just this year, an Associated Press analysis of data from the National Renewable Energy Laboratory shows. That’s about a fifth of quick-charging ports now in operation.
Yet a new poll from The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago finds about 4 in 10 of U.S. adults still point to range and charging time as “major” reasons they wouldn’t buy an EV. That’s significant considering only about 2 in 10 Americans say they would be “extremely” or “very” likely to make a new or used electric vehicle their next car purchase.
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Utility Dive – October 31, 2025
Xcel Energy rolls out $60 billion capital spending plan
The Minneapolis-based utility serves about 3.9 million electric customers in parts of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas and Wisconsin. The company expects retail sales to grow 5% through 2030. A 3 GW pipeline of contracted and “high probability” data center projects will drive the majority of that growth, according to the company. Leaders believe Xcel’s data center queue could exceed 20 GW if earlier-stage prospects materialize.
Xcel Energy announced a $15 billion addition to its five-year capital plan on Thursday, which CEO Bob Frenzel said will now cover 7.5 GW of new renewable generation, 3 GW of new gas generation, 1.9 GW of energy storage, 1,500 miles of high-voltage transmission and $5 billion for wildfire mitigation.
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Associated Press – October 31, 2025
Trump efforts to help US coal undercut by export drop during trade war
President Donald Trump’s efforts to help the U.S. coal industry at home are being undermined by falling sales abroad amid his trade war with China, new government reports show. China has stopped importing U.S. coal, accounting for most of a 14% decline in U.S. coal exports so far this year, according to analysts and the U.S. Energy Information Administration.
Trump’s meeting with Chinese leader Xi Jinping this week suggests trade progress. But whether it will include the U.S. coal industry is still uncertain. “It’s hard to tell whether that’s just going to maintain the status quo or if that’s going to be an increase in exports of coal and soybeans to China,” coal analyst Seth Feaster with the Institute for Energy Economics and Financial Analysis said Friday.
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Politico – October 29, 2025
EV sales look promising later this decade, analyst says*
Electric vehicle sales will make up nearly a fourth of all new vehicle purchases in the United States by the end of the decade, one analyst predicts. That’s despite recent moves by the Trump administration to stunt the EV industry’s growth. Stephanie Valdez Streaty, director of industry insights for Cox Automotive, said Tuesday that she expects EVs to make up 24 percent of new domestic sales in 2030. The forecast is less optimistic than EPA expectations during the Biden administration, but it’s still a positive outlook given what’s happened to the U.S. market this year.
Over the last few months, President Donald Trump and congressional Republicans have swept away incentives and regulations intended to boost EV sales, including a $7,500 tax credit for EV purchases. The end of that incentive on Oct. 1 prompted a record boom of EV sales in the third quarter, but it also led to dire warnings about the months and years ahead. For example, Ford CEO Jim Farley predicted in September that EV sales would fall by nearly half by the end of the year, which would be 5 or 6 percent of sales.
Regulatory
Associated Press/Houston Chronicle – November 2, 2025
Government shutdown threatens to delay home heating aid for millions of low-income families
Jacqueline Chapman is a retired school aide who relies on a $630 monthly Social Security check to get by. She was navigating the loss of her federal food aid benefits when she learned the assistance she receives for heating her Philadelphia apartment may also be at risk. “I feel like I’m living in scary times. It’s not easy to rest when you know you have things to do with limited accounts, limited funds. There isn’t too much you can do,” said Chapman, 74. Chapman relies on the $4.1 billion Low-Income Home Energy Assistance Program, which helps millions of low-income households pay to heat and cool their homes.
With temperatures beginning to drop in areas across the United States, some states are warning that funding for the program is being delayed because of the federal government shutdown, now in its fifth week. The anticipated delay comes as a majority of the 5.9 million households served by the federally funded heating and cooling assistance program are grappling with the sudden postponement of benefits through the Supplemental Nutrition Assistance Program, or SNAP, which helps about 1 in 8 Americans buy groceries. Money is running out for other safety net programs as well and energy prices are soaring.
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The New York Times – November 1, 2025
E.P.A. Retreats From Plans to End the Energy Star Program*
Lee Zeldin, the administrator of the Environmental Protection Agency, has quietly retreated from plans to eliminate Energy Star, a popular program whose iconic blue labels help consumers to choose energy efficient dishwashers, refrigerators and other home appliances. In a rare shift, Mr. Zeldin is reconsidering his announcement from May that he would end the program, which triggered intense pushback from business leaders and congressional Republicans, according to four people briefed on the matter who were not authorized to discuss it publicly.
Shortly after Mr. Zeldin said he would eliminate Energy Star, the E.P.A. renewed four contracts with ICF, a consulting firm that helps administer the program, according to federal records. One contract was renewed through September of 2030. The company did not respond to requests for comment. Brigit Hirsch, a spokeswoman for the E.P.A., said in email that “no final decision has been made at this time” on whether to keep Energy Star.
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San Antonio Express-News – November 2, 2025
Most cities have not developed a specific zoning category for data centers, the large warehouses packed with servers that power AI and other data processing functions. Typically, as in San Antonio, they are allowed by right in a midlevel commercial category, putting them on par with uses such as midsized grocery stores and self-storage facilities. This generally means they can be built closer to residential areas than more intense big-box stores or industrial manufacturing. From a planning perspective, this makes sense, to a point. From the outside, data centers look and behave like an office complex — they generate little traffic, odors or obvious risks. Citizens around the nation, however, are raising concerns that these facilities are incongruous with established land use patterns.