Texas Energy Report NewsClips archives June 2026

Texas Energy Report NewsClips

Tuesday June 30, 2026

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 and were poised for ‌a second month of declines, with investors eyeing potential U.S.-Iran talks in Doha amid a strained interim ceasefire in the four-month-old war.

U.S. West Texas Intermediate for August fell 0.6%, ⁠or 39 cents, to $70.36 a barrel. Prices are set for around a $17 drop, or 19%, from the May ​29 closing.

Brent August crude futures , which expire on Tuesday, were down 0.9%, or 64 cents, at $72.51 a barrel as of 0356 GMT. These levels ​are around $20, or 22%, lower than last month’s closing. The more actively traded September contract was ​down 0.4%, or 31 cents, at $73.6 a barrel.

Both Brent and WTI prices are almost back at pre-war levels on February 27.

“Investors are pricing in hopes of ​a positive outcome from the Doha talks, even though real normalisation of flows through the Strait of Hormuz is not yet visible,” said Tim Waterer, chief market analyst at KCM Trade.

“The market is cautiously hopeful but still hedging its bets until we see ​more tangible signs of de-escalation,” Waterer added.

Iranian and Omani experts will start talks on redefining transit paths through the ​Strait of Hormuz in the coming days, Iranian Deputy Foreign Minister Kazem Gharibabadi told state TV on Monday, adding that his ‌country will ⁠try to obstruct vessels outside defined paths.

 

Top Stories

 

Politico – June 29, 2026

Welcome to the era of Big Electricity

The combination of NextEra and Dominion Energy would create the largest utility company in the United States — if the $67 billion megamerger successfully runs the regulatory gauntlets in Virginia, Florida and the Carolinas. If that happens, it also becomes the latest big deal in a fast-changing U.S. power industry that appears to be gorging on acquisition opportunities. That’s thanks largely to AI-driven power demand.

There were 23 electricity mergers and acquisitions announced from December 2025 through this May, totaling an eye-watering $216 billion, according to a report by the PwC consulting group. That value is up 173 percent from the $79 billion in mergers and acquisitions activity logged by the electricity sector from December 2024 through May 2025.

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MSN – June 29, 2026

SandRidge Energy to buy Mid-Continent assets in $65M deal

See the press release

SandRidge Energy (SD) said Monday it agreed to acquire certain producing assets and leasehold interests in the Mid-Continent region’s Cherokee play for $65M in cash. The assets to be acquired include interests in 21 wells and eight proven development locations, representing production of ~3K boe/day and ~7,000 net leasehold acres which provide additional inventory and expand efficient operations, and are accretive to key metrics, including production, EBITDA, and free cash flow, the company said.

“We’re excited to continue expanding our footprint in the Mid-Continent by bolstering our inventory with quality bolt-on production and acreage that immediately offsets the area of our current drilling and leasing programs,” SandRidge (SD) President and CEO Grayson Pranin said.

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RTO Insider – June 29, 2026

Study Argues Clean Power Can Meet Load Growth Reliably, Affordably*

Energy Innovation released a report arguing that letting clean energy bloom, rather than throwing up roadblocks to it, is a cheaper and reliable way to meet near-term demand growth. The report, Let The Sun In: Clean Energy is the Cheapest Way to Meet Rising Demand, emphasizes that speeding up federal permitting and allowing market forces to work can address load growth without compromising the grid. [1]

For corporate giants—such as those operating power-heavy AI data centers—clean onsite power is increasingly seen as the most viable way to bypass localized transmission bottlenecks. Companies like Bloom Energy provide modular, localized fuel cell microgrids that can be installed quickly, which pairs perfectly with the Energy Innovation strategy of un-bottlenecking localized, renewable-friendly grids

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Inside Climate News – June 28, 2026

What Happened When an LNG Giant Came to Town

Sherry Peshoff can see the steel wall from her front door. Her home is lifted 12 feet off the ground to protect it from stormwaters that surge in off the Gulf, but it’s not as high as the wall. Rust red and corrugated, the 31.5-foot-high solid steel fence circumscribes a natural gas export terminal that sprawls across 1,150 acres where grasslands stood just a year ago. The wall is meant to hold back the type of storm surges that pushed through here when Hurricane Rita hit in 2005, followed by Ike in 2008 and Laura and Delta in 2020.

Before the storms, Cameron was home to some 2,000 people. Today, fewer than 200 remain. In their place, a company called Venture Global is building a complex of liquefied natural gas terminals that will be one of the largest in the country. The industrial operations cluster together gas-fired turbines and compressors to super-cool methane gas until it becomes a liquid, which is then pumped into tankers and shipped across the ocean.

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S&P Global Platts – June 29, 2026

Private developer to propose Canada’s first crude oil SPR on eastern coast

Private developer Triple Point Resources is proposing construction of Canada’s first strategic petroleum reserves for crude storage in salt caverns on the nation’s eastern coast, with a nameplate capacity up to 100 million barrels, driven primarily by changes in global energy security and a growing need for sovereignty, CEO Julie Lemieux said June 29.

“A prefeasibility study has been completed, and an option would be to build 15 caverns,” Lemieux told Platts, each with a capacity 5 million to 6 million barrels. “With the current geo-political crisis, Canada was not caught off-guard in terms of production,” Lemieux said. “But we are the only G7 nation without a SPR, and we believe the time has come for that scenario to change.”

 

The Latest TERse Tips

U.S. Sens. John Cornyn (R-TX) and Alex Padilla (D-CA) introduced legislation last week to reauthorize their Preventing Outages With Enhanced Resilience and Operations Nationwide (POWER ON) Act — the Preventing Outages with Enhanced Resilience and Operations Nationwide (POWER ON) Act became law in 2021 following winter storm URI which left record amounts of snow and ice and overwhelmed the Texas power grid — it forced the Electric Reliability Council of Texas (ERCOT) to shut off electricity for more than four million Texans, leaving them without heat for days on end — Daily Energy Insider

“The thing is, though, [Texas House District 106 incumbent Jared] Patterson isn’t actually that safe. Hard-liner Republicans actually hate his guts. They even started calling him a RINO this last year, as extreme as he is, because you know, the whole group-cult-think-thing. It’s deep, and I don’t remember all of the exact details of what happened at this point. (Leave a comment below if you remember.) In Texas Republican politics, the Tim Dunn/Ken Paxton faction controlled everything last year. In the House, that was led by the Brainworm Brigade: Brian Harrison, Tony Tinderholt, Steve Toth, Mitch Little, and Brent Money” — Lone Star Left introducing Democrat Joe Mayes by Michelle H. Davis

San Antonio Express-News’ Monday article “Texas ranch dispute highlights tensions over aging oil wells and who pays for cleanup” is actually a two-month-old story from Inside Climate News that has already appeared in Texas Energy Report

This summer, students from Texas Christian University’s Ralph Lowe Energy Institute are working alongside the Texas General Land Office on Texas’ inventory of 12,300 orphan oil and gas wells — Midland Reporter-Telegram*

USW leaders in the oil industry reached agreement in February on a new contract that will cover more than 30,000 workers in the oil and petrochemical industry — USW

Ashland Specialty Chemicals union workers go on strike at Texas City facility — KUHF NPR

Fermi America has selected Spanish engineering, procurement, and construction contractor TSK to provide early works engineering and project management services for three Siemens SGT6-5000F gas turbines that will form the backbone of the second phase of its Project Matador development in Texas — Oil Price

Sabanci Renewables is expanding its U.S. project pipeline through a long-term power purchase agreement with Meta tied to two planned solar projects in Texas — under the agreement, Meta will purchase 100% of the environmental attributes from Sabanci Renewables’ Lucky 7 and Pepper solar projects. The projects together represent 220 MWac, or 286 MWdc, of planned solar capacity — Environment Energy Leader

Parliament Energy, a US renewable energy platform established by EnCap Energy Transition Fund II and Mercuria Energy Group, has closed $747 million in non-recourse senior secured financing for the Tehuacana Creek Solar project in Texas, according to a LinkedIn post by Credit Agricole CIB — Renewables Now

NextEra to pay $150M to settle charges related to Florida political misconduct allegations — the agreement comes about a month after NextEra Energy proposed merging with Dominion Energy in a $67 billion deal — Utility Dive

The American steel industry is reaping the benefits of the AI data-center construction boom; but now, steelmakers are warning of a high-stakes competition with their data-center customers for a commodity they both require: electricity –data centers’ insatiable demand for electricity is driving up power costs for steel companies by tens of millions of dollars a year and threatening the companies’ operations, according to a new report from the Steel Manufacturers Association — The Wall Street Journal*

 

Oil & Gas Texas

 

Reuters – June 29, 2026

Golden Pass LNG appears offline after near halt in gas intake, LSEG data show*

Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil, has taken in little ​to no natural gas over the past ‌three days and appears to be offline, according to data from financial firm LSEG. The Texas-based export facility has ​been commissioning the first of its three LNG ​trains since March 30, with several start-and-stop ⁠periods as it tests and fine-tunes equipment.

When fully ​operational, Golden Pass is expected to export more ​than 18 million metric tons per year of liquefied natural gas and process up to 2.6 billion cubic feet of ​natural gas per day. On Monday, the facility ​was requesting about 20 million cubic feet of natural gas ‌for ⁠its first train, which has a capacity of roughly 800 million cubic feet per day, according to LSEG data.

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Reuters – June 29, 2026

Matador Resources JV expands Delaware Basin footprint with $752 million Cardinal deal*

Matador Resources said on Monday its midstream joint venture San ​Mateo Midstream will acquire the operating units of Cardinal Midstream Partners for $752 ‌million in cash, expanding its natural gas gathering and processing footprint in the Delaware Basin. The deal underscores continued consolidation in the U.S. energy sector as producers and midstream operators build scale and ​expand infrastructure to support rising shale output and growing LNG export demand.

Cardinal’s ​assets include a cryogenic natgas processing complex in Loving County, Texas, ⁠with an inlet capacity of 320 million cubic feet per day and roughly ​145 miles of gathering pipelines across West Texas and southern Eddy County, New Mexico. The ​assets are located in the Delaware Basin, a key U.S. shale producing region.

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E&E News By Politico – June 26, 2026

New Mexico governor’s race may hinge on oil and gas

The New Mexico governor’s race could come down to how worried voters are about oil and gas. Former Interior Secretary Deb Haaland, the Democratic nominee, has a history of opposing fossil fuel production both in Congress and as former President Joe Biden’s Interior secretary. But she isn’t directly attacking the oil industry during her run for governor, saying she wants good-paying jobs and cleaner “extractive” industries.

Her opponent, Republican Gregg Hull, has vowed to unleash oil and gas. He said Haaland could still put a damper on oil production — and the state’s economy — even if she doesn’t fully rein in the industry’s growth. Hull said Haaland’s past statements about oil and gas make New Mexicans nervous.

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Argus Media – June 24, 2026

Texas renewable diesel flows up as Calif. demand eases

Renewable diesel producers along the US Gulf coast are increasingly selling into the Texas ultra-low sulphur diesel (ULSD) market as bulk demand slows across California — the largest R99 market in the country — in tandem with record-high US output of the fuel.

Renewable diesel production at US biorefineries in May hit an all-time high of about 6.86mn bl, part of a steady increase since the beginning of the year following the implementation of record-high biofuels blending targets, according to the latest RIN generation data from the Environmental Protection Agency (EPA). Higher run rates through the second quarter, compounded by elevated and volatile diesel prices across the country, made California buyers hesitant to commit to high-volume R99 spot purchases as the market faced fresh supply.

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Capital & Main – June 22, 2026

Increasingly Fierce Storms Are Coming for the Upper Texas Coast. Is the Petrochemical Industry Ready?

Nearly two decades had passed since the storm. For many, the memory of what had happened on Goat Island had largely vanished into the Gulf of Mexico. Instead, what residents remembered that year were the piles of boats and cars washed up along the highway to Galveston and the twisted mounds of debris where homes once stood. It was late summer 2008, and Hurricane Ike had just struck, decimating parts of the upper Texas Gulf Coast.

But Goat Island — a spit of swampy land just east of Galveston — also flooded, and with it an oil and gas facility that sat on its uninhabited shores. When the hurricane struck, piping to the St. Mary Land and Exploration Company’s storage tanks snapped apart, releasing thousands of gallons of crude oil into the Gulf. By the time St. Mary workers arrived a day later, the tanks were empty.

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Daily Energy Insider – June 23, 2026

‘No single customer is driving acquisition of Cottonwood,’ Entergy Louisiana CEO says

Phillip May, president and CEO at Entergy Louisiana, on June 19 pushed back against a recent news article claiming that the utility wants to charge customers an extra $8 a month to buy a gas plant. The June 18 article, published only for subscribers to The Advocate, reports that critics and regulators are arguing that Entergy Louisiana’s purchase of Cottonwood — a power generation asset identified as part of company’s overall resource plan to address increased energy demand — should be paid for by tech giant Meta, which is building a four-million-square-foot facility in Richland Parish to support its work in artificial intelligence and large language models.

“It is unfortunate that this story emphasized the opinion of a single consultant’s testimony to speculate about what Louisiana customers, including Meta, will pay for energy as a result of this potential Cottonwood purchase,” May said in a June 19 post on the company’s website. May pointed out that Entergy’s recommended purchase of Cottonwood is in the first steps of a detailed and transparent regulatory process that includes information from various sources and expert opinions. 

 

Oil & Gas National & International

 

Oil Price – June 29, 2026

Is Libya Quietly Becoming the Biggest Oil Prize the West Can’t Afford to Ignore?

At around the same time as OPEC raised its long-term oil demand forecast for the third consecutive year — now expecting global consumption to rise 19 million barrels per day (bpd), or 18%, by 2050 — Libya’s state-owned National Oil Corporation (NOC) announced that the country’s oil production is now at the highest level in 13 years. Its current 1.487 million bpd crude output is just a whisker away from the NOC’s short-term strategy of producing 1.5 million bpd of oil, which opens the way for the long-term strategic target of 2.1 million bpd to be achieved within the next three to five years.

The reason underpinning OPEC’s latest increase in long-term oil demand — governments increasingly prioritising energy security, rather than aggressively transitioning away from hydrocarbons — has also been key to the rise in foreign investment and oil developments in Libya, especially from Western firms. Since the onset of the Russian war in Ukraine on 24 February 2022, they have been busily sourcing new oil and gas supplies around the world to make up for those lost due to sanctions on Russia’s energy exports. So, how realistic does Libya’s long-term 2.1 million bpd oil output target look?

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Reuters – June 29, 2026

US leads global CO2 emissions increase in 2025, report finds*

The United States accounted for about a third of the rise in global carbon emissions in ​2025, as higher gas prices pushed power producers ‌back to coal, an Energy Institute report showed. Here are highlights from the report, produced in partnership with Ember, Kearney Institute and KPMG:

• U.S. coal ​consumption jumped 10% last year, reversing a shift ​towards cleaner fuels and helping lift overall ⁠emissions.
• Global carbon emissions from the energy sector rose ​1.1% to 35,806 million metric tons of carbon dioxide. More than ​a third of this increase came from the U.S. North America’s increase bucked the 10-year trend of emissions falling by 0.7%.
• Global energy-related demand continued ​to grow. Total energy supply rose 1.7% from ​2024, with renewables contributing the biggest share of that increase. Renewable ‌power ⁠generation climbed 9.1%, led by a 30% surge in solar.
• Europe’s carbon emissions from the energy sector increased by 0.5%, while China’s rose by 0.7% in ​2025.
• Electricity demand rose ​faster than ⁠supply, increasing 3% year-on-year, driven by electric vehicles, data centres and artificial intelligence.

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Compact Magazine – June 26, 2026

Mexico’s Oil Strategy Is Paying Off: German S. Diaz del Castillo

In early 2017, an expected hike in gas prices in Mexico—or gasolinazo, as it was informally known—caused a mass panic that resulted in fuel hoarding, with people lining up for hours to fill up their tanks. I remember sitting in my cold car in the middle of the night, in a line that stretched on for a few miles, terrified that it would run out of juice before reaching the pump.

Then President Enrique Peña Nieto’s energy production reforms, which liberalized and opened Mexico’s petroleum market to private investment for the first time since its nationalization under President Lázaro Cárdenas in 1938, had recently begun to have effects on consumers. Many Mexicans experienced the prospect of an oil price shock for the first time in their lives.

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Western Standard – June 25, 2026

Report: Carbon policies put Alberta’s energy sector at major disadvantage to Texas and New Mexico

A new Fraser Institute report released Thursday finds that federal and provincial carbon policies are eroding Alberta’s competitive position in oil, natural gas and electric power production compared with key U.S. states. Economist Jack Mintz’s study, Impact of Carbon Policies on Competitiveness in Oil, Natural Gas, and Electric Power: An Alberta–U.S. Comparison, measures the impact using the marginal effective tax rate on costs (METC) — essentially how much taxes and carbon rules inflate the cost of bringing new production online.

Without carbon policies, Alberta is generally more competitive than Texas or New Mexico for oil sands and natural gas. Conventional oil faces higher royalties in Alberta, but overall the province holds an edge on marginal projects. Once carbon taxes and the TIER system are factored in, that advantage disappears — and quickly turns into a clear disadvantage.

 

Utilities, Electricity & Renewables

 

Austin American-Statesman – June 29, 2026

Tesla quietly settles lawsuit over deadly crash involving Full Self-Driving system*

Tesla Inc. has quietly resolved a lawsuit stemming from a fatal 2023 crash that precipitated a defect investigation into the carmaker’s automated-driving technology. The collision involved 71-year-old Johna Story, who had stepped out of her vehicle on an Arizona highway to help direct traffic around cars that had already crashed due to blinding sun glare. Moments later, she was struck at high speed by a Tesla Model Y SUV using the Austin company’s so-called Full Self-Driving system.

Story’s death — one of 40,901 on U.S. roads that year — was the first known pedestrian fatality linked to Tesla’s automation technology. The crash prompted a federal investigation by the National Highway Traffic Safety Administration and a lawsuit from Story’s daughter against Tesla and the driver. Attorney Dustin Birch, who represents Story’s daughter, said in a phone interview that the case recently settled and “my client is happy to put this behind her.” Terms of the settlement were not disclosed and an attorney for Tesla didn’t respond to requests for comment.

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S&P Global Platts – June 26, 2026

US, UK sign agreement to accelerate fusion power plant deployments

The US and UK signed a partnership agreement on June 25 to strengthen cooperation on fusion as both countries seek to accelerate the deployment of the first series of commercial fusion power plants to the grid. The US Energy Department’s Princeton Plasma Physics Laboratory signed a memorandum of understanding with the United Kingdom’s Atomic Energy Authority research lab, allowing the two governments to focus on advancing the physics and technology basis for future fusion power plants.

“This strategic partnership allows us to unite our capabilities and deliver on our shared mission of bringing fusion from the lab to the grid,” said Berzak Hopkins, PPPL’s associate lab director for strategy and partnerships, as well as the deputy chief research officer. “It is through global partnerships like this that PPPL amplifies its impact and pushes the boundaries of fusion science.”

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Utility Dive – June 26, 2026

The grid operates in seconds, but financial settlement still moves in months: Andrii Garanin

Following events where more than 1,000 MW of computational load unexpectedly dropped off the bulk power system, the North American Electric Reliability Corporation in May published a rare Level 3 Essential Actions warning. That sudden loss exposed a critical structural gap in how we manage modern energy infrastructure.

Federal Energy Regulatory Commission Chair Laura Swett recently highlighted that hyperscalers lack basic “aptitude” regarding utility operations. But framing this solely as a competence problem on the tech side misses the real root of the crisis. Data center operators are highly capable of managing complex physical infrastructure in real time.

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Utility Dive – June 23, 2026

How much electricity are 202(c) power plants producing? Way less than before.

Last year, the U.S. Department of Energy ordered the owners of 10 generating units at six power plants — five of them coal-fired — to run the units past their retirement dates to address what DOE says is a reliability emergency across most of the country’s grid. So far, the emergency orders’ impact on power production has been mixed. One power plant hasn’t operated at all under its 202(c) order, one ran for a two-week stretch, three are producing less power than they did at the same time in previous years and one is generating electricity roughly in line with its previous output, according to data from the Energy Information Administration.

Combined, five of the power plants produced 1.5 million MWh in the first quarter of this year under the DOE’s orders, down 65% from the 4.3 million MWh they generated in the same period last year. One of the six plants, in Pennsylvania, hasn’t reported its output to the EIA this year. It generated just 27,000 MWh in the first quarter last year. Never before in the Energy Department’s nearly 50-year history has it ordered generating units to continue producing power after their scheduled retirement dates. To do so, it has used a string of 90-day emergency orders issued under the Federal Power Act’s section 202(c). DOE has reissued those orders for all the units before the initial orders expired.

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AOL – June 24, 2026

The US Is Making Data Centers Pay For Grid Access — But Power Bills Are Still Going Up

The AI bubble is slowly unraveling — kind of. Companies gobbled up RAM to power data centers, which turned 2026 into an expensive year for tech, to the point where certain manufacturers are producing older models of RAM to mitigate some of the damage. However, AI also caused electricity bills to spike, even as the companies behind AI foot most of the bill.

Earlier this month, the Federal Energy Regulatory Commission (FERC) issued orders to, among other things, speed up the integration of “large energy users” such as AI data centers among all regional grid operators under its jurisdiction. This decision might sound like the government is prioritizing the energy needs of these data centers, which isn’t inaccurate but also doesn’t cover the full scope of the order. This fast-tracked coverage will have to “respect the region-specific rules that are already in place.” The most important of these rules will guard against “cost shifting” (i.e., the data center owners can’t underpay for electricity costs, forcing other customers to pay the rest of the expenses). Not only does the FERC put its foot down on the matter, but it is drafting state governments into enforcement duties.

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Oil Price – June 22, 2026

Whatever Happened to the Small Modular Reactor Revolution?

In the early 2020s, there was great enthusiasm around the development of the small modular reactor (SMR), which was expected to support a nuclear renaissance. However, after supply chain disruptions, technical difficulties, and other challenges, it is unclear whether SMR development is progressing as expected. Nevertheless, some companies continue to invest heavily in the technology, hoping it will help drive innovation and expansion in the nuclear power sector.

SMRs are advanced nuclear reactors with a power capacity of up to 300 MW(e) per unit, equivalent to around one-third of the generating capacity of a conventional nuclear reactor. SMRs are much smaller than conventional reactors and are modular, making them easier to assemble in factories and transport to the site. Thanks to their smaller size, SMRs can be installed on sites not suitable for larger reactors. SMRs are also much cheaper and faster to build than traditional nuclear reactors and can be constructed incrementally to meet a site’s growing energy demand.

 

Regulatory

 

June 26, 2026

FERC “Show Cause Orders” Seek to Accelerate Large Load Interconnections to the Grid Hunton

On June 18, the Federal Energy Regulatory Commission (FERC) took long-anticipated action to speed the interconnection of data centers, other large loads, and the generation resources necessary to power them to the interstate transmission grid. FERC has responded to a late 2025 proposal from the Department of Energy (DOE ANOPR)¹ by issuing “Show Cause Orders” to each of the six Independent System Operators and Regional Transmission Organizations (ISOs/RTOs) subject to its jurisdiction.

The Show Cause Orders find that ISO/RTO tariffs appear to be unjust, unreasonable, and/or unduly discriminatory because they do not clearly, consistently, or completely address key large load interconnection issues. Each ISO/RTO must file a response that explains why FERC’s concerns are invalid or describes reforms that FERC could impose under section 206 of the Federal Power Act (FPA). FERC will review each response and may impose different changes.

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Texas Energy Report NewsClips

Monday June 29, 2026

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 higher on Monday after renewed military strikes between the U.S. and Iran over the weekend reignited concerns over crude supplies from the Middle East.

West Texas Intermediate futures rose 1.3% to $70.17 a barrel. International Brent climbed 0.78% to $72.55. WTI futures settled below $70 on Friday for the first time since Feb. 27 — the day before the start of the Iran war.

“Technical talks are slated to continue on all areas of the MOU,” a U.S. official told CNBC on Sunday.

“Both sides will stand down for now and vessels can move freely,” the official said.

The U.S. military attacked a number of Iranian targets after a commercial tanker in the Strait of Hormuz was reportedly struck by a projectile on Saturday. Iran’s neighbors, Kuwait and Bahrain, also reported incoming missiles and drones overnight.

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Top Stories

 

Forbes – June 27, 2026

The Billionaires Behind Trump’s Texas Senate Candidate: Andrew Balaban*

The ultra-rich favored Ken Paxton’s primary opponent, U.S. Senator John Cornyn, by a ratio of more than three-to-one. Here are billionaires who went against the grain including a Kalshi cofounder.

Texas Attorney General Ken Paxton entered the race to oust U.S. Sen. John Cornyn as a favorite of the state’s MAGA base—but not of billionaires. Though Paxton—who boasts that he has “always been a loyal supporter of President Trump”—mustered enough popular support to win the Republican nomination in the May 26 runoff election with over 63% of the vote, he lagged far behind his incumbent opponent when it came to support from the three-comma club. As AG, right-wing firebrand Paxton championed such legal causes as overturning the results of the 2020 presidential election, increasing religious influence in public schools and aggressively enforcing the state’s abortion ban. The Texas state House impeached Paxton on bribery and misconduct charges in 2023, but he was later acquitted by the state Senate.

Amid the backlash to these positions and the misconduct charges, the main pro-Paxton super PAC, Lone Star Liberty, raised less than $10 million since it began fundraising in April 2025. By contrast, the pro-Cornyn super PAC, with the backing of at least 14 billionaires, raised more than three times that amount over the same period.

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Financial Post – June 28, 2026

Williams Cos. is in advanced talks to acquire rival natural gas pipeline operator Momentum Midstream for about $5.5 billion in what would be one of its largest deals ever, people familiar with the matter said. Tulsa, Oklahoma-based Williams is putting the finishing touches on an agreement to buy the company from private equity firm EnCap Flatrock Midstream, the people said, requesting anonymity because the information is private.

A deal could be announced in around a week’s time, the people said. No final decision has been made and EnCap could opt to hold onto the company, the people added. … Representatives for Williams and EnCap Flatrock Midstream didn’t respond to requests for comment. EnCap Flatrock was formed in 2008 as partnership between Flatrock Energy Advisors and EnCap Investments, according to its website.  The transaction would give Williams, which owns more than 30,000 miles (48,280 kilometers) of pipeline infrastructure, additional capacity to move gas from the prolific Haynesville fields in East Texas and Northern Louisiana to export terminals on the US Gulf Coast.

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Energy Now – June 27, 2026

Magnolia Oil & Gas Is in Lead to Acquire WildFire for Over $4 Billion

Magnolia Oil & Gas Corp. has emerged as the front-runner to acquire closely held WildFire Energy for more than $4 billion in what would rank as its largest-ever acquisition, according to people familiar with the matter. The Houston-based shale producer is poised to win the auction for the driller backed by private equity firms Warburg Pincus and Kayne Anderson, the people said. A deal could be announced in weeks, said the people, asking not to be identified because the details aren’t public.

Deliberations are still fluid and a different bidder could still emerge, the people said. The company’s owners could also decide to retain the asset, they added. Magnolia fell 1.5% to $26.78 at in New York trading Friday, giving the company a market value of about $5.1 billion.

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Texas Standard NPR – June 26, 2026

A new poll shows a majority of Texans oppose having data centers in their community

Texas has spent decades as a wild west for industry, fighting for factories, warehouses, and corporate headquarters to come to the Lone Star State. Officials have long advertised the state’s laissez faire attitude — but a new poll from the University of Texas’ Texas Politics Project suggests that with data centers, it may be a different story. A majority of Texans now say they oppose having a data center built in their community.

This news comes at a time when Texas has rapidly become the nation’s top destination for the infrastructure powering artificial intelligence. James Henson is co-director of the University of Texas’ Texas Politics Project. He sat down with the Texas Standard to discuss his team’s findings.

“Something is changing out there, at least around this issue, and I think one is tempted to think that this is all anti-development liberals or Democrats or something like that,” Henson said. “Republicans are split — 43% of Republicans oppose this, 42% support. And the opposition is centered in the base of Republican support, in rural areas for 62% opposing. There’s something really going on here.”

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Austin American-Statesman – June 25, 2026

Are robotaxis road-ready? Texas residents sound off in new poll.

Most Texans have never ridden in a robotaxi but they have strong feelings about their legality, questions about state regulation — and nearly half think the technology powering Tesla Inc.’s robotaxis should be illegal. A new poll by a group called Safe Autonomous Vehicles Everywhere in the United States, or Save-US, surveyed almost 1,100 registered voters across Austin, Dallas and Houston about the state of robotaxis. Among the more than 350 surveyed in Austin in late May, 44% said the vehicles “aren’t ready to be driven on most roads and can’t perform close to humans.”

 

The Latest TERse Tips

The statewide gas price average in Texas is $3.36 per gallon for regular unleaded fuel, according to the AAA Texas Weekend Gas Watch, a price that is 13 cents less than it was last week and is 52 cents more per gallon compared to this day last year

Hilcorp Energy I L.P. Outlook Revised To Stable From Negative As Deleveraging Progresses; ‘BB+’ Rating Affirmed — S&P Global

Three people have pleaded guilty to their involvement in a large-scale oil theft conspiracy in the Permian Basin after being indicted by a federal grand jury in Lubbock for their roles — KLBK

Ukrainian drones set another Russian oil refinery ablaze as Putin admits fuel shortages — Associated Press/KSAT

Iran again launched drone and missile attacks targeting Bahrain and Kuwait on Sunday following new U.S. airstrikes against the Islamic Republic — PBS

All 14 people on board were killed in Saudi Arabia when an Aramco helicopter belonging to the world’s largest oil company crashed on Sunday morning, according to the Saudi Ministry of Energy — the accident occurred around 6 a.m. in Ras Tanura, and everyone killed was a Saudi national — Associated Press/KWTX

A lender to the Polish affiliate of alternative energy investment company GoldenPeaks Capital is asking a Texas bankruptcy judge to dismiss its Chapter 11 case, saying it was only filed in order to seize solar assets — Law 360*

“Sen. Nathan Johnson of Dallas, running for attorney general, name checked Tim Dunn, a West Texas oil billionaire and right wing megadonor who has backed French and other candidates who have pushed the Legislature further to the right” — “Texas Democrats welcome Bernie Sanders and plunge into kitchen-table politics” by Alejandro Serrano in the Texas Tribune

Tips for Houston area energy workers in watching for negligence on the part of energy companies: “5 Warning Signs of Negligence and Equipment Failure on Texas Oil Rigs” — Houston Press

Delaware Basin-focused Greenlake Energy has grown from about 600 boe/d to 33,511 boe/d, 60% oil, in fewer than 48 months in the Delaware Basin, from roughly 60 new-drill wells — Hart Energy*

 

Oil & Gas Texas

 

Oil Price – June 26, 2026

US Drillers Add Oil, Gas Rigs As Hormuz Transit Resumes

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, bringing the total rig count in the US to 573, up 26 from this same time last year. The number of active oil rigs rose by 7 to 440 during the latest reporting period, according to the data. This is 8 above this same time last year. The number of gas rigs rose by 3 to 125, which is 16 more than this time last year. The miscellaneous rig stayed the same at 8.

The latest EIA data showed that weekly U.S. crude oil production rose during the week ending June 19. US crude oil production averaged 13.819 million bpd during the reporting period, up from 13.806 million bpd last week and up 384,000 bpd from a year ago. Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, stayed the same for the week ending June 19, at 192 crews. The number of active drilling rigs in the Permian Basin rose by 2, reaching 258. This is 12 rigs under year-ago levels. The count in the Eagle Ford stayed the same at 44, which is 3 more than this same time last year.

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Midland Reporter-Telegram – June 27, 2026

Private operators first out of gate to boost drilling*

Oilfield activity is beginning to increase, fueled by elevated crude prices. “We are activating equipment that stacked in fourth quarter 2023,” one oilfield service company executive commented in the Federal Reserve Bank of Dallas’ second-quarter energy survey. “Rates for services are increasing. Competition for experienced field crews is increasing, and customers are hiring our people.”

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S&P Global Platts – June 26, 2026

Golden Pass LNG exports third cargo as commissioning advances

Golden Pass LNG has exported its third cargo as commissioning progresses on the first of three liquefaction trains at Texas facility. The QatarEnergy-chartered vessel Al Na’amah departed laden in the evening local time June 25, S&P Global Commodities at Sea data showed. The vessel was underway in the US Gulf on June 26, signaling Italy as its destination.

The Golden Pass developer, owned 70% by QatarEnergy and 30% by ExxonMobil, declined to comment June 26. The resumption of exports from Golden Pass followed a sustained rebound in feedgas deliveries to the plant after weeks of planned maintenance. Golden Pass was scheduled to receive about 330 million cubic feet/day of feedgas on June 26, according to S&P Global Energy CERA data, based on nominations for the morning cycle that could later be revised. Flows to the terminal have topped 300 MMcf/d since June 13 and hit the highest level to date of nearly 600 MMcf/d on June 23, after dropping to near zero during the maintenance work.

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WHTV – June 26, 2026

Chevron eyes more deals to power US data centers

Chevron is exploring additional data center deals across the U.S., including the Midwest, Rockies, and Gulf Coast, following its two-decade-long contract to power a Microsoft data ​center in West Texas, a company executive told Reuters. Oil and gas companies ‌such as Chevron and Exxon Mobil are angling to profit from the record-high electricity demand generated by Big Tech’s AI-driven data center expansion, offering their natural gas and experience developing large and complex energy projects.

Chevron said on Monday it signed an agreement to develop a natural gas-fired power facility, ‌called ​Project Kilby, which would have 2.67 gigawatts of capacity ⁠and provide dedicated electricity to Microsoft’s ⁠data center campus in Pecos, Texas. The project is the first of its kind for Chevron and will be big enough to power a city the size of San Francisco.

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Oil Price – June 27, 2026

One of Texas’ Oldest Oil Plays Is Running Dry

The Eagle Ford shale play has shown remarkably consistent crude oil production and rising natural gas output in recent years. A formation beneath the Eagle Ford has been producing for nearly a century, but now it has its remaining resources nearly exhausted. The Buda Limestone formation, which lies beneath the Eagle Ford Group, has limited remaining oil and gas resources, the latest analysis by the U.S. Geological Survey (USGC) showed this week. Technically recoverable resources at Buda Limestone are estimated at 184 billion cubic feet of gas and 12 million barrels of oil. These are just a fraction of what the formation has produced since around 1930, when oil and gas output in the formation began.

The Eagle Ford Group, which lies above the Buda, is the primary source for the undiscovered oil and gas at the formation, according to the USGC. Since production began around 1930, the Buda Limestone has produced 204 million barrels of oil, or the equivalent of 10 days of U.S. consumption at the 2025 rate, and 287 billion cubic feet of gas, which is equal to three days of the current consumption for the United States. “The U.S. economy and our way of life depend on energy, and USGS oil and gas assessments point to resources that industry hasn’t discovered yet,” USGS Director Ned Mamula said in a statement.

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San Antonio Express-News/Yahoo! News – June 28, 2026

Texas ranch dispute highlights tensions over aging oil wells and who pays for cleanup

Some Texas oil wells gush hundreds of barrels of oil a day. But many are like those on Jackie Chesnutt’s ranch, which only trickle out a couple of barrels per month. Chesnutt, a retired engineer, says the five wells operating on her West Texas ranch are out of compliance with state rules and should be shut down. Core Petro, the company that runs, them says it’s struggling to break even, let alone pay to plug wells. Besides, it says, all its wells are in compliance with state regulations. Such situations are not uncommon.

There are thousands of oil and gas wells like these around Texas: low-producing wells leased by companies operating on a shoestring. About two-thirds of the active oil wells in Texas, or 99,000 wells, produce fewer than 10 barrels of oil a day, according to the state regulator. To remain active, they must produce at least five barrels for three consecutive months or at least one barrel for 12 consecutive months.

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Midland Reporter-Telegram – June 27, 2026

Double E expansion fueled by rising demand, prices*

Growing demand for natural gas, beneficial commodity pricing and Permian Basin geology have put Summit Midstream in growth mode. Summit recently extended open season on its Double E pipeline to June 30 and executed two new long-term firm transportation agreements totaling 150 million cubic feet of natural gas per day. The two agreements bring total Double E open season commitments to 250 MMcf per day and total contracted capacity to approximately 1.9 billion cubic feet per day.

 

Oil & Gas National & International

 

Midland Reporter-Telegram – June 27, 2026

Technological advancements turn the United States into an energy leader

In the beginning, cable tools pounded holes into the ground and nitroglycerin shots burst holes in pipe to coax oil to the surface. Today, machines help oversee oil and natural gas production and the growing use of artificial intelligence is expected to further advance automation in the industry. “Everything at one time was very manual,” said Melissa Weston, strategic business manager for production enhancement at Halliburton. “Even 20 years ago, a hydraulic fracturing job meant making 100,000 decisions at many stages. You had to watch over 20 pumps, managing leaks, pressures.”

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The Wall Street Journal – June 26, 2026

Saudi Arabia Restarts Crude Loadings at Major Gulf Terminal After Nearly Four-Month Halt*

Saudi Arabia resumed crude loadings at Ras Tanura’s Ju’aymah offshore terminal in the Persian Gulf, shipping-tracking data showed, after a nearly four-month halt during the Iran war that forced it to bypass the Strait of Hormuz and divert exports to the Red Sea. Two supertankers on Thursday began loading crude at the terminal operated by state-controlled Saudi Aramco, while another was waiting offshore and could also be preparing to load, according to Kpler. Very Large Crude Carriers, or VLCC, can each carry around 2 million barrels of crude.

 

Utilities, Electricity & Renewables

 

KUT NPR – June 25, 2026

Austin City Council has been voting in secret for years, despite the city’s claims of transparency

Austin Energy says Austin City Council members have taken secret votes for years on matters involving the publicly owned utility, and that those votes don’t appear in any public record. The disclosure only came after KUT News reviewed more than 1,000 City Council meetings and challenged the utility’s claim that such votes “ARE indicated in council minutes.”

Last month, the council took what appears to be its first documented secret vote on Austin Energy, approving the purchase of gas-powered electric generators estimated to cost more than $1 billion. The vote occurred in a closed session under a narrow carve-out to the Texas Open Meetings Act that allows elected officials who oversee power companies to vote in secret on “competitive matters.” The final vote tally was never released.

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Texas Lawbook – June 26, 2026

Dallas County Jury Clears Oncor in $270M Electric Shock Case

A jury in Dallas County, after hearing nearly a week of testimony, determined a man who suffered severe and life-altering injuries after coming into contact with an Oncor utility line was a trespasser and was not entitled to any damages for his injuries.

Dustin Clough, who was working for Gardner Telecommunications at the time of the August 2020 incident, sued Oncor Electric Delivery Company in July 2022, alleging the utility company had installed an inadequate insulator, called a strain insulator, on a power pole that led to his serious burns and other significant injuries. According to court documents, the guy wire became electrified while Clough was working nearby, came into contact with him and sent 14,400 volts of energy through his body.

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Austin Current – June 26, 2026

Paxton says Austin’s ‘electric-ready’ building code violates Texas law

Texas Attorney General Ken Paxton issued an opinion Friday saying part of an Austin Energy code that went into effect last year conflicts with Texas law and is unenforceable, opening a new legal challenge for Austin’s push to make new buildings easier to electrify.

In April 2025, the Austin City Council adopted the 2024 International Energy Conservation Code, which, among other things, created new “electric-ready” requirements for residential and commercial buildings that could make it easier for future owners to transition away from natural gas.

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Texas Tribune – June 26, 2026

Hundreds of data centers are coming to Texas. Here’s what you need to know.

In the span of a couple years, hundreds of massive electricity- and water-hungry data centers have proposed construction in Texas — a veritable gold rush for those capitalizing on the sudden demand for artificial intelligence infrastructure. There are at least 248 data center projects planned across the state, according to a Texas Tribune recent analysis.

Experts and industry representatives say the Lone Star state is just the place for the data center revolution because of its friendliness to business and lax regulation. And while industry leaders promise economic gains, some Texans fear the pressure data centers could add to the state’s already strained resources like water and energy.

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Fort Worth Star Telegram – June 26, 2026

Why this mayor doesn’t want data centers in his North Texas city*

North Richland Hills Mayor Jack McCarty said he has serious concerns about data centers locating near homes and apartments, citing the potential for more noise and rising electricity costs — concerns that a developer calls unfounded. At issue is a proposed 21-acre data center at 5201 Rufe Snow Drive, which was once an outlet mall that was converted in to a call center. McCarty, who posted about his concerns on Facebook after attending a Tuesday night meeting organized by Dallas-based Provident to share information about the proposed data center, said more information is needed concerning the potential impacts from noise and concerns over electricity use.

McCarty said he wanted to hear from both sides before commenting publicly. “Data centers near any residential areas in NRH is not what I want for our community,” McCarty wrote on Facebook June 24. “I think everybody is having a hard enough time affording things,” he said, referring to concerns about rising electricity costs. Residents who showed up at the June 23 meeting also spoke against the project, and a change.org petition has garnered over 2,000 signatures opposing a data center in the area.

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CNBC – June 26, 2026

How GE Vernova builds the massive gas turbines powering the AI data center boom

An exclusive look inside GE Vernova’s largest gas turbine plant in Greenville, South Carolina, offers fresh evidence that the artificial intelligence boom is going strong. Inside, engineers are working alongside factory workers to speed up production of this complex machine. The company hired 200 workers last year, and 300 more are expected to start working at this factory by the end of the year.

Fueling the growth is AI. Hyperscalers — companies like Amazon, Google, Microsoft and Oracle — are lining up to buy the company’s gas turbines. With AI data centers requiring a considerable amount of energy and bottlenecks in the grid emerging, these companies are increasingly relying on standalone energy sources, like gas turbines.

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Politico – June 27, 2026

Fires enter the data center water fray

There’s a new data center water worry in town — putting out fires. Data center fires aren’t common, but the risk grows as facilities increase in number and size, according to new research from Texas A&M University, George Washington University and the University of California, Berkeley. The bigger the data center, the more energy from batteries and backup generation it needs to stay online. But the more energy data centers use, the greater the fire risk, researchers found.

“Modern data centers store enormous amounts of electrical energy, which means failures can escalate quickly if not properly controlled,” wrote Tylee Kareck, a doctoral student who worked on the report. Fighting a data center fire requires a “completely different approach,” according to a training memo from the International Association of Fire Fighters published last year. Those fire responses also require water — and lots of it. That’s causing some heartburn in water-strapped states with massive data centers, such as Texas.

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Oil Price – June 28, 2026

The $7 Trillion AI Boom Is Turning Into The Energy Trade of the Century

You might think that Shark Tank’s “Mr. Wonderful,” Kevin O’Leary, is betting it all on AI, but he is not. He is betting on the $5+ trillion in infrastructure required to run it, and that’s where big capital is flowing now. And he’s betting on Bitzero to be one of the first to break AI’s biggest chokepoint: power.

Bitzero was looking further ahead while most of the rest of the market was narrowly focused on AI software and semiconductors.  As a result, on May 5th, Bitzero signed a binding letter for a 15-year lease deal for AI power as it makes its first official leap from low-carbon bitcoin mining to being a power provider for a $5-trillion data-center industry that is desperate for cheap electricity.  This Canadian cryptominer-turned-energy-provider for AI has already secured more than a gigawatt of low-cost power across Norway, Finland, and the United States, as the money moves into the assets that AI can’t run without.

 

Regulatory

 

Graham Leader – June 26, 2026

Some Texas GOP lawmakers turning away from wind and solar

Texas is a national leader in renewable energy generation, getting more than 30% of its power from wind and solar. For decades, the Republican Party has generally supported an “all of the above” approach to energy production. But recently, some GOP lawmakers have introduced legislation considered anti-wind or anti-solar.

Josiah Neeley, senior fellow at the think tank the R Street Institute, said some people see clean energy as a threat to the oil and gas industry. “Natural gas is the largest portion of our fuel used for electricity, and we use it for all sorts of other stuff,” Neeley explained. “Wind especially and increasingly solar, as they emerge onto the grid as real competitors, some people don’t like that.”

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KTEN – June 27, 2026

Energy group praises bill curbing EPA regulatory ‘abuses’

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Texas Energy Report NewsClips

Friday June 26, 2026

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 extended declines on Friday as investors monitored developments in the Middle East conflict while assessing whether recent diplomatic efforts would reduce the risk of supply chain disruptions.

U.S. West Texas Intermediate futures for August declined 2.11% to $70.4 per barrel.

International benchmark Brent crude futures for August slipped 2.03% to $73.73 a barrel.

A U.S. official told MS NOW that Iran was behind an attack on a cargo ship near the coast of Oman in the Strait of Hormuz. The ship was sailing under a Singapore flag, according to the Wall Street Journal. The United Kingdom Maritime Trade Operations said the ship reported no casualties and no environmental damage.

“Following the launch of the IMO’s evacuation plan, through which several vessels have already been successfully evacuated, I have decided to temporarily pause its implementation in order to reconfirm that the necessary safety guarantees continue to be in place for the ships on our evacuation list and all those in the region,” Arsenio Dominguez, secretary-general of the International Maritime Organization, said.

 

Top Stories

 

CNBC – June 25, 2026

Chevron Chief Financial Officer Eimear Bonner told CNBC on Thursday that the oil major expects U.S. gasoline prices to fall as the Middle East situation continues to normalize. Her comments come shortly after U.S. President Donald Trump ordered an investigation into Big Oil, accusing them of “gouging” consumers by failing to lower gasoline prices in line with the recent decline in crude prices. Responding to Trump’s criticism, Bonner said energy majors were “doing everything we can” to resolve the situation, but that it would take time for fuel prices to come down.

“What I would say is, we’re all concerned about prices. So, there is a lot of empathy, whether it’s in the U.S. or here in the U.K. or in Europe for consumers,” Bonner told CNBC’s “Squawk Box Europe” on Thursday. “It’s going to take time though. There is a lag between, you know, oil prices and reductions in oil prices and when that shows up at the pump, but we expect that prices will come down as things continue to normalize.”

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Texas Observer – June 23, 2026

Texas Has a Water Shortage and a Water Glut. They’re the Same Problem.

Texas does not have enough water. Texas also cannot get rid of the water it has. Both of those things are true right now, and in the dry stretch of West Texas where the two collide, they are turning into the same problem. On one West Texas cattle ranch, the problem looks concrete. Old and abandoned wells have started spewing wastewater back to the surface on their own, pushed up by pressure building underground. A water well on the property tested positive for benzene and other contaminants, and the owners moved their herd and eventually sold it off. That is one version of what happens when a place runs out of room for the water its oilfields bring up.

The full scale behind that scene is hard to picture. The Permian Basin pumps roughly 6 million barrels of crude a day, which makes it the most productive oil region in the country. It also lifts up several barrels of water for every barrel of oil—around three to four on average and more as a well ages. By early 2025 that added up to about 22 million barrels of water a day across the basin, a figure that one analytics firm expects to climb another 39 percent by 2035. That is far more water than cities nearby use, surfacing every day in one of the driest corners of the state.

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E&E News By Politico – June 25, 2026

How a ‘super’ El Niño could disrupt renewable energy

This year’s rare “super El Niño” could be the world’s next energy market shock, analysts say, threatening renewable energy production in some places as it drives extreme heat. The climate phenomenon arrives as the monthslong Iran war strains global oil markets — and prompts some world leaders, particularly in Europe and China, to consider an expansion of their renewable portfolios. Studies show that solar, wind and hydropower tend to take a hit in certain regions during El Niño years, as cloud cover, wind patterns and rainfall change.

“We do have predictions,” said Roberta Boscolo, climate and energy lead at the World Meteorological Organization. “The predictions are rather solid.” The data comes from an annual report published by WMO, in partnership with the International Renewable Energy Agency. The first two reports analyzed trends in 2023 and 2024, when a strong El Niño event was in force for at least half of both years.

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Inside Climate News – June 25, 2026

Elected Democrats Have Embraced ‘Climate Hushing.’ Are They Making a Mistake as the Midterms Loom?

To some political pundits and Democratic strategists, one takeaway from the 2024 presidential election was clear: Don’t talk about climate change. An Inside Climate News analysis of press releases issued by members of the House and Senate shows that elected Democrats seem to have embraced this message of “climate hushing,” with mentions of climate change plummeting since 2025. They’ve pivoted to a focus on energy affordability in the wake of President Donald Trump’s decision to attack Iran—and the resulting surge in oil prices.

It’s clear that the high cost of gasoline and electricity is a top concern for voters. But the idea that mentioning climate change poses a risk for Democratic candidates in the upcoming midterm elections is generating pushback from many academics who study public opinion on energy and climate, and from some leading Democrats who argue that failing to link the energy affordability message to a wider picture of clean energy and climate change is a mistake.

 

The Latest TERse Tips

The nuclear power company Blue Energy has set its sights on Victoria County as a potential home for five small nuclear reactors, a project that carries an initial price tag of $12 billion, with more than $6 billion of that figure eligible for tax abatement, and has filed applications for multiple such abatements through Victoria County — KAVU

Gov. Jeff Landry said the State of Louisiana has reached a final settlement with Exxon over lawsuits involving damage to Louisiana’s coast, adding that the settlement resolves years of lawsuits local parishes brought against Exxon Mobil, alleging the company contributed to Louisiana’s land loss — judges have sealed the settlements with companies, and it remains unclear how much the state’s coastal efforts will benefit from the settlement — WVUE

Permex Petroleum Corporation reports that holders of its secured convertible debentures have accelerated repayment and scheduled a foreclosure sale on key assets — the debentures, issued November 1, 2024, have an aggregate principal of $4,276,389 with interest at 10% per annum and are secured by the Company’s assets — Stock Titan

Nasdaq Texas, the dual-listing platform that launched in March, has formed an inaugural advisory board composed of business leaders, policy experts, entrepreneurs and community leaders across Texas — among the new board members is Danny Wesson, of Midland, executive vice president and chief operating officer of Diamondback Energy — Midland Reporter-Telegram*

Mark E. Viator, a respected Southeast Texas leader in petrochemicals and public service, has passed away at 66, leaving a significant impact on his community and industry — KBMT

A major oil refinery just south of Moscow is expected to remain offline for at least six months following repeated Ukrainian drone strikes this month, Reuters reported Wednesday, citing industry sources familiar with the matter — the Gazprom Neft-operated facility was first attacked on June 16, during which a distillation unit that accounts for 53% of the refinery’s capacity was reportedly damaged. A second attack on June 18 is believed to have damaged a more modern Euro+ unit that accounts for the other 47% — Moscow Times

Houston will be the second city in America for Uber’s new robotaxis — CultureMap

A 20,000-acre wind farm is in the planning stages, with 74 turbines straddling the Victoria-Calhoun county line — Victoria county commissioners approved a road use agreement to help crews haul oversized equipment to the site, especially along Sun Ray and Ladner roads — KAVU

Circe Energy secures 2GW of natural gas capacity for West Texas data center campus — Data Center Dynamics

China’s ​drive to ramp up renewable power for its fast-expanding AI data center sector is running into ‌hurdles, as industry experts warn that forecasting peak demand remains difficult and grid operators are wary of taking on added risk — Reuters*

 

Oil & Gas Texas

 

Reuters – June 25, 2026

SpaceX plans to build ‘Starpipe’ natural gas pipeline to fuel Starship rockets*

SpaceX plans to begin next month building an eight‑mile (13-km) natural gas pipeline called “Starpipe” to its Texas launch facilities, according to county filings, as Elon ​Musk’s company seeks to ramp up launches of its next‑generation Starship rocket. Starpipe, which will end at SpaceX’s Texas company town of Starbase, is ‌expected to be in service by January 26, according to a document filed last month with the Texas Railroad Commission by SpaceX affiliate Lone Star Mineral Development and reviewed by Reuters.

The pipeline plan, previously reported by Rio Grande Valley Business Journal, signals Musk’s intent to accelerate Starship’s development and lay the groundwork for a faster flight rate. The 40‑story rocket is central to SpaceX’s ​push to expand its Starlink broadband network, deploy orbital AI data center satellites, and eventually carry astronauts to the moon and Mars.

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Yahoo! News – June 25, 2026

Chevron launches new project off Santa Barbara coastline amid bitter war with California over oil drilling

A Southern California city announced a new project involving Chevron’s removal of tons of pipelines deep on the ocean floor amid a war with the state’s green agenda over oil drilling. The City of Carpeteria said Santa Barbara residents will soon notice work being done along the coastline by the gas giant to take out “shuttered seafloor pipelines” between the coast and three miles offshore, a message from the city’s

These are the pipelines that previously connected offshore platforms with the now former onshore processing facility, the statement read. There will be “increased vessel and diver activity” off the coast of Tar Pits Beach, an area where natural asphalt seeps onto the beach, it added. “Chevron has mitigation and monitoring measures in place to protect our local marine ecosystems and sensitive species,” it added, after issuing the limited license for the work. The project is expected to last about 15 days,

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S&P Global Platts – June 25, 2026

Trace Midstream CEO expects step up in Permian gas volumes as shut-ins end

Trace Midstream sees potential for strong natural gas production growth in the Permian Basin in the second half of the year as prices at Waha turn positive and producers bring back shut-in volumes, CEO Josh Weber said in a June 25 interview with Platts, part of S&P Global Energy. “Just in the past couple of weeks, we’ve seen a lot more production return to sales because of some positive price movements,” Weber said. “Our thesis is that from now through the end of the year, that will continue to happen.”

The Waha spot price rose above zero for the first time in over four months for June 16 flows, and averaged $1.67/MMBtu during June 18-25, according to data from Platts, part of S&P Global Energy. The 570 million cubic feet/day Gulf Coast expansion officially started service June 23, after commissioning activities through much of June. Egress will receive a stronger boost later in the year when two greenfield pipelines, Hugh Brinson and Blackcomb, enter service.

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WHAS – June 24, 2026

Shelby County residents oppose proposed pipeline amid environmental and historical concerns

According to the project’s website, it would “use existing utility and pipeline corridors whenever possible to minimize environmental impacts.” A soybean farm eyed for the pipeline was the focus of an archaeological dig in September 2025 to locate the graves of a lost Civil War infantry. A company of Black Union soldiers from the United States Colored Calvary was ambushed by Confederate soldiers in January 1865. Texas Gas says they “will not be building pipelines through cemeteries.”

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Midland Reporter-Telegram – June 23, 2026

Circe Energy advances West Texas AI campus*

Circe Energy is advancing its flagship West Texas AI Infrastructure Campus.  The campus is a 1,950-acre development platform designed to support gigawatt-scale deployment of artificial intelligence and high-performance computing infrastructure. It combines large-scale site control, access to abundant and competitively priced natural gas resources, advanced microgrid architecture and HPC-ready powered shell facilities into a single integrated development platform.

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Texas Tribune – June 23, 2026

Recent rain gives Corpus Christi a 9-month reprieve on projected water crisis

Corpus Christi got welcome news Tuesday when the city’s projected water emergency was delayed to September 2027 after recent rains boosted some of the region’s reservoirs. The city was initially bracing for a Level 1 emergency — the point when water demand is projected to be six months from exceeding supply — to surface in December. Even better for residents and businesses, earlier this year — when levels at Lake Corpus Christi and Choke Canyon, the city’s two main reservoirs, were at their lowest — the city was preparing for supply to run short this summer.

The latest projection buys the city significantly more time to find new water sources, but city leaders warned that it’s not time to slow down. “This is not a point in time where we are to let up or to get comfortable,” Nick Winkelmann, chief operating officer of Corpus Christ’s water department, told the City Council on Tuesday. “We must continue to execute our plan to diversify the water supply.”

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Houston Chronicle – June 25, 2026

I ran as a Republican for railroad commissioner. Here’s why I’m voting for the Democrat: Hawk Dunlap, well control specialist*

 

Oil & Gas National & International

 

The Wall Street Journal – June 25, 2026

Iran is pushing to make billions of dollars from the Strait of Hormuz as the regime positions itself to manage the global oil artery it severed at the start of the war. The Islamic Republic estimates that charging for security, safety and environmental services in the strait would bring in $40 billion a year in revenue for states involved, according to officials familiar with the matter. The idea, if implemented, would give Tehran cash flow and control that it didn’t command before the war. The regime is looking to models around the world, including the Dardanelles, the officials said, where Turkey charges ships a tax known as the gold franc for passage to and from the Aegean Sea through the international waterway.

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S&P Global Platts – June 25, 2026

Venezuela’s oil production, refining unharmed by June 24 earthquakes

No significant damage has been reported to Venezuela’s oil production and refining facilities so far following two earthquakes on June 24, according to sources at state oil company PDVSA. A 7.2 magnitude earthquake was reported as centered about 160 km west of Caracas, followed by a 7.5 magnitude earthquake centered near Moron on the north-central coast.

Venezuelan President Delcy Rodríguez declared a state of emergency. Rodríguez said the Caracas airport was closed due to the earthquakes. On June 25, Jorge Rodríguez, president of the National Assembly, confirmed the deaths of 188 people and a total of 1,520 injured in a statement broadcast by Venezolana de Televisión. Rodríguez reported that 157 people are missing and that nearly 200 people are trapped under collapsed buildings. “We are in a desperate race against time to rescue most of them,” said Rodríguez.

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The Hill – June 24, 2026

Why drawing down the Strategic Petroleum Reserve is a smart business decision: Sheldon Jacobson

The Iran war has pushed oil prices higher over the past several months. From around $60 per barrel in early February, it reached a peak of $113 per barrel in April, before settling down to just under $80. This sent the cost of gasoline at the pump to above $5 per gallon in some areas. It also impacted the cost of goods and services, pushing inflation to its highest level since April 2023. Recently, the president authorized 172 million barrels of oil to be released from the Strategic Petroleum Reserve. Though this action has been justified as a means to reduce the pain of higher prices for consumers, a closer analysis suggests that it is a smart business decision, with little downside risk.

Recall that Congress created the reserve in 1975 in the aftermath of the 1973-1974 oil embargo, to dampen short-term oil shortages. The current capacity is 714 million barrels, as set by Congress. Historically, its peak capacity was 727 million barrels back in December 2009. In 2025, the reserve was at 413 million barrels. By the most recent count, June 12, it was down to 340 million barrels, its lowest level in more than 40 years.

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S&P Global Platts – June 23, 2026

California gasoline lawsuit shifts focus to retailers after refinery crackdown

After years of tightening regulations on California refineries, the state government is challenging gasoline retailers for allegedly coordinating prices through algorithmic software, increasing scrutiny of the entire fuel supply chain to address persistent fuel price premiums rather than relying on refinery oversight alone. In a lawsuit filed June 22, the state alleges major fuel retailers used pricing algorithms to maintain artificially high pump prices beyond what can be justified by crude oil costs, refining margins, taxes and regulatory compliance expenses.

California motorists filed a proposed class action lawsuit in federal court in Sacramento, accusing major fuel retailers — along with pricing software provider Kalibrate — of using artificial intelligence to coordinate gasoline prices across more than 1,700 stations statewide, allegedly inflating pump prices by 20-30 cents/gallon in violation of California antitrust law and a new state prohibition on shared pricing algorithms.

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Associated Press/NBC News – June 23, 2026

Qatar says gas export terminal blast killed 13 as workers tried to resume operations

An explosion tore through Qatar’s key natural gas export terminal Sunday night as workers tried to resume operations after Iran bombed it during the war, causing a fire that killed at least 13 people and hurt 66 others. The blast at the Ras Laffan industrial area could cause further chaos in global energy markets, as Qatar remains one of the world’s top natural gas producers. Qatar shut down its production after Iran’s grip on the Strait of Hormuz meant it couldn’t get shipments out to clients.

With Iran loosening its grip as negotiations continue over a permanent end to the war, Qatar began work to try to restart its export terminal. That sparked the explosion and fire at the Barzan gas supply facility, state-run QatarEnergy said.

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Oil Price – June 15, 2026

The Promise and Peril of Jamaica’s Offshore Oil Ambitions

Jamaica may be following in the footsteps of its Caribbean neighbours, such as Guyana, as it plans to drill for oil, despite being highly vulnerable to climate change. In recent years, Caribbean oil exploration has boomed, following successful drilling in Guyana and Suriname. But, at a time when the International Energy Agency (IEA) is calling for an end to exploration, will Jamaica pursue a future in fossil fuels?

At present, Jamaica imports all its fuel, spending between $1.5 and $2 billion a year on energy imports. However, successful findings from tests on seabed samples from Jamaica’s south coast earlier this year suggest that the region may be suitable for oil development. The U.K. based energy firm United Oil & Gas, which holds an exclusive exploration licence for the 22,400 sq km block in the Walton-Morant basin, identified hydrocarbons in the samples.

 

Utilities, Electricity & Renewables

 

KERA – June 25, 2026

NRG withdraws permit for proposed Tolar gas plant amid community opposition

NRG withdrew its air permit application for a proposed natural gas-fired power plant in Hood County this month, a move opponents are calling a major victory after months of organized public opposition. The 2 gigawatt natural gas plant was planned near Tolar and would have supplied power to Sailfish Investors’ proposed Comanche Circle data center development along the Hood and Somervell county line.

“We think this is a huge win,” said Joanne Carcamo, co-founder and director of Protect the Paluxy Valley. “If that permit had been approved, it would have been one of the largest gas plants in all of Texas, and the amount of pollution would have been tremendous.” NRG requested withdrawal of its application for the proposed Tolar Power Center June 18. In a statement, NRG spokesperson Erik Linden said the company withdrew the application as part of its normal review process, not public opposition.

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The Texan – June 25, 2026

Update: Texas House Hearing Highlights Lack of Information on Data Center Water Use

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Longview News-Journal – June 25, 2026

SWEPCO aims to increase power generation, capacity; new Hallsville plant moves forward*

SWEPCO Southwestern Electric Power Co. is expanding its generation capacity to meet rising grid demands and higher reserve requirements set by the Southwest Power Pool. The utility is issuing Requests for Proposals (RFPs) for 3,000 megawatts (MW) of new power sources, including natural gas, wind, solar, and battery storage.

SWEPCO is transitioning its local fossil fuel portfolio to cleaner, more efficient resources. SWEPCO is building a new 450-MW natural gas plant on the site of the retired H.W. Pirkey Power Plant. Construction is well underway, with operations expected to begin in December 2027. Welsh Power Plant Conversions: Located in Cason, Texas, SWEPCO is actively converting the coal-fired boilers at Unit 1 and Unit 3 to burn natural gas. Unit 3 is scheduled to convert in late 2027, followed by Unit 1 in mid-2028

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June 25, 2026

Time for Texas leaders to take data center regulation seriously: Austin American-Statesman*

After facing months of public pressure, Hays County officials this week took action to address data center development. The commissioners court passed an “emergency water protection review period” that pauses construction of notoriously thirsty projects like data centers through the end of this year. The commissioners also created a review board to “evaluate critical groundwater impacts.” The efforts in Hays County and others show how counties are scrambling to reckon with a data center boom that the state has failed to manage.

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Austin American-Statesman – June 25, 2026

This $1B power plant could become Austin’s next costly mistake: Paul Robbins*

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Utility Dive – June 23, 2026

TVA considers up to 26 GW of gas-fired generation

The Tennessee Valley Authority released its preliminary 2026 integrated resource plan on Monday, saying load growth in its footprint is already outpacing the reference case forecast in its draft IRP, and that it has incremental capacity needs for between 7 GW and 26 GW of natural gas between now and 2040. “TVA’s actual and forecasted electricity demand has increased relative to the draft IRP’s Reference scenario and is approaching the Higher Growth Economy scenario primarily due to data center growth (e.g., artificial intelligence, hyperscaler, etc.),” the IRP said.

The higher growth scenario “evaluates a higher gas price environment driven by substantial economic growth.” The federally-owned utility also plans to add up to 5 GW of nuclear, 1-5 GW of storage, 2-5 GW of renewables (1-8 GW nameplate) and 2-3 GW of energy efficiency and demand response additions.

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Utility Dive – June 23, 2026

The AI race will be won or lost on power infrastructure: Amanda Simonian, TerraFlow Energy

Over the past several months, moving between conversations on Capitol Hill, industry conferences, and meetings with operators, developers and policymakers, I have been struck by how often very different discussions keep circling back to the same underlying concern: power. In congressional offices, it comes up through the language of energy security, industrial policy and what it will take to keep infrastructure ahead of rising electricity demand. Across the industry, it surfaces through a more operational vocabulary: interconnection bottlenecks, volatile load growth, transmission constraints and the practical question of where the next gigawatt comes from.

What made those conversations interesting wasn’t simply that policymakers and operators were focused on the same issue. It was that many of the proposed answers still seemed rooted in an assumption that deserves more scrutiny. Much of today’s discussion treats AI-driven load growth primarily as a supply challenge. Demand is rising sharply, so the answer must be to build more generation.

 

Regulatory

 

Inside Climate News – June 25, 2026

Texas’ Refusal to Plan for Climate Change Created a Crisis in Corpus Christi

A decade ago, Corpus Christi’s regional water plan projected shortages as soon as 2050. The next plan, released five years later, shortened that timeline to 2030. The next plan, released this year, said shortages were imminent, putting city leaders in a desperate scramble to avoid an emergency.

Something’s not right with the calculations that underpin these plans, said John Michael, an engineering executive who has worked on local water infrastructure for 44 years. “Whether it’s climate change or something else, our reservoir system is not as dependable as we once thought,” he said at his office in May.

 

 

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Texas Energy Report NewsClips

Thursday June 25, 2026

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 erased wartime gains on Thursday as investors bet global crude supplies would improve after tankers that had been stranded in the Persian Gulf for months began leaving the Strait of Hormuz.

U.S. crude for August delivery dropped 1.34% to around $69.4 a barrel and Brent declined 1.67% to under $72.51 a barrel, hovering at levels seen before the Middle East war broke out in late February.

More than 20 oil tankers carrying about 35 million barrels of crude have passed through the Strait of Hormuz since the U.S. and Iran reached an agreement to reopen the key shipping route, according to trade-tracking firm Kpler.

The non-Iranian vessels had been stranded in the Persian Gulf for more than three months after Tehran effectively shut the waterway early in the conflict. Most are expected to arrive at destinations in Asia by early August.

 

Top Stories

 

CNBC – June 24, 2026

Iran declares new Hormuz route ‘unacceptable and dangerous,’ warns against ships transiting without approval

Iran’s Islamic Revolutionary Guard Corps warned shipowners on Wednesday that any new transit route through the Strait of Hormuz established without coordination with Tehran is “unacceptable and dangerous,” threatening actions against vessels that ignore its instructions. The stern warning underscores Tehran’s resolve to retain control over the Strait of Hormuz and to resist transits that bypass its authorization. It also highlights the lingering uncertainty facing shipowners navigating the Strait even after the U.S. and Iran signed a memorandum of understanding last week to reopen the strategically vital energy artery.

The IRGC Navy said that only the shipping routes designated by Iran are permitted for passage, and that coordination with Iranian forces via the designated communication channel is mandatory, according to Iranian local media. “Navigation outside these routes is highly dangerous and prohibited, and we warn all vessels to strictly avoid any movement outside the designated corridors,” the IRGC Navy said, according to the report.

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The Hill – June 24, 2026

Trump says he ordered DOJ to probe gas price ‘gouging’

President Trump said early Wednesday morning that he has directed the Department of Justice (DOJ) to “immediately” open an investigation into alleged gas price gouging at the pump amid economic strains resulting from the Iran war. “The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil,” the president wrote on Truth Social. “Those prices are dropping like a rock!

“In other words, customers are being ‘gouged,’” he continued. “I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!” The president’s approval rating has taken a hit amid the conflict as the effective closure of the Strait of Hormuz, a major trading channel, resulted in global fuel shortages. These strains have hiked up domestic gas prices, sending average costs to more than $4 per gallon at the end of March.  On Wednesday morning, the average price of regular gas in the U.S. was sitting just below $4 per gallon, down from $4.50 one month ago, according to AAA.

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June 24, 2026

Exploration and production (E&P) firms and more survey respondents: Dallas Fed Energy Survey

Related: U.S. economy less vulnerable to geopolitical oil price shocks than in the past — Dallas Fed

• Middle East geopolitical tensions and shifts in U.S. tariff policy have contributed to broader shipping constraints and extended lead times for a few products. No oilfield shortages are evident at this time, but we are keeping a close watch on the evolving dynamic.
• Current political instability in oil markets due to the Iran war has crude oil and natural gas prices inflated. If there is a conclusion to hostilities, there will be continued confusion in the oil markets as normalcy may require time, but eventually calming oil markets will result in significantly lower prices.
• Once the Middle East conflict comes to end it will take 90 to 120 days for oil to settle back to around the $70-per-barrel range.
• Golly. What could possibly be affecting our business other than a COVID-sized supply gap driven by a war being commandeered by an administration that just cannot tell the truth? They jawbone the price down basically every Sunday evening. If they know Hormuz reopening isn’t likely, it’ll make the medium-term supply issue ten times worse.
• If the Iranian war hasn’t ended by the end of July, we will see the supply cliff hit, whereby all of the various releases from strategic reserves will have been used and actual physical shortages will start showing up. Then all bets will be off on oil prices.
• The Iranian war of course affects outlooks. I am confident that the administration is doing the right thing as to resolving the conflict.
• Markets can price risk, but they can’t price a tweet. The whiplash from diplomacy-by-social-media has become the single most unpredictable input in our planning. We don’t need certainty about the future, just certainty that policy won’t change between the morning and the afternoon.
• Prices are anyone’s guess.

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Courthouse News – June 24, 2026

Texas lawmakers take up data center water use concerns

Data center opponents and advocates descended on the Texas Capitol Tuesday to plead with lawmakers to exercise their power on the highly controversial industry. The meeting of the Texas House Natural Resources Committee brought hundreds from the various sides of the data center debate together. Part of the meeting was dedicated solely to examining the millions of gallons of water being used by data centers daily for cooling.

In a state where water can be a scarce and precious resource, data centers have become an existential threat for those in the rural areas where powerful tech companies have chosen to settle. Roger Browning, a lifelong cattle ranger from Quanah, told Courthouse News the development of data centers around him has already impacted access to water in the area.

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KVUE – June 24, 2026

Previously undiscovered oil found in Buda Limestone

 

The Latest TERse Tips

House lawmakers are debating a bill aimed at ensuring that utility customers do not bear the high energy costs associated with data centers — the House Energy and Commerce Committee’s subcommittee on energy is holding a mark-up on the Ratepayer Protection Act, which is sponsored by Democratic Rep. Kathy Castor of Florida and Republican Rep. Gabe Evans of Colorado

Crude oil inventories in the United States decreased by 6.1 million barrels during the week ending June 19, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday — Oil Price

Video: Expert Explains How to Fix America’s 100,000-Ton Nuclear Waste Crisis — The Wall Street Journal*

 

Oil & Gas Texas

 

Bloomberg – June 24, 2026

Subzero Natural Gas Prices Show Need for Energy Permit Reform, Shale CEO Says*

A record string of negative natural gas prices in the biggest US shale field shows that the US needs to streamline permitting for pipelines and other energy infrastructure, according to the boss of oil and gas producer Ovintiv Inc. Drillers in Permian Basin of West Texas and New Mexico have been extracting so much gas that it’s sometimes exceeding available pipeline capacity to get the fuel to customers or export terminals on the Gulf Coast. For more than four months, sellers literally had to pay customers to take the gas away, even as the Iran war strangled fuel supplies around the world.

The extreme divergence between gas prices in the Permian versus Asia and Europe “hurts my shareholders from a cash flow generation perspective,” Ovintiv Chief Executive Officer Brendan McCracken said Wednesday in an interview. It’s also “bad for the country.” “That’s lost investment, that’s lost jobs, and it’s higher prices for some Americans and some American businesses,” McCracken said.

Negotiations in Congress over plans to fast-track permitting for major infrastructure proposals had stalled after Democrats balked at the Trump administration’s moves to halt already permitted projects, including solar and wind farms. But recently, key Democratic negotiators have said they have come back to the table after the administration allowed some projects to proceed.

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WFAA – June 24, 2026

‘Mounting cost pressures’: Why Texas oil and gas activity is surging despite high expenses

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Pipeline & Gas Journal – June 24, 2026

Kinder Morgan Expects July FERC Decision on $3.5 Billion SSE4 Project

Kinder Morgan expects the Federal Energy Regulatory Commission (FERC) to issue a certificate order in July for its South System Expansion 4 (SSE4) project, a roughly $3.5 billion expansion designed to add approximately 1.3 billion cubic feet per day of capacity on Southern Natural Gas’ South Main Line. The company said the draft environmental impact statement has been issued and the public comment period has concluded. If approved, the first phase is expected to enter service in the fourth quarter of 2028, followed by a second phase in the fourth quarter of 2029. Kinder Morgan’s share of the project is estimated at approximately $1.8 billion.

Kinder Morgan also provided updates on several other natural gas pipeline projects currently under development. The company said construction continues on the Trident Intrastate Pipeline, a 219-mile pipeline designed to transport up to 2 billion cubic feet per day across Texas. The first phase is expected to enter service in the first quarter of 2027, with pipe stringing and welding activities underway.

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S&P Global Platts – June 24, 2026

Murphy to drill appraisal well at Bubale discovery offshore Ivory Coast

Murphy Oil has deemed its Bubale-1X exploration well offshore Cote d’Ivoire a commercial discovery and plans to drill an appraisal well within three months to test the extent of the find, CEO Eric Hambly said June 23. The discovery encountered oil in two stacked reservoirs — Turonian and Cenomanian — and early results indicate light oil with moderate gas-oil ratios, Hambly said at the JP Morgan Natural Resources Conference.

The company had previously estimated the prospect held 340 million to 850 million barrels of oil equivalent on a gross basis, and Hambly said Murphy is not yet updating that range. In a statement on its website, the US company said its Bubale-1X exploration well had encountered 30 meters of net oil pay across the two reservoirs.

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Source NM – June 24, 2026

U.S. Interior’s reduced oil and gas bonding proposal draws rebuke from New Mexico conservationists

The U.S. Department of the Interior earlier this week announced a proposal that would dramatically reduce both the amount of money oil and gas operators need to guarantee for cleanup efforts and the amount of time members of the public have to comment on oil and gas leases. The proposal would temporarily reduce the bonding amount from $500,000 to $25,000 while the Interior Department gathers “public input on a fair long-term approach” and would reduce public participation periods on oil and gas leases from 90 to 10 days.

Interior Secretary Doug Burgum in a statement said the moves would “cut through the red tape that has historically deterred investment, ensuring our public lands remain a reliable engine for economic growth and innovation.” Critics, though, say the changes would unfairly place cleanup costs on taxpayers in states like New Mexico that have high levels of oil and gas production. Bonding money typically is meant to clean up spills and other environmental hazards that stem from abandoned or orphaned wells.

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Pipeline & Gas Journal – June 24, 2026

Trace Midstream to Build Apollo Gas Plant in New Mexico’s Delaware Basin

Trace Midstream Partners II plans to construct the Apollo Gas Plant, a 250 million cubic feet per day (MMcf/d) cryogenic natural gas processing facility in Eddy County, New Mexico, expanding its footprint in the Northern Delaware Basin and marking the company’s entry into natural gas processing. The Apollo Gas Plant will be supported by 36 miles of new gathering pipelines and two compressor stations designed to connect production volumes to the new facility. Trace said the project is backed by multiple long-term agreements with both new and existing customers and is expected to enter service in the fourth quarter of 2027.

The project expands Trace’s existing gathering, compression and transportation network across Eddy and Lea counties in southeastern New Mexico. Once completed, the company said producers will have access to an integrated system spanning gathering, compression, transportation and processing services.

 

Oil & Gas National & International

 

Reuters – June 24, 206

Global physical crude markets dive as Middle East ramps up supply*

Physical crude oil cargoes are selling at steep discounts around the world, changing trade flows as markets come under pressure from fast-rising Middle Eastern supply ‌with Iran set to boost sales following a temporary reprieve from U.S. sanctions. The discounts, the biggest in years in some cases, follow the signing of a 60-day interim deal between the U.S. and Iran aimed at ending the war that began on February 28. The agreement has allowed some shipping to resume in the Strait of Hormuz, through which a fifth of global oil and liquefied natural gas shipments moved before the conflict.

Tehran is also ramping ​up oil exports, seeking sales beyond China, after Washington temporarily lifted sanctions as part of the deal. The release of cargoes stranded inside the Gulf and a wave of ​crude offers from Abu Dhabi National Oil Co, Kuwait Petroleum Corp and Iraq’s SOMO have also boosted prompt supply and depressed Middle East benchmarks ⁠Dubai, Oman and Murban to discounts. Asian refiners, which typically buy crude two months in advance, have already booked cargoes for delivery up to August.

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Washington Examiner – June 24, 2026

Chris Wright says US can control oil flows through Strait of Hormuz even if Iran deal fails

Energy Secretary Chris Wright said Wednesday that the United States is in a position to maintain normal flows of oil through the Strait of Hormuz even if the U.S. is unable to strike a broader peace deal with Iran. His comments add to recent assertions from Trump administration officials that the U.S. can control the key waterway by force and ensure that global oil markets do not see another shock that could send prices back above $100 a barrel.

“Iran will not have the ability to close the Strait of Hormuz going forward,” Wright said at the Reuters Global Energy Summit. “That’s a critical thing, that’s their key leverage, and we’re taking that leverage away from them.” About 20 million barrels of oil transited the strait every day before the war, about a fifth of daily global demand. Flows have approached that pace in recent days as talks have proceeded. Wright noted that Iran attempted to close the Strait of Hormuz again five days ago. Roughly 17 million barrels of oil were still able to pass through, he said.

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Bloomberg – June 23, 2026

UAE Oil Exports Surged to 85% of Pre-War Levels, IEA Says*

Oil exports from the United Arab Emirates in early June recovered to nearly 85% of the country’s pre-Iran war levels — rebounding even before Washington and Tehran inked an interim peace deal as the Gulf nation drew on pipelines, storage and alternate shipping routes, according to a report from the International Energy Agency. The UAE’s 4.3 million barrels per day of oil exports in early June was up from just 1.9 million barrels per day in March, shortly after the war broke out, the IEA said. The UAE was able to achieve this by using a pipeline that bypasses the Strait of Hormuz to the port Fujairah, in addition to its 42-million-barrel Mandous underground storage facility near the port.

The UAE also ramped up exports through the Strait of Hormuz “with tankers’ transponders turned off to avoid detection,” the IEA said. Through the war, the UAE’s Abu Dhabi National Oil Co. has been quietly ferrying oil and gas shipments out of the Persian Gulf using its own fleet. That made Adnoc one of the region’s most active shippers, often using smaller tankers to shuttle crude out of the strait. That type of shipping was one of the many workarounds that helped to keep crude from skyrocketing further during the supply crisis, with the market defying many of the industry’s grimmest forecasts for prices as high as $200. The steady trickle of crude that still made its way through the strait came amid record US exports, along with a sharp and unexpected slowdown in Chinese demand.

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The Wall Street Journal – June 24, 2026

How China Undercuts the U.S. in Iran*

The White House has entered talks with Iran over a new nuclear deal, relying on a traditional strength: the promise of sanctions relief and access to some of roughly $100 billion in frozen assets. Yet, that leverage is waning. Tehran has blunted the U.S. sanctions campaign in recent years by successfully using China’s financial architecture—built on the yuan—that operates beyond Washington’s reach. The shift was evident in late April when the U.S. escalated its “Economic Fury” campaign against Iran, sanctioning a major Chinese refinery it said bought billions of dollars’ worth of Iranian oil. The refiner, Hengli Petrochemical, said its supplier had guaranteed the oil wasn’t Iranian.

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S&P Global Platts – June 24, 2026

US could gain intelligence leverage from Iran oil sanctions waiver: expert

The US-Iran agreement and the US oil sanctions waiver for Iran provide some indirect benefits to the US and its allies, even though some see it as a gift to Tehran, experts said at a June 24 webinar hosted by the Middle East Institute. The MOU throws the regime a lifeline by lifting US sanctions on Iran selling its oil, but it also allows the US intelligence community to monitor those dollar-based transactions, Kirsten Fontenrose, a nonresident senior fellow at the Atlantic Council, said.

“That means the US can cut off sales on August 21st after the end of that 60-day period if Iran is dragging their feet and not agreeing to any nuclear program limitations,” said Fontenrose, who worked in the first Trump administration. “We have not given up that leverage, and we actually have more visibility than we did before.” The closure of the Strait of Hormuz also forced the international community to develop alternative energy routes before it becomes an existential problem for Europe or Asia, Fontenrose said. …

The MOU could also benefit the US by constricting Russia’s war budget, Fontenrose said. Russia will now have a harder time selling oil, and it will be at a lower price because Iran’s oil will come back on the market, she said.

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Bloomberg – June 24, 2026

US Warns That Gas Will Go Outside EU if Bloc Keeps Methane Rules*

US Energy Secretary Chris Wright warned the European Union that US gas supplies will head elsewhere if the bloc refuses to ease regulations to tackle methane, a potent greenhouse gas. “Without a meaningful reform of that rule, it is going to cause serious pain into Europe and that’s unnecessary,” Wright told Bloomberg on the sidelines of a conference in New York. “It’s not a matter of escalation. Our energy will flow. It’ll just flow somewhere else.”

His comments came after EU Energy Commissioner Dan Jorgensen vowed to resist pressure from the US and other exporters of liquefied natural gas to revise its rules to curb methane emissions. The US had warned the bloc that the rule’s complexity and prospect of fines would jeopardize trade. EU energy ministers are due to discuss the regulation at a meeting in Luxembourg Friday. The EU has become increasingly reliant on the US as it has sought to replace Russian supplies following the invasion of Ukraine in 2022. At the same time, dealing with methane — a greenhouse gas with more global warming potential than carbon dioxide — has become a key pillar of the region’s climate goals.

The divergence in climate policies versus the US, which has pledged to boost fossil fuel production, is one point of tension. The other is that tracking methane in America’s complex system of different production basins is a challenge, while exporters have complained that the prospect of fines for noncompliance is holding back new contracts. Wright’s position is starkly different from that of the Biden administration, which launched a “Global Methane Pledge” alongside the EU in 2021 to cut emissions by at least 30% by 2030 from 2020 levels.

 

Utilities, Electricity & Renewables

 

Austin American-Statesman – june 24, 2026

Tesla sued after fatal Katy crash involving driver-assistance technology*

Tesla Inc. has been sued by the family of a woman killed when one of its electric vehicles, whose driver says was under control of the company’s driver-assistance system, crashed into the woman’s home. The family of Martha Avila filed a wrongful death suit against both the driver and the Austin company led by Elon Musk, who has denied the company’s system is at fault. After the crash late Friday in Katy, Michael Butler, 44, told authorities his Model 3’s driver-assistance system was engaged when the vehicle missed a turn and crashed into Avila’s home at high speed. She was standing in the front room at the time, investigators said, and flown to Memorial Hermann Medical Center where she was pronounced dead.

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KVII – June 24, 2026

Texas awards $22M to improve electric reliability in Panhandle

More than $22 million in state funding is headed to the Texas Panhandle to strengthen electric reliability for customers served by North Plains Electric Cooperative. Gov. Greg Abbott announced Wednesday that two grants from the Texas Energy Fund will support infrastructure improvements across the cooperative’s service area, which includes portions of Hansford, Hutchinson, Lipscomb, Ochiltree and Roberts counties.

“Reliable power is essential to grow and maintain strong Texas communities,” Abbott said in a statement. “These grants will update and reinforce energy infrastructure in Northwest Texas and ensure residents and local businesses have the dependable electricity they need to thrive.” The largest project will include approximately 14 miles of new and upgraded transmission line segments, along with new switching equipment installed along existing corridors. The improvements are designed to increase system reliability, improve operational flexibility and modernize aging infrastructure.

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Odessa American – June 24, 2026

Abbott announces Texas Energy Fund loan for 860 MW of new power in West Texas

Governor Greg Abbott on Wednesday announced the eighth Texas Energy Fund (TxEF) loan for 860 megawatts (MW) of new, reliable power in Ward County, enough electricity to power approximately 215,000 Texas homes. Vistra is building the project, which consists of two new natural gas units at its Permian Basin Power Plant, more than tripling the site’s current capacity.

“As the national leader in energy, Texas remains steadfast to deliver reliable power to families and businesses across our state,” said Abbott. “This new 860-MW project will strengthen grid reliability in West Texas, support economic growth in the Permian Basin, and help ensure Texans have the power they need for years to come.” The project is expected to begin generating power for the Electric Reliability Council of Texas (ERCOT) power region in 2028.

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Utility Dive – June 24, 2026

3 home energy providers offer 16.8 GW of distributed capacity to utilities, hyperscalers

Sunrun, Tesla and Renew Home could deliver nearly 17 GW of distributed energy capacity to unlock headroom in an increasingly congested U.S. power grid, the companies said Wednesday.The “capacity-as-a-solution” agreement combines the capabilities of the country’s three largest home energy providers. Sunrun and Tesla’s hundreds of thousands of solar-and-battery customers are concentrated in key data center markets like Texas, California and Virginia, Chris Rauscher, Sunrun’s head of grid services and electrification, told Utility Dive. Renew Home has more than 8 million smart thermostats and other devices under management.

The companies’ offering addresses the “speed to power” challenge facing hyperscalers and utilities as data centers race to connect to the grid while providing “direct, tangible benefits to middle-class American families” via payments for participating in grid service or capacity programs, Rauscher said in an interview.

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Associated Press/Spectrum News – June 23, 2026

40 mayors worldwide endorse a pact to shape data center development

Forty mayors from around the world have signed onto a pact announced Tuesday to try to shape how urban data centers are built and operated. It’s their vision for how urban data center development can be done sustainably — and not at the expense of their cities’ natural resources, energy prices or climate targets. C40 Cities, an alliance of nearly 100 cities seeking to impact climate change, launched it during London Climate Action Week.

Many new data centers are coming to rural areas for cheap land. Experts at C40 say metropolitan areas are under tremendous pressure too, with about 1,700 data centers located in their network of cities so far. Development of data centers is expected to grow by over 40% in 50 of those cities.

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Oil Price – June 23, 2026

The Trillion-Dollar AI Shockwave Nobody Is Ready For

The power grid wasn’t built for what’s coming. A single ChatGPT query consumes 10 times the energy of a Google search. Training the next generation of AI models requires the equivalent power of small cities. And Bitcoin mining already consumes more electricity than entire countries. According to Goldman Sachs Research, global data center power use is on track to jump about 50% by 2027 and could surge up to 165% by decade’s end compared to 2023.

The bottlenecks are everywhere. Utility companies quote 2-4 year wait times just for feasibility studies. Actually getting power? That can take even longer…and for most sites, if you’re not near a major transmission line, utility companies simply say no. There’s no amount of money that can fix it. The infrastructure doesn’t exist, and building it from scratch means navigating a maze of regulatory approvals, environmental studies, and local politics that can kill projects worth billions.

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The Wall Street Journal – June 23, 2026

U.S. Bets Billions of Dollars in Low-Cost Loans Can Revive Nuclear Power*

The Trump administration is so eager to see a nuclear power renaissance that it is starting to fund billions of dollars for reactor orders. In a new deal expected to be announced Tuesday, low-interest loans amounting to $17.5 billion from the Energy Department will be available for utilities to finance equipment orders for the Westinghouse AP1000, the company’s flagship nuclear reactor, a version of which China is building at industrial scale. The loans are intended to speed up construction of 10 reactors in the U.S. Five loans will be available for projects with two reactors each, the Energy Department said.

 

Regulatory

 

June 24, 2026

OFAC issues broad temporary general license for Iranian-origin crude oil, petroleum and petrochemical products: Details from Norton Rose Fulbright

On June 22, 2026, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Iran-related General License X (GL X), authorizing the production, sale, delivery and offloading of crude oil, petrochemical products and petroleum products of Iranian origin through 12:01 am Eastern Daylight Time on August 21, 2026.

GL X represents a significant, though temporary, departure from the US sanctions restrictions that have long constrained Iranian petroleum and petrochemical transactions. Unlike prior more limited wind-down or offloading authorizations, GL X expressly authorizes the importation of Iranian-origin crude oil, petrochemical products and petroleum products into the US. GL X further authorizes transactions involving vessels previously blocked under applicable US sanctions authorities,¹ effectively temporarily reintegrating a substantial portion of Russia and Iran’s shadow fleet into lawful international commerce for the duration of the license. Significantly, the license also authorizes USD-denominated payments to Iran, the Government of Iran or blocked persons for the purchase of authorized Iranian-origin crude oil, petroleum or petrochemical products.

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Texas Energy Report NewsClips

Wednesday June 24, 2026

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 extended losses during Asian trading hours on Wednesday as concerns over potential supply disruptions eased, while investors monitored developments in the Strait of Hormuz.

International benchmark Brent crude futures for August fell 0.91% to $76.38 a barrel. U.S. West Texas Intermediate futures for August dropped 0.94% to $72.52 per barrel.

U.S. President Donald Trump on Wednesday criticized oil companies for not lowering gasoline prices in line with the recent decline in crude prices.

“The big Oil Companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for Oil. Those prices are dropping like a rock!,” Trump wrote in a Truth Social post.

“In other words, customers are being “gouged.” I have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I’m seeing!,” he added.

 

Top Stories

 

ProPublica – June 23, 2026

I Cold-Called President Trump. Here’s What He Told Me About an Oil Tycoon and Major Donor.

My family’s morning routine is usually pretty ordinary. We wake up early, drink some coffee and get our 1-year-old ready for daycare. But one Wednesday morning last month, I found myself uttering to my wife a sentence that sounded frankly surreal to both of us: “Just to let you know, I’m about to call Trump.” Then, hoping to avoid any urgent diaper events, I ducked into the next room and dialed up the president.

I’d been trying to reach President Donald Trump for a few days. Each time, my heart would start pounding. After nearly two decades as a journalist, I’m reasonably used to talking to powerful people. But cold-calling the president of the United States — on his personal cellphone — made me feel like a cub reporter all over again. “Hello?” a voice said on the other end of the line. This time, the president had picked up.

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Oil Price – June 22, 2026

Saudi Arabia’s Decided Who Its Future Superpower Partner Is, And It’s Not the US

Since the replacement of Russia by China as the primary would-be superpower rival to the U.S., Saudi Arabia has sought to balance its relationships with Beijing and Washington — sometimes leaning more one way, and sometimes the other. Until the 2014-2016 Oil Price War, the U.S. was the core relationship; after the war had finished, it was China and Russia; and then, from the start of U.S. President Donald Trump’s second term in office, it was the U.S. again.

However, in the aftermath of Operation Epic Fury against Iran, this looks set to shift once more back to China and Russia, with a series of high-level meetings between Chinese and Saudi Arabian officials taking place last week. One of these — between the deputy head of China’s National Energy Administration, Song Hongkun, and Saudi Aramco’s Downstream President, Mohammed Al Qahtani — focused on boosting global energy security and bilateral oil and gas cooperation between the two sides. So, how has the global oil market arrived at this point, and what happens next?

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San Antonio Express-News – June 23, 2026

CPS Energy approves power plan leaning on natural gas amid public concerns*

CPS Energy approved an updated generation plan that leans more into natural gas and self-sufficiency despite concerns about affordability and the environment. The city-owned utility is amping up its reliance on natural gas to 35% of its total generation by 2040 — previously pegged at 26% — while also eliminating market purchases, which accounted for nearly 10% of its power under the earlier plan. The changes were spurred by new projections that by the start of the next decade, its current capacity would fail to meet the predicted surge of energy demand.

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Texas Tribune – June 23, 2026

Data centers not welcome: New poll shows most Texans oppose them in their communities

A majority of Texans oppose the construction of data centers in their community, including nearly two-thirds of Texans living in rural areas, according to a new poll published Tuesday. The survey of 1,200 self-reported registered voters conducted by the University of Texas/Texas Politics Project comes as Republican state officials increase their scrutiny of the tech industry and its race to build out the infrastructure needed to support the growing use of artificial intelligence.

“What the data underlines is how much of a problem the business stakeholders that are heavily in favor of [data center development] have on their hands,” said James Henson, co-director of the poll and head of the Texas Politics Project. “I think the pushback on the issue emerged more quickly and is more widespread than the conventional response to economic development in Texas has historically.”

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KUHF NPR – June 23, 2026

Trump signals he may pull out of trade agreement with Mexico and Canada, which could impact Texas businesses

The Trump administration is pushing up against a July 1 deadline to renew the United States-Mexico-Canada Agreement (USMCA). President Donald Trump’s public remarks are leading to fears among some Texas businesses that he could pull the U.S. out of the agreement. When Trump negotiated the USMCA during his first term as president, to serve as a replacement for the North American Free Trade Agreement (NAFTA), he called it the “fairest, most balanced, and beneficial trade agreement we have ever signed into law.” But last week, he said he’d rather see it terminated than renew it.

“I would rather not have the agreement,” Trump told reporters. “I may sign it, but we do better as a country if we don’t have an agreement.” Michelle Schulz, a Dallas-based trade attorney, said she believes U.S. Trade Representative Jamieson Greer is less eager to withdraw from the USMCA than the president. But the decision is ultimately Trump’s. “I wouldn’t be surprised if the president did something dramatic and decided to terminate the agreement. I’m ready for anything, but it would not be helpful for our U.S. importers,” Schulz said. “In fact, it would cause a great deal more disruption than the tariffs have already caused, in my opinion as a trade lawyer.”

 

The Latest TERse Tips

Without the deal, “the alternative would be a world-wide depression,” Mr. Trump said at his Wednesday news conference. In so many words the President said the Iranians had him over a barrel—of oil. If he had fought on, the market “would go down at levels that nobody ever saw before, maybe except for 1929,” he said — The Wall Street Journal*

“There’s a revolution in battery technology hiding in plain sight: The 3-D printing of batteries has the potential to put energy storage inside any device — this will enable lightweight and long-lasting consumer gadgets, long-range military drones and even nanoscale robots” — The Wall Street Journal*

Vice President JD Vance said Monday that Iran would allow nuclear inspectors back into the country, describing the first day of U.S.-Iran negotiations in Switzerland as “Very, very good” — his comments come as Texas’ two Republican Senators have expressed concerns publicly about the Memorandum of Understanding (MOU) to end the war with Iran. The MOU gives the regime a way to have its economic sanctions lifted, the ability to sell its oil on the world market and potentially get hundreds of billions of dollars to rebuild its country — CBS News

The first of three major Permian natural gas egress projects scheduled to come online in 2026 has opened — Kinder Morgan placed the Gulf Coast Express Expansion Project into service on June 23 the company said in a statement sent to Hart Energy*

Houston’s VAALCO Energy, Inc. says it will be participating in “non-deal road show meetings with prospective investors in New York on June 24th and 25th” — see the press release

Texas Pacific Land Corporation Tuesday announced an agreement with Chevron U.S.A. Inc., a subsidiary of Chevron Corporation to provide land and brackish water resources for Chevron‘s recently announced development known as Project Kilby, involving a large-scale power generation facility Chevron is developing to support a customer data center in Reeves County, Texas — see the press release

Solar and Wind Set Records This Past May — renewable energy outcompeted fossil fuels in a test case for what happens when they’re combined with battery storage — Sierra Club

Exxon Mobil Corporation today announced that its redomiciliation from New Jersey to Texas is expected to become effective on July 1 — Energy Now

Louisiana Gov. Landry weighs in on Entergy’s proposed power plant purchase — Louisiana Illuminator

 

Oil & Gas Texas

 

Pipeline & Gas Journal – June 23, 2026

Energy Transfer’s Hugh Brinson Pipeline Could Begin Gas Flows in Q3 2026

Energy Transfer said construction continues on the Hugh Brinson Pipeline, a roughly 400-mile natural gas pipeline connecting the Waha hub in West Texas to Maypearl, Texas. According to a recent company presentation, the first phase of the project is fully subscribed and backed by long-term transportation commitments. The initial phase is designed to move about 1.5 billion cubic feet per day and remains on track for service in the fourth quarter of 2026.

Energy Transfer also said it may be able to begin flowing some gas during the third quarter of 2026 if construction progress continues as planned. A second phase, consisting of additional compression, is expected to increase capacity to about 2.2 billion cubic feet per day in early 2027.

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Associated Press – June 23, 2026

Supreme Court OKs ExxonMobil lawsuit over Cuban property seized by Fidel Castro’s government

The Supreme Court on Tuesday ruled that Exxon Mobil can sue Cuban state-owned companies in American courts over property on the island nation that was seized after Fidel Castro took power. The 6-3 decision was the second in as many months in favor of U.S. owners of Cuban property that was confiscated by the Communist government more than 65 years ago. The outcome in the two cases could be an additional lever for the Trump administration to exert pressure on Cuba, which is already being squeezed by a U.S. oil embargo.

At issue was whether the 1996 law known as Helms-Burton removes the shield from lawsuits in U.S. courts that typically cover foreign countries and state-owned businesses. The justices reversed a lower-court ruling that found that the Cuban state-owned companies are immune from lawsuits in U.S. courts.

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Reuters – June 23, 2026

Exxon’s natural gas M&A push is pipe dream: Antony Currie*

War is hell, but for some it can smell of opportunity. Take Exxon Mobil. The U.S.-Israel military campaign against Iran has prompted the $574 ​billion oil major run by Darren Woods to step up internal discussions about buying an Asia Pacific-based ‌liquefied natural gas producer, including Australia’s $38 billion Woodside Energy, Bloomberg reported, citing sources. But any deal is likely to prove disappointing.

That’s because growth requires the region to buy into the conceit that the industry has been peddling for years that natural gas is an essential transition fuel in ​the fight against climate change. The basic premise is that wind and solar farms will surely take decades ​to deploy at sufficient scale. So the next-best way to reduce greenhouse gas emissions would be ⁠to replace coal-fired power stations with ones that provide electricity by burning the methane-heavy substance, which over time belches half ​as much carbon into the atmosphere. With Asia relying on the Middle East for around a third of its LNG imports, ​many countries are seeking alternatives. Australia is a top-three exporter of the fuel, so a takeover of its top producer would seem to all but guarantee bumper business for Exxon.

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KTRK – June 23, 2026

TCEQ report shows five air contaminants released during Texas City plant fire

A fire at a refinery plant in Texas City triggered a shelter-in-place Sunday morning. It was reported at South Houston Green Power, which is owned by Marathon. While officials said air monitoring showed no chemicals, residents said these events have become a familiar part of life. “There’s been some times where you can smell it,” longtime resident Cartez Green said. “This time you couldn’t smell anything.”

In Texas City, incidents like this have become part of the landscape. “There was a different smell just about every day,” Green said. “It was real common.” As for Sunday’s event, records from the Texas Commission on Environmental Quality showed carbon monoxide and nitrogen oxides were among five air contaminant compounds identified.

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Politico – June 23, 2026

Here’s how a small oil company became a weapon in Trump’s assault on California

The helicopter carrying President Donald Trump’s top energy deputies touched down in the hills above Santa Barbara on a recent morning. Interior Secretary Doug Burgum and Energy Secretary Chris Wright took their places beneath an American flag. The reason for their visit lay in a small valley below: an oil processing facility owned by Sable Offshore Corp.

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Pipeline Technology Journal – June 23, 2026

Court Upholds Block on Sable Offshore’s California Oil Pipeline Repairs

A California appeals court has dealt a major blow to efforts to restart offshore oil production, ruling that state regulators have the authority to block repair work on a critical pipeline network in Santa Barbara County. The California Second District Court of Appeals upheld an injunction obtained by the California Coastal Commission against Houston-based Sable Offshore Corp.

The court ruled the agency acted within its powers when it issued cease-and-desist orders targeting infrastructure work along the Gaviota Coast. At the center of the high-stakes legal fight is a pipeline network, consisting of lines CA-324 and CA-325. The infrastructure serves as the vital link connecting offshore oil platforms in the Santa Ynez Unit to processing facilities and out-of-region refineries. The line has a fraught history. In 2015, Pipeline 324—then owned by Plains All American Pipeline—ruptured, causing the catastrophic Refugio oil spill.

 

Oil & Gas National & International

 

CNBC – June 23, 2026

Strait of Hormuz evacuation plan to begin for ships stranded in Persian Gulf, maritime organization says

More than 11,000 seafarers stuck in the Persian Gulf will begin to exit through the Strait of Hormuz under a large-scale evacuation plan backed by Iran and the United States, the International Maritime Organization said Tuesday. “We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation to support these operations,” IMO Secretary-General Arsenio Dominguez said in a statement. The operation will be carried out “in close cooperation with Iran, Oman, all other coastal States in the region, the United States and the maritime industry,” Dominguez said.

Oman’s Navy issued a bulletin saying ships will exit in a phased approach through two temporary maritime corridors to ensure the safety of seafarers. Shipping lanes under the prewar Traffic Separation Scheme, or TSS, are not safe for use right now, according to the bulletin. Iran has mined large segments of Hormuz, U.S. Secretary of State Marco Rubio told Congress June 2.

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S&P Global Platts – June 23, 2026

War cover available for Hormuz trades but transit challenges remain: insurers

War coverage is readily available for shipping companies seeking to transit the Strait of Hormuz, according to insurance industry participants, but obstacles remain for normal maritime traffic to return due to security and legal issues. On June 18, Iran and the US signed a preliminary peace agreement aiming to restore cargo flows via Hormuz — which handles 20% of global oil and LNG trades in normal times — after 30 days of demining operations.

Chubb on June 19 partnered with Lloyd’s syndicates and specialists to launch a war risk consortium, which would provide up to $200 million for hull and third-party liabilities coverage and $200 million for cargo. “Chubb is actively working to provide coverage and organize needed capacity as vessels begin moving through the Strait of Hormuz,” CEO Evan Greenberg said in a statement.

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Oil Price – June 22, 2026

The Oil Crisis Is Far From Over: Kurt Cobb

The outline of conditions and topics for a negotiated settlement of the U.S.-Iran conflict, called a Memorandum of Understanding (MOU) and signed by both sides last week, in all probability won’t prevent the approaching energy cliff. That cliff will be the result of fast-depleting commercial and strategic inventories of oil and oil products around the world that have acted as buffers in the wake of the suspension of almost all tanker traffic through the Strait of Hormuz during the conflict – tankers believed to carry about 20 percent of the world’s daily needs of oil.

As I explained in a previous piece, the world is fast approaching “tank bottoms,” that is, the depletion of usable oil and oil products inventory. When that inventory effectively runs out, there will be a bidding war for oil and oil products to replace the millions of barrels per day that will still be needed but unavailable from inventories as the drama in the Persian Gulf continues.

 

Utilities, Electricity & Renewables

 

Texas Tribune – June 23, 225

Texas leaders are asking data centers how much water they use. Most aren’t responding.

Data centers need a lot of water and energy. State officials want to know how much, and they hoped a survey sent to data center companies would give them the answers. But at a legislative hearing Tuesday in Austin, they were told less than a third of the companies surveyed responded. “Bad data, bad study,” said state Rep. Brad Buckley, R-Salado, a member of the House Natural Resources Committee.

Texans have been thirsty for information on how much water data centers in Texas use — and plan to use — as a rush of proposed new projects has flooded communities across the state. With more than 248 proposed data centers, Texas is challenging Virginia to become the No. 1 market for data centers in the U.S. Communities and some state officials have aggressively pushed back against the growing industry. Their impact is being felt as Texas has shifted from aggressively courting data centers to tightening oversight — the latest move, by Gov. Greg Abbott, directs public utilities to ensure that the infrastructure costs required to serve data centers are not passed on to their customers.

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Bloomberg – June 23, 2026

Texas Power Trader e360 Alters Course After Shutting Hedge Fund*

e360 Power is pursuing a more conservative trading strategy after a period of poor performance caused the firm that specializes in US natural gas and power markets to close its flagship hedge fund. The Austin-based firm shut down e360 Power Fund, LP in December after it was rocked by extreme market volatility exacerbated by US President Donald Trump’s April 2025 tariff announcements, according to people familiar with the matter who asked not to be identified discussing non-public information. It was the second such closure for e360 in less than a decade and leaves the firm running less than $100 million via separately managed accounts, one of the people said.

The firm, which posted huge gains in some years after its 2021 relaunch, was a victim of the increasingly volatile US gas and power markets. Although some hedge funds and commodity trading houses like Vitol and Citadel Energy Marketing have profitably expanded physical gas trading operations, the downfall of the e360 fund illustrates the downside of trying to profit from volatility. e360 Power declined to comment for this story. The firm managed roughly $400 million as recently as mid-2024. The firm, which continues to actively trade with less than 10 full-time employees, is now pursuing a lower-volatility strategy that may preclude the sort of double-digit monthly gains recorded earlier in the decade. e360 was up between 8% and 10% for the first five months of this year after raising between $25 million and $50 million in March, one of the people said.

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June 23, 2026

Texas PUC Enters Agreement for Fifth Texas Energy Fund Completion Bonus Grant: American Public Power Association

The Public Utility Commission of Texas on June 23 entered into the fifth agreement under the Texas Energy Fund (TxEF) Completion Bonus Grant (CBG) Program, with Tejas Power Generation, LLC, a subsidiary of Shell Energy North America (US) L.P.  The grant is for the company’s 146-megawatt expansion to the Friendswood Energy Center in southwest Houston.

The expansion at Friendswood Energy Center, a natural gas-fired combustion turbine facility, builds on the site’s existing capacity to provide additional dispatchable energy to respond to Texas’ increasing electrical demand, including during extreme weather conditions, the PUC said.  The expanded facility connected to ERCOT’s Houston Load Zone on May 21, 2026. Under this agreement, Tejas Power Generation can receive a maximum total grant award of $17.52 million, in annual payments up to $1.75 million per year, over a 10-year period.

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KEYE – June 23, 2026

Hays County passes industrial high-water resolution targeting data center impacts

Central Texas residents urging local leaders to take a tougher stance on proposed data centers got a response this week in Hays County, where commissioners approved what they called one of the strongest industrial high-water resolutions in Texas. During a Hays County Commissioners Court meeting on June 23, residents pressed officials to act, with one speaker telling the court, “Your community is begging you to take a stance against this.” Another resident said, “It’s staggering what’s happening across the community, across the state.”

Precinct 1 Commissioner Debbie Gonzales Ingalsbe said the county is not planning to offer incentives to data centers. “I think this court is committed. We’ve had discussions about it, we’re not willing to give incentives to data centers,” Ingalsbe said.

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AOL – June 23, 2026

Archer County judge hopes for state protection against data centers

“We voted unanimously against agreeing to any kind of abatement with the data center that will come in on Three-Way Road,” County Judge Randall Jackson said Tuesday. Google confirmed in April it intends to build a data center on 2,500 acres in Archer County near Wichita Falls. Jackson said the commissioners decided abatements were not worth adopting because Gov. Greg Abbott and Texas legislators have been “bombarded with concerns over these data centers coming to rural counties.”

He said, “Hopefully some restrictions will be added to the state laws this year that will help protect us.” Jackson said rural counties in Texas are being bombarded by data centers. “Luckily, some rural counties that have already gone through this process are helping us with the decision-making on how we move forward,” Jackson said.

 

Data Centre Magazine – June 23, 2026

Inside Microsoft’s Data Centre Build in Pecos, West Texas

How do you build the next generation of data centres when power availability is becoming one of the industry’s biggest constraints? Microsoft believes the answer may lie in building energy and data centre infrastructure side by side. The company is planning a new data centre campus in Pecos, West Texas, that will add approximately 2GW of capacity while pairing digital infrastructure with dedicated power generation.

Microsoft describes the project as one of the largest capacity additions in its history. The announcement coincides with a related agreement from Chevron. The company revealed that its subsidiary, Energy Forge One LLC, has signed a 20-year agreement with Microsoft to develop a co-located power facility that will provide dedicated electricity to the new campus.

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Daily Energy Insider – June 23, 2026

Oklahoma Gas & Electric proposes large-load tariff

Oklahoma Gas and Electric (OG&E) is proposing a large-load tariff with the Oklahoma Corporation Commission (OCC) for large-load customers, including data centers.  The proposed tariff would establish specific rates and terms and conditions for large-load customers and protect existing customers from rising energy costs caused by demand from large-load customers.

Specifically, the tariff proposal would shield existing customers from increased cost by requiring large-load customers to pay their fair share. It would also create a specific charge assigned to large-load customers so that residential customers don’t bear the cost should adverse impacts occur. In addition, the customer protections require OCC review and approval to safeguard customers

 

Regulatory

 

CNBC – June 23, 2026

Trump administration to loan $17 billion to speed deployment of 10 big nuclear reactors in U.S.

The Energy Department announced Tuesday that it will provide $17.5 billion in loans to speed the deployment of 10 big nuclear reactors across the U.S. Energy Secretary Chris Wright said the loans will lower construction costs and accelerate the deployment of the reactors by up to three years. The loans will support the construction of five projects that each host two big nuclear reactors. The money will help finance complex, big-ticket components that typically take a long time to manufacture and deliver.

The five projects will use Westinghouse’s AP1000 reactor design that can generate 1.1 gigawatts of electricity, roughly enough to power more than 800,000 homes. Westinghouse will partner with up to five eligible utilities or energy companies on the projects. It already has signed letters of intent with seven potential partners, each with identified project sites.

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Texas Public Radio NPR – June 23, 2026

U.S. risks losing ground in global clean-energy race

The United States is losing in the global race to adopt renewable power as the Trump administration restricts renewable development while competitors expand solar power, batteries and advanced manufacturing. The International Renewable Energy Agency says China added 315 gigawatts of solar capacity in 2025 — which is more than nine times the 34 gigawatts added in the United States. Global clean-technology investment reached a record $1.96 trillion. In early 2026, U.S. clean-energy and transportation investment fell 9% from a year earlier, to $61 billion, according to the Rhodium Group and MIT’s Clean Investment Monitor.

President Trump argues that wind and solar are intermittent, expensive, cancer-causing and dependent on Chinese-controlled supply chains. His administration favors natural gas, coal, nuclear power and geothermal energy, saying they offer dependable electricity and greater national security. The reliability concern is real: variable renewables require transmission, storage and dispatchable generation.

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Texas Energy Report NewsClips

Tuesday June 23, 2026

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 rose slightly early Tuesday, fluctuating as investors show cautious optimism about an end to the conflict in the Middle East.

International benchmark Brent crude futures for August gained 0.36% to $78.18 a barrel. 

West Texas Intermediate futures for August added 0.45% to $74.19 per barrel.

The price of the commodity fell overnight after the U.S. Treasury issued a 60-day license that authorizes the production, delivery and sale of oil from Iran. It allows the importation of Iranian crude to the U.S., and payment for the oil to be made in dollars. The license expires Aug. 21.

However, there were concerns that Iran may use the profits from oil sales to rebuild its military. President Donald Trump was asked on Monday if he could ensure that such a scenario would not play out.

“Well, they’re not supposed to be doing that, so we’ll see,” Trump said at the White House during an executive order signing event. “They’re supposed to use money to buy food for their people, because right now their people are very hungry, and they’re buying it exclusively from us: corn, soybeans,” he added.

 

Top Stories

 

Grist – June 22, 2026

America’s data center backlash is bipartisan — can it stay that way?

This month, Texas Governor Greg Abbott, a staunch supporter of President Donald Trump, unveiled a set of sweeping recommendations to rein in rampant data center development, urging Texas lawmakers to aggressively regulate the tech industry in a state that has a reputation for welcoming new development with open arms. At the same time, New York Governor Kathy Hochul, the Democratic leader of a state known for regulatory restrictions, has declined to say whether she will sign a first-of-its-kind bill passed by her state legislature imposing a one-year moratorium on large-scale data centers.

Welcome to the weird world of data center politics, where the usual partisan scripts around energy and natural resources don’t apply — yet. Facilities housing massive amounts of computing equipment are springing up across the U.S. to quench the tech industry’s unslakable thirst for artificial intelligence. These AI-ready data centers, which consume more energy than the traditional cloud-computing centers that already exist to host and store various aspects of modern digital life, have become a political flashpoint at lightning speed — reshaping local and state politics from coast to coast as Americans grapple with high energy costs, natural resource depletion, and the repercussions of megadevelopment.

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Oil Price – June 22, 2026

Energy Security, Not Climate Goals, Is Now Driving the Clean Power Boom

While ships are beginning to trickle through the Strait of Hormuz after months of near-total closure, it will be a very long time before the effects of this year’s energy crisis fade from the global economy – if they ever do. This latest round of turmoil in global oil and gas markets has catalyzed clean energy adoption to a degree that may permanently alter the global energy landscape, as well as the way that we conceive of energy security and geopolitical strategy.

It is extremely telling that, against the backdrop of the United States and Israel’s war in Iran, demand for solar energy, electric vehicles, and battery-powered energy systems and storage have skyrocketed in the United States and abroad. In the past, energy insecurities have driven a return to fossil fuels as the stalwart, round-the-clock energy sources that we felt we could best depend on. But with three energy crises in four years, global leaders are starting to get wise and change their strategy. This year’s rush for renewable energy infrastructure in the face of market volatility therefore marks a historic sea change in geopolitics and a tipping point for the global energy transition.

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CNBC – June 22, 2026

Chevron to fuel massive Microsoft data center in Texas using natural gas

Chevron will fuel a massive Microsoft data center in West Texas with natural gas under a 20-year agreement, the oil major announced Monday. The data center, called Project Kilby, is expected to consume nearly 2.7 gigawatts of electricity, equivalent to the power needed to run about 2 million homes. Most of the electricity will come from large gas turbines supplied by Chevron’s partner, GE Vernova. Caterpillar will

“There’s really no competition with local electricity consumers,” Jeff Gustavson, president of Chevron new energies, told CNBC. “In fact, over time, as we have excess power, we plan to push that into the grid to help stabilize it.” Project Kilby has not started construction in Reeves County yet. Chevron expects to make a final investment decision on the project later this year. The data center would start receiving power in 2028. Microsoft’s partnership with Chevron comes as it undertakes a massive buildout of data centers to power artificial intelligence applications. It plans $190 billion in capital expenditures this year, 61% more than in 2025.

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Inside Climate News – June 22, 2026

How a Tiny Texas River Agency Plans to Build the Largest Desalination Plant in the Country

Something moved John Byrum. He believed he could succeed where others had not.  The executive director of the Nueces River Authority (NRA)—a small, rural agency based 200 miles from the coast—decided to take up the banner, in 2024, of a desalination plant on Corpus Christi Bay.  Plans to build seawater desalination plants had floundered for years near Corpus Christi, which provides water to a major complex of chemical plants and refineries, and the likelihood of water shortages was growing.

“Texas needed a sustainable supply of water in that area to protect the industry,” said Byrum, a veteran water manager with silver hair and a charming drawl. “This was the way to do it.” The Port of Corpus Christi never secured financing for the multi-billion-dollar project, so Byrum would fund it one piece at a time. He took up collection, not from the region’s large industrial water users like ExxonMobil, OxyChemical and Valero, but from small towns and rural utilities in the hinterlands of San Antonio, 150 miles from the coast, that could theoretically be connected by pipeline to the desalination plant, according to records obtained by Inside Climate News.  The agency collected $6.4 million from 18 cities, towns and utilities since March of last year, records show, while it doled out lobbying and engineering contracts for the Harbor Island desalination project near Corpus Christi.

 

The Latest TERse Tips

Fitch Ratings has assigned an ‘A’ rating to Oncor Electric Delivery Company LLC’s issuance of senior secured notes — Fitch

S&P Global Ratings today assigned its ‘BBB-‘ issue-level rating to Texas-based Western Midstream Operating L.P.’s proposed senior unsecured note — S&P Global

S&P Global Ratings assigned its ‘BBB-‘ preliminary rating to Rio Grande LNG LLC’s proposed senior notes — S&P Global

Kimbell Royalty Partners, LP Monday announced that it has closed the previously announced purchase of mineral and royalty interests held by Mesa Royalties, in a cash and unit transaction valued at approximately $145.9 million — the purchase price for the Acquisition was comprised of $44.0 million in cash and approximately 6.9 million newly issued common units of Kimbell Royalty Operating, LLC valued at $101.9 million — see the press release 

Terrestrial Energy Inc, a developer of small modular nuclear power plants using its Generation IV Integral Molten Salt Reactor, and The Texas A&M University System have signed ground lease and R&D agreements, providing exclusive access and rights to approximately 77 acres at the Texas A&M-RELLIS campus in Bryan, Texas, facilitate testing activities, and cover multiple projects, including the planned commercial IMSR Plant at A&M-RELLIS — see the press release

Devon Energy Provides Updated 2026 Outlook — see the press release

 

Oil & Gas Texas

 

Fort Worth Inc. – June 22, 2026

Permian Basin Leaders Say AI, Technology Will Drive Next Era of Oil Production

The Permian Basin has long been the engine of America’s oil production growth, but industry leaders say the next chapter could be driven as much by artificial intelligence and advanced technology as by drilling rigs and frack crews. Executives representing Texas oil and gas producers point to a wave of innovations — including machine learning, digital twins, advanced reservoir modeling, automation, robotics, and enhanced recovery techniques — that are helping operators produce more oil and natural gas with fewer assets.

According to Texas Oil & Gas Association President Todd Staples, Permian oil production increased 430% between 2015 and 2025, a surge he attributes to both workforce expertise and technology-driven efficiency gains. Industry leaders argue there remains significant upside, noting that only a fraction of oil and gas resources in shale formations are currently recovered.

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Pipeline & Gas Journal – June 21, 2026

Plains Adds Funding for Permian, Canadian Gathering Projects

Plains All American Pipeline and Plains GP Holdings have increased their 2026 growth capital spending forecast, citing continued expansion opportunities across their Permian Basin and Canadian pipeline systems. The company now expects 2026 growth capital expenditures of $400 million to $450 million, up from its previous estimate of approximately $350 million. Maintenance capital spending remains unchanged at roughly $185 million.

Plains said the higher budget will support multiple projects across its Permian long-haul pipeline network, Permian gathering systems and Canadian gathering operations. Additional investments are also planned across the company’s broader Permian footprint, particularly in New Mexico’s Delaware Basin, where gathering volumes continue to increase.

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Santa Barbara Independent – June 17, 2026

California Coastal Commission and Sable Offshore Butt Heads Again

The California Coastal Commission served legal notice on Sable Offshore that unless the embattled oil company sought a coastal development permit for its recently resumed oil production off the coast of Gaviota, the commission would file a cease-and-desist order to force the company to shut down production. This marks a significant escalation in the commission’s ongoing legal and rhetorical warfare with Sable, which restarted oil production off the Gaviota Coast this March after a 10-year production shutdown because of the Refugio Oil Spill of May 2015.

In its letter of notice, commission lawyers used unusually hospitable language, encouraging Sable to take a more cooperative and conciliatory approach in securing the necessary state permits than it has during its past 18 months of legal head-butting with various state agencies — or else. As characterized by the New York Post, Sable responded with a wave of its middle finger to the commission, insisting that the state agency has even less jurisdictional authority now than when the company first started shining it on a year and a half ago. Sable contends the federal government, not the commission or any state agency, now has the first and last word over any oil it pumps from federal waters off the coast of California. That’s because late last December, Sable asked the federal agency in charge of pipeline safety to say just that. That agency did and then issued Sable an emergency permit to allow it to begin pumping.

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Globe and Mail – June 22, 2026

Can Energy Transfer Leverage Its Pipeline Network for Lasting Growth?

Energy Transfer LP is well-positioned to capitalize on growing energy demand through its extensive and diversified midstream infrastructure network, which includes nearly 140,000 miles of pipelines across North America. Its integrated asset base spans natural gas, natural gas liquids (NGLs), crude oil and refined products, creating a significant competitive advantage. The breadth and connectivity of this network enable Energy Transfer to capture production volumes from major basins such as the Permian, Eagle Ford and Marcellus, while efficiently transporting them to key consumption markets and export facilities.

Energy Transfer will benefit from the sustained growth in U.S. energy exports. Its strategically located Gulf Coast infrastructure, including LNG and NGL export terminals, provides direct access to expanding global markets. These assets enhance the firm’s ability to capture international pricing opportunities, support volume growth and improve margins. Currently, Energy Transfer exports energy products to more than 80 countries and territories worldwide, underscoring the global reach of its network.

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Pipeline & Gas Journal – June 22, 2026

Freeport LNG Restarts Gas Intake After Texas Train Outage

Freeport LNG’s export plant in Texas was on track to take in more natural gas on Sunday and Monday after one of its three liquefaction trains shut down on June 19, according to a company report and data from financial firm LSEG. Freeport is one of the world’s most closely watched liquefied natural gas export plants because the shutdown and startup of the facility previously caused massive price swings in global gas markets.

When Freeport shuts, U.S. gas prices usually drop because the plant’s demand for the fuel declines, and when liquefaction trains at Freeport restart, U.S. gas prices usually rise as demand for the fuel increases. That is what happened so far on Monday with U.S. gas futures NGc1 trading up around 2% near a two-week high due in part to rising intake at LNG export plants.

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The New York Times – June 22, 2026

U.S. Oil Is Skipping the Chance to Grab Market Share From the Gulf*

The war with Iran has pulled the American oil industry out of a slump, raising corporate profits and spurring some companies to drill more wells. U.S. oil production is now forecast to grow modestly next year, topping 14 million barrels a day for the first time, according to the Energy Information Administration. The federal agency previously expected output to contract. But the war, paused for now by a preliminary deal, is unlikely to provide enough of a lift for the United States to take significant business from Persian Gulf countries that have been hobbled by the conflict, oil executives and investors said.

There are many reasons for that. The U.S. oil industry, the world’s largest, is dominated by giant companies whose shareholders want steady profits, not the boom-to-bust cycles the business has long been known for. Many executives are also worried about running out of places to drill new wells profitably. And last year’s very low oil prices led companies to shed employees and equipment, making it harder for them to quickly ramp up now. “I am skeptical that the U.S. really has the means or the wherewithal to actually gain share,” J. David Anderson, a Barclays analyst, said. “It’s a combination of: Can they grow? Do investors want them to grow?”

 

Oil & Gas National & International

 

Bloomberg/Yahoo! News – June 22, 2026

US Waives Iran Oil Sanctions as Peace Deal Brings Huge Shift

The US has authorized the sale of Iranian oil and fuels as part of an agreement to end the war against Tehran, a sweeping change after years of economic sanctions. The US Treasury Department issued a wide-ranging 60-day license that allows Iran to sell crude and petroleum products through Aug. 21. The license, which allows payments to be made in US dollars, comes as both sides are engaged in fragile discussions for a lasting peace deal.

The waiver even allows the US to import Iranian crude oil and other petrochemical and petroleum products, opening the door for the first such shipments in decades. The stunning reversal comes after almost a decade of sanctions including a “maximum pressure” campaign to cripple Iran’s economy, implemented by President Donald Trump after he pulled out of the 2015 nuclear deal with Tehran in his first term.

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The Wall Street Journal – June 22, 2026

Iran Can Now Sell Oil. How Fast Can It Ramp Up?*

President Trump’s deal with Iran will allow the Islamic Republic to sell its crude and fuels like diesel on the open market for the first time since 2018. The pact—signed by Trump and by Iran’s President Masoud Pezeshkian this week—would let Iran immediately begin selling its oil, waiving sanctions and paving the way for services such as banking, transportation and insurance to facilitate transactions. Implementation of the deal remains shaky. Continued clashes between Israel and Hezbollah in Lebanon prompted Iran to postpone talks scheduled for Friday, and then to say it was again closing the Strait of Hormuz. The two sides continued, however, to make plans for technical-level talks over the weekend.

The U.S. military confirmed that it lifted a two-month blockade that brought Iran’s loadings down to a trickle, roughly 260,000 barrels a day last month, according to Kpler, a commodities and shipping data provider. In the prior three months that ended in April, Iran was about to load 1.85 million barrels a day on tankers, even if those vessels were trapped inside the Persian Gulf.

Iran has a long way to go to rebuilding its oil sector, parts of which were pounded by U.S. and Israeli forces. A decade ago, when a nuclear pact with the U.S. lifted restrictions on Iran’s oil sales, it was the world’s fifth-largest producer, pumping nearly 4 million barrels a day in 2016. That level was well below what Iran pumped in its oil heyday, before the Islamic revolution in 1979. Crude output peaked at more than 6 million barrels a day for a few years in the 1970s when Western oil companies, including BP and Total, operated there. Sanctions in the 1980s—and the ensuing brain drain from Iran—caused a long decline in its oil output that the industry has never fully recovered from.

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Reuters – June 22, 2026

US proposes to slash costs for energy drillers on federal lands*

The Trump administration on Monday proposed looser rules for oil and gas drilling operations on federal ​lands, including a dramatic cut to clean-up costs ‌for abandoned wells. The moves are aligned with President Donald Trump’s goal to reduce regulations for businesses and make it easier to ​invest in production of domestic fossil fuels.

“These targeted updates ​cut through the red tape that has historically ⁠deterred investment, ensuring our public lands remain a ​reliable engine for economic growth and innovation,” Interior Secretary ​Doug Burgum said in a statement. The Department of the Interior said it would lower the cost of statewide bonds for wells ​to $25,000 per state from $500,000, a level implemented during the Biden ​era.

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The Hill – June 22, 2026

A flawed Iran deal could give investors second thoughts: Nicholas Sargen

News that the U.S. and Iran were about to sign a memorandum of understanding to end their conflict was greeted favorably by investors. The price of oil for West Texas Intermediate tumbled below $80 a barrel, and the U.S. stock market surged to a record high. But it remains to be seen whether investors will remain upbeat amid widespread criticism of the subsequent deal. In announcing it, President Trump said he authorized the toll-free opening of the Strait of Hormuz, as well as the immediate removal of the U.S. naval blockade. Trump then declared: “Ships of the World, start your engines. Let the oil flow!”

The deal will extend a ceasefire for 60 days, during which the two parties will negotiate a final agreement. It creates a phased step-by-step approach that begins with the opening of the strait and postpones issues related to ending Iran’s nuclear capability.  Although it creates incentives for Iran to comply, there are also many ways the deal could unravel. The Wall Street Journal published an annotated analysis of the U.S. proposal that was presented at the G7 meeting in Paris. It reports that many conservatives who supported the war fear Trump is losing at the negotiating table by offering concessions up front.

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Oil Price – June 22, 2026

Hormuz Crisis Sparks a Middle East Pipeline Boom

The blockading of the Strait of Hormuz was something that was never going to happen—until it did, paralyzing a fifth of global LNG and crude oil flows and causing quite a bit of economic pain to both producers and consumers of energy commodities. Now, they are taking care to never let a disruption of that scale happen again.

The most immediate response to Iran’s closure of the strait was switching to alternative pipeline routes for those that had them. Saudi Arabia demonstrated foresight with its East-West pipeline that it used to reroute its export flows from the Persian Gulf to the Red Sea, ramping up to some 7 million barrels of crude daily along the pipe that had previously handled much lower volumes. The only major constraint in that rerouting was the capacity of the loading facilities at Yanbu Port, an issue Aramco will no doubt address soon.

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Associated Press – June 22, 2026

Explosion as Qatar restarts gas export terminal hurts 54 and leaves 18 missing

 

Utilities, Electricity & Renewables

 

KUHF NPR – June 22, 2026

Houston law firm says it plans to sue Tesla over a fatal crash involving a car reportedly on autopilot

The family of a woman who died after a Tesla crashed into her Houston-area home plans to sue the electric car company as well as the driver — who reportedly told authorities the vehicle was in autopilot mode — according to a spokesperson for the law firm hired by the family. A lawsuit had not been filed as of Monday afternoon, but a spokesperson for Houston-based Zehl & Associates said its attorneys were attempting to have it filed by Tuesday. The firm announced Monday that it was enlisted by the family of Martha Avila, 76, who died after the Tesla crashed into her Katy home on Friday night.

The crash occurred in the 21300 block of Rose Hollow Lane, according to a social media post by the Harris County Precinct 5 Constable’s Office. The driver told authorities he was using Tesla’s autopilot mode at the time of the crash, according to the constable’s office.

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Dallas Morning News – June 22, 2026

Judge orders Atmos to preserve evidence from Oak Cliff explosion as survivor sues utility*

A judge on Monday ordered Atmos Energy to preserve evidence from a deadly Oak Cliff gas explosion, hours after a survivor blamed the utility in court filings of multiple failures leading up to the blast. The filings, part of a lawsuit first filed in late May, allege the company failed to repair repeated gas leaks, replace an aging plastic pipeline long linked to leaks and explosions and properly mark underground gas lines before drilling was to take place at the site. In a statement, Atmos disputed that one of the types of pipe material highlighted in the filing as problematic was present at the site, and said it hired a professional line locator to find the gas line before the explosion. The utility did not respond to questions about the restraining order, but had previously said in emails included in court documents that it was abiding by its “preservation obligations.”

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E&E News By Politico – June 22, 2026

House panel sets vote on data center, grid bills

The House Energy and Commerce Committee will take initial steps this week to advance legislation that would make sure ratepayers don’t foot the bill for data center expansion along with measures to address the need to transmit more power across the country to meet rising demand. The Energy Subcommittee, chaired by Rep. Bob Latta (R-Ohio), will vote on a suite of bills including the bipartisan “Ratepayer Protection Act” on Wednesday as part of an electricity policy focused markup, the details of which were shared first with POLITICO.

That headlining bill would codify the principle behind President Donald Trump’s “Ratepayer Protection Pledge,” where Big Tech companies committed to covering their own data center energy costs. Together, the action marks the first time Republican leaders have rallied around concrete proposals to address electricity rate hikes tied to surging data center demand. “This markup will give us the opportunity to advance bipartisan legislation to modernize our grid and lower costs for hardworking American families,” Energy and Commerce Chair Brett Guthrie (R-Ky.) said in a statement.

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Industrial Info – June 17, 2026

North America Could See 53 Utility-Scale Power Kickoffs in June

Industrial Info Resources is tracking 53 utility-scale power-generation projects, valued at more than $19.23 billion, with a target kickoff of June this year in North America. Not every one of these projects will actually begin construction in June, but this analysis narrows down to those projects more likely to kick off in the near term or some months later, resulting in a steady stream of contracting requests for proposals (RFPs). These projects (see list and details here) are considered to have a medium or high probability of kicking off, based on IIR Energy’s analysis of verified project metrics. Dozens more low-probability projects are excluded.

According to Industrial Info Resources data, 56% of the generation (6.8 GW) is attributed to natural gas, followed by solar at 26% (3.1 GW) and wind at 17% (2.1 GW). Most of the power projects are in the power regions of ERCOT covering Texas and MISO in the Midwest. See accompanying charts here and at the end of this article. This IIR Energy analysis focuses on capital investment and excludes maintenance. The average investment per project is $357 million. The portfolio skews toward new developments, with grassroot projects making up the largest portion.

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The Conversation – June 17, 2026

Energy costs are high and unaffordable – what utilities, governments, communities and you can do to help save consumers money

For many Americans, energy bills are becoming increasingly unaffordable. Energy prices increased approximately 30% on average from 2021 to 2026. In some places, the rates of increase have been much steeper. In the Mid-Atlantic and eastern Midwest region where several of us live, the regional electricity grid is run by PJM Interconnection, and power prices in the first quarter of 2026 were 76% higher than the same period in 2025.

These rising utility costs are a shock to many people, including those already having a hard time paying for the energy they need. In 2024, 1 in 3 American households reported struggling to pay their energy bills, and 15.1 million homes were disconnected from their electricity or gas services because the residents couldn’t pay their bill. Energy insecurity is a pervasive and potentially dangerous predicament for these millions of households, and a growing challenge for America as energy bills rise.

 

Regulatory

 

JD Supra – May 27, 2026

Data Center Growth Brings Water Use into Sharper Focus in Texas: Pillsbury

As data center development continues to expand—driven by demand for artificial intelligence, cloud computing and other digital infrastructure—the use and availability of water have emerged as a key consideration. As discussed in our prior article, the scale of water use associated with large data center operations is drawing increasing scrutiny as a primary policy concern for data centers.

While factors such as the size of the facility, the design of its cooling system and local climate conditions will affect the water volumes necessary for operations, large data centers may require as much as five million gallons a day, comparable to the municipal demand of smaller cities. As a result, water sourcing and reuse are becoming central to both operators and local, state and federal government officials tasked with regulating and legislating on these issues.

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Texas Energy Report NewsClips

Monday June 22, 2026

Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall

 

Good morning! Here are today’s Texas Energy Report NewsClips

Brent oil futures turned negative on Monday after mediators Qatar and Pakistan said U.S. and Iranian officials had agreed on a roadmap aimed at reaching a final deal within 60 days.

WTI was down 0.71% at $75.31 at 2 am EDT.

Brent was down almost 2% at $79.03.

In a joint statement following talks at Switzerland’s Bürgenstock resort, the mediators said the parties would continue technical negotiations throughout the week and establish a high-level committee to oversee the mediation process.

The development comes after U.S. President Donald Trump threatened renewed military action against Iran, raising concerns about the durability of a fragile interim peace agreement reached last week.

Trump made the statement on Sunday as his Vice President JD Vance met with Iranian officials in Switzerland. The meeting was overshadowed by Tehran’s announcement that it had once again closed the Strait of Hormuz, a key route for global oil shipments.

 

Top Stories

 

Yahoo! News – June 20, 2026

Oil Glut Bets Are Back in Play as Crude Sinks After US-Iran Deal

A slew of all-but-forgotten niche option positions betting on an oil glut are coming back into play as crude futures slump following a peace deal between the US and Iran. Before the US attacked Iran, some traders had bet that a surplus of crude oil would pull near-term prices below later futures, a market structure known as contango. After the attack, however, prompt prices soared on concern about supply shortages. In late April, August West Texas Intermediate crude futures briefly surged above $5 a barrel over the September contract, which in turn was $4 above October.

The rally meant that more than 20,000 contracts, equivalent to 20 million barrels per month, of financially settled put option positions betting that those spreads would sink below zero were all but worthless. Now, with the gap between those contracts back below $1, the options are becoming relevant again.

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Oil Price – June 19, 2026

The Real Reason BP Is Retreating From the North Sea

BP is still considering a sale of all or part of its UK upstream portfolio, which could fetch around £2 billion ($2.7 billion), though talks of a sale to Ithaca Energy fell through earlier this month, according to reports by Bloomberg and the Financial Times. We think the information is credible. A sale would fit the group’s strategic direction, and the company is an outlier in the UK, where other majors have either sold down or formed joint ventures. At the same time, BP has been pushing aggressively on the exploration front since its strategy reset in early 2025 – with activity in the US, Brazil and elsewhere filling the UK major’s hopper in the years ahead.

Rystad Energy views both moves as consistent pillars of the same strategic bet as the company shifts attention to regions with greater growth potential than the UK, where no exploration wells were drilled last year for the first time since 1964. To reduce its UK exposure, the company could also opt to form a pure-play joint venture rather than pursue an outright sale – a structure that would preserve production optionality while still delivering consolidation benefits.

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Midland Reporter-Telegram – June 20, 2026

Natural Gas Services acquiring Flatrock Compression*

Natural Gas Services Group has expanded its oil patch footprint. The company has acquired Flatrock Compression Holdings for $120 million, consisting of $110 million in cash and $10 million in newly issued NGS common stock. Flatrock provides rental compression services and has operations in the Permian Basin and Eagle Ford. Founded in 2001, Flatrock has a rented fleet of about 86,000 horsepower, with most of it consisting of large-horsepower and electric-motor-driven units. Overall, the Flatrock fleet is 95% utilized by horsepower.

 

The Latest TERse Tips

Fuel sales halted in occupied Crimea as Ukraine targets oil facilities — BBC

Owner of Longview Gas Plant wanted by international police — Brazilian authorities want Ricardo Magro, who lives in Miami, to be extradited back to that country to face tax evasion charges, sources say — Longview News Journal

Shelter-in-place lifted for parts of Texas City after plant fire was put out, city officials say — KTRK

Galveston’s sole electricity transmission provider, CenterPoint, blamed wind-driven salt spray from Tropical Storm Arthur for an outage that left more than 11,000 customers without power well into Thursday morning, prompting questions about how a common coastal condition could plunge much of the island into darkness — Galveston County Daily News

Volatile commodity prices are impacting Permian Basin mineral and royalty owners just as they are oil and natural gas producers — Erik Ahlenius, executive vice president, oil, gas and mineral manager at Jefferson Bank, is cautioning that mineral and royalty owners should be even more aware of the prices they’re receiving amid the volatility — “Keeping track of the price operators are getting paid and realizing versus what’s on your check stub is super important,” he told the Midland Reporter-Telegram*

In its June Short-Term Energy Outlook, the Energy Information Administration found the Permian Basin’s marketed natural gas production grew from 17.2 billion cubic feet per day in 2021 to 27.6 Bcf/d in 2025, a 60% increase — that natural gas production growth far exceeds the region’s crude oil production growth, according to EIA analysts — they found Permian crude oil production grew by 39%, going from 4.7 million barrels per day to 6.6 million barrels per day — Midland Reporter-Telegram*

A driver told Harris County investigators that his Tesla was on Autopilot before it left a residential road in Katy, Texas, crashed through the brick wall of a home, and killed a 76-year-old woman inside — electrek

Boardwalk Pipelines, LP’s credit profile is supported by low leverage, contracted cash flows, and a favorable asset footprint enabling growth, and the outlook assumes growth spending and rising distributions will remain credit-supportive, supported by stable recontracting and diversified customers — Fitch

Sempra Infrastructure, a subsidiary of Sempra Inc, and Entergy Texas on Thursday announced they have entered into a memorandum of understanding (MOU) to develop options designed to accelerate the deployment of new renewable energy generation resources and to increase the resiliency of power supply in Entergy Texas’ Southeast Texas service area, where Sempra Infrastructure’s facilities are under development — see the press release

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Oil & Gas Texas

 

Yahoo! News – June 18, 2026

US drilling rigs rise for eighth time in nine weeks in Baker Hughes survey

The number of oil and gas rigs actively drilling in the U.S. rose by 1 to 563, a week after declining for the first time after seven straight weeks of gains, Baker Hughes said Thursday in its latest weekly survey, which was released a day early due to the Juneteenth holiday. The number of active drilling rigs targeting crude oil in the U.S. remained flat at 433 in the week ended June 18, gas rigs climbed by 1 to 122, and 8 rigs were classified as miscellaneous.

The total rig count was up by 9 compared to this time last year. Active oil drilling rigs in the Permian Basin fell by 1 to 255, while the oil rig count in the Eagle Ford and Williston Basin stayed at 36 and 28, respectively.

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Inside Climate News – June 20, 2026

Greenpeace’s Dutch Anti-SLAPP Case Against Oil Pipeline Giant Advances

A lawsuit filed by Greenpeace International against the U.S.-based fossil fuel company Energy Transfer in the Netherlands is moving forward after a Dutch court recently ruled in favor of the environmental organization in rejecting the company’s bid to toss out the case.  The suit is connected to the ongoing litigation in the U.S. between Energy Transfer and Greenpeace entities over the 2016-2017 indigenous-led protests of the Dakota Access Pipeline, which resulted in a staggering jury verdict delivered against Greenpeace in North Dakota last year.

Now, as Greenpeace fights to contest the verdict while it simultaneously pursues claims against Energy Transfer in the Netherlands, the two parties remain locked in an unusual and bitter legal dispute that is proceeding on parallel tracks on both sides of the Atlantic.  A little over a year ago, on March 19, 2025, a North Dakota jury unanimously handed down a crushing damage award amounting to nearly $667 million against three Greenpeace entities—the U.S.-based Greenpeace Inc. and Greenpeace Fund, and the Netherlands-based Greenpeace International—over their alleged role in the Standing Rock protests against the controversial crude oil pipeline.

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World Oil – June 19, 2026

Texas upstream employment rises by 4,100 jobs in May, TIPRO says

Texas’ upstream oil and natural gas sector added 4,100 jobs in May, according to the latest workforce analysis from the Texas Independent Producers and Royalty Owners Association (TIPRO), reflecting continued strength in the state’s energy industry despite ongoing volatility in global markets. Citing data from the U.S. Bureau of Labor Statistics, TIPRO reported that upstream employment increased to approximately 197,500 positions in May. The gain was driven by the oilfield services sector, which added 4,400 jobs, while employment in oil and natural gas extraction declined by 300 positions.

The association also reported strong hiring activity across the industry. Texas recorded 10,409 unique oil and natural gas job postings in May, up 6% from April, with more than 4,200 new postings added during the month. Houston led all Texas cities with 2,698 job postings, followed by Midland, Odessa and Dallas.

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Reporting from Alaska – June 19, 2026

Alaska Senate votes to close Hilcorp loophole again, as House, Dunleavy object

By an 11-9 vote, the Alaska Senate moved to close the Hilcorp loophole as part of a gas pipeline bill on the last day of the legislative special session. The Senate approved the bill 12-8. The House did not bring it up, however, and the special session ended. The next special session begins Saturday.

Afterwards, in an angry exchange videoed by the Alaska Landmine outside Gov. Mike Dunleavy’s office and posted online, Sen. Bill Wielechowski and GOP legislators argued about including the tax change in the gasline bill. Wielechowski supported the tax that would apply to Texas billionaire Jeff Hildebrand and others in the oil and gas business.

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Midland Reporter-Telegram – June 20, 2026

Summit Midstream extends open season on Double E*

Growing demand to move natural gas and crude oil has prompted Summit Midstream to expand two of its key platforms. The company has executed two new long-term firm transportation agreements totaling 150 million cubic feet per day of natural gas on its Double E pipeline, which transports natural gas from the Delaware Basin to the Waha Hub. This brings total Double E open season commitments to 250 million cubic feet per day and total contracted capacity to approximately 1.9 billion cubic feet per day.

 

Oil & Gas National & International

 

gCaptain – June 19, 2026

Iran’s New ‘Toll by Insurance’ Raises Stakes in Strait of Hormuz

Both Trump and Iranian officials said commercial vessel traffic would immediately resume. The agreement also states that Iran would conduct dialogue with the Sultanate of Oman to define the future administration and maritime services in the Strait of Hormuz, with other Persian Gulf states participating. Any resulting arrangements were to be consistent with international law and the sovereign rights of the Strait’s coastal states.

“Paying insurance is a toll,” Wilkins stressed. All vessels must carry war risk and P&I (Protection and Indemnity) insurance in order to operate in the region. “We don’t know what this new ‘insurance’ actually is — or who, in practice, we’re paying,” Wilkins said. The document states, under the heading “Official Authority and Contact,” that the PGSA is the “sole authority” and the only official body responsible for processing applications, issuing permits, and handling all related inquiries.

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Oil Price – June 20, 2026

Kuwait Says Oil Output Could Hit 2 Million Bpd Within a Week

Kuwait expects to raise its oil production to 2 million barrels per day (bpd) within a week, up from an average of 573,000 bpd in May, amid the reopening of the Strait of Hormuz. This estimate was given by Sheikh Nawaf Saud Al-Sabah, deputy chairman and CEO of Kuwait Petroleum Corporation (KPC), to Kuwait News Agency, before the collapse of the talks between the U.S. and Iran on Friday.

“Prewar production levels could be restored within weeks once regular international commercial shipping to Kuwait ports has resumed,” Al-Sabah was quoted as saying. Kuwait’s production has collapsed to below 600,000 bpd in recent weeks as one of OPEC’s top producers has been one of the worst affected producers by the closure of the Strait of Hormuz due to a lack of alternative export outlets.

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Bloomberg – June 19, 2026

Iraq Tells Oil Fields to Start Lifting Output After US-Iran Deal*

Related: Iraq Is Keeping Its Syria Oil Route, Even If Hormuz Reopens — Oil Price

Iraq asked operators of five major oil fields to boost production to prewar levels, targeting output of over 3 million barrels a day, after US-Iran deal that aims to fully reopen the Strait of Hormuz. Basra Oil Co. requested lifting output to the maximum available capacity at the Rumaila, West Qurna-1, West Qurna-2, Zubair and Artawi fields, according to a document dated June 19 seen by Bloomberg. The return to higher production will be gradual, and will depend on operational conditions and buyers arranging tankers for loading, Oil Ministry spokesman Salim Al-Rikabi told Bloomberg.

The boss of Iraq’s state oil-marketing company SOMO, Ali Nizar, said separately in an interview with Iraq 24 television that two ships are currently loading at the country’s southern terminal but that more would need to enter Hormuz for output to keep rising. OPEC’s second-largest producer saw its oil exports plummet after the US-Iran war caused marine traffic through the trait to come to an almost complete halt. Iraq is dependent on the waterway for the bulk its crude exports and has only limited capacity to ship oil through pipelines over land that some of its neighbors used at the height of the crisis. Still, production in the country’s petroleum heartland in the south, where the five fields are located, has already climbed to 1.5 million barrels a day in recent days, a senior executive said this week.

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The Wall Street Journal – June 21, 2026

Serious Chemical Accidents Are Rising in the U.S.—and Getting More Dangerous*

In just the last month, two major chemical incidents rocked communities on the West Coast: A 900,000-gallon tank containing a toxic chemical used to make paper collapsed at a Longview, Wash., plant, killing 11 workers, and a chemical tank belonging to a jet-parts maker in California overheated, forcing the evacuation of more than 40,000 residents from Garden Grove, Calif., a densely populated city near Los Angeles. These incidents are part of an alarming trend: Serious chemical accidents are on the rise in the U.S., according to a Wall Street Journal analysis of data submitted to the U.S. Chemical Safety and Hazard Investigation Board, or CSB.

There were 131 serious chemical accidents in 2025, the data show, up 20% from the year before. Of these, 89 resulted in at least one death or serious injury. All told, chemical accidents killed 48 people in 2025—almost double 2024’s toll—and seriously injured 142. Since 2020, companies have been required to report serious chemical releases—those resulting in deaths, injuries or more than $1 million in estimated damages—to the CSB, a small U.S. agency that investigates the cause of chemical accidents. Companies have reported more than 600 serious chemical incidents in 46 states since then.

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News from the States – June 17, 2026

For trans-Alaska gas pipeline operator, carbon dioxide may be a lucrative sideline

Carbon dioxide, a byproduct of the proposed trans-Alaska natural gas pipeline project, could net the pipeline’s operators more than $285 million per year from the federal government, the Alaska Department of Revenue estimates in a forecast released this month.  “It’s a benefit to the project and to whatever investors there are in the project,” said Dan Stickel, chief economist for the Department of Revenue, on June 2.

The proposed project, known as Alaska LNG, envisions an 807-mile pipeline from the North Slope to Cook Inlet. At the southern end would be an export terminal that would put gas on tankers bound for Asia.  On the North Slope would be a gas treatment plant that takes in gas from production wells, then splits the gas into what’s burnable and what’s not — mostly carbon dioxide. Burnable gas would go down the pipeline and onward to Asia after being liquefied. The carbon dioxide would be injected deep underground.

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Oil Price – June 17, 2026

Egypt Clears $6 Billion in Energy Debt and Opens Door to a New Gas Boom

The announcement from Egypt’s petroleum and mineral resources minister Karim Badawi that the country has paid all its outstanding debts to foreign oil firms is as welcome to international oil companies and their governments as it is to the country itself. Egypt has become one of the West’s prime targets in the hunt for replacement gas supplies after the loss of Russian flows following the 24 February 2022 invasion of Ukraine. Officially, it holds around 93 trillion cubic feet (Tcf) of proven natural gas reserves, but unofficially, it is believed to hold three or four times that at least.

In fact, the U.S. Geological Survey estimates that the Nile Delta Basin Province alone holds up to 286 Tcf of undiscovered, technically recoverable natural gas. Its strategic weight is amplified by its sitting astride so many critical hydrocarbon transit routes, and by its longstanding political influence across the Arab world. So, the payment of the near-US$6.1 billion owed to international firms clears the way for the planned expansion of Western gas and oil developments across the country. However, as with all such global energy reservoirs, China and Russia are looking to do precisely the same thing and overtake the significant on-the-ground advantage established by the West.

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The Trump administration’s decision to issue and later extend Jones Act waivers allowing foreign-flagged vessels to transport oil and other commodities between U.S. ports has sparked debate throughout the U.S. maritime industry. The waiver, initially issued for 60 days and later extended to 150 days, was presented as part of a broader effort to ease fuel price pressures and address energy supply disruptions tied to instability in the Middle East and the effective closure of the Strait of Hormuz.

“President Trump’s decision to issue a 60-day Jones Act waiver is just another step to mitigate the short-term disruptions to the oil market as the U.S. military continues meeting the objectives of Operation Epic Fury,” White House Press Secretary Karoline Leavitt said in a statement. “This action will allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports for sixty days.”

 

Utilities, Electricity & Renewables

 

June 18, 2026

ERCOT’s Answer to Rising Power Demand: Texas Policy Research

What the 90th Texas Legislature Should Watch:

As Batch Zero moves forward, lawmakers should focus on several key questions.

First, does the new process improve transparency and predictability for developers while maintaining grid reliability?

Second, are transmission upgrades being allocated efficiently, and are the costs being assigned to those creating the demand?

Third, are local concerns regarding water use, land use, and infrastructure being addressed through targeted solutions rather than broad statewide restrictions?

Finally, does Texas continue expanding electricity generation and transmission infrastructure quickly enough to meet projected demand?

The implementation timeline will begin producing answers soon. Project classifications are expected in August 2026, electricity allocations in spring 2027, and a final transmission plan in fall 2027.

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Energy Monitor – June 19, 2026

Eos receives first purchase order from FPUSA for Texas BESS project

US battery manufacturing company Eos Energy has received its first purchase order from Frontier Power USA Parent (FPUSA) under a 2GWh capacity reservation agreement. The order will support the Redbird project, a 100MW/400MWh battery energy storage system (BESS) in Texas that will use Eos’ Z3 technology.

The Redbird project, developed by Bimergen Energy and previously by Bridgelink, targets the Electric Reliability Council of Texas (ERCOT) market. It was approved under an earlier joint development agreement with Eos, which supplies long-duration, zinc-based energy storage systems manufactured in the US.

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Journal of Petroleum Technology – June 21, 2026

Repsol Reaches Commercial Operation at 825-MW Solar Facility in Texas

Repsol has achieved commercial operations at its 825-MW Pinnington solar project in Jack County in North Texas. “Pinnington sets a new benchmark for renewable energy delivery in the US, combining unprecedented scale with exceptional pace,” said Federico Toro, CEO of Repsol Renewables North America. “Achieving commercial operations reflects strong execution, a deep safety culture, and the commitment of the teams and partners behind this project.”

Repsol said the project reached commercial operation 2.5 times faster than other comparable megaprojects. Pinnington Solar was engineered and built by Black & Veatch and its Overland Contracting construction subsidiary. The project’s expedited execution put it at the forefront of the generation portfolio of the Electric Reliability Council of Texas and among the largest single-injection renewable projects commissioned in the US.

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Los Angeles Times – June 19, 2026

After nearly two decades, this massive New Mexico wind project is now powering California

The largest wind energy project in U.S. history is now online, delivering power from a massive array in New Mexico to Arizona and California — and signaling a new era for sending clean electricity across the West. Nearly two decades in the making, the estimated $11-billion SunZia project from Pattern Energy is now fully operational, company officials said Thursday. It’s made up of 916 turbines that can produce up to 3.65 gigawatts of electricity, making it potentially more powerful than the Hoover Dam.

It’s also more than three times bigger than either of the next two largest U.S. wind farms, Alta Wind in Kern County and Great Prairie in northern Texas, according to the U.S. Energy Information Administration.

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New Orleans Times-Picayune – June 19, 2026

Entergy wants to charge customers $8 a month to buy a gas plant. Should Meta pay instead?*

Entergy Louisiana’s plans to buy a gas-fired power plant for $1.8 billion are drawing concerns from a consultant for the state’s Public Service Commission, who recently warned in a report that the plant is unreliable and needed mostly because of Meta’s massive north Louisiana data center. If approved, the acquisition would cost Entergy Louisiana’s average residential customer roughly $8 a month, according to documents Entergy filed in the case.

The fate of the plant in southeast Texas will be decided at the state Public Service Commission, which will hear arguments about it over the next few months. The five-member elected body that regulates utilities will ultimately decide, likely in the fall, whether to let Entergy buy the plant and recover the costs from ratepayers. Entergy says the plant, a facility called Cottonwood near the Louisiana border, is needed to meet “urgent demands” for power, regardless of Meta’s data center. If it doesn’t buy the plant, the company says customers will pay more in the long run as Entergy sees energy demand outstrip supply. But an analysis commissioned by the PSC as part of its standard review of the plans found that the primary reason Entergy will need the 1,200 megawatts of power from the plant is because of the massive power needs of Meta’s data center in Richland Parish.

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pv magazine – June 19, 2026

Constraining U.S. wind and solar deployment could trigger $121 billion in unnecessary energy costs

A structural restriction on permitting new solar and wind energy resources will directly penalize U.S. ratepayers and undermine grid function, said a new report. According to a macroeconomic modeling study conducted by NERA Economic Consulting for the Corporate Energy Buyers Association (CEBA), blocking the economic deployment of renewable energy could cost the United States an additional $121.2 billion in cumulative electricity and natural gas costs between 2027 and 2033.

The report outlines how the U.S. electricity system faces massive demand growth from data centers and artificial intelligence expansion. The authors, led by NERA Managing Director Sugandha Tuladhar, PhD, evaluated four distinct market scenarios comparing a system of permitting neutrality against one where wind and solar additions are artificially restricted. The findings show that suppressing clean energy generation locks in higher structural costs by forcing regional networks to build expensive, fossil-fuel-dependent backup systems, such as natural gas “peaker” plants.

 

Regulatory

 

Center Square – June 17, 2026

Fifty years of permitting dysfunction may finally be coming to an end: Ed Longanecker

For decades, the American oil and gas industry has watched viable infrastructure projects collapse under the weight of a federal permitting system that was never designed to deliver timely decisions. Projects with strong economics, willing investors, and genuine public need have spent five, six, or ten years waiting for federal approvals before a shovel touched the ground. That is now changing, through a convergence of executive action, landmark legislation, and agency reform that together constitute the most significant overhaul of energy permitting in a generation.

On January 20, 2025, President Trump signed EO 14156 declaring a National Energy Emergency under the National Emergencies Act and EO 14154 titled “Unleashing American Energy,” directing all agencies to identify and eliminate regulations imposing undue burdens on domestic energy development. U.S. Secretary of Energy Chris Wright followed on February 5, 2025 with a secretarial order directing the Department of Energy to prioritize more efficient permitting for energy infrastructure. The Federal Energy Regulatory Commission (FERC) issued Order No. 908 on June 30, 2025, authorizing reliance on environmental reviews completed by other agencies and eliminating redundant parallel reviews.

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Texas Energy Report NewsClips

Friday June 19, 2026

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 was in choppy trade on Friday after follow-up talks between the U.S. and Iran in Switzerland were called off, underscoring lingering uncertainty over efforts to turn an interim agreement into a lasting peace settlement.

WTI for July gained 2.30% to $78.36 a barrel, reversing earlier losses.

Brent for August was 0.29% lower at $79.62 at 4:30 am CDT.

Switzerland’s foreign ministry said U.S.-Iran talks scheduled to take place at Bürgenstock on Friday would not proceed as planned.

The White House also said that Vice President JD Vance was no longer traveling to Switzerland, citing unresolved logistical issues surrounding the negotiations.

Vance on Thursday said tankers with more than 12 million barrels crossed the strait overnight.

“The Iranians, for the second night in a row, did not shoot at any ships in the Strait of Hormuz,” Vance told reporters. “So far, they are honoring their end of the commitment.”

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Top Stories

Compressor Tech – June 18, 2026

Rising gas-oil ratios drive Permian natural gas production growth

Natural gas production in the Permian Basin is growing significantly faster than crude oil output as rising gas-oil ratios (GOR) increase the volume of associated gas produced from the region’s wells, according to new analysis from the U.S. Energy Information Administration (EIA).

The EIA reported that marketed natural gas production in the Permian increased from 17.2 Bcf/d in 2021 to 27.6 Bcf/d in 2025, a 60% increase. During the same period, crude oil production rose from 4.7 million b/d to 6.6 million b/d, an increase of 39%.

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E&E News By Politico – June 18, 2026

Texas slows electric transmission review process

Also see: Texas PUC Approves ERCOT’s Batch Zero Process for Connecting Large Electricity Users — American Public Power Association

Texas regulators delayed a vote Wednesday on a major power line project that has pitted ranchers and rural landowners against the state’s largest electric utilities. The Public Utility Commission of Texas voted 5-0 to temporarily halt the approval process for the first of five transmission lines now working their way through the administrative hearings review.

The initial project would run from just east of Midland to the Permian Basin in the western part of the state to help deliver more power to oil and gas operations. The push for new Texas transmission lines — including ones that would be part of a larger transmission build-out — could cost ratepayers at least $33 billion and lead to more than 3,400 miles of extra-high-voltage power lines crisscrossing the state, from the northeast corner to West Texas.

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Crypto Briefing – June 18, 2026

FERC Has a New Plan to Speed Data Centers

The Federal Energy Regulatory Commission just did something it has historically avoided: stepping into the business of how large energy consumers connect to the grid. On June 18, FERC issued show cause orders to all six regional grid operators, demanding they either justify their current interconnection tariffs for large energy users or reform them.

The targets are facilities like AI data centers and manufacturing plants that need more than 20 MW of power. For context, 20 MW is enough to power roughly 15,000 homes. A single large AI data center can require hundreds of megawatts.

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Grist – June 18, 2026

A solution to data center backlash? Put them in oil fields.

Most Americans loathe data centers. Recent polling found that Democrats and Republicans alike would oppose having one in their neighborhood, and hundreds of communities across the country have fought against them, citing fears about noise, water contamination, and energy bills. After years spent courting tech companies, many politicians are now vowing to protect their constituents from their development. In just the past month, policymakers in New York, Texas, Pennsylvania, and Utah have proposed limits on the facilities. For the AI startups and others racing to secure more computing power, the question seems to be not which projects will face opposition, but which won’t.

A project unveiled this week in California’s Central Valley suggests a potential answer. California Resources Corporation, the state’s largest oil company, wants to build a 600,000-square-foot data center campus in the Elk Hills oil field about two hours north of Los Angeles. It hopes to avoid the nationwide backlash from communities that have watched the outfits developing these sprawling operations swallow up farmland or install diesel generators near residential neighborhoods.

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Houston Chronicle – June 18, 2026

Greg Abbott is distancing himself from data centers. Is it just a show for his reelection bid?: Chris Tomlinson*

Abbott issued the letter as delegates to the Republican Party of Texas convention finalized anti-data center language for the party platform. Elected Republicans are expected to pass laws that put onerous obligations on data center operators to supply their own power and water while submitting to local control. In 2025, Abbott wanted Texas to become the epicenter of artificial intelligence development and celebrated Google’s $40 billion investment in the state. “We must ensure that America remains at the forefront of the AI revolution, and Texas is the place where that can happen,” he said.

 

The Latest TERse Tips

U.S.-Iran accord hits early snag after Swiss talks fail to proceed as planned — CNBC

More than 12.5M barrels of oil passed through Strait of Hormuz after deal signed: Vance — KEYE

The Bureau of Land Management today announced an oil and gas lease sale scheduled for August 19, 2026, to offer 26 oil and gas parcels totaling 20,334 acres in New Mexico, Oklahoma and Texas — the BLM completed scoping on these parcels in March 2026 and held a public comment period that closed in May 2026 on the parcels and the related environmental analysis — a 30-day public protest period to receive additional public input opened today and will close July 20, 2026 — see the press release

El Paso Electric seeks approval for new charge that would raise customer bills — Daily Energy Insider

A roundtable discussion Thursday involving  El Paso city officials, Meta Platforms Inc. and critics of the company’s incoming Northeast data center highlighted one thing: the data center’s impacts are too myriad and complicated to hash out in 60 minutes — El Paso Matters

Cuba’s powerful Communist Party on Thursday approved an emergency economic package featuring unprecedented free-market measures aimed at opening up the struggling island’s economy as pressure from the U.S. and the European Union heightens — KXAN

“Cummins has announced an agreement with Circe Energy to provide a series of natural gas generator sets to support a scalable, behind-the-meter, prime power microgrid solution for Circe’s High-Performance Computing (HPC) data center located in Texas” — Philadelphia Gear

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Oil & Gas Texas

 

Investing – June 18, 2026

Energy Transfer expands Nederland NGL export terminal capacity*

DALLAS – Energy Transfer LP (NYSE:ET) announced an expansion of its Nederland NGL Export Terminal to increase ethane export capacity by 240,000 barrels per day and add 55,000 bpd of liquefied petroleum gas capacity, according to a press release statement issued today. The company said all of the ethane export capacity has been committed under long-term agreements extending into the 2040s. The expansion will include increased pipeline capacity on the Mont Belvieu to Nederland route and construction of two additional ship docks. Energy Transfer stated its previously announced expansion of refrigerated propane and butane storage tanks to 1.2 million barrels and 0.8 million barrels respectively is expected to be available in the first half of 2027.

The expansion project is scheduled to begin service in stages starting in 2028. Following completion of the additional docks in mid-2029, refrigerated NGL export capacity at Nederland will exceed 1.25 million bpd, the company said.The infrastructure expansion comes as Energy Transfer, with a market capitalization of $64.5 billion, continues to strengthen its position as a prominent player in the oil and gas industry. The company currently trades below its InvestingPro Fair Value, placing it among undervalued energy infrastructure stocks. For deeper insights into ET’s valuation and growth prospects, investors can access the comprehensive Pro Research Report available exclusively on InvestingPro.

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Center Square – June 18, 2026

Second produced water treatment pilot facility online in Permian Basin

The second produced water treatment pilot facility (JIP 2) is online in the Permian Basin in west Texas.  It was launched by Western Midstream Partners (WES) and Joint Industry Project (JIP) collaborators Chevron, ConocoPhillips, Devon Energy Corporation and Exxon Mobil Corporation.  Located near the Red Bluff Reservoir in Reeves County, the JIP 2 facility is operating in one of top oil and gas producing counties in Texas and the U.S. Its water output is expected to contribute to long-term water security in West Texas, an area that struggles with drought and limited water resources.

The facility is designed to receive 2,000 barrels a day of produced water and in turn, produce approximately 1,000 barrels a day of reclaimed freshwater. That’s roughly 10 times the amount produced by JIP 1, which was the first small-scale pilot facility that went online in West Texas. WES and JIP partners Chevron, Conoco, Coterra and Exxon launched it in 2023.

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KHOU – June 18, 2026

Port of Galveston plans $40 million Pelican Island project to support shipbuilding investments

Galveston Wharves Port Director and CEO Rodger Rees said in a June 16 news release that the port owns 357 acres of waterfront acreage on Pelican Island, including 100 acres adjacent to the Gulf Copper site. The port is planning a $40 million project on that 100-acre greenfield site.

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Bloomberg – June 18, 2026

How an Oil Outsider Became Shale’s Staunchest Defender*

Kaes Van’t Hof, the top boss of US shale producer Diamondback Energy Inc., isn’t one to mince words on social media. When Joe Rogan accused energy companies of war-driven profiteering last month, Van’t Hof urged the podcaster to give oil workers “a chance to explain” the reason for high gasoline prices. He’d previously warned Senator Bernie Sanders to “stop lying to the American people” about price gouging at the pump. And he told President Donald Trump’s administration last year it “better have a plan” to shield the industry from tariff-related upheaval.

That candor has made Van’t Hof, 39, the de facto spokesman for US shale. It’s perhaps a surprising position for someone who, as a young analyst asked to model Diamondback’s predecessor company ahead of its initial public offering nearly 15 years ago, didn’t even know the price of crude. One year into his new role as chief executive officer for one of the biggest US oil explorers, Van’t Hof represents an industry at a critical juncture. Diamondback was among the first major producers to say it would add drilling rigs as the Middle East conflict squeezes global crude supply.

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Houston Chronicle – June 18, 2026

Who is Josh Cohen? What to know about the recently arrested oil executive.*

Investigators in West Texas accused Cohen of contracting for services such as oilfield remediation, trucking and equipment rentals “without the intent or ability to pay for them,” pushing some firms to “near financial collapse,” law enforcement documents show. The criminal case in Reeves County involves more than $1.2 million in stolen services. Separately, at least a dozen lawsuits in Texas and Florida filed over the past two years allege nearly $2 million in unpaid debts, settlement agreements that unraveled, and broken payment promises from Cohen and companies he led.  Last week, one oilfield services provider filed eight related suits in eight separate counties, claiming it was the victim of a “long running multifaceted scheme” by Texas United Oil Corp. The claims against Texas United Oil, which is owned by Cohen, include stock fraud and nearly $400,000 in unpaid services, according to the lawsuit.

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New Orleans Times-Picayune – June 14, 2026

Louisiana just made it illegal to sue oil companies over climate change. So have other states.*

Louisiana has joined a handful of Republican states that have recently passed legislation aimed at banning lawsuits against oil and gas companies over the harms of climate change. The Louisiana Energy Protection Act, written by state Rep. Brett Geymann, R-Lake Charles, is aimed at preventing lawsuits filed by states and local jurisdictions in other parts of the U.S. from playing out in Louisiana. Across the country, about 30 lawsuits seeking to hold industry to account for the impacts of climate change have been weaving their way through the legal system, but none have been brought in Louisiana.

The lawsuits seek to hold oil and gas companies accountable for the impacts of sea level rise, extreme weather events, wildfires and flooding, arguing that the companies should pay for measures needed to adapt, such as seawalls and building elevations. Louisiana has now banned those types of claims from being brought in state court against oil and gas producers or any other defendant. Geymann, who chairs the House Natural Resources and Environment Committee, said he was skeptical that human activity is causing climate change, and didn’t think the lawsuits were “legitimate.” There is overwhelming consensus among scientists that greenhouse gas emissions from burning fossil fuels heat the planet.

 

Oil & Gas National & International

 

NPR – June 18, 2026

Here’s how much the Iran war cost — and how its effects will linger

The most visible piece of that cost is higher energy prices, resulting from the near shutdown of the Strait of Hormuz. Gasoline prices, which averaged just under $3 a gallon when the war began, soared as high as $4.56 a gallon after that vital artery for crude oil was cut off, according to AAA. U.S. motorists use between 360 million to 380 million gallons of gasoline every day, according to the Energy Information Administration, the statistical arm of the Energy Department. So at the peak, Americans were paying more than half a billion dollars a day in higher prices at the pump. While gas prices have cooled in recent weeks, the wartime surcharge is still adding more than $360 million a day in higher gasoline costs.

Similarly, diesel fuel prices jumped from $3.76 a gallon on the eve of the war to a peak of $5.69 in early April, according to AAA. That raises transportation costs for everything that travels by truck or train. The price of airline tickets has also jumped nearly 27% in the last year, largely as a result of higher jet fuel prices.

(Not everyone is a loser when energy prices soar. Oil companies have profited from the higher prices.)

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NBC News – June 18, 2026

Moscow refinery ablaze as Ukraine launches biggest attack on Russian capital in years

The Russian capital was shrouded in thick black smoke Thursday after Ukraine launched what appeared to be its largest attack on Moscow since the Kremlin invaded its neighbor more than four years ago. Waves of Ukrainian drones hit a major oil refinery in the city for the second time this week, sending smoke and flames rising over the city through the morning. Local commercial flights were also disrupted.

Kyiv cast the attack as revenge for strikes on a historic monastery that had drawn global condemnation. It comes as President Donald Trump signals renewed engagement with the conflict, boosting Europe’s hopes that he may back tougher action against Russia to try to force it to the negotiating table. A video geolocated by NBC News showed a drone flying into a plume of smoke over the Kapotnya refinery, which is in the southeast of Moscow and just 10 miles away from the Kremlin.

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Bloomberg – June 18, 2026

China has a powerful new oil price weapon — World’s Swing Importer: Javier Blas*

Related: “The biggest state-owned refiners in China and India have failed to procure supertankers to load crude from the Persian Gulf later in June as tanker rates are too high and guarantees on safe passage through the Strait of Hormuz lacking,” as Oil Price puts it — “There are tankers available, but the problem is it’s too expensive and there is ​no guarantee you can exit the strait,” a PetroChina official told Reuters

SAUDI Arabia is known as the “swing exporter” in the oil market, because it can either pump out more or less of the black stuff in response to shocks. Historically, the kingdom hasn’t had a match on the demand side. Barring a major economic crisis, consuming nations have always kept their purchases steady. Not anymore. After the Iran war, China has emerged as the world’s first oil “swing importer”.

The ramifications of China becoming a stabilising force for commodity prices go way beyond the latest Middle East conflict. This potentially reshapes the energy market – and Asian geopolitics. If the 1973 supply shock minted the term “Arab oil weapon”, the 2026 US-Israeli war on Iran now gives us the “Chinese oil weapon”. Or maybe “shield” is a better word, seeing how it might be wielded by Beijing in future stand-offs with the US. To give you a sense of the magnitude of the swing, Chinese official customs data showed that the country’s total oil imports, including via pipeline and railway, fell in May to an eight-year low of 7.8 million barrels a day.

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S&P Global Platts – June 18, 2026

Middle East oil shocks renew global interest in biofuels

The Middle East conflict has pushed crude oil prices higher and caused fuel shortages in most major economies. As a result, governments around the world are ratcheting up biofuel blend levels to reduce reliance on uncertain oil imports, while biofuel producers now find margins more attractive, spurring output across key markets.

These twin forces of improved economics and regulatory support are reshaping demand and pushing up the prices of agricultural feedstocks used to make biofuels.

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Financial Times – June 14, 2026

Investment firms join Donald Trump’s $100bn race for Venezuelan oil*

US investment groups are racing to capitalise on Donald Trump’s ousting of communist leader Nicolás Maduro in January, setting up funds and targeting underutilised oilfields in the Latin American nation.       Lionheart Capital, a Miami-based investment fund founded by Ophir Sternberg, is among the early movers. It has signed a letter of intent aimed at merging its publicly listed affiliate Lionheart Holdings with Keo Energy, a group with oil assets in the Maracaibo Basin in northwestern Venezuela. A source with knowledge of the proposed transaction said the merger would create the first Nasdaq-listed company that would provide US and institutional investors direct access to high-quality Venezuelan oil assets.

Lionheart plans to list the oil company at about a $1bn valuation through a merger with its Lionheart Holdings blank-cheque vehicle, which raised $230mn in a 2024 public offering. A source said that while Lionheart had opened preliminary talks with Keo Energy, no deal had been finalised and talks could still fall apart. Lionheart Holdings is planning a shareholder vote next week to allow it more time to find an acquisition candidate; otherwise, it might be forced to wind down and return cash to investors.

Keo Energy, a subsidiary of Sweden’s Maha Capital, owns a 40 per cent stake in Venezuelan oil company PetroUrdaneta, which controls onshore oilfields that in the 1950s produced hundreds of thousands of barrels of oil per day. Decades of low investment have caused production to fall to under 2,000 barrels of oil per day at the assets, which are 60 per cent owned by Venezuela’s state oil company PDVSA. PetroUrdaneta’s production could rise to 54,000 barrels of oil equivalent per day by 2029 with new investment, according to a presentation to investors seen by the FT.

 

Utilities, Electricity & Renewables

 

Spectrum News – June 18, 2026

Energy expert says Texas power grid will hold up despite extreme heat

Before the sun even rose Thursday, parts of the state already saw temperatures near 80 degrees. As many Texans prepare for a stretch of heat, energy experts say the grid is equipped for summer demand.  Energy fellow at the University of Houston, Ed Hirs, explained that the massive surge in wind and solar resources has significantly helped with grid reliability.

“The growth has been so tremendous that solar overtook coal-fired power three years ago in terms of providing electricity to the grid,” Hirs said. The result has allowed the grid to keep up with peak air conditioning demand, barring any major storms. He says the primary concern for the grid is still in the winter, as freezing storms can knock out multiple generation sources at night when solar is already offline.

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Austin American-Statesman – June 18, 2026

Texas city votes to ban new data center development after months of debate*

Months after rejecting a proposed $1.5 billion data center, San Marcos officials have narrowly approved a ban on all future data center developments. Citing concerns about such projects’ impacts on neighborhoods, quality of life, city infrastructure and long-term community planning, the City Council approved the move on a 4-3 vote. It wasn’t the city’s first move to rein in construction of the centers that are increasingly flocking to the Austin-San Antonio area and other parts of the state.

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Yahoo! News – June 18, 2026

PUC tactics designed to dissuade comment, reflect lack of accountability, say observers

A new policy employed Tuesday by the Public Utilities Commission to keep the public waiting outdoors during consumer sessions is intended to thwart public comment on contentious utility issues, say the commission’s critics. A line estimated at more than 100 snaked around the PUC building in southwest Las Vegas Tuesday as the afternoon temperature reached more than 105 degrees. An ambulance responded when a member of the public suffered a heat illness.

As speakers left the meeting room, security guards allowed several people in line to take their place inside, according to an attendee who reached out to the Current during the meeting. “This is the first time in the 16 years I’ve been going to consumer sessions that they did this,” said Angel DeFazio, a regular attendee, who says having people “stand outside and run the risk of having heat stroke or heat exhaustion” was intended to dissuade public participation.

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Houston Chronicle – June 18, 2026

Bitcoin mining plan at empty East Texas auto shop sparks neighborhood fight

The site of a former auto repair shop in the East Texas town of Tyler could soon become a 12-megawatt data center—and not everyone is on board. Vulcan Core LLC has plans to develop a data center at 1101 and 1105 W. Erwin St. in Tyler—roughly a half-mile out of downtown. The site would become a Bitcoin mining data facility, or an industrial-scale server warehouse that helps validate and secure transactions on the Bitcoin network.

Barrio Energy, a Houston-based data center company, is expected to be the official lessee after construction, according to KLTV. Dozens of residents packed a community meeting Monday to question project developers and business partners about the proposed bitcoin mining facility.

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San Antonio Report – June 18, 2026

San Antonio, local utilities offer $185.2M incentive deal for Toyota expansion

The City of San Antonio and its local utilities are putting forward a $185.2 million offer to help lure Toyota’s next big assembly line to San Antonio. On Thursday, council members voted 11-0 to offer the Japanese car manufacturer a combination of tax incentives, grants, infrastructure funding and fee waivers to bring another vehicle assembly line to the South Side. The city-approved incentives total $147.8 million. The San Antonio Water System and CPS Energy would add $42.5 million in infrastructure support and savings on natural gas usage.

“We’re hopeful if San Antonio is selected, it will be another once-in-a-generation investment,” said Toyota Texas President Frank Voss, who attended the meeting. It’s not a done deal. Toyota has said it’s considering other sites in the U.S. for its proposed $2 billion facility and the 2,000 jobs that accompany it, but if the company selects San Antonio, it would move quickly.

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Reuters – June 16, 2026

Insight: Fast-tracked power plants fuel AI boom, with little public scrutiny: Valerie Volcovici*

From the front window of her house, Breanne Kidd once watched the sun rise over farmland as she sipped coffee before toddlers arrived at her home daycare. Over the past year, that view has been replaced by cranes, steel and dust as work crews build Meta’s 800-acre Bowling Green data center. More alarming was the ​appearance of something Kidd hadn’t been told about: construction of a large natural gas power plant meant to serve the project.

“It’s not like we’re two streets away. We’re literally across the street,” Kidd said, pointing toward the Apollo Generating Station site, located in Wood County, about ‌25 miles (40.2 km) south of Toledo. “I’m living next to a threat.” The plant is one of dozens of large, off-grid power projects being approved rapidly and often under a cover of secrecy across the United States to supply the tech industry’s booming demand for powering data centers, according to a Reuters review of regulatory filings and interviews with public officials, residents, researchers and company executives.

 

Regulatory

 

June 18, 2026

New law speeds up rooftop solar, but Dallas is slowing it down: Environment Texas

The moment Plano homeowner John Skoro decided to go solar was when he realized the math was undeniable. “After seeing friends successfully transition to solar and significantly reduce their electricity bills, we took a closer look at our own situation,” he said. “With natural gas prices increasing and summer electricity bills reaching $800–$1,000 … the economics became hard to ignore.”

But like many Texans, Skoro ran into a frustrating barrier: municipal permitting delays. Weeks stretched into months as paperwork crawled through the system. Then something changed. After the Texas Legislature passed a bill last year allowing licensed third-party professionals to review and approve permits, Skoro switched to the installer Good Faith Energy, which uses third-party permitting. He saw his project move forward in a matter of days.

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The Guardian (UK) – June 16, 2026

Trump’s Justice Department Backs Elon Musk in Data Center Lawsuit

The Trump administration is coming to the defense of Elon Musk in a lawsuit over claims that his artificial intelligence company, xAI, is polluting residential neighborhoods in north Mississippi. The justice department told a federal court late on Monday to throw out the case. The lawsuit was filed by the NAACP in April over allegations that xAI and its subsidiary MZX Tech set up dozens of methane-gas turbines to power its datacenter in Southaven, Mississippi, without air permits. The suit claims these turbines emit toxic pollutants in violation of the Clean Air Act, and is asking a judge to block xAI from operating the machines.

The Department of Justice says this datacenter is being used to train and develop AI models that are “critical to the economy and the Department of War” and the turbines are necessary to power the facility. In a 33-page memo filed in Mississippi federal court, the government also claims that under the Clean Air Act, it can terminate such “citizen lawsuits”.

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Texas Energy Report NewsClips

Thursday June 18, 2026

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 declined Thursday after President Donald Trump reportedly signed ​a deal ​with his Iranian counterpart Masoud Pezeshkian to end the ​war in the Middle East, while the International Energy Agency flagged a supply glut next year.

U.S. West Texas Intermediate futures for July fell 1.26% to $75.82 per barrel.

International benchmark Brent Crude futures for August dropped 1.13% to $78.65 a barrel.

Clouding the situation, Trump also told reporters that he could resume attacks on Iran if Tehran failed to honor its commitments, according to Reuters.

“We’re going to bomb the hell out of them if they violate the agreement,” Trump reportedly said at a press conference. “I don’t want them to. I want them to honor the agreement.”

The IEA expects a lasting resolution to the conflict will result in significantly higher supply volumes and spark a major oil overhang next year.

 

Top Stories

 

Texas Tribune – June 17, 2026

As data centers seek to tap Texas’ energy, grid regulators are close to approving a new way of vetting requests

If you look at recent forecasts for future demand on Texas’s energy grid, the state must find a way to more than quadruple its energy production in the next six years or risk high energy prices and blackouts. However, the Electric Reliability Council of Texas, the energy grid operator that produces the forecasts, says they are wrong thanks to a massive influx of data centers prematurely requesting connection to the grid.

“Our existing process really was not designed for the volume of large load interconnection requests that we have been experiencing,” Jeff Billo, ERCOT’s vice president of interconnection and grid analysis, said at the organization’s June 2 board meeting. Interconnection requests from “large loads” like data centers, cryptocurrency mines and industrial facilities that use significant amounts of energy have forced ERCOT to revise its planning and approval process to keep pace with a changing world and economy. ERCOT now wants to evaluate data centers in batches, voting June 2 to proceed with its first combined study, or batch, of such facilities, known as “Batch Zero.”

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Jerusalem Post – June 16, 2026

Syrian Petroleum Company signs new gas deal with US energy companies ConocoPhillips and Novaterra

Syria has signed a new deal with US energy companies ConocoPhillips and Novaterra. This is an important development and comes amidst many discussions about the future of energy and trade in the region. Syria is an emerging friend of the US under its new leadership of transitional President Ahmed al-Shara’a. It is also a close partner of Turkey. The new deal was signed with the Syrian Petroleum Company (SPC).

Syria’s State media SANA noted on June 16 that Syria “signed an agreement on Tuesday with US energy companies ConocoPhillips and Novaterra to develop several gas fields and increase production from existing sites, as part of efforts to strengthen the country’s energy sector and expand natural gas supplies for electricity generation and other key industries.”

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June 17, 2026

Tokyo’s Marubeni Acquires All Membership Interests in EagleRidge Energy: Press Release

After a lull in Japanese firms’ shale-focused acquisitions, Tokyo-based Marubeni Corp. has purchased Barnett Shale producer EagleRidge Energy II LLC, a natural gas development and production company with interests in the Barnett Shale in Texas, United States, thereby acquiring the company as a wholly owned subsidiary. EagleRidge is Marubeni’s partner and operator for its natural gas interests in the United States.

Following the Transaction, Marubeni will have a production capacity in the Barnett Shale of approximately 170 MMcfe* per day (natural gas and natural gas liquids combined), equivalent to approximately 1.3 million tons of LNG annually, or the capacity of about 19 LNG carriers. Going forward, Marubeni will leverage EagleRidge’s operational expertise to strengthen its gas production

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Politico – June 16, 2026

Falling gas prices: Too little, too late for the GOP?

The U.S.-Iran deal to reopen the Strait of Hormuz may be too late to help Republicans in the midterms. At least, that’s the concern of some in the party, who say the rising cost-of-living has already soured voters on the economy, write Megan Messerly and Scott Waldman. “Economically, I don’t think there’s time. I think it’s too late, essentially, to really change a voter’s mood,” said one Republican close to the White House, granted anonymity to speak candidly.

Gasoline prices have fallen in recent weeks in anticipation of a deal to end the war. Today, according to AAA, the national average stands at about $4.04 a gallon, down from $4.52 a month ago. That’s still more than $1 higher than prices were before the war, and it’s unclear how much of an impact this week’s memorandum of understanding between President Donald Trump and Iranian leaders will have on prices at the pump. The terms of the ceasefire remain secret. And while a senior U.S. official told reporters that the Strait of Hormuz would be “open toll-free for 60 days,” ships remain wary of mines and further attacks.

 

The Latest TERse Tips

Crude oil stockpiles across the country continued to plunge this week as the Trump administration tapped America’s backup supply of energy products to help keep gas prices down while the Strait of Hormuz remains effectively shut to vessel traffic — NBC News

The US allowed its waiver of Russian oil sanctions to expire on June 17 after US President Donald Trump suggested the US agreement with Iran to end the war and open the Strait of Hormuz would allow for more pressure on Moscow — S&P Global Platts

Chinese independent refineries, the main buyers of sanctioned Iranian crude, are in no hurry to secure more cargoes, even though a possible US waiver on Iranian oil is expected following the signing of a memorandum of understanding — S&P Global Platts

NPR Cut Its Climate Desk. These 33 Local Climate Reporters Are Still at It — Legal Planet

 

Oil & Gas Texas

 

Fox News – June 17, 2026

Unearthed video shows leftist Senate hopeful celebrating anti-fossil fuel group’s arrival in Texas

Senate candidate James Talarico lavished praise on a left-wing activism group that worked to eliminate Texas’ oil and gas industry, in an unearthed video obtained by Fox News Digital.  Talarico participated in a June 2024 organizing call celebrating the expansion of Third Act, a climate advocacy and protest group for individuals over 60, into the Lone Star State. At the time, the organization was ramping up efforts to isolate the fossil-fuel industry by pressuring major banks to cut financial ties with the sector and targeting the buildout of liquefied natural gas (LNG) export terminals on the Texas Gulf Coast.

“This is the frontline in the fight to save democracy and save our planet, and so your arrival couldn’t come at a better time,” Talarico, who was serving in his third term as a state representative, told the group in pre-recorded remarks. “I look forward to working alongside all of you in this important work, and I just want to thank you for coming to Texas.”

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Law 360 – June 17, 2026

Chevron’s Climate Suit Comparison Meets Skeptical Judge*

A Washington state judge pushed back Tuesday after Chevron and other oil giants urged dismissal of a family’s lawsuit over a 2021 heatwave death. 

King County Superior Court Judge Matthew Lapin is allowing a wrongful-death lawsuit against major fossil fuel companies to proceed, distinguishing it from other dismissed climate torts because it focuses on a specific, climate-fueled fatality during the 2021 Pacific Northwest heat dome. The family of Juliana Leon—who tragically died of hyperthermia during the 2021 heatwave—alleges that oil and gas giants, including Chevron and ExxonMobil, knew their products altered the climate but deliberately failed to warn the public

While Chevron and other defendants argued the case should be tossed out like previous municipal climate lawsuits, Judge Lapin highlighted that this case centers on an individual death stemming from a “very specific weather event” rather than broad, generalized damages. The lawsuit, filed in Washington state court, seeks unspecified monetary damages and a public education campaign to rectify the industry’s alleged “decades of misinformation” regarding fossil fuel risks

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The Street – June 17, 2026

Chevron CEO says it’s not just about oil prices

For most of the past four months, the story around Chevron (CVX) has been told through oil prices, Hormuz disruption data, and supply shock warnings. CEO Mike Wirth has been a fixture of that coverage, warning about inventory drawdowns and the inadequacy of the futures market’s pricing. The conversation this week shifted to a different question: What is Chevron actually worth when you stop looking at oil headlines and start looking at the balance sheet?

The answer, based on Wirth’s own Q1 2026 earnings commentary and the company’s financial disclosures, makes a specific case that is getting harder to ignore now that the Iran deal has shifted the near-term energy backdrop. Chevron currently trades at approximately 11 times forward earnings with a 3.42% dividend yield, backed by 39 consecutive years of uninterrupted dividend increases and $16.6 billion in free cash flow generated in fiscal 2025, CNBC reported.

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American Oil & Gas Reporter – June 17, 2026

Permian Operators Find Attractive ROIs With Diverse Playbooks

With the world waiting to see if there could be a break in the gridlocked Middle East, one American constant is providing relief for nations striving to keep the engines humming and the lights on: the Permian Basin. U.S. crude exports averaged an unprecedented 5 million barrels of oil a day for the first four weeks of May, with the Port of Corpus Christi and Port Houston busy loading foreign tankers diverted from the Middle East for the security of U.S. docks.

Global demand for U.S. crude to power international transportation and industry is higher than ever as domestic producers pump out 13.7 million bbl/d. The Permian contributes more than half of that, with an output around 7 million bbl/d, according to the U.S. Energy Information Administration. Producers showed strong interest in the basin during a federal lease sale on May 20, quadrupling the previous record for lease sale revenue generation by submitting more than $4 billion in winning bids. They also set a record for the highest per-acre bid, pushing it to a whopping $357,129. The industry’s eagerness for acreage in West Texas and Southeast New Mexico is a testament to operators’ confidence they can continue to achieve attractive returns there.

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Trading View – June 17, 2026

Plains All American Pipeline Secures $2.7 Billion Revolver, Extendable to $4 Billion, Maturing 2031

Plains All American Pipeline entered a new senior unsecured revolving credit facility totaling $2.7 billion, extendable to $4.0 billion, maturing June 12, 2031. The deal includes up to $800 million for letters of credit, $225 million for swing line loans, and up to a $1.0 billion U.S. dollar equivalent borrowing capacity for Canadian subsidiaries.

In connection with the closing, the company terminated and fully repaid its 2021 revolving credit agreement and its 2021 Hedged Inventory Facility. The refinancing is intended to strengthen liquidity and financial flexibility.

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KCTA – June 13, 2026

Politics in Richmond, Calif., have revolved around one company for decades: Chevron. The oil giant operates a massive refinery in the city, creating jobs and contributing millions of dollars in tax revenue that helps fund local government. Despite its outsized economic role, Chevron has remained the primary political target of Richmond’s democratic socialist leaders, particularly the influential Richmond Progressive Alliance (RPA).

The relationship between Richmond and Chevron has evolved from one of corporate dominance and influence to one of persistent conflict as the city’s leadership moves further to the left. “I think it’s pretty much a fact that for 100 years Chevron pretty much controlled the city of Richmond,” former Richmond Mayor Tom Butt told Fox News Digital.

 

Oil & Gas National & International

 

S&P Global Platts – June 17, 2026

Scorpio expects tanker rates to surpass prewar levels on restocking demand

Oil tanker owner Scorpio Tankers sees limited upside from potential US Jones Act waivers, but expects refinery closures and supply chain dislocations to support rates above pre-conflict levels as markets prepare for a re-opening of the Strait of Hormuz. Jones Act waivers, which would allow foreign-flag vessels to transport petroleum products between US ports, represent only a modest opportunity for Scorpio’s fleet unless severe domestic fuel shortages emerge, executives said on the sidelines of the Marine Money Conference on June 17.

Refinery shutdowns, which have pushed production further from consumption centers and have increased long-haul seaborne trade, remain the bigger structural driver. “There’s good opportunity there, we would transact if an opportunity came up but there’s not a lot of volume,” Chris Avello, Scorpio’s CFO, said of Jones Act waiver prospects.

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New Yorker – June 17, 2026

The Hole in Donald Trump’s Venezuelan Oil Strategy

Venezuela’s oil industry has been under state control for decades. By welcoming foreign investment, Rodríguez was trying to distance herself from her predecessor’s failures. The country had spiraled under Maduro’s leadership: the economy shrank by three-fourths, inflation skyrocketed, and about twenty-five per cent of the population fled Venezuela. “If Rodríguez wants to save the Bolivarian revolution, she has to use this—whatever time frame Rubio and Trump are going to give her—to deliver the goods economically in Venezuela to win back the population,” a former U.S. senior official told me.

During her time as the country’s Vice-President, Rodríguez came to oversee the state-run oil company, P.D.V.S.A. Under Maduro, corruption inside the organization was rampant: shell companies linked to the President stole billions of dollars’ worth of exports, and large sums of money vanished from P.D.V.S.A.’s coffers. When Maduro took office, in 2013, Venezuela was producing more than two million barrels of oil per day. But, under his tenure, production tanked: by 2020, Venezuela’s production levels had dipped below four hundred thousand barrels.

Rodríguez didn’t root out the organization’s dysfunctions, but, in her dealings with Americans, she succeeded in casting herself as a more reliable interlocutor than those who came before her. Chevron, which has been operating in Venezuela for decades, worked directly with Rodríguez as it increased its production in the country during the Biden Administration. “When P.D.V.S.A. elements tried to run their skimming operations, Chevron would go to Delcy, and she would shut that shit down,” the U.S. official said. “There’s a lot of belief among people in the oil sector that they can do deals with Delcy Rodríguez, and she will deliver on what she says.”

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The Wall Street Journal – June 17, 2026

Five Things the Hormuz Crisis Taught Us About the Global Economy*

The global oil market is adaptable — Fears that the Hormuz crisis would propel oil to $150 or even $200 a barrel haven’t been realized. Middle Eastern energy producers found ways around the closure of the strait faster than many energy experts predicted, while other producers—including the U.S.—stepped up production and exports to plug some of the gap. Exports from Saudi Arabia’s Red Sea port of Yanbu have jumped to around four million barrels a day from less than one million before the war, according to commodities and shipping data provider Kpler. The United Arab Emirates has also turned to pipeline exports, sending crude from Abu Dhabi to the port of Fujairah on the Gulf of Oman.

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The Wall Street Journal – June 17, 2026

Deal Gives Iran Chance to Turbocharge Its Oil Revenue*

The U.S.-Iran peace agreement includes a huge boost to Tehran’s oil industry, potentially restoring the regime’s economic lifeblood while generating more than $60 billion a year of revenue. The memorandum of understanding allows Iran to sell oil and fuel. Already this week, several oil-laden Iranian tankers have steamed out of port and across the U.S. naval blockade line, an early indication of the rush of anticipated exports. The U.S. pledge to allow Iran to sell oil, which an administration official said could be rolled back if talks aren’t productive, begins to dismantle the core of the sanctions constructed against Iran more than a decade ago to isolate the regime and snuff out its nuclear ambitions.

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Oil Price – June 17, 2026

How the Oil Sands Became the Lowest-Cost North American Producer

After the oil price crash of 2014-15, global energy majors like BP (NYSE:BP), Chevron (NYSE:CVX), and TotalEnergies (NYSE:TTE) sold their interests in the Canadian oil sands, at the time classifying their Canadian operations as among the most expensive and least profitable. Thus, the majors redirected capital to cheaper oil production, favoring US shale for its quicker drilling time and returns. They may end up regretting that decision.

According to a recent report, via the Canadian Energy Centre, the oil sands have become one of North America’s most attractive oil plays as costs rise in competing basins like the Permian in Texas. “Operators have become more efficient and have tremendously low sustaining break-even costs, arguably the lowest in North America,” said Trevor Rix, a director of Enverus Research Intelligence which published the report.

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Upstream – June 16, 2026

Shell signs deal with Venezuela for 7 Tcf natural gas development

The Venezuelan government has signed five contracts with Shell that will give the European supermajor rights to operate the giant Loran natural gas field. The agreements formalise Shell’s participation in Loran, a cross-border reservoir shared with Trinidad & Tobago that is estimated to hold 7 trillion cubic feet of natural gas, while also covering oilfield expansion and efforts to reduce gas flaring.

“For the first time, the Hydrocarbons Law, which was recently reformulated and amended, is allowing us these forms of negotiations and flexible business agreements where we will also boost production, and where we can make better use of resources for the people of Venezuela,” said Venezuela’s interim president Delcy Rodriguez.

 

Utilities, Electricity & Renewables

 

KERA NPR – June 17, 2026

Glen Rose residents pack meeting over data centers, future of Dinosaur Valley

Glen Rose residents packed the Expo Center Tuesday night for a community meeting focused on proposed data center developments near Dinosaur Valley State Park and growing concerns about the future of the Paluxy River Basin. At the forefront of the discussion was a proposed 450-acre data center bordering the northern part of Dinosaur Valley State Park. The project is spearheaded by Black Mountain, a Fort Worth-based developer.

Baylor University environmental researcher Thad Scott recounted some of the memories he’s shared at the state park. The Paluxy River and Dinosaur Valley hold both scientific and personal significance for many Texans, Scott said. “About two weeks ago I brought my daughter over to look at the park,” Scott said. “You don’t really make a living studying rivers and not feel obligated to advocate for them.”

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Houston Chronicle – June 17, 2026

Trump is using taxpayer dollars to bail out coal and bet against Texas: Michael Webber, UT Austin*

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NPR – June 14, 2026

Worries over water as a giant data center moves into the New Mexico desert

One of the largest data centers in the country is rising from the parched scrub desert of southern New Mexico. Most county officials are agog at the jobs and investment this high tech mega-project has promised to bring. But many locals are asking: can chile and pecan farming co-exist with Project Jupiter? The scale of the project befuddles the brain.

At 1,400 acres, it could swallow New York’s Central Park. With two-and-a-half gigawatts of electricity, it could power more than half of New Mexico. And $165 billion in investment capital—if developers reach that goal—could pick up the tab for 40 Artemis moon shots. Yes, these clever comparisons were suggested by artificial intelligence—which is powered by data centers like Project Jupiter. But as they might say down in Doña Ana County: you can’t water pecans with data.

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KTSM – June 15, 2026

UTEP study: Dust-prone desert in New Mexico ideal for solar energy

Solar energy developers eyeing parts of Southern New Mexico may not have to worry about dust after all. That’s according to a new study led by University of Texas at El Paso researchers. According to the study, photovoltaic panels in Alamogordo — an area battered by frequent dust storms carrying particles from the gypsum dune field at White Sands — lose only 2 to 3 percent of their power output due to dust accumulation, a rate far lower than that of solar facilities in comparable desert regions across the world.

The findings, published in the journal Atmosphere in April, carry direct implications for the economics of solar energy in the Chihuahuan Desert, the team said. Because dust-related losses at the study site are modest, and because light rainfall proved sufficient to restore panel performance, operators of solar facilities in the area may be able to clean their panels far less frequently than those at sites in the Middle East, Iran, or China — where soiling losses can reach 10 to 80 percent.

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KERA NPR – June 17, 2026

Rural North Texas counties trying to regulate data centers face legal threats

As rural leaders try to slow or regulate the influx of new data centers, some companies are using lawsuits to push developments forward in Texas and across the nation. In Michigan, a town faced legal pressure from a developer after leaders voted to limit data center construction. The town settled, allowing the facility to be built. In Hill County, south of Fort Worth, commissioners rescinded a moratorium on data center construction after a company sued for $100 million dollars, arguing the county didn’t have the legal authority to impose the ban.

“You’re not going to see anybody else trying a moratorium at this point because they’ve seen what happens when you do it,” said Robert Paterson, a professor at the University of Texas at Austin who specializes in land use law. “You basically just get clubbed with a ridiculous amount of money.” Paterson said counties have few options for regulating development because local control is limited. “The whole reason why we’re seeing this boom in Texas is I think, kind of referred to as kind of the yee-haw, you know, regulatory environment,” Paterson said. “Like, anything goes.”

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American Prospect – June 17, 2026

Blackstone’s Utility Gambit in New Mexico Could Slip Away

The walls appear to be closing in on private equity giant Blackstone and TXNM Energy, the utility company serving 800,000 customers in Texas and New Mexico which Blackstone is seeking to acquire for $11.5 billion. Because of an illegal equity investment Blackstone made in TXNM before the deal received approval by regulators, the firm might have to pay a hefty fine—or scuttle the entire thing.

As the Prospect reported in February, the state’s Public Utility Act is unmistakably clear: Stock of a utility or utility holding company may only be acquired “with the prior express authorization” of the New Mexico Public Regulation Commission (PRC). But that is exactly what Blackstone failed to do when it purchased eight million TXNM shares a year ago through a private placement. At no point did Blackstone or TXNM seek regulatory approval ahead of time, contravening the statute governing utility acquisitions in New Mexico.

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Oil Price – June 17, 2026

Whatever Happened to the Promise of Cheaper Electricity?

As readers of Adam Smith know, the market functions to provide consumers with goods and services at the lowest price (within limits set by law). Yet, several years ago, we submitted a piece claiming that restructuring the electricity industry had not produced noticeable consumer benefits, and the irate peer reviewer (we suspect a big shot restructuring maven ) retorted that you can’t prove a negative but added, “Who said that restructuring was supposed to benefit consumers?” On the first point, we simply opined that consumer benefits were not evident. (Maybe the situation would have been worse without restructuring, for all we knew, but evidence for benefits seemed limited). As for the second point, we took it for granted that the consumer was supposed to be the ultimate beneficiary, not market players or consultants. Were we naive?

To check on whether those conclusions still hold, we periodically examine the price of electricity by segmenting it into three parts: “Fuel and renewables”, “Utility” and “Other”. Competitive forces, we reasoned, should reduce those components of the cost structure subject to market forces, and the utilities would continue no more or less productive than before.

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The New York Times – June 16, 2026

Just How Much Are E.V. Drivers Saving With Gas Prices Still High?*

The war in Iran has changed the math around electric cars. Even though the Strait of Hormuz is set to reopen and gas prices are falling, it still costs almost three times as much to fuel a typical gas car as an E.V., at average gas and electricity prices. That’s a much wider gap than there was at the start of the year — a gap that isn’t likely to disappear anytime soon. Driving 100 miles in a typical gas car that gets 25 miles per gallon now costs more than $16 on average.

The war pushed up average U.S. gas prices to a high of $4.50 in May, from below $3 in January. Gas has since fallen back closer to $4 per gallon, but it’s still so expensive that even recharging an E.V. at a pricey fast charger is roughly on par with refueling a 25-m.p.g. gas car. And an E.V. charged at home, on average, significantly beats refueling a 52-m.p.g. Toyota Prius hybrid. Before the war, efficient hybrids were much more competitive with E.V.s per mile.

(These are just the costs of electricity or fuel; this analysis doesn’t include discounted electric rates, lower maintenance or higher insurance costs of E.V. ownership. And, crucially, it doesn’t account for the sticker price of the car, often the biggest hurdle for buyers considering going electric. You can compare the overall costs of ownership with this calculator.)

Global gas prices will drop as the cost of crude oil falls, but that will almost certainly happen slowly. And there’s uncertainty whether the cease-fire will hold, which underscores a long-term trend about the economics of gas and electricity in the United States: Not only does it cost more to fuel a gas car than to charge an electric one, but gas prices are also more volatile.

 

Regulatory

 

Associated Press – June 17, 2026

Trump administration to buy back another energy company’s offshore wind leases for 4 more projects

The Trump administration said Wednesday it’s buying back another energy company’s U.S. offshore wind leases for four more wind projects, as it seeks to discourage the expansion of wind energy in favor of fossil fuels. The latest deal brings the total amount spent on these agreements to nearly $2.6 billion.

Chicago-based Invenergy has agreed to end its four offshore wind leases that were very early in development in exchange for reimbursements of lease fees totaling $765 million. The company had already canceled the largest of the four in November, Leading Light Wind off New Jersey’s coast. The others are off the coasts of Maine and California. It will invest that money in natural gas and geothermal ventures that can be built more quickly instead.

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CNN – June 17, 2026

West Coast emergency oil reserve sparks pushback from Senate Democrats

A pair of Senate Democrats is calling for the Trump administration to abandon efforts to build a West Coast emergency oil reserve. In a letter dated Wednesday to Energy Secretary Chris Wright, Sens. Alex Padilla and Patty Murray warn that establishing a West Coast Strategic Petroleum Reserve this fiscal year would flout the law and usurp congressional authority.

“We also request that the Department cease all work to establish any new West Coast Strategic Petroleum Reserve until it has followed the process Congress has laid out,” Padilla and Murray wrote in the letter, which was shared first with CNN. The plan for a West Coast Strategic Petroleum Reserve came this month from Sable Offshore Corp. The proposed reserve would be an extension of the Strategic Petroleum Reserve (SPR), a federal emergency stockpile that has been depleted by back-to-back wars involving Russia and now Iran.

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Texas Energy Report NewsClips

Wednesday June 17, 2026

Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall

 

Good morning! Here are today’s Texas Energy Report NewsClips

Sinking crude prices on news that Iranian fuel may soon hit global markets ​heralded inflation relief and pushed bond yields lower on Wednesday, while stocks and currencies were quieter ahead of ‌Kevin Warsh’s debut meeting as Federal Reserve chair.

WTI was was down to $75.43 as of 3:55 am CDT Wednesday.

Top Stories

 

ProPublica – June 16, 2026

Trump Plans to Protect Methane-Leaking Stripper Wells. This Billionaire Donor Will Benefit.

It was before dawn on a Friday in January when a Gulfstream G600 with the burnt-orange Texas Longhorns logo on its tail landed at Dulles airport outside Washington, D.C. Its owner, a little-known oil billionaire named Jeffery Hildebrand, had been summoned to the White House. By mid-afternoon he was in the East Room, just three seats from President Donald Trump, who had recently ordered the military raid that captured Venezuelan leader Nicolás Maduro. Now Trump wanted Hildebrand and two dozen other energy executives to commit to investing $100 billion in Venezuela’s decrepit oil industry.

Many couched their enthusiasm with caveats. ExxonMobil’s CEO called Venezuela “uninvestable” without changes to its legal system. The head of ConocoPhillips wanted U.S. government financing. But Hildebrand, a major Trump donor whose wife had been named ambassador to Costa Rica, had already seen how loyalty could be rewarded. Even though he had no notable operations outside the U.S., he hunched toward a microphone and said in a halting voice, “Hilcorp is fully committed and ready to go to rebuilding the infrastructure in Venezuela.” “That’s good,” Trump said. “You’ll be very happy.”

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Semafor – June 16, 2026

Hormuz will never really be open again: Tim McDonnell

Related: Oil and gas leaders: Trump Iran deal is good news, normalization to take months — Center Square

The US-Iran de-escalation deal may bring oil tanker traffic back to something resembling the pre-war norm, but the global energy trade will never be the same. Oil prices will very likely fall — Goldman Sachs lowered its fourth-quarter Brent forecast from $90 to $80 per barrel on Monday. But with so much uncertainty ahead, no one believes oil prices are fully out of the woods yet: Assuming a real ceasefire actually holds, it will take time, possibly months, to clear out trapped tankers and bring in new empty ones, and to rebuild and restart damaged production and export facilities. There will also be demand for oil to refill heavily depleted reserves in the US and elsewhere (China’s reserves, conversely, remain robust, and its restocking appetite unknown).

Still, the crisis was remarkable in that, despite the 1-billion-plus barrels yanked from the market since February, US and European benchmark crude prices didn’t top the spike following the 2022 invasion of Ukraine. US “energy dominance” definitely helped, as did the strategic reserves that were made for this moment, alongside the global clean energy transition. More long-term changes are coming. The race to electrification is being redoubled, especially in Asia, which took the most painful hits in the past few months. In a survey last week of 2,000 global executives, 91% agreed switching from fossil fuels to electric alternatives would improve their company’s energy security. “The countries that succeed will electrify, while diversifying supply chains and investing in resilience,” Meghan O’Sullivan, a former senior US energy security official, told me. “Energy geopolitics is shifting from barrels and tankers to minerals, grids, batteries, and technology.”

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Financial Times – June 16, 2026

Iran’s government thinks it has won the war*

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X – June 16, 2026

Oil’s Last Boss: Common Sense Investing

Here is the thing that should stop every oil bear cold. When Hormuz effectively closed and 10+ million barrels a day of Gulf supply got stranded, the world did not get the price shock the textbook demanded. People credit diplomacy, “tanker traffic resuming,” news-cycle noise. That’s wrong. The shock was absorbed by a single deliberate act: China simply stopped showing up to buy.

The Latest TERse Tips

Verified videos posted online captured a coordinated drone attack on sites in Moscow and the surrounding region early on June 16. Among the targets was the Kapotnya oil refinery, which was seen in flames — Kyiv has intensified its attacks on Russia’s energy infrastructure as it attempts to disrupt the flow of funds driving Russia’s war effort — see the video

The world oil market will recover gradually from the closure ​of the Strait of Hormuz before tipping into ‌a significant surplus in 2027, the International Energy Agency said in its monthly oil market report on Wednesday — Reuters*

The Middle East crude market weakened sharply this week, slipping into discounts, Reuters data showed, after the United States and Iran agreed a ​framework deal to reopen the crucial Strait of Hormuz, brightening the global supply outlook — Reuters*

A tropical storm was expected to form off the Texas coast by Wednesday morning ​from a system labeled Potential Tropical Cyclone One, the U.S. National Hurricane Center said on Tuesday, warning of heavy rainfall and dangerous flash flooding along ‌the energy corridor that includes major offshore drilling and onshore refineries — Reuters*

Exxon Mobil, Chevron, Shell USA, bp America, ConocoPhillips, Occidental PetroleuCorporation and Continental Resources are asked by Democratic Senators Sheldon Whitehouse and Elizabeth Warren about “windfall profits” during the Iran war — Senators ask oil companies whether they had any discussions with the Trump administration about Iran, the Strait of Hormuz and potential military action before the war began — Senators also ask for a “war-period profit analysis”; “price relief analysis”; “shareholder returns during the war period”; and “forward-looking profit projections,” among other inquiries — Bloomberg*

Major Wall Street Banks Cut Oil-Price Forecasts on Faster Gulf Supply Recovery — Goldman expects Gulf exports to return to prewar levels as early as late July — The Wall Street Journal*

The war in Iran and the subsequent oil price changes are now affecting the price of oil changes, and the peace deal won’t change that soon — Marfa Public Radio NPR

A little less than two years after joining Winston, Kevin Brophy and Ming Lei are on the move again; this time to Bracewell as partners in the oil and gas transactions group in Houston — Texas Lawbook

Remarks by Treasury Secretary Scott Bessent before the Petroleum Club of Houston — see the press release

Northern Natural Gas Company has filed an application with the US Federal Energy Regulatory Commission seeking authorization for its Permian Basin Expansion Project — Gas Compression Magazine

Technology group Wärtsilä has secured a contract for 452 MW of power generation equipment and a long-term Operation and Maintenance (O&M) agreement with the Pecos Power Plant, owned by Mercuria Americas and Continental Resources. This milestone project, located in Pecos, Texas, USA, is designed to deliver flexible generation to maintain grid reliability in a power system with rapidly growing renewable penetration — see the press release

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Oil & Gas Texas

 

Texas Tribune – June 16, 2026

Texas Railroad Commission race pits oil field engineer against energy trader running on culture wars

After a Republican primary that focused on fighting Sharia law and diversity policies, the general election for a seat on Texas’ oil and gas regulatory agency is shaping up as a partisan brawl with more talk of issues unrelated to its core functions. Bo French, a scion of the Texas GOP’s hard-right flank, is now turning his attention to a November matchup with state Rep. Jon Rosenthal, D-Houston, after French ousted incumbent Jim Wright in last month’s runoff. Rosenthal, who ran unopposed in the Democratic primary, is aiming to upset French and win a seat on the Texas Railroad Commission by touting his two decades of experience as an oil field engineer, betting he can win crossover support from voters turned off by French’s emphasis on the culture wars.

French, a longtime conservative activist who recently chaired the Tarrant County GOP, and whose family runs an oil business in Midland, has said in interviews with conservative media that he’s campaigning on social issues because they resonate with his supporters. “I ran a campaign because I had to win a Republican primary,” he told right-wing podcaster Jack Posobiec on the heels of the runoff. “Talking about the Islamification of Texas, talking about DEI, talking about LGBTQ issues … I think my victory is a testament to the grassroots folks in Texas who are tired of electing people who aren’t fighting for them on any of these issues.”

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Oil & Gas 360 – June 16, 2026

US natgas prices at Waha turn positive for first time since February as pipeline constraints ease

Electric companies burn more gas as homes and businesses crank up their air conditioners during the summer. About 40% of U.S. power generation comes from gas-fired plants. Before Tuesday, next-day prices at Waha had remained below zero for a record 90 days in a row as pipeline constraints from spring maintenance trapped gas in the Permian Basin, the nation’s biggest oil-producing basin in West Texas and eastern New Mexico.

Analysts have long said negative prices, which force some energy firms to pay others to take gas associated with their oil production, were a sure sign that the Permian region needs more gas pipes. More pipes are on the way later this year, but not soon enough to handle all the gas currently coming out of the ground. Analysts expect energy firms to boost Permian output as those new pipes enter service and as soaring oil prices from the Iran war encourage producers to pull more oil and the gas associated with that oil production out of the ground.

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Baird Maritime – June 16, 2026

Chevron expands Greek offshore partnership with Helleniq Energy

Chevron has signed an agreement to acquire a 70 per cent participating interest in the Block 10 concession located offshore the Kyparissiakos Gulf in Greece from Helleniq Energy. Under the agreement, which was announced on June 16, Helleniq Energy will retain a 30 per cent stake while Chevron will assume the role of operator.

The transaction, which marks the fifth offshore concession that Chevron participates in alongside Helleniq Energy, remains subject to customary approvals. Block 10 is currently in its second exploration phase, where both two-dimensional and three-dimensional seismic studies have already been completed to evaluate potential future drilling targets.

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Midland Reporter-Telegram – June 16, 2026

TXOGA: Upstream employment grew to 193,300 in March*

Nearly 200,000 Texans were employed in the upstream oil and natural gas segment in March, according to the Texas Workforce Commission. When oil and natural gas extraction and related support activities, refining, petrochemicals, pipelines and equipment manufacturing are included, the state’s oil and natural gas industry supports just over 495,000 direct jobs.

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Jerusalem Post – June 16, 2026

Chevron completes Tamar Optimization Project, boosting Israeli gas capacity

Chevron Mediterranean Limited and its partners in the Tamar natural gas field have completed the Tamar Optimization Project offshore Israel, the company said Tuesday, June 16, 2026. The project aims to strengthen domestic and regional gas supply by expanding flow capacity from the reservoir to Israel’s transmission network.

The project included the construction of a new 150-kilometer pipeline from the Tamar field, located about 90 kilometers west of Haifa, to the Tamar platform about 24 kilometers west of Ashkelon. It also included the reinstatement of three booster gas compressors at the Ashdod Onshore Terminal, Chevron said.

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The Texan – June 16, 2026

Oil & Gas Workers Association Founder Matt Coday Faces Arrest Warrant

 

Oil & Gas National & International

 

S&P Global Platts – June 16, 2026

Oil benchmarks test new floors on promise of US-Iran deal

International oil benchmarks have lost almost all their increases linked to the conflict in the Middle East amid growing optimism for a preliminary peace deal expected to be signed by the US and Iran on June 19. After almost two months of sell-offs in anticipation of a deal, markets have been in freefall since the US and Iran confirmed a breakthrough agreement on June 14, lifting expectations for a rapid rebound in Middle Eastern shipping traffic.

On June 16, ICE Brent crude futures dropped to as low as $78.5/barrel in intraday trade, no more than than $8/b above pre-war levels. The contract has not settled below $80/b for over three months and peaked near $108/b on May 4. Dated Brent crude prices fell $7/b to $81/b after the weekend announcement, taking the physical benchmark to its lowest since March 2. Before the war began, the price was $71/b, and levels had hit $85/b within two days of the first US-Israeli attacks.

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The Wall Street Journal – June 16, 2026

Equinor Doubles Share Buyback to $3 Billion Under New Plan Targeting Fossil Fuel Growth*

plans to spend more on oil and gas projects as it seeks to grow production and increase shareholder returns, including a doubling of its 2026 share buyback to $3 billion. The Norwegian energy major said Tuesday that the strategy reflects a higher for longer demand outlook for oil and gas. The plan mirrors similar efforts by its peers: focusing spending on higher-returning fossil-fuel assets in a bid to grow cash that can be funneled into returns for shareholders. Equinor is seeking to capitalize on rising energy demand stemming from artificial intelligence and electrification efforts, while conflicts in the Middle East and Ukraine highlight the importance of energy security.

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The Wall Street Journal – June 16, 2026

Olin, Huntsman to Combine in Stock Swap*

Olin has agreed to acquire Huntsman in roughly $2.43 billion stock swap, creating a North American chemicals company that generated combined revenue of about $12.5 billion last year. The companies on Tuesday said Olin will issue 0.5476 share for each share of Huntsman, resulting in Olin shareholders owning roughly 54.5% of the combined company and Huntsman investors owning about 45.5%. Based on Olin’s closing share price of $25.30, the deal values Huntsman at about $13.85 a share, nearly 13% below Monday’s close of $15.89.

 

Utilities, Electricity & Renewables

 

The Conversation – June 16, 2026

How Wall Street is shifting electric utilities toward consolidation and profit

A corporate merger that would form the largest electric utility in the United States is underway. It’s just one of many recent utility mergers and acquisitions as electric utilities enter a period of rapid growth. On May 18, 2026, NextEra Energy announced it would buy Dominion Energy for US$66.8 billion. What’s driving this deal and others like it is not an increase in residential electricity demand. Rather, it’s based on rising demand for power to data centers for artificial intelligence systems and a desire to increase corporate profits.

As a scholar of the electricity industry, I seek to understand how and why the electricity grid and the companies that run it are changing. In my book “Brokers of Power” I explain that a primary force in the industry is not the desire to improve service for the rate-paying public, nor even for industries that want to use more electricity. Rather, stock market investors and Wall Street businesses are changing how electric utilities make money in the U.S.

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RTO Insider – June 15, 2026

Texas RE: Large Loads, IBRs Challenged Reliability in 2025*

The Texas Reliability Entity said the spread of large loads and inverter-based resources created a challenging climate for reliability in 2025. It identified the rapid, “disorganized integration of large loads” —such as massive AI and computational data centers—and the increasing volume of inverter-based resources (like solar and battery storage) as the most significant, escalating risk factors for the Texas electric grid

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KPRC – June 16, 2026

Your electric bill is rising — here’s how CenterPoint Energy turns that into investor profit

CenterPoint Energy made $1 billion in 2025; but the investor-owned utility says it doesn’t profit from the rates customers pay on their electric bills. If that’s true, how does the Fortune 500 company actually make money? Start with this real electricity bill below: $354 total. Of that, $150 — about 42% — went directly to CenterPoint just to carry the electricity across its wires. On most bills, those fees are labeled “TDSP” or “TDU,” short for Transmission and Distribution Utility.

The rates change frequently. Currently, all CenterPoint ratepayers pay a flat $4.90 plus 5.1 cents per kilowatt-hour of electricity used. The Texas Public Utility Commission approves those fees. Each time CenterPoint needs to build new infrastructure, it submits a request to the PUC to raise rates and cover the cost of the capital improvement. When the PUC approves a rate increase, it includes what is called an allowed return on equity — the percentage of profit that flows directly to investors. That structure is advantageous to investors because it guarantees returns when they buy CenterPoint shares.

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Jaska and Wilson see the project very differently. For their neighboring communities, one rural and one suburban, the data center represents both an enormous opportunity and a profound risk. That’s because Texas municipal law has created a stark divide between the two towns. Ross, with a population of just 200 and no taxing authority, sits right next to the site of the project’s industrial footprint, with some residents directly bordering the parcel. Lacy Lakeview—seven miles south but legally positioned to claim the land—is moving to annex the site of the data center, and stands to collect up to $50 million a year in taxes. This has created growing tensions between the neighboring communities over who gets the benefits, who absorbs the consequences, and who ultimately gets a say.

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Yahoo! News – June 16, 2026

40+ Texas lawmakers back effort to pause major transmission lines

A coalition of Texas lawmakers (including nine state senators and 34 state representatives) are backing a legal motion against a controversial transmission line project. On Monday, State Representative Brad Buckley announced the legislators had signed an amicus brief asking to delay decisions related to proposed 765kV transmission lines, including projects like the Bell County East to Big Hill line.

The brief also asks for the Public Utility Commission of Texas (PUC) to stop evaluating projects on a case-by-case basis for now and to determine if the lines are needed at all. “The motion is intended to seek limited relief and would allow more time for route studies, environmental reviews, landowner concerns, or other project-specific issues,” a statement from Buckley’s office said.

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Spectrum News – June 16, 2026

Texas county reacts to Greg Abbott’s proposed regulations for data centers

Residents across Texas have been pushing back against data centers coming to their communities, citing concerns over water and power. Gov. Greg Abbott has shown support for artificial intelligence (AI) data centers coming to the state, but he is now calling for regulations ahead of next year’s legislative session. In November, Abbott uplifted data centers, saying the Lone Star State is the epicenter for AI development. However, data centers have been extremely unpopular in dozens of counties such as Hays, with people wanting tighter regulations on these projects.

Last week, the governor released a letter outlining recommended regulations and making discussions about data centers a priority for the 2027 legislative session. His aide told Spectrum News this is not a switch-up in his stance on data centers, but Hays County Judge Ruben Becerra believes the upcoming November election has played a part in the release of this letter. Becerra also said the proposed regulations don’t go far enough.

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June 16, 2026

Gov. Abbott directs regulators to protect Texans in managing data center growth: San Antonio Express-News editorial*

Gov. Greg Abbott took a positive first step toward an appropriate balance between modern society’s demand for data center capacity and the strain such facilities can put on local and state resources. Going forward, two key state regulators — the Public Utilities Commission and the Electric Reliability Council of Texas — and the Texas Legislature must act swiftly to implement commonsense measures. And Abbott must continue to exert his considerable authority and political influence in keeping the issue at the top of everyone’s list of priorities.

 

Regulatory

 

Inside Climate News – June 15, 2026

Trump Administration Abandons Fight Against Wind Energy as Clean Energy Output Surges

The Trump administration has abandoned its effort to halt wind energy projects across the United States and dropped its challenge to the court ruling that tossed President Donald Trump’s order freezing federal permitting and leasing for wind projects. States that challenged the order hailed the development as one of the most significant legal victories against the Trump White House’s campaign against the energy transition.

On Monday, the U.S. Court of Appeals for the First Circuit dismissed the appeal after the Justice Department filed a motion for its voluntary dismissal on June 10.  The case against Trump’s executive order was filed in May, 2025 by a coalition of attorneys general from 17 states and Washington, D.C., led by New York Attorney General Letitia James.

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Texas Energy Report NewsClips

Tuesday June 16, 2026

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 rebounded on Tuesday on concerns about the lack of details in a preliminary agreement ending the war between the U.S. and Iran and the realization the ​resumption of supply through the key Strait of Hormuz may take longer than ‌thought.

West Texas Intermediate rose to $81.12 a barrel, up 46 cents, or 0.3%, as of 0108 GMT.

Brent crude futures gained 26 cents, or 0.3%, to $83.42 a barrel

On Monday, oil prices fell by nearly ​5% to their lowest close since March 4 after U.S. President Donald Trump ​said a memorandum of understanding was signed to end the U.S.-Israeli war with ⁠Iran, which had closed the Strait of Hormuz that typically carried one-fifth of the world’s ​oil supply before the conflict and caused about 14 million barrels per day of output ​to be shut in.

Despite the optimism following the announcement, the full details of the memorandum have not been released publicly and a permanent truce has not been worked out.

Early indications are the agreement would reopen the ​blockaded Strait of Hormuz and extend a ceasefire for 60 days, allowing negotiators to ​tackle difficult issues like the future of Iran’s nuclear program.

 

Top Stories

 

Pipeline & Gas Journal – June 15, 2026

Western Midstream Closes $1.6 Billion Brazos Delaware Acquisition

Western Midstream Partners has completed its previously announced $1.6 billion acquisition of Brazos Delaware II, expanding its natural gas gathering, processing and crude oil infrastructure footprint in the Delaware Basin. The transaction included approximately $800 million in cash and $800 million in Western Midstream common units. The company issued about 19.4 million units as part of the deal.

In May 2026, Western Midstream announced plans to acquire Brazos Delaware in a transaction that added approximately 900 miles of pipeline, 460 million cubic feet per day of natural gas processing capacity at the Comanche processing complex and roughly 470,000 dedicated acres across Reeves, Ward, Pecos, Winkler, Culberson and Loving counties in Texas.

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Yahoo! News – May 15, 2026

LNG Major Woodside Says No Takeover Bid Received From Exxon

 

Marketwise – June 5, 2026

Elon Musk Is Buying Up America’s Gas Turbines… And It Proves Professor Litman’s “Dark Energy” Thesis

Elon Musk will be one of the world’s top buyers of gas turbines over the next few years… SpaceX has committed to spending more than $2.8 billion on these turbines for its artificial intelligence (“AI”) build-out, the company recently revealed in its initial public offering (“IPO”) filing… In March, SpaceX agreed to buy $805 million worth of turbines from an unnamed supplier, with deliveries running through 2029. Then in late April, the company struck a separate, still-pending deal for roughly $2 billion worth of mobile gas turbines and related equipment from another vendor.

As SpaceX admits in the “risks” section of its filing, these turbines are a big bottleneck to the AI build-out, stating: “We currently rely significantly on natural gas and gas turbine technology to power our data center operations.” The company also warned that any injunction or revoked permit could damage its AI business.

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Reuters – June 15, 2026

Most businesses expect operations to go electric by 2035, survey finds*

Most businesses expect their operations to be largely electrified by 2035 ​as they shift from fossil fuels, ‌a survey of corporate leaders from 18 countries released on Monday showed.

• Consultancy Public First surveyed 1,994 executives ​and senior managers of organisations with revenues ​of $1 million-plus between April 20-26.
• Commissioned by E3G, ⁠We Mean Business Coalition and the Global ​Renewables Alliance.
• Companies based in Australia, Brazil, China, Colombia, ​France, Germany, India, Indonesia, Japan, Kenya, Nigeria, Philippines, Poland, South Africa, South Korea, Turkey, United Kingdom and United ​States.
• 90% of respondents say they expect their ​operations to be largely electrified by 2035.
• 90% say moving ‌to ⁠a renewables-based electricity system is likely to boost economic growth.
• 88% say electrifying their operations will make their business more competitive.
• 91% say electrification would ​improve energy ​security.

 

The Latest TERse Tips

Governor Greg Abbott issued a disaster declaration for 101 Texas counties on Monday as severe storms and repeated rounds of heavy rain threaten widespread flash flooding this week, including Harris County

Comstock Resources, Inc. announced Monday that it has sold a minority equity interest in Comstock’s midstream subsidiary, Pinnacle Gas Services LLC, to certain funds managed by Sixth Street — Sixth Street invested $600 million in Pinnacle and acquired a 27% non-controlling common equity interest in Pinnacle — Sixth Street’s investment values Pinnacle at a $2.2 billion enterprise value — see the press release

“Tom Kloza, chief oil analyst at Gulf Oil, said he expects oil prices to drop down quickly to about $3.75 per gallon. Overall, however, several analysts told The Hill they expect to see elevated prices this summer and into the fall. ‘Through the summer we’re probably going to have a higher price environment than we saw last summer, just on the back of the fact that, you know, we still need to get that crude out,’ said Isabelle Gilks, principal analyst for retail fuels at Wood Mackenzie — The Hill (story publishes Tuesday)

Thousands remain without power as CPS Energy works to restore service — KABB

Texas bests West Coast rival California as top state for successful companies — San Antonio Express-News

92,211 Megawatts: Why ERCOT’s Summer Outlook Makes the Case for 765kV — “ERCOT recently told its board the Texas grid will face a record summer peak under normal weather — and a 42 percent jump in the number of transmission congestion plans needed to manage it. The state’s already-authorized 765kV plan is the answer” — Texans for Responsible Infrastructure Investment

GM is releasing a software update that allows some U.S. electric-vehicle owners ​to pipe power back to the electric grid, another example ‌of car companies pursuing business opportunities in the energy sector — Reuters*

 

Oil & Gas Texas

 

Bloomberg – June 15, 2026

West Texas Gas Rises Above Zero for First Time in Four Months*

Drillers in the world’s largest shale field on Monday were paid for the natural gas they produced for the first time in more than four months. Prices for day-ahead delivery at the Waha Hub, a key indicator for gas prices in the Permian Basin, settled at 35 cents per million British thermal units. This is the first positive price since February, ending a record 131-day streak of gas prices sitting below zero.

Hot weather, an increase in pipeline capacity as some conduits concluded maintenance and signs of a recent expansion to a key pipeline contributed to the price increase. The gain is a positive sign for producers such as Permian Resources Corp. and Devon Energy Corp., which had shut wells with very high gas-to-oil ratios to avoid bleeding more cash. Waha hub prices had inched closer to zero in recent weeks, driven up by higher heat-related demand fueled by gas-fired electricity plants powering air-conditioning. An uptick in demand from Mexico also pushed up the sub-zero prices.

Earlier in the so-called spring shoulder season, a transitional period between spans of peak gas demand, daily prices plunged to nearly -$10 per million British thermal units, the lowest price on record. Producers had been essentially paying to have gas hauled off as pipelines reached maximum capacity. Drillers shouldn’t hold their breath on prices remaining positive, traders and analysts say. Prices at the Waha Hub for the rest of June and July are still projected to be slightly below zero. “The market is pricing in some improvement, but maybe it’s not confident it’s going to stay positive yet,” said Paul Phillips, a senior strategist at gas marketing firm Uplift Energy.

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The Journal Record – June 12, 2026

Devon Energy forecasts oil production growth after Coterra merger

After finalizing its merger with Coterra Energy, Devon Energy, an Oklahoma City-founded company now headquartered in Houston, expects to expand oil and natural gas production, according to its 2026 forecast. Devon Energy plans to average 1.38 million barrels of oil equivalent per day, a unit of measurement combining oil and natural gas production. That output equals 8.28 billion cubic feet of natural gas, the average annual natural gas consumption of roughly 117,000 American homes.

“We are excited to share our initial outlook for the combined company,” Devon Energy President and CEO Clay Gaspar said in a press release. “We are carrying a sense of urgency into all aspects of our business, including integration, execution, and our portfolio review. Today’s guidance underscores the strength of our newly combined platform as one of the largest and most efficient (exploration and production) companies.” On its own, Devon Energy averaged 833,000 BOE per day in the first quarter of 2026.

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The Wall Street Journal – June 15, 2026

On Energy, Democrats Can Learn From Texas*

Years ago, the shy, demure White House chief of staff suggested to President Obama that America “should never let a good crisis go to waste.” And while that humble counselor was referring to the 2008 financial meltdown, the same wisdom applies to today’s energy crisis.

Public resistance to data centers reflects an everyday reality: Energy prices rose at nearly twice the rate of inflation in 2025. But if the growing schism between the tech industry and the broad public is generating bad blood, it also opens a path to reforms that would have been unthinkable a few months ago. To make the most of the opportunity, Democrats need to do something that doesn’t come naturally: spread the gospel of Texas.

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June 11, 2026

Is Argentina’s giant shale play the next Midland Basin?: Wood Mackenzie

Argentina is on the cusp of a shale revolution. The Vaca Muerta in the Neuquen Basin has proved to be a world-class shale resource, setting the stage for a new era of oil and gas production growth that could last for decades. A sense that something big is unfolding pervaded my meetings with the main operators in Buenos Aires last month. The parallels with early-stage US unconventionals are unmistakeable – for the Neuquen Basin Argentina 2026, think Midland, Texas 2010. 

The timing is perfect as buyers of oil and LNG seek to diversify supply sources away from the Middle East. Pietro Ferreira and Ryan Duman (Upstream) and Kristy Kramer (Gas and LNG) shared six insights on an opportunity that could be transformational for the Argentine economy. High-quality rock gives the Vaca Muerta sweet spots high productivity for both oil and dry gas. NPV10 breakevens are similar to the best US plays at around US$35/bbl for the black oil window and under US$2/Mcf for dry and wet gas. 

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Real Clear Energy – June 9, 2026

Water, Water Everywhere: Maximizing Oil Field Produced Water Use in West Texas: Scott W. Tinker, UT Austin

Texas has an opportunity to continue as the leader in oil and gas production for decades to come. To do so, industry and the state must manage and productively use the significant volume of water that gets produced along with the oil and gas. Permian oil and gas production is vital to U. S. transportation and power generation. Each day the Permian Basin produces about 6 million barrels of oil (~ 45% of U.S. supply) daily, which industry refines to produce gasoline, diesel, jet fuel and myriad other products.

The basin also produces about 26 billion cubic feet of natural gas (~ 22% of U.S. supply), which industry processes for industrial, residential, commercial and transportation use. In addition, natural gas has become the backbone of Texas power generation and is increasingly being called on for “behind the meter” electricity generation for data centers.

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June 11, 2026

Five toxic waste sites in Texas that should be on your radar: Environment Texas

US Oil Recovery – Pasadena, TX — This site in the Houston area consists of 2 properties, one an inactive used oil processor and wastewater treatment facility that opened in 2002, and the other an old wastewater treatment plant, active from 1945-2009. So far, 6.7 million gallons of liquid waste, and 1.29 million gallons of sludge have been removed from the site. Despite efforts so far, the site’s human exposure dangers and groundwater migration are not under control.

Delfasco Forge – Grand Prairie, TX — Delfasco Forge was a munitions manufacturing and forge business in the DFW metroplex, which operated from the 1950s through the late 90s, and contaminated the surrounding soil and groundwater with chlorinated solvents such as trichloroethylene (TCE), which can cause liver and kidney damage, nervous system damage, rash, dizziness, and other symptoms.

 

Oil & Gas National & International

 

S&P Global Platts – June 15, 2026

Shipowners still face ‘very risky’ Hormuz, await US-Iran truce details

Shipping companies still face high risks in transiting the Strait of Hormuz despite the announcement of an upcoming US-Iran peace deal, security officials said June 15, while warning the resumption of normal traffic could take weeks. Following over two months of negotiations, Iran and the US have agreed to sign a preliminary deal June 19 that could suspend maritime attacks around the choke point — which handles 20% of global oil and LNG trades in normal times — for 60 days.

“The statements by the US and Iran are currently unclear and do not offer sufficient information regarding key aspects such as timings and safe routes,” said Jakob Larsen, chief safety and security officer at BIMCO, the world’s largest shipowners’ organization by direct membership.

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CNBC – June 15, 2026

How the Strait of Hormuz reopening could unfold if the U.S.-Iran deal is implemented

Related: Vance says U.S. expects Strait of Hormuz to be open ‘toll free’ long term — CNBC

Ship traffic through the Strait of Hormuz could rise to nearly 50% of prewar levels within a month if the U.S.-Iran deal is implemented without any major setbacks, analysts at the trade data firm Kpler said Monday. Washington and Tehran are expected to sign a deal Friday in Switzerland that will open Hormuz and lift the U.S. naval blockade of Iran. Ships sailing through Hormuz could increase to 40 per day compared to 100 daily transits before the U.S. and Israel attacked Iran on Feb. 28, the Kpler analysts said in a research note. About 20% of global oil supplies passed through the strait before Iran started attacking tankers in early March.

Ships stuck in the Persian Gulf that are fully loaded with cargo will cross Hormuz first, the analysts said. There are an estimated 118 tankers in the Gulf that could exit the region within 15 days, they said The surge of stranded ships exiting the region is a one-time event that should not be interpreted as a durable increase of traffic, the analysts said. The key question is how many vessels will enter the Gulf after the backlog is cleared

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CNBC – June 15, 2026

The U.S. Strategic Petroleum Reserve has fallen to the lowest level in more than 40 years as emergency stocks are released to help ease the supply disruption triggered by the Iran war. The SPR stood at 340.3 million barrels as of June 12, the lowest level since the summer of 1983, according to data released Monday by the Department of Energy. The reserve fell nearly 9 million barrels week over week.

The deal that the U.S. and Iran are set to sign on Friday to reopen the Strait of Hormuz comes as oil executives have warned that global inventories are rapidly depleting to critical levels. “We’re approaching unheard of inventory levels,” Exxon senior vice president Neil Chapman said May 28 at a conference hosted by Bernstein in New York. Chapman warned at the time that oil prices would spike as inventories fall while summer fuel demand is set to peak.

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KUHF NPR – June 15, 2026

Despite Strait of Hormuz reopening, gas prices could remain elevated

While gas prices have declined over the last month, energy experts said it could take time for Texas consumers to see additional relief, even if the Strait of Hormuz reopens this week. “They may not see anything in the rest of June, but as we get in July and August I think we could see some real pressure come off gasoline prices,” said Skip York, a nonresident fellow in energy and global oil at Rice University.

On Sunday, President Donald Trump and Iran announced a tentative agreement to end the war and reopen shipping through the strait. The peace agreement is scheduled to be signed Friday. Oil prices have skyrocketed during the U.S. and Israel’s war with Iran, due to the effective closure of the Strait of Hormuz.

 

Utilities, Electricity & Renewables

 

Woodlands Online – June 15, 2026

Entergy Texas awarded ~$200 million to better protect the Southeast Texas power grid from severe weather

Entergy Texas has been awarded approximately $200 million through the Texas Energy Fund (TxEF) Outside‑ERCOT Grant Program to help strengthen the electric grid for more than 538,000 customers across Southeast Texas. The funding will be used to strengthen key parts of the electric system, which will support faster power restoration after severe weather and reduce restoration costs. The investment comes at an important time, as hurricane season begins and the region continues adapting to more frequent and intense storms.

“Texans deserve reliable electricity no matter where they live,” said Texas Governor Greg Abbott. “These grants will strengthen the power infrastructure that Southeast Texas families, businesses, schools, and hospitals rely on every day. Texas will build a stronger, more reliable electric grid for all Texans.”

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Dallas Morning News – June 15, 2026

As Dallas builds more data centers, UN report warns of environmental cost*

A new research report provides a sobering account of the damage data centers are having on the global environment and what their growth could mean for the future. The report, published June 3 by the United Nations University Institute for Water, Environment and Health, found that the energy, land and water used by AI dwarf the needs of hundreds of millions of people globally. The findings are relevant for the Dallas area, which is home to over 230 data centers with more on the way, making it one of the largest data center markets in the United States.

The researchers estimated that in 2025, global data centers consumed enough electricity to power the homes of the 1.3 billion people living in sub-Sarahan Africa for 2.6 years, based on electricity usage reports from the International Energy Agency. By 2030, it is predicted that data centers will consume 9.3 trillion liters of water and cover 14,500 square kilometers of land. And AI infrastructure could generate up to 2.5 million metric tons of e-waste annually by 2030, the equivalent to discarding nearly 250 Eiffel Towers every year. For Texas, the water implications alone are staggering. “Three to 10% of our water use in the state of Texas could become devoted to powering data centers,” said Ian Seamans, the city hall advocate for Environment Texas, who was not involved in the report.

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CBS News – June 15, 2026

Electricity costs expected to hit record high this summer, new analysis finds

Cooling costs are projected to reach record highs this summer amid rising electricity prices and hotter weather. A new analysis from the National Energy Assistance Directors Association estimates that Americans will spend an average of nearly $800 on electricity between June and September, up 10.5% from the same period last year.

“Electricity prices continue to rise, and hotter summers mean households need to use more electricity simply to stay safe,” Mark Wolfe, executive director of NEADA, said in a statement. “The result is that Americans are paying substantially more to cool their homes than they were just a few years ago.”

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TechCrunch – June 11, 2026

Everyone wants a piece of Tesla’s battery business

It’s not just automakers that are diving into energy storage. Startups have been raising large rounds to capture a chunk of the market. Base Power raised a $1 billion Series C in October to expand beyond Texas, while Lunar Energy raised $232 million to sell batteries to homeowners. Others, like Lightship, are pivoting somewhat. The electric RV manufacturer is now selling a mobile battery for job sites and other locations that need temporary power.

So far, Tesla has taken the lion’s share of the energy storage market. Of the 57 gigawatt-hours installed last year, Tesla was responsible for 82% of those installations. The company’s annual revenue from energy generation and storage has doubled since 2023, largely due to growth in Megapack and Powerwall installations. Tesla’s gross profits for the segment are around 30%, about double what it makes selling EVs and at least three times higher than typical automaker margins. GM’s gross margin over the last 15 years has averaged just over 11%.

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Oklahoma Voice – June 15, 2026

Oklahoma’s wind is ready. Its power grid is not: Mezabahnur Masum

Oklahoma ranks third in the United States for wind electricity generation, according to the U.S. Energy Information Administration. In fact, wind now accounts for roughly 42% of Oklahoma’s in-state electricity generation. Across large stretches of western Oklahoma, the wind blows with a consistency that energy developers describe as among the best in the country. The problem is not generation. It’s movement.

The electricity produced in the Oklahoma Panhandle has to travel long distances to reach the cities and communities that consume it. That journey depends on transmission infrastructure, and right now the infrastructure isn’t keeping up. The result is curtailment: wind turbines that are spinning and generating power but deliberately dialed back because the grid has no room to carry what they produce.

 

Regulatory

 

KLTV – June 15, 2026

East Texas lawmaker warns against rushing data center legislation

State Rep. Cody Harris, R-Palestine, says Texas can support responsible growth while safeguarding natural resources. Harris, chairman of the Texas House Committee on Natural Resources, will hold a hearing June 24 to examine data center water usage. He discussed the issue in an interview with Blake Holland for East Texas Politics on East Texas Now. When asked about possible legislative solutions, Harris said the focus should be on responsible resource use.

“I think that’s really where it comes down to making sure that they’re utilizing the natural resources responsibly and not harming their neighbor by pumping too much water, using too much water that is a detriment to the community that they’re surrounding and to other property owners,” Harris said. “I think noise control as well. You know, there have been reports of some data centers being very, very loud. Well, there should be some guardrails around that as well to where you’re not a nuisance to your neighbor down the road.”

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Texas Energy Report NewsClips

Monday June 15, 2026

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 tumbled after President Donald Trump said the U.S. has completed a deal with Iran to reopen the Strait of Hormuz.

US crude oil futures for July delivery were down over 5% to $80.25 per barrel by 10.25 p.m. ET, hitting the lowest level since March 10.

Brent futures for August delivery traded about 4.26% lower to $83.31 per barrel, also lowest since March 10.

“The Deal with the Islamic Republic of Iran is now complete,” Trump said in a Truth Social post. Hormuz will open without a toll system and the U.S. will end its naval blockade of Iran, the president said.

“Ships of the World, start your engines,” Trump said. Let the oil flow!”

Trump, in a later post, said that the strait would open on Friday, the day the official peace agreement signing ceremony is set to be held in Switzerland.

“With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” he said.

 

Top Stories

 

Bloomberg – June 12, 2026

Shell Plans $1 Billion Wind Farms Sale in Latest Renewables Exit*

Shell Plc is preparing to launch a sale of its offshore wind farms in the oil major’s latest move away from renewable energy to focus on its higher-returning fossil fuel business. The company has tapped advisers from Rothschild & Co. and PJT Partners Inc. to lead the sale, which could fetch over $1 billion, people familiar with the matter said, asking not to be named because they aren’t authorized to speak publicly. The process could kick off as soon as the end of this year, with a sale likely to take place in 2027, the people said. Representatives for Shell, Rothschild and PJT declined to comment.

Chief Executive Officer Wael Sawan has sought to cut costs and offload low-returning assets since taking over more than three years ago. The plan to sell the offshore farms marks a further departure from the British energy giant’s past strategy to diversify into green electricity, with a strong emphasis on wind energy. It follows the ongoing divestments of Shell’s European onshore renewables arm, as well as Indian renewable power company Sprng Energy, which it bought in 2022 for $1.55 billion. The company also walked away from plans to develop offshore wind farms in Scotland last year. Put together, the disposals will leave Shell with little left in its portfolio of green power assets.

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Politico – June 12, 2026

The GOP’s favorite power plants run on subsidies

The White House and Republicans in Texas are shoveling public money toward building fossil fuel power plants. But those investments aren’t moving the needle yet for coal and gas plants, and they’re starting to carry political baggage. Let’s start in Texas, where Shelby Webb reports that the state’s $10 billion Texas Energy Fund to subsidize natural gas-burning plants has successfully brought some new generators online – even as it demonstrates the market’s limits.

“The only thing that has really driven movement on gas generation in this state has been a subsidy,” Pablo Vegas, CEO of the Electric Reliability Council of Texas, told lawmakers earlier this year. Three-quarters of the 1,200 megawatts in new gas power that’s come online in Texas since last summer were tied to those subsidies. The problem for gas, experts told Shelby, is that renewables remain relatively cheap to build.

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KUHF NPR – June 11, 2026

Texas Republicans press for local control over spread of AI data centers on first day of convention in Houston

The Republican Party of Texas wants to make regulating artificial intelligence (AI) and large-scale data centers one of its top legislative priorities for next year. Delegates to the party’s biennial statewide convention, which began Thursday in Houston, are seeking a stronger measure of local control. The party’s Legislative Priorities Committee has named regulating AI as the 15^th of its top 15 priorities for the 2027 Legislature. That followed stated priorities such as reforming the Legislature, improving border security and infrastructure, and opposing the perceived spread of Islamic religious law in Texas.

“Out of the 160-plus people we’ve had come testify to us so far, I would say at least a quarter of them were concerned, or their main points were about AI data centers,” said Patrick Von Dohlen, a member of the committee who is the party’s candidate for Bexar County judge. “And so, we have to take that into consideration and did.”

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Texas Observer – June 12, 2026

With Gas Tax Holiday, Are Texas Dems Pushing ‘Irresponsible’ Policy for Political Gain?

President Donald Trump’s poorly planned war with Iran has paralyzed global shipping routes and spiked the average price of gas by about $1 per gallon nationwide. For three months, Americans have struggled to rationalize both the conflict and the painful prices at the pump, as many work several jobs and side hustles to survive the current affordability crisis. Meanwhile, Trump’s flagrant lack of concern has smashed his purported “America First” promise into bits—and Texas Democrats are scrambling to pick up the pieces.

They’ve started with the cost of gas, one of the most salient barometers for the sitting president’s economic stewardship.

On April 21, Texas’ Democratic Senate candidate James Talarico stood in a rainy gas station parking lot and, in his usual practiced cadence, proposed a suspension of the federal gas tax, which currently amounts to 18.4 cents per gallon on gasoline and 24.4 cents per gallon on diesel. “Americans in the last election voted for two things: to end the forever wars and to make life more affordable,” Talarico said in his address. “But the people in power have done the exact opposite.”

 

The Latest TERse Tips

Iran and U.S. reach deal, Trump and Pakistani prime minister say, as Israeli strikes in Lebanon threaten agreement — see live updates at CBS News

Residents in Russia’s Yaroslavl Oblast have reported what they described as a “fuel oil rain”, with black droplets and an oily film coating vegetation, surfaces and bodies of water, following a drone strike on a fuel depot belonging to Russia’s Federal Agency for State Reserves (Rosrezerv) — Pravda (Russia state)

Texas usually booms when oil prices rise. Why this time is different — Houston Chronicle*

Count on my vote to repeal the sales tax exemption for data centers — op ed by Juan Hinojosa in the Rio Grande Guardian

U.S. refiners can still absorb more Venezuelan crude, Energy Secretary Chris Wright said on Friday, as the South American country’s output bounces following the U.S. capture of President Nicolas Maduro in January and facilities on the Gulf Coast make adjustments to process higher volumes of heavy oil — gCaptain

Video: Shell USA President: Why a Quick Fix to the Energy Crisis Is Unlikely — PBS

ENN Energy Holdings Ltd.’s biggest shareholder is considering abandoning a nearly $12 billion buyout offer for the Hong Kong-listed company, according to people familiar with the matter — Bloomberg*

President Donald Trump accused New York Gov. Kathy Hochul reneging on a pipelines-for-wind deal reportedly reached last year so that work on an offshore wind project could resume — “We’re getting held up by the governor of New York,” Trump said about the Constitution pipeline after Monday’s NBA finals game — E&E News By Politico*

 

Oil & Gas Texas

 

Oil Price – June 12, 2026

Pace of US Oil Drilling Inches Up

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, bringing the total rig count in the US to 563, up 1 from this same time last year. The number of active oil rigs rose by 2 for the second week in a row to 433 during the latest reporting period, according to the data. This is 6 below this same time last year. The number of gas rigs fell by 3 to 121, which is 8 more than this time last year. The miscellaneous rig stayed the same at 8.

The latest EIA data showed that weekly U.S. crude oil production rose during week ending June 5. US crude oil production averaged 13.799 million bpd during the reporting period, up from 13.707 million bpd last week and up 371,000 bpd from a year ago. Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, fell during the week ending June 5 by 2 this week, reaching 190 crews.

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CNN – June 12, 2026

The tanks in Cushing, Oklahoma, are hitting bottom. The oil market is about to hit a tipping point

Related: The world is quickly depleting its stores of oil, putting more pressure on President Trump to reach a deal with Iran that would quickly get more fuel flowing out of the Persian Gulf — The New York Times*

Cushing’s current inventory is 21.6 million barrels, according to the US Energy Information Administration. That’s dangerously close to operational stress levels, the tipping point at which Cushing struggles to supply all of its customers with the oil they demand. When Cushing’s reserves get below 20 million, they effectively hit empty, scraping the bottom of the barrel of what is largely unusable sludge. And when Cushing runs empty, strange things happen to the oil market.

Unless the Strait of Hormuz opens soon – very soon – we’re probably just weeks away from finding out what that looks like. Cushing is running out of oil because America has become the supplier of last resort for regions of the world that typically get their oil and fuel from the Middle East. Demand for US oil surged to a record high during the Iran war, and crude has flowed out of Cushing faster than America’s oil drillers can refill it. But it’s not just a Cushing problem. US diesel stocks recently hit their lowest level since 2003. Gas inventories have been falling, too – about 5% below where they were a year ago. Other US commercial crude storage facilities outside of Cushing are also getting drained fast – by 7.2 million barrels last week alone.

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Upstream – June 11, 2026

US contractor fails to receive enough shareholder support for Texas reincorporation

See the shareholder meeting results

Weatherford failed to receive enough shareholder support for its proposed reincorporation in Texas, the oilfield services contractor revealed Thursday. While the redomestication proposals received more than 60% support, they fell short of the threshold, prompting the company to pivot toward a Delaware move.

Held during a Special Court-Convened Meeting and the 2026 Annual General Meeting, the Texas redomestication proposals received backing from roughly 60% of the votes cast. Under Irish law and the company’s governing structure, a 75% majority was strictly required to push the move through. After the shortfall, Weatherford CEO Girish Saligram announced that the company will engage with shareholders and pursue a redomestication to Delaware instead.

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Midland Reporter-Telegram – June 12, 2026

Post Oak sells Midway Energy Partners assets*

Post Oak Energy Capital continues to monetize assets, announcing the sale of assets held by Midland-based Midway Energy Partners. The announcement comes after Post Oak made six transactions in three weeks, including the sale of UpCurve Energy’s southern Delaware Basin assets and assets in the Haynesville and Oklahoma’s SCOOP play. Midway is an upstream platform focused on the acquisition and development of operated positions across the Permian Basin, particularly the Midland Basin. Midway’s assets were sold to multiple operators.

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Midland Reporter-Telegram – June 12, 2026

Permian producers are tiptoeing toward output growth*

Permian Basin producers are taking baby steps toward growing oil output in response to higher prices. Analysts at East Daley Analytics have updated their survey of Permian Basin operators and found responses point to a gain of about 217,000 barrels per day, or 3.2% growth, this year. That’s up from 2.7% growth in East Daley’s post-fourth-quarter 2025 earnings survey. Analysts estimate Permian oil production will increase from an average of 6.82 million barrels per day in 2025 to approximately 7.05 million barrels per day this year.

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Houston Chronicle – June 12, 2026

More oil is passing through the Strait of Hormuz, but Houston executives remain skeptical*

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KUHF NPR – June 12, 2026

Texas agency to set rules for using treated fracking wastewater on farmland

State environmental regulators are preparing to take another critical step toward allowing treated oilfield wastewater to be spread on Texas farmland, a proposal that supporters say could help the state’s water supply needs and critics warn could expose communities and agricultural land to contaminants if not treated properly. As the state faces an impending water supply crisis and state leaders explore different ways to expand the supply, they are looking at the billions of gallons of toxic wastewater produced every year from oil and gas operations.

Lawmakers have invested millions of dollars in studying the wastewater generated during oil and gas extraction and learning how to clean it. They’ve directed the Texas Commission on Environmental Quality, the state’s environmental regulator, to lead the charge in setting water quality guidelines to make reusing produced water possible. The agency has written proposed rules for how produced water will be regulated. Critics say those rules are not specific enough to make water containing a highly toxic mix of chemicals safe to spray on farmland.

 

Oil & Gas National & International

 

Reuters – June 12, 2026

Tired of chaos, investors retreat from oil market at record pace*

The extreme ​volatility of global oil prices has drained liquidity from the market this year at the fastest pace ‌on record, as investors have become increasingly wary of committing cash to an asset that has become hostage to U.S. President Donald Trump’s daily social media posts on the Iran war. Liquidity, or how well matched the number of buyers is to the number of sellers, is the ​product of a number of factors, including traded volume and open interest.

Open interest, or the number of Brent ​crude futures contracts that investors own, has fallen by nearly 17% this year, the fastest rate ⁠since at least 2009, according to LSEG data .Trump’s pattern of ratcheting up threats against Tehran, only to assert hours later ​that a peace deal is imminent, as well as the difficulty in tracking real-world oil fundamentals right now, has led ​to a degree of fatigue among investors, traders say. “People are exhausted by this chaos. They want this to be over. You cannot trade futures without being constantly burned in an environment when the messaging changes every other hour,” a senior executive from a major trading desk said. ​The executive asked not to be named due to the sensitivity of the matter.

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Bloomberg – June 12, 2026

US Refiners Boosting Fuel Trade With Africa as Wars Crimp Supply*

US oil refiners are increasing diesel and gasoline shipments to Africa as the continent struggles to cope with supply disruptions from the wars in Iran and Ukraine. The surge in cargoes from fuel makers in places like Texas and Louisiana has been so strong that the US has become one of South Africa’s top sources of gasoline and diesel, according to data from energy analytics companies Vortexa and Kpler. It’s a significant shift for a nation that typically relies on the Middle East and India for such fuels.

Other African nations including Cote d’Ivoire and Namibia also are leaning on the US to replace shipments formerly delivered by India, Russia or Persian Gulf refiners. Indian supplies have been crimped as the Iran conflict throttles trade from that region while Russia has been beset by Ukrainian attacks on refineries that prompted the Kremlin to restrict fuel exports. Africa may be emerging as the “marginal market” for US refiners, which are running at maximum capacity to satisfy demand, said Susan Bell, senior vice president of downstream research at Rystad Energy. South Africa is on pace to absorb more than 5 million barrels of US diesel since the Iran war began in late February, along with 400,000 barrels of gasoline, Vortexa data showed. That amounts to a “truly unprecedented” trade flow, Bell noted.

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Oil Price – June 12, 2026

U.S. To Build Its First Ever Floating LNG Export Terminal

Over the past couple of years, the United States has established itself as the world’s largest exporter of liquefied natural gas (LNG), with an operational liquefaction capacity of ~15.4 billion cubic feet per day (Bcf/d). It’s home to nine large-scale operating LNG export terminals and more than 170 smaller, localized LNG facilities across the country used for domestic storage and peak-demand supply. And while it has traditionally favored building massive onshore liquefaction plants to make use of huge, established pipeline networks, secure coastlines and economies of scale, that is about to change as U.S. regulators have approved the construction of the first ever LNG floating platform on American waters.

The U.S. Maritime Administration (MARAD) has issued a license to Houston-based Delfin Midstream to construct a $5-billion floating liquefied natural gas (FLNG) export terminal in federal waters roughly 40 nautical miles off the coast of Cameron Parish, Louisiana. The project received initial conditional approval way back in 2017 but faced years of delays and regulatory hurdles, including a brief pause on certain LNG export permits by the Biden administration in early 2024. The Delfin LNG project will now feature the largest floating LNG vessel in the world, eventually connecting four floating LNG units to existing offshore pipelines to export gas globally.

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KDH News – June 12. 2026

US slaps sanctions against Cuban oil and gas company as tensions rise

“While the Cuban people have suffered fuel shortages and blackouts because of decades of under-investment in critical infrastructure, Cuba’s Communist leaders have diverted energy resources to line their own pockets,” Rubio said in a statement. He further noted, without providing evidence, that Cuban officials “resell countless barrels of scarce energy on the secondary market, hoarding energy supplies for its military, intelligence and repressive forces, and rationing energy as a tool of social control.”

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Oil Price – June 11, 2026

Trans Mountain Oil Pipeline Hits Full Capacity as Asian Demand Surges

The Trans Mountain pipeline has reached full capacity for the first time since its expansion was completed, boosting the pipe’s total carrying capability to 890,000 barrels daily. Indeed, this month the pipeline has seen more demand than there is capacity, a senior executive at the same-name company said, as quoted by Reuters.

The expansion of the Trans Mountain infrastructure has been crucial for Canadian oil producers’ output plans, which have focused on responding to higher demand for oil, especially from Asia and especially from China. The world’s top oil importer became the largest buyer of Canadian crude last year, taking in over 200,000 barrels daily.

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Bloomberg/Transport Topics – June 4, 2026

Remember the 1970s Oil Crisis? This Isn’t That

Related: What may happen as oil supplies dwindle and Strait of Hormuz remains mostly closed — PBS

Domestic production of oil has significantly reduced the impact of energy price shocks on U.S. inflation and unemployment since the 1970s, according to new research from the Federal Reserve Bank of Boston. An oil shock like the one resulting from the Iran war should boost the personal consumption expenditures price index by 1.5 percentage points over the subsequent year, versus 2.2 percentage points in the 1970s, Boston Fed researchers said in the study, published June 4.

Job growth, meanwhile, would have been reduced by 1.8 percentage points in the face of such a shock in the 1970s, but that effect “has largely disappeared in recent years,” they said. For the authors — which include the bank’s top economist, Egon Zakrajšek — that means “monetary policy should focus more on the inflation effects associated with oil shocks as opposed to the employment effects,” in part because “smaller employment effects could result in less disinflationary pressure to counterbalance the inflationary impact of higher oil prices.”

 

Utilities, Electricity & Renewables

 

Governing – June 12, 2026

Texas Is Winning the Race to Build New Power Capacity

The Trump administration’s war on renewable energy has had little impact so far this year, as solar generation and battery storage have accounted for 91% of new capacity installed across the U.S.
A new report from the Solar Energy Industries Association and Wood Mackenzie released Wednesday also found that Texas is leading the way in new solar, installing 50% more than any other state in the January-March period.

“Texas is actually soon to overtake California for the most total installed solar capacity,” said Daniel Giese, state director for the association. A separate report from global energy think tank Ember showed solar supplied more electricity than coal in May for the first time on a monthly basis. It accounted for 12.8% of U.S. energy last month, while coal dropped to 12.2%, near its lowest-ever monthly share.

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June 12, 2026

After the 2021 winter storm, Garza took CPS Energy from crisis to stability: San Antonio Express-News*

When Rudy Garza took the reins at CPS Energy in late 2021, the city’s electric utility was in crisis. Saddled with more than $1 billion in debt from energy costs during Winter Storm Uri, CPS Energy’s financial forecast was bleak, with Fitch Ratings and Moody’s Investor Services changing their outlooks for the utility from stable to negative. Even worse, CPS Energy had lost the confidence of its costumers, many of whom were left in the dark during Winter Storm Uri and nevertheless will be paying the storm’s bill for years.

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KEYE – June 12, 2026

The New Atomic Age: America’s Nuclear Reboot Begins in Texas

The last time the United States built a nuclear reactor this quickly, the country was racing to develop atomic technology during World War II. More than 80 years later, a startup company outside Lockhart, Texas, is trying to prove America can build nuclear reactors fast again. Oklo, an advanced nuclear technology company, says it completed construction of its pilot isotope production reactor, known as Groves One, in just 229 days — one of the fastest reactor construction timelines in modern U.S. history.

“So this is our pilot isotope production reactor we call Groves One,” said Oklo CEO Jacob DeWitte during a tour of the facility. “It’s something we built from the ground up in about 229 days to reach substantial completion.” The reactor is part of a broader push by the federal government to accelerate nuclear energy development in the United States. Oklo is one of 11 companies selected for President Donald Trump’s nuclear reactor pilot program, a Department of Energy initiative aimed at bringing at least three reactors online by July 4.

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Utility Dive – June 12, 2026

Judge overturns DOE’s cancellation of $82.1M in clean energy grants

The U.S. Department of Energy is expected to reinstate $82.1 million in funding for 11 cancelled clean energy grants that were awarded by the Biden administration, after a federal judge vacated the cancellations on Thursday. The plaintiffs — a coalition of groups led by the American Institute of Chemical Engineers —  cited a similar case settled in January, in which DOE was ordered to reverse $27.6 billion in grant cancellations and did not contest that a primary reason for their cancellation was that the grantees were located in states that voted for former Vice President Kamala Harris.

“Plaintiffs  in the present case are seven DOE awardees who, like the Saint Paul plaintiffs, are located in a Blue State and had one or more DOE awards terminated in the same October 2025 set of DOE terminations that were at issue in Saint Paul,” the plaintiffs wrote.

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Inside Climate News – June 12, 2026

Despite Record Renewable Growth, China Is Still Betting on Coal

China’s coal power output rose in early 2026, fueling concerns that last year’s drop in power-sector emissions may be temporary despite record growth in renewable energy. Data from China’s National Energy Administration suggests that 2025 marked a turning point in China’s shift away from fossil fuels and toward renewable energy. Installed renewable energy capacity, including wind, solar, biomass and hydro, reached 2,340 gigawatts, accounting for nearly 60 percent of China’s total generating capacity. Combined wind and solar capacity surpassed thermal power capacity for the first time.

The rapid expansion of renewables helped drive the first annual decline in carbon emissions from China’s power sector in more than a decade, according to the Centre for Research on Energy and Clean Air (CREA). The trend appeared to reinforce expectations that China could meet its goal of peaking its carbon emissions before 2030 and achieving carbon neutrality by 2060.

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Renewable Energy World – June 8, 2026

How can wave energy tech support the AI race?

Eco Wave Power and tech giant NVIDIA have been growing a bit more acquainted as the race for AI dominance continues. Eco Wave Power, an onshore wave energy technology company, announced that its technology was featured for the second time in an NVIDIA GTC keynote presentation, this time during NVIDIA Founder and CEO Jensen Huang’s GTC Taipei 2026 keynote, highlighting the growing role of digital twins and simulation technologies in the optimization of real-world infrastructure.

The company also recently announced that its wholly owned subsidiary, Eco Wave Power U.S., has joined the NVIDIA Inception program, an initiative designed to support companies advancing artificial intelligence, data processing, simulation, and high-performance computing technologies.

 

Regulatory

 

JD Supra – June 9, 2026

Texas Courts Constrain Any Appeal of ERCOT Board Action to Effectively Serial Motions for Reconsideration—Is That What the Legislature Intended?: Butler Snow

Given the material (sometimes massive) commercial impact that ERCOT Protocols have on market participants, it is important that market participants have the right to appeal those decisions, and they have done so. But the upshot of two recent decisions by the Supreme Court of Texas and the Fifteenth Court of Appeals is that any such appeals are effectively limited to motions for reconsideration by the ERCOT Board or the PUCT. Motions for reconsideration are rarely successful. This, then, begs the question: Is this the framework for appeals that the Texas Legislature intended?

The provisions of the Texas Utilities Code that govern the electricity system are generally contained in Title II of that Code and are known as the “Public Utility Regulatory Act” or “PURA.” PURA Section 39.151(a) directs that an independent organization must be established to “ensure the reliability and adequacy of the regional electrical network,” “ensure that electricity production and delivery are accurately accounted for among the generators and wholesale buyers and sellers in the region,” to maintain and process information essential to customers’ exercise of retail choice, and to ensure non-discriminatory access to the transmission and distribution (“T&D”) system.

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Texas Energy Report NewsClips

Friday June 12, 2026

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 Friday after U.S. President Donald Trump said Washington had reached a framework agreement with Iran, raising hopes the Middle East conflict could be nearing its end.

US crude oil futures for July delivery fell 1.61% to $86.30 per barrel

August futures for international benchmark Brent crude lost 1.75% to $88.8 per barrel.

Speaking at the Oval Office, Trump said he expects an agreement to be signed “over the next few days,” assertions he has made several time during the conflict. He also said the Strait of Hormuz would reopen once a deal is finalized.

despite the recent fresh exchange of U.S.-Iran strikes, with ongoing diplomatic efforts, alternative shipping routes around the Strait of Hormuz and sharply lower Chinese crude imports helping offset geopolitical risks.

Citi also echoed in a note on Friday that sharply lower Chinese crude imports have helped moderate oil prices since the start of the Middle East conflict, reducing fears of a bidding war for supplies. The bank estimates China can keep imports near 8.7 million barrels per day without materially depleting inventories, suggesting demand from China may not provide a major boost to prices in the near term.

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Top Stories

 

The New York Times – June 11, 2026

Democrats Once Vowed to Stop Oil and Gas. Now They’re Not So Sure.*

Democrats and environmentalists are shifting their approach to climate change, as the economic fallout from war in the Middle East has reshuffled the politics of energy. With voters worried about spiking gas prices and inflation, some of the party’s leaders argue that they should stop trying to throttle oil and gas, which heat the planet when burned. It’s a rejection of the approach taken during the Biden administration, which treated climate change as an existential threat and tried to stop new drilling and pipelines.

The most recent example came in California, where Tom Steyer, a champion of fighting global warming, was edged out of this month’s gubernatorial primary by Xavier Becerra. Mr. Becerra, a moderate Democrat, questioned the state’s most stringent climate goals, like ending sales of new gasoline-powered cars by 2035, and received donations from oil and gas companies.

Across the Northeast, Democratic governors have started to consider gas pipeline expansions, once unthinkable in the most climate-conscious states in the country. Even climate hawks in Congress have shifted their tactics, lawmakers said in recent interviews. And though the co-sponsors of the Green New Deal in 2019, Senator Ed Markey of Massachusetts and Representative Alexandria Ocasio-Cortez of New York, still rail against the fossil fuel industry, they rarely emphasize their once-influential plan to mobilize the U.S. economy to fight climate change.

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Politico – June 11, 2026

Inside the campaign to discredit a key climate science report

Oil industry allies are quietly targeting a field of climate research that could cost fossil fuel companies billions of dollars. In the crosshairs is a forthcoming report from the National Academies of Sciences, Engineering, and Medicine that will examine research into the ways corporate climate pollution is intensifying natural disasters. The conservative offensive could weaken the report’s perceived credibility at a time when it threatens to raise the legal jeopardy facing Exxon Mobil and other energy giants that are accused of contributing to fatal catastrophes in dozens of lawsuits, according to lawyers and scientists tracking the cases.

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Cool Down – June 11, 2026

Scientists create giant ‘fire tornado’ that may clean up oil spills faster and with far less smoke

A dramatic new experiment suggests one of nature’s most destructive forces could become an unexpected cleanup tool. According to new research from Texas A&M University, giant fire tornadoes could be a useful method for cleaning up oil spills. As crews search for better ways to handle spills, researchers say they have now carried out the first large-scale trial of fire whirls as a method for burning oil off the water’s surface.

With backing from the Bureau of Safety and Environmental Enforcement, the study was led by Dr. Elaine Oran and Dr. Qingsheng Wang of Texas A&M University along with Dr. Michael Gollner of the University of California, Berkeley. When a major oil spill occurs at sea, one method of cleanup, known as an in situ burn, involves setting oil alight where it floats so the slick does not spread farther. That approach can shield shorelines, but it also creates heavy black smoke and leaves some of the oil unburned.

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The Texan – June 11, 2026

Google Announces $10 Million ‘Texas Water Impact Fund’

 

The Latest TERse Tips

Houston, Texas-based ERock, which supplies natural gas power systems to data centers, began trading Wednesday after raising $600 million at the midpoint of its range with Gibson Dunn & Crutcher LLP — Law 360*

Exxon Mobil’s head of global trading Tracey Gunnlaugsson is retiring, two sources with knowledge of the matter said — Gunnlaugsson, based in Houston ​according to her LinkedIn profile, was appointed to lead the trading division ‌in 2023 after previously serving as human resources vice president at the company for nearly five years — Reuters*

A group of local citizens concerned about pollution runoff from the Fayette Power Project spoke at the Fayette County Groundwater Conservation District meeting on Monday, asking the district to step up groundwater monitoring for pollution — Fayette County Record

The Public Utility Commission of Texas launched a new webpage to help residents understand how electric utilities are strengthening their systems to handle extreme weather events — the System Resiliency Plans webpage allows users to view overviews of approved utility plans, who they benefit and how they will improve the reliability and resiliency of the electric grid — KCBD

LNG and natgas independent Caturus, LLC said Thursday the participation of 20 leading international financial institutions in the previously announced financing of its 9.5 million tonnes per annum Commonwealth LNG export facility in Cameron Parish, Louisiana — see the press release

Mario Mendoza, 37, hailing from Lovington, New Mexico, pleaded guilty on Wednesday to conspiracy to transport stolen property in interstate commerce after being previously indicted by a federal grand jury in Lubbock for his role in a large-scale oil theft conspiracy in the Permian Basin involving 13 others — KLBK

Amazon said its global data-center operations withdrew about 2.5 billion gallons of water in 2025, as data center companies around the world face growing scrutiny over the environmental impact of artificial intelligence — the company disclosed the figure in a blog post Thursday outlining its water-efficiency efforts. Amazon said water use at sites it owns and operates directly fell 2% from 2024 levels, even while it expanded its data-center footprint — The Wall Street Journal*

 

Oil & Gas Texas

 

S&P Global Platts – June 11, 2026

The great oil reserves draw: how low can stocks go?

“The US we suspect is starting to approach what is described as an ‘operational floor’,” said John Evans, an analyst at the US-headquartered brokerage PVM Oil Associates, on the state of the reserve. “Our understanding is that it cannot be allowed to drop below a minimum 33% of capacity because the caverns in which reserves are kept will be compromised,” Evans said. Estimates vary over the minimum threshold needed to keep pipelines and other infrastructure operating, but industry veterans agree the threshold is approaching fast.

“Once the drawdown is complete, we’re going to be down to 250 million barrels. That’s already way too low for comfort,” said Paul Simons, a former IEA and US Department of State official. Those levels would only be enough to cover about two weeks of domestic consumption and sit well below a preferred floor of 30 days’ cover, he said. Commercial inventories are also falling fast. In a June 9 note, Jeff Currie, a senior adviser at investment company The Caryle Group, said supplies in Cushing, the physical delivery point for West Texas Intermediate crude, were “weeks” from nearing the floor where the futures settlement mechanism begins to break down.

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Reuters – June 11, 2026

Exxon plans work at Beaumont, Texas complex, says online notice*

Exxon Mobil Corp began work on ‌Wednesday night at its Beaumont, ​Texas refining ​and petrochemical complex, according ⁠to a ​notice the ​company posted online to notify nearby residents ​of increased ​actvity and flaring.

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Inside Climate News – June 11, 2026

An Old Well Gushed Waste, Not Oil, in a Small West Texas Town

An old oil well sprang back to life under the parking lot of the First Baptist Church of Grandfalls in April. Over the next eight days, more than 1.5 million gallons of toxic wastewater flowed out of the earth, according to state records. The state regulator, the Railroad Commission, spent $1.49 million plugging the leak and another $1.16 million disposing of the wastewater back underground. By early June, crews had stopped the flow and plugged the wellbore.

Wastewater, fortunately, did not enter the church. The imminent threat passed. But questions linger for the church’s pastor and Permian Basin residents. Why do old wells in the area keep blowing out? What will happen if the next leak isn’t under a parking lot, but a house or school?

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Texas Tribune – June 11, 2026

Texas Republicans open state convention projecting unity after years of infighting

Two years ago, the Texas GOP held its state convention in the throes of a ruthless primary fight aimed at ousting the Republican House speaker and more moderate lawmakers. This year, as the party braces for a tough midterm, delegates will gather in Houston under a historically unified spirit….

When the last GOP convention rolled around in 2024, the party’s finances were in their worst shape since 2017, with party leaders having alienated traditional corporate donors through their activism, including then-Chair Rinaldi’s attacks on House leadership and his dismissal of calls for the party to distance itself from an influential GOP group, Defend Texas Liberty PAC, with ties to white supremacists. In those donors’ places, the party increasingly relied on contributions from Tim Dunn and Farris Wilks, the West Texas oil barons who funded Defend Texas Liberty and used it as their latest means of financing political opposition to more moderate House Republicans. Dunn-associated groups continue to be some of the party’s top donors, the Texas GOP’s latest campaign finance filings show.

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Texas Tribune – June 11, 2026

Corpus Christi’s delayed water response bubbles up to Texas governor’s race

Corpus Christi’s impending water crisis — and delayed action by city leaders — has become an issue in the race for Texas governor, with Gov. Greg Abbott threatening a state takeover of the city and his Democratic opponent, Gina Hinojosa, criticizing his “strong-arm” approach. Frustration grew after the Corpus Christi City Council voted last week to again push back a decision on building an almost billion-dollar water treatment plant, even as projections show the coastal community facing mandatory water restrictions in early 2027. After the vote, the governor’s office didn’t hold back.

“The moment for leadership arrived, but the Council met it with a whimper and a complaint,” said Robert Black, Abbott’s chief of staff. Instead of taking “meaningful steps to meet the long-term water needs of their citizens,” council members “chose to bicker, blame, and hide behind excuses and ‘studies’ rather than take action,” Black said in a statement. Black underscored the governor’s frustration with city leaders. In March, when water levels in two of the city’s main reservoirs fell to historic lows, Abbott said: “Corpus Christi is a victim not because of lack of water. They’re a victim because of a lack of ability to make a decision.”

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Associated Press/ABC News – June 11, 2026

Years after oil pipeline protests, North Dakota and the federal government settle policing lawsuit

The federal government will pay North Dakota nearly $28 million to settle a lawsuit over the costs of policing massive protests against the Dakota Access oil pipeline nearly a decade ago, the state’s attorney general announced Thursday. The final settlement agreement’s sum is the same amount a federal judge determined last year after trial. The government also agreed to dismiss all of its appeals and to issue a statement that recognizes “that the people of North Dakota, including, centrally, our law enforcement officers, endured repeated acts of intimidation, violence, property destruction, unlawful conduct associated with encampments established on federal land without authorization,” Republican Attorney General Drew Wrigley told reporters. …

The state sued in 2019, seeking $38 million. In 2017, the pipeline company Energy Transfer donated $15 million to help cover the response costs. That same year, the Justice Department gave a $10 million grant to the state for reimbursing the response. The judge found that Energy Transfer’s contribution was a gift and subtracted the $10 million already paid by the federal government when calculating the nearly $28 million award. Last month, he vacated several previous orders, including his 2025 ruling, at the request of both sides as they negotiated the settlement.

 

Oil & Gas National & International

 

Globe and Mail – June 11, 2026

How Elevated Oil Prices are Boosting BP’s Energy Business

West Texas Intermediate crude is trading at more than $85 per barrel. The high price is being backed by ongoing tensions in the Middle East. The U.S. Energy Information Administration (“EIA”) in its latest short-term energy outlook projected WTI at $88.32 per barrel this year, higher than $65.40 last year. A highly favorable pricing environment for the commodity is likely to continue supporting BP plc‘s BP exploration and production activities, which generate a significant proportion of its earnings.

The British energy major’s production outlook seems bright, thanks to major discoveries. On its latest earnings call, BP mentioned that since the beginning of 2025, it has made 14 discoveries. BP said Bumerangue appears to be a very large oil discovery, estimated at around 8 billion barrels in place, though further appraisal work is needed to determine how much can actually be extracted and commercialized.

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Politico – June 11, 2026

Hormuz closure sparks global pitchfest on energy

Multiple countries are pitching the Trump administration on how they can offer alternatives to the energy crisis the Iran war has sparked over the Strait of Hormuz. They’re hoping to get political backing and financial support in Washington. And they appear to be knocking on an open door. “Energy security is back on the table. This is exactly how we want to position ourselves. We can be one of the safe havens when it comes to supplying energy,” Suriname’s Oil, Gas and Environment Minister Patrick Brunings said in an interview.

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S&P Global Platts – June 10, 2026

Japan refiners deploy VLCCs for ship transfers, US crude amid Hormuz disruptions

Supertankers time-chartered by Japan’s oil refiners are facing a challenging situation, changing the basic mechanism of crude trade by doing ship-to-ship, or STS, transfer in Malaysia, even as some of them are partially idle due to disruption at the Strait of Hormuz, while others are tapping the US market, several tanker brokers, owners and charterers told Platts, part of S&P Global Energy, June 9.

“It is a very challenging situation because Japanese tanker owners do not permit the VLCCs they have chartered out to call ports in the Red Sea, Persian Gulf and even Fujairah and Oman,” said a chartering source. Two tanker brokers said that only the shipping company, NYK, permits the loading in Mina-al-Fahal on a case-by-case basis. An NYK spokesperson confirmed that its ships do not pass through or call at the Strait of Hormuz and the Red Sea, but prohibition has been lifted in some parts of Oman.

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Oil Price – June 11, 2026

What’s Stopping the Trans-Caspian Pipeline After 27 Years?

With the Iran war disrupting traditional energy supply routes and the West seeking to lessen reliance on Russian transit networks, Trans-Caspian corridors have again emerged as a focus of international diplomacy and investment. Several distinct regional networks gained increased attention from global players at the Baku Energy Week earlier this month, including a subsea green electricity link and the Trans-Caspian International Transport Route, also known as the Middle Corridor.

But prospects for another key project, the long-delayed Trans-Caspian Pipeline (TCP), remain in doubt, languishing in a geopolitical deadlock since 1999, although it does have its backers still dreaming of a fresh route for natural gas from Turkmenistan and other Central Asian nations. By bridging the Caspian Sea from Turkmenistan to Azerbaijan, the TCP would deliver Turkmen and other countries’ natural gas directly into the Southern Gas Corridor, a mega-pipeline network stretching across Turkey to link with Greece, Italy, and the wider EU market.

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Bloomberg – June 10, 2026

Ten Reasons Oil Is Still Below $100 a Barrel: Javier Blas*

1. China, China and China
The global oil market is incredibly complex, with myriad factors interacting to keep prices under $100 a barrel. But if I had to pick just one, it would be China. Beijing has managed to slash its oil imports, providing a massive — and unexpected — relief valve. Last month, China imported 6.7 million barrels a day of crude via tanker, down nearly 40% from the 2025 average, according to Vortexa, a market intelligence firm. That drop of 4 million barrels a day is roughly equivalent to the consumption of Germany and France combined.

2. Demand destruction
The amount of oil refineries are processing into fuel and petrochemicals has fallen by about 5 million barrels a day. Either consumers are cutting back significantly, or refineries are running down their inventories. Likely, both factors are at play, with demand destruction, mostly in the petrochemical sector, probably accounting for 3 million to 4 million barrels a day.

3. Oil is still leaving Hormuz
The Strait of Hormuz has been closed for more than 100 days. Yet oil still flows from the Persian Gulf. The first route is obvious: bypass pipelines that circumvent the waterway, crossing Saudi Arabia and the United Arab Emirates. The pipelines, which were previously little known outside the energy industry, have kept about 5 million barrels a day flowing.

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The Wall Street Journal – June 11, 2026

Climate Standard Setter SBTi Sets New Rules for Companies Seeking Net Zero*

The world’s leading corporate climate standard-setting group will allow companies to count purchased environmental credits in their carbon footprint calculations, as part of new rules it says are aimed at acknowledging the difficulty in eliminating certain emissions. The Science Based Targets initiative said it has made “an explicit choice to recognize that companies do not control everything, and that pretending otherwise does not serve anyone,” in its long-awaited update to its corporate net-zero rulebook. The new rules are “built on a best-efforts framework,” the U.K.-based nonprofit said. “The expectation is clear: Set targets based on science accompanied by reasonable implementation plans, deploy every lever within your control, be transparent about where barriers have limited what was possible, and demonstrate what you are doing to address those barriers over time.”

Up until now, the SBTi has said companies should focus on decarbonization within their own supply chain—by using renewable electricity on site to power their operations, for example. Market-based mitigation efforts, such as the purchase of sustainable-aviation-fuel credits to offset emissions, are actions outside the supply chain of a company. Such efforts weren’t previously allowed to be counted in calculations toward reaching SBTi-approved climate targets. Now, such methods can be considered core to a company’s net-zero strategy. Companies also will be allowed to use carbon-removal technologies, which could include direct air capture or reforestation credits, to help achieve carbon neutrality when faced with emissions that are impossible or nearly impossible to eliminate. This rule will only come into effect from 2035 to cover the last remaining emissions after all other steps have been taken.

 

Utilities, Electricity & Renewables

 

Texas Observer – June 11, 2026

Last Year, a Corpus Christi Cryptomine Guzzled over 11 Million Gallons. Now, Its Water Usage Is Being Kept Secret.

The drought-stricken City of Corpus Christi is withholding how much water a controversial cryptocurrency mine is siphoning away from surrounding residents. The Texas Observer reported on the facility’s water burden last year in a series examining the cryptomine and artificial intelligence data center boom unfolding across the state. From May to August last year, the Bitcoin mine consumed 11,563,000 gallons, according to water utility records that the Observer previously obtained via a local resident’s public information request.

Together, the records pointed to an average of about 127,500 gallons a day, well over the 100,000-gallons daily rate that the city uses to label a “high-volume user.” Moreover, records obtained last year showed the city already added a new 4-inch water pipe to the site to help the mine cool its computing hardware with a technique known as liquid immersion.

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RTO Insider – June 11, 2026

CEBA Report: Blocking All Renewables Could Cost U.S. $121.2B*

Blocking new solar and wind development could cost the U.S. an additional $121.2 billion in electricity and natural gas from 2027 through 2033, according to a study from the Corporate Energy Buyers Association. CEBA released the new analysis entitled “The Cost of Constraining New Solar and Wind” that compares both baseline and high-load-growth scenarios in which new solar and wind resources were and were not allowed to compete against other generation sources across U.S. power markets. The analysis was commissioned by CEBA and performed by NERA.

“To maintain economic competitiveness at this critical time, America’s growing energy demand requires putting all energy options on the table,” said CEBA CEO Rich Powell. “When all energy resources are allowed to compete on a level playing field, American households and businesses benefit. Meeting demand from data centers, advanced manufacturing, and other growing economic drivers requires smart policy.”

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Dallas Morning News – June 11, 2026

Fight over data centers is a once-in-a-generation grassroots movement: Dave Lieber*

Texas is under siege by a new breed of megadevelopment.  Giant data centers are spreading across the state like fire ants at a picnic,  only they’re a trillion times bigger than the ants. These massive buildings raise concerns about water use, power consumption, noise and environmental impact. Grassroots groups in opposition are springing up just as quickly, organizing neighbors, attending public meetings and building websites, which ironically travel through data centers to reach their destination.

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pv magazine – June 11, 2026

MSN – June 10, 2026

Texas grid operators project confidence despite expectation to break energy demand records

Scorching temperatures and surging artificial intelligence demand will strain the Texas power grid this summer, though local energy officials say they are equipped to keep consumers supplied. Electric Reliability Council of Texas officials forecasted a peak load of roughly 92.2 gigawatts at their June 2 quarterly board meeting. That projection represents a 10.2% year-over-year increase and a 7.8% increase from the state’s previous record demand in 2023.

“The weather profile that we are likely to see over the next few months is a little more even uncertain than usual,” ERCOT Vice President of System Operations Dan Woodfin said at the meeting. Temperatures in Texas could reach 2023 peaks, depending on the state’s rain forecast. Heat spikes energy usage as consumers turn down the knobs on their air conditioners.

Energy use in Texas is also on the rise because of the rollout of AI data centers across the state. ERCOT received 519 requests in the last two years to connect large data centers to its grid, compared to 24 such requests the previous year. ERCOT President and CEO Pablo Vegas told the Texas Tribune that his utility was experiencing “an unprecedented change in the pace of growth.”

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Austin Free Press – June 10, 2026

Dark energy: City of Austin says no peeking at council’s “peaker plant” votes

The city of Austin last week denied a formal Austin Free Press request for “records of any motions presented” during a closed session on natural gas powered peaking units, or “peakers” at the city council’s May 21 meeting. The request included “records of how each council member voted.” The city wrote on June 5 that it “is withholding the information” without first seeking a Texas Attorney General’s opinion, which government bodies typically do under the Texas Public Information Act. The city based this shortcut on a 2009 open records decision by then-Texas Attorney General Greg Abbott that offered automatic carve outs for a few types of information.

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Daily Energy Insider – June 10, 2026

SWEPCO marks milestone in transforming former coal plant into natural gas facility

Southwestern Electric Power Company (SWEPCO), a subsidiary of American Electric Power, said Monday it completed a large-scale concrete pour for the new turbine foundation for its natural gas plant being constructed in Hallsville, Texas.

The Hallsville Natural Gas Plant is being developed at the site of the retired H.W. Pirkey Power Plant, a decommissioned 721-megawatt (MW) coal/lignite-fired power station that began operations in 1985 and was retired in 2023 due to environmental compliance and maintenance costs.  The electricity generated by the natural gas replacement facility will serve the widespread service area of SWEPCO, reaching approximately 550,000 customers across Texas, Louisiana, and Arkansas.

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The Wall Street Journal – June 10, 2026

Now Is a Good Time to Buy Into America’s Mega Utility Merger*

Shares of America’s largest utility, NextEra Energy, have fallen about 9% since the company announced last month that it would buy Dominion Energy.. This could be a good time to buy the dip on a top-notch utility.

NextEra said it would buy Dominion in a mostly stock deal, creating a giant that would be more than double the size by market capitalization of the next biggest utility. Dominion’s shares were trading at such a discount—about a quarter lower than NextEra’s forward earnings multiple—that the latter was able to offer a hefty premium without denting its earnings growth. NextEra expects the deal to be immediately accretive to its earnings per share.

 

Regulatory

 

Politico – June 11, 2026

Lawsuit targets Trump admin changes to EPA methane standards*

An environmental group is suing the Trump administration for modifying Biden-era methane regulations in response to complaints from the oil and gas industry. The lawsuit filed Monday in federal appeals court in Washington, comes as President Donald Trump’s EPA has embarked on a broader reconsideration of its landmark 2024 new source performance standards and emissions guidelines for existing oil and gas infrastructure. The Environmental Defense Fund, the group behind Monday’s lawsuit, is already challenging those changes in a separate case.

EPA’s modifications at issue in EDF’s new lawsuit allow more natural gas flaring in certain circumstances and alter vent gas monitoring requirements. “The 2024 methane standards for the oil and gas sector are common sense protections against dangerous air pollution,” said Rosalie Winn, EDF’s senior director and lead counsel for methane and clean air policy, in a statement announcing the new lawsuit. “The Trump EPA’s illegal weakening of these vital standards undermines efforts to keep our air clean, help keep people safe, and prevent the needless waste of American energy,” she continued.

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Texas Energy Report NewsClips

Thursday June 11, 2026

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 Thursday after the U.S. launched a fresh round of military strikes against Iran, stoking worries that the Iran war could drag on, disrupting energy supplies for longer.

U.S. crude oil futures for July rose 2.94% to $92.68 per barrel.

Brent futures, the international benchmark, for August delivery gained 2.52% to $95.45 per barrel.

In a post on X, the U.S. Central Command said American forces had started “launching additional self-defense strikes today at 5:15 p.m. ET against multiple targets in Iran at the Commander in Chief’s direction.” The military said the operation was carried out “in response to Iran’s unwarranted and continued aggression.”

Iranian state media, meanwhile, reported that Tehran had carried out missile and drone attacks against U.S. vessels operating in the Strait of Hormuz.

 

Top Stories

 

The Wall Street Journal/MSN – June 10, 2026

China is propping up the world economy by importing a lot less oil

A sharp fall in China’s crude oil imports during the Iran war has been instrumental in holding down oil prices and keeping the global economy humming. Clues are emerging in the mystery of the missing three million barrels—the oil that China would normally be importing but isn’t now. Chinese people are driving fewer gasoline-powered cars and taking trains instead of planes. The country is dialing back operations at the plants that turn crude oil into feedstock for materials such as plastics. And Beijing is beginning to draw down reserves.

The question is how long the import cuts can last—and what would happen if China needs to start buying more again. When the U.S. and Israel attacked Iran and the Strait of Hormuz was virtually closed, many analysts thought a prolonged closure could bring oil prices to $150 to $200 a barrel. That in turn was viewed as likely to trigger a global recession. Instead, with the strait chokehold well into its fourth month and clashes in the war continuing, the Brent crude benchmark is below $100 a barrel.

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Reuters – June 10, 2026

Commodities trader Gunvor funds venture to buy US natural gas production*

Commodities trader Gunvor ​on Wednesday told Reuters it has provided financial backing to a team of energy industry executives for efforts to ‌amass natural gas-producing assets across top U.S. shale basins. A Gunvor spokesperson confirmed that the company has backed Western Natural Resources, a private oil and gas producer based in Oklahoma City which has previously developed energy production projects in partnership with asset manager KKR.

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S&P Global Platts – June 10, 2026

US releases more funding to tackle growing inventory of abandoned oil and gas wells

More federal dollars have been released to help US states tackle abandoned and methane-leaking oil and gas wells as operators continue to leave unsealed drill holes behind. The US Department of the Interior announced in late May it had “unlocked” additional funding allocated under the 2021 Bipartisan Infrastructure Law to help plug and remediate such well sites, with $2 billion now available for state grants. The belated funding, while welcome, will not come close to solving what has become a growing headache for oil-rich states, experts agree.

“Decommissioning wells and well sites is fundamentally burying money in the ground,” said Dwayne Purvis, a former oil industry executive who now consults with operators. “You’re doing work to create value that doesn’t earn a return. It benefits other people.” While most companies responsibly close their wells, companies that go bankrupt or lack decommissioning funds often abandon depleted or uneconomic sites, Purvis said in an interview. The result is a backlog that falls on states and taxpayers.

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Inside Climate News – June 10, 2026

Why an Activist From Texas Crossed the World to Confront Asia’s Biggest Petrochemical Company

In many ways, at nearly 80 years old, Diane Wilson would have rather stayed home. A retired shrimper with a high school education, she agreed to come here without thinking too much, as usual. That’s how she does things. That’s why she’d spent all of March camped outside a chemical plant on a hunger strike near her tiny Gulf Coast town in Texas, and why now she was on a dock in Taiwan listening to a gray-haired oysterman speak in Mandarin.

Wilson liked the man, named Lin Chun Lan. She smiled as she discovered how much they had in common. As fisherfolk they shared a reverence for the bounty of the ocean and a stubborn refusal to abandon its pursuit. That’s what drove them both to fight the same multi-billion-dollar company, Formosa Plastics Corp. Both persisted for decades. Both earned the ire of local power structures.

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June 10, 2026

‘Man who killed offshore wind’ now pushing fossil fuels and nuclear for Koch-funded Mackinac Center in Michigan: Energy & Policy Institute

David Stevenson, who led a national campaign against offshore wind power for the Delaware-based Caesar Rodney Institute, is now fighting land-based solar and wind farms and promoting fossil fuels and nuclear power with the Michigan-based Mackinac Center for Public Policy, a group funded by the donor network of petrochemical billionaires Charles and Chase Koch.

The Caesar Rodney Institute (CRI) and Mackinac Center are both affiliated with the State Policy Network (SPN), which serves as the central hub of a 50-state network of right-leaning think tanks. SPN has long sought to derail state clean energy and climate change policies, and is funded by right-wing and corporate donors that include fossil fuel interests.

 

The Latest TERse Tips

Sempra says it’s preparing several projects costing more than $7 billion including high voltage upgrades in the southern Dallas-Fort Worth area that will eventually support 16 GW of new electricity demand — see the press release

Governor Greg Abbott today announced that 456 megawatts (MW) of new, dispatchable natural gas power generation units at NRG Energy’s TH Wharton Generating Station in Houston have come online — the units, backed by a loan through the Texas Energy Fund (TxEF), add enough electricity to power more than 100,000 Texas homes during peak hours — see the press release

Rayburn Electric Cooperative yesterday broke ground on Rayburn Energy Station II (RES II), a $685 million, 570-megawatt natural gas generation facility that will strengthen reliability for more than 625,000 Texans served by Rayburn’s four Member cooperatives across North Texas — see the press release

President Trump said Wednesday that U.S. operations have quietly removed millions of barrels of oil from Iran, claiming the effort helped prevent global oil prices from soaring — speaking to reporters in the Oval Office, Trump said the United States has been taking “millions of barrels” through the Strait of Hormuz during the conflict with Iran, adding that the operation had not been publicly disclosed until now — Yahoo! News

Surging gasoline prices have erased more than a year of Americans’ wage gains — the hole got deeper in May, when consumer prices rose 4.2% from a year ago, the Labor Department reported Wednesday. That was significantly higher than the 3.4% gain in average hourly earnings registered in the May jobs report — The Wall Street Journal*

Inflation Heated Up to 4.2% in May, as Energy Costs Continued to Bite — consumer prices rose at their fastest pace in three years, but were in line with expectations — The Wall Street Journal*

The U.S. is seeking to loan energy companies up ‌to 40 million barrels of crude oil from the Strategic Petroleum Reserve to help push fuel prices down, the Department of Energy said ​on Wednesday — the latest U.S. offer to loan the ​oil is part of a previous U.S. agreement to ⁠release 172 million barrels from the facility, and so far ​the U.S. has loaned about 133 million barrels of the ​oil in that agreement — Reuters* — also see: U.S. Strategic Petroleum Reserve Hits Multi-Decade Low Amid Iran Conflict, from Indexbox

A New Mexico-based clean energy project which has been under construction for the past 20 years is starting to deliver energy and is set to be fully operational in June — the SunZia wind farm is the largest US-based wind project to date, with 916 turbines and is projected to provide enough electricity to power 1.2 million homes — Environment America

JD Vance is ‘confident’ Iran war will be history in a year — his remarks on Iran came during an exclusive interview tied to the release of his new book — USA Today

Energy writer Claire Hao says she has left the Houston Chronicle to move back to her native Michigan

American Airlines and Google announced a record-breaking agreement for sustainable aviation fuel certificates, representing the largest publicly announced SAFc agreement between an airline and a single corporate customer to date — see the press release

 

Oil & Gas Texas

 

The New York Times – June 10, 2026

Lee Raymond, Who Created Global Oil Behemoth Exxon Mobil, Dies at 87*

Lee R. Raymond, who as chief executive of Exxon Mobil wrung out costs to make that global oil company the most profitable in its industry while stoutly resisting the scientific consensus that burning fossil fuels was causing a potentially disastrous warming of the Earth, died on Saturday in Dallas. He was 87. His death, at a hospital, was confirmed by his son Colin, who said the cause was complications of pneumonia. Mr. Raymond’s agreement in 1998 to acquire Mobil — a transaction valued at about $81 billion, then the largest corporate merger ever — created the world’s biggest private-sector oil company in terms of annual sales, operating in 200 countries. The deal reunited the two biggest parts of John D. Rockefeller’s Standard Oil Trust, sundered in 1911 by federal trust busters in an effort to spur competition.

During his reign as chief executive, from 1993 to 2005, Mr. Raymond relentlessly cut costs, including eliminating a third of the executive jobs after the merger, and helped boost net income to $36.13 billion from $4.8 billion. The company’s market value increased fourfold to $375 billion. Mr. Raymond shunned publicity. There was no discernible effort to make him seem endearing or personable to the general public or even to his own employees. He was known for making withering remarks in response to questions from employees or investment analysts. “What you’re hearing today may seem boring,” he said at an analyst meeting in March 2005. “You’ll just have to live with outstanding, consistent financial and operating performance.” At company headquarters in Irving, Texas, he worked in a hushed office suite known as the God Pod, where a painting of a tiger hung behind his desk. Some employees nicknamed him “Iron Ass,” according to “Private Empire: ExxonMobil and American Power,” a 2012 book by the journalist Steve Coll.

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Bloomberg – June 10, 2026

Chevron Among Drillers to Feed Argentina Shale NGL Venture*

Chevron Corp. and two other major Argentine shale producers will sign contracts this week to supply a natural gas liquids project, a move that all but assures the $3 billion plan goes ahead, according to people familiar with the matter. Chevron, the US supermajor that’s eyeing a ramp-up in the Vaca Muerta shale basin, will partner with state-run YPF SA and private energy firm Pluspetrol SA, to sign contracts with TGS SA, a gas company leading the project. It is seen as crucial to avoiding infrastructure bottlenecks in the booming shale patch.

“Chevron confirms it is close to finalizing agreements related to a gas processing and natural gas liquids infrastructure project in Vaca Muerta, alongside other industry participants,” the company said in an email. YPF declined to comment. Pluspetrol declined to comment. TGS didn’t immediately reply to a request for comment. The three drillers will fill roughly 80% of the project’s capacity and signing the contracts is a step that goes hand in hand with TGS giving it the green light, known as the final investment decision, said one of the people. The project will turn natural gas — much of it so-called associated gas that comes out of oil wells — into liquids like butane and propane for export. TGS will pay for some of the $3 billion investment itself, with the rest financed by banks that are close to agreeing terms.

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Motley Fool – June 10, 2026

ExxonMobil and Chevron Reported a Combined $7.6 Billion Profit in Guyana Last Year. 

Amid growing concerns about the reliability of oil supplies due to heightened tensions in the Strait of Hormuz, the strength and durability of multinational oil companies have come under scrutiny. ExxonMobil announced yesterday that its operations in Guyana generated $4.7 billion in profit last year, highlighting the significance of the South American nation’s offshore oil boom as a buffer against the geopolitical crisis in the Middle East.

Incidentally, another supermajor, Chevron, through its acquisition of Hess, had disclosed a $2.89 billion profit in 2025 from Guyana. It’s no secret that oil companies and investors are looking to diversify their energy investments away from any single region. At 6.6 million acres, the Stabroek block is a giant, low-cost, high-margin oil discovery located in deepwater territory. While ExxonMobil has a 45% working interest, Chevron has a 30% interest through Hess. The Chinese state-owned oil company CNOOC holds the remaining 25%.

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MarketWatch – June 10, 2026

Phillips 66’s Borger Refinery in Texas Panhandle Reports Unit Upset, TCEQ Filing Shows — OPIS

Phillips 66’s 159,688 b/d Borger refinery in the Texas Panhandle reported a “process upset” that started on Tuesday, according to a filing with the Texas Commission on Environmental Quality. The filing dated Wednesday showed an emission event lasted for about seven hours on Tuesday, as the facility released an estimated 900 lbs. of sulfur dioxide from its East Flare, which exceeded the allowed limit of 500 lbs., the TCEQ filing showed.

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Reuters – June 10, 2026

Gas generator maker ERock raises $600 million in US IPO

ERock raised $600 million in its U.S. initial public offering, the natural gas generator maker said late ​on Tuesday, becoming the latest company to ‌debut amid a busy market for new listings.

• The Houston, Texas-based company sold about 27.9 ​million shares priced at $21.50 each, the mid-point of ​its indicated range of $20 to $23.
• ERock joins a ⁠host of companies that have recently taken the public ​market path, as momentum in the U.S. IPO market ​has returned with renewed investor optimism for fresh stocks.
• Elon Musk’s SpaceX is going public this week, while AI giants Anthropic and OpenAI ​have already filed confidentially to go public in ​New York.
• ERock, founded in 2006, provides natural gas generators to data ‌centers, ⁠utilities, and commercial and industrial customers across nine U.S. states. A huge chunk of its revenue comes from high-growth regions such as Texas and California.

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San Angelo Live – June 7, 2026

Small Oil Producers Need Relief From Washington’s One-Size-Fits-All Regulations: Wayne Christian, RRC

America is at an energy crossroads. For years, the Obama and Biden administrations layered on a steady stream of malicious regulations, permitting delays, and compliance mandates that made it harder to produce American energy. While President Donald Trump works to roll back much of that, the reality is that producers have spent decades trying to keep up with an ever-expanding federal regulatory machine, and it’s taken its toll.

To address some of that, Rep. August Pfluger (R-TX) and Sen. Cynthia Lummis (R-WY) have both introduced the Protect Domestic Oil and Gas Small Business Act in their respective chambers. Their legislation, if passed, would create a more targeted compliance framework for small and marginal oil and gas producers. Their idea is simple: a family-owned operator running a handful of wells should not be regulated the same way as a multinational company operating thousands.

 

Oil & Gas National & International

 

Reuters – June 10, 2026

US crude stocks fall sharply as refiners crank up activity, EIA says*

U.S. crude stocks fell sharply last week as refiners continued to boost activity to fill supply gaps caused by the Iran war, the Energy Information ​Administration said on Wednesday. Crude inventories fell by 7.2 million barrels to 426.5 million barrels ‌in the week ended June 5, the EIA said, compared with analysts’ expectations in a Reuters poll for a 4 million-barrel draw.

U.S. crude inventories, including those from strategic reserves, have fallen by 79 million barrels since the Iran war ​began on February 28. The U.S. is the world’s largest crude producer and has stepped ​in to fill supply gaps caused by the conflict and the effective closure of ⁠the Strait of Hormuz, a key trade chokepoint. Inventories in the U.S. Strategic Petroleum Reserve are ​now at their lowest level since August 2023.

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CNN – June 10, 2026

Iran war ripple effects are increasing risks of acute hunger for millions, World Food Programme chief says

Ripple effects from the war in Iran are threatening millions more of the most vulnerable people with crisis levels of hunger or worse, World Food Programme (WFP) acting Executive Director Carl Skau told CNN. The closure of the Strait of Hormuz has driven up the cost of fuel exponentially, making the organization’s operations far more costly. The escalating fuel costs have also driven up the price of food around the world. And critically needed supplies of fertilizer from the Gulf to plant crops in places like Sudan have been stymied by the snarling of the critical waterway.

It is a devastating mix for an organization that was already having to make unimaginable choices due to significant cuts in funding. “In many places, we’re already taking from the hungry to give to the starving,” Skau said. The WFP relies on donations from governments and has seen an immense drop in funding across the board, including from its top donor, the United States. As of Monday, the US’s 2026 contribution was around $731 million. In 2024, it was more than $4 billion.

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The New York Times  June 10, 2026

U.S. Exports Rose in April, as Strait of Hormuz Closure Buoyed Demand for American Oil*

The war in Iran has raised prices for American consumers and depressed President Trump’s approval rating. But it is clearly benefiting U.S. energy companies, and the country’s exports. U.S. exports of goods and services rose 2.6 percent in April, to $327.1 billion, according to data the Commerce Department released on Tuesday, as the closure of the Strait of Hormuz boosted U.S. exports of oil and petroleum products to a new monthly record. Exports of industrial supplies, computers and aircraft were also strong. Imports also rose, climbing 2 percent from the previous month, to hit $383 billion, as the United States imported electronics to fill out data centers.

The combination shrank the monthly trade deficit, the gap between what the United States imports and what it exports. The U.S. trade deficit in goods and services dipped to $55.9 billion in April, down 1.2 percent from the previous month. The Trump administration aims to reduce the trade deficit, seeing it as a sign of weakness in the U.S. factory sector. While the trade deficit has been extremely volatile, for much of the last year it has been on average slightly smaller than it was in the year leading up to Mr. Trump’s return to office. Trump officials have celebrated that change. But it is still debatable whether those trends are the result of more lasting changes to the economy due to the tariffs, or other more temporary factors. In April, for example, booming U.S. oil exports because of the closure of the Strait of Hormuz more than accounted for the drop-off in the trade deficit. And before tariffs went into effect last year, importers stockpiled a massive amount of foreign goods, thereby reducing their demand for imports in the next months.

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S&P Global Platts – -June 10, 2026

Tariffs threaten North America’s energy security opportunity: panelists

North America risks squandering a once-in-a-generation opportunity to leverage its energy resources and industrial base if tariff disputes and political disagreements continue to overshadow regional integration, panelists said during a discussion on the future of the US-Mexico-Canada Agreement at the Atlantic Council Global Energy Forum in Washington, D.C. on June 9.

The comments come as the three countries prepare for the 2026 review of the USMCA at a time when governments are seeking to reduce dependence on China, strengthen supply chains and secure the energy needed to support artificial intelligence, manufacturing and critical minerals development. At a White House event, US President Donald Trump said June 10 that he might not renew the agreement. “As long as these tariff actions continue and these short-sighted debates on whether integration is a good thing continue, we won’t get there,” said Jay Khosla, vice president for strategy and policy at the Public Policy Forum in Canada.

 

Utilities, Electricity & Renewables

 

Center Square – June 10, 2026

Texans overwhelmingly oppose eminent domain, transmission lines through property

At townhall, city council and county commissioner meetings being held statewide, Texans are united in opposition to $40 billion worth of transmission line projects cutting across the state, using eminent domain and passing costs onto rate payers.  At issue is the implementation of a law by state regulatory agencies with a history of failure. In 2023, HB 5066, filed by state Rep. Charlie Geren, R-Fort Worth, received bipartisan support and was signed into law by Gov. Greg Abbott. Its stated goal was to expand transmission lines to support energy reliability in the Permian Basin.

The Electric Reliability Council of Texas (ERCOT), which manages the state grid and nearly collapsed it in 2021 due to systemic failures, recommended in 2024 that the Public Utilities Commission of Texas approve building transmission lines across the entire state, not just local transmission upgrades outlined in the legislation. Both ERCOT and the PUCT are subject to state legislative oversight; all four PUCT commissioners were appointed by Abbott.

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KXAN – June 10, 2026

Texas landowners fight massive transmission line project at Austin hearing

Hundreds of Texas landowners gathered in Austin this week to challenge proposed transmission line routes tied to a major statewide power infrastructure project. The Bell County East to Big Hill 765-kV transmission project, proposed by Oncor and the Lower Colorado River Authority, is designed to move power across Texas and strengthen the state grid as demand rises from population growth, data centers and industrial expansion.

In March, the utilities filed plans with the Public Utility Commission of Texas that included 122 potential route options. This week, administrative judges are hearing testimony about those routes before eventually making recommendations to the PUC.For Burnet County resident Jan Rose, the possibility of a transmission line crossing her property is overwhelming. “It’s going to traverse our property, not along the property lines, but right through the middle, about 150 feet from our front door,” Rose said.

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The Texan – June 10, 2026

Abbott Issues Directive to ERCOT, Public Utility Commission to Control Rising Data Center Costs

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Texas Tribune – June 9, 2026

East Texas county judge urges state lawmakers to help locals combat data center proliferation

Dozens of East Texans converged at an Angelina County Commissioners Court meeting Tuesday to demand answers regarding a proposed data center project on State Highway 103 East. The project proposed by Denver-based AmpZ Champion Data Center Holdings has drawn considerable ire in Lufkin over the last few months. Residents worry about potential light, sound, air and water pollution, as well as how this project will affect property values.

Even though Angelina County Judge Keith Wright shares those concerns, he told residents the county has no power to stop proposed data centers from being developed. In fact, another facility on Highway 103 West has already cleared major hurdles without any input from the county, he said. “We have no authority to do a moratorium or stop any type of development in the county,” Wright said. “Texas legislators have consciously limited what counties can do, and they’ve done it on purpose. They don’t trust us.” He called on residents to voice their concerns with the lawmakers who tied the county’s hands.

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San Antonio Express-News – June 10, 2026

Texas leads U.S. in solar growth as the renewable tops coal for first time*

The Trump administration’s war on renewable energy has had little impact so far this year, as solar generation and battery storage have accounted for 91% of new capacity installed across the U.S. A new report from the Solar Energy Industries Association and Wood Mackenzie released Wednesday also found that Texas is leading the way in new solar, installing 50% more than any other state in the January-March period. “Texas is actually soon to overtake California for the most total installed solar capacity,” said Daniel Giese, state director for the association.

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San Antonio Express-News – June 10, 2026

Judge signals CPS Energy loss in trial over natural gas prices during 2021 winter storm*

CPS Energy is poised to lose a lawsuit against two natural gas suppliers that the utility accused of charging exorbitant prices during the February 2021 winter storm. According to a recent court filing, state District Judge Laura Salinas indicated she intends to enter judgment for Houston Pipe Line Co. LP and Oasis Pipeline LP, subsidiaries of Dallas-based Energy Transfer LP. The suppliers disclosed the anticipated ruling in a filing seeking more than $10.2 million in attorneys fees. The filing offers no further information about the judge’s planned ruling, and a final judgment has not yet been entered.

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KUHF NPR – June 10, 2026

Brazoria County passes resolution outlining requirements for future data centers

Brazoria County has joined a growing number of local governments across Texas in passing a resolution outlining desired regulations for data centers built within its jurisdiction. In a unanimous vote Tuesday, all five members of the Brazoria County Commissioners Court passed a three-page resolution outlining its requirements. The resolution states the court is in opposition to any future data center or related industry in the county that does not safeguard electric grid reliability, water and energy usage, agricultural land and public infrastructure. The county south of Houston also wants developers of such future projects to conduct independent impact assessments based on those criteria.

Ahead of the vote, lifelong Brazoria County resident Wesley Burnett told the court he and his family had been affected by a recently built data center. “The constant noise and vibration are still a daily nuisance,” Burnett said. “The disturbance is not occasional; it’s continuous. It’s 24 hours a day, 365 days a [year]. It creates not just a noise, but also a physical sensation that you can feel in your body.”

 

Regulatory

 

Reuters – June 10, 2026

US energy regulator approves PJM’s fast-tracked power plant interconnection plan*

U.S. grid operator PJM Interconnection said on Wednesday that the Federal Energy Regulatory Commission has approved ​its proposed expedited interconnection track, a temporary process ‌to advance projects of significant size to address the urgent need for more capacity resources. According to the Energy Information Administration, U.S. ​power consumption, which hit its second straight annual ​record high in 2025, will rise further in ⁠2026 and 2027, driven by AI-hungry data centers and ​electrification.

The approval comes as PJM and states across its ​footprint seek to bring new power generation online more quickly to meet rising electricity demand and maintain grid reliability. PJM said it ​would consider 10 interconnection requests per calendar year ​under the EIT plan for large new or uprated capacity resources ‌that, ⁠among other criteria, have a commitment from a relevant state authority to help expedite siting.

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Texas Energy Report NewsClips

Wednesday June 10, 2026

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 were choppy on Wednesday after the U.S. launched military strikes against Iran, raising concerns that renewed hostilities could threaten shipping through the Strait of Hormuz.

U.S. crude oil futures for July delivery fell 0.19% to $88.03 per barrel, paring gains after jumping over 1%.

Brent futures, the international benchmark, for August delivery, slid 0.2% to $91.27 per barrel.

The U.S. military said it had completed strikes against Iranian military targets near the Strait of Hormuz.

U.S. forces carried out strikes on Iran on Tuesday night after an American Army Apache helicopter was shot down a day earlier, according to U.S. Central Command. Centcom described the operation as a defensive and measured response to what it called Iranian aggression.

President Donald Trump said earlier Tuesday that Iran had brought down a U.S. helicopter conducting patrols near the Strait of Hormuz and indicated that the U.S. would retaliate.

 

Top Stories

 

ESG Dive – June 9, 2026

Banks’ fossil fuel financing increased 8% in 2025: report

The world’s largest banks increased funding for fossil fuel companies and projects by 8% in 2025, marking the second consecutive year of expanded financing, according to the latest Banking on Climate Chaos report. The 17th version of the report, released Monday, also documented a second-straight year of rising funding for fossil fuel expansion, with such products and companies seeing a27% increase in financing.

The report documenting fossil fuel commitments found that the largest 65 banks contributed $906 billion in fossil fuel financing in 2025, up from $842.6 billion in 2024. United States-based banks were responsible for nearly a third of fossil fuel funding (32.2%) last year, and the U.S. showed the largest increase of any of the tracked regions, with $35 billion more in financing than 2024, according to the report compiled by the Rainforest Action Network, Sierra Club, Reclaim Finance and others.

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ProPublica – June 9, 2026

An Indian Billionaire Was Targeted by Trump. Then He Poured Money Into a Startup Secretly Backed by Donald Trump Jr.

In late November in Jamnagar, India, the scions of two of the most powerful families in the world stood face-to-face. On one side was 30-year-old Anant Ambani, son of one the richest men in Asia. On the other was Donald Trump Jr. For months, the Trump administration had been on the offensive against the sprawling Ambani energy empire, placing it at the center of an escalating tariff campaign against India. But after Trump Jr. touched down, the two men toured the Ambanis’ private zoo, and at night they performed a Gujarati folk dance, grinning as they moved together to the music.

Four months later, an obscure Texas startup called America First Refining announced that it had received a nine-figure investment from the Ambanis’ company. The deal puzzled numerous energy investors familiar with the project, which aims to build the first major new oil refinery in the U.S. in about 50 years. The company is run by a serial entrepreneur with a history of bankruptcy and lawsuits alleging fraud. After more than a decade of failed attempts to raise money, blown deadlines and rebrands, it had been floundering.

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US News – June 9, 2026

US Power Use to Beat Record Highs in 2026 and 2027, EIA Says

 

The Latest TERse Tips

Wright says amount of oil through the Strait of Hormuz will ‘continue to rise’ — The Hill

Sempra Infrastructure said Tuesday that the feedgas system for its Port Arthur LNG project has been placed into service ahead of the export plant’s first phase startup expected next year — see the press release

Pedernales Electric Cooperative has appointed Christian Powell as its next CEO effective August 4th, following the resignation of former CEO Julie Parsley in April — Marble Falls Daily Tribune

The Leander City Council voted June 4 to split its two votes between Elexis Grimes and Carlos St. James, the two candidates running for an open District 2 seat on the Pedernales Electric Cooperative board of directors — Community Impact

In a first-of-its-kind agreement, Gov. Greg Abbott authorized on June 2 a $73 million Texas Energy Fund grant that will back a project replacing nearly 10,000 electric poles in Texas and strengthening electricity distribution for more than 38,000 in-state customers, including in Montgomery County, officials said — Community Impact

Power producer breaks ground on Sherman gas plant to help with peak demand — Dallas Morning News*

How bad will drought be in Texas? Rio Grande Valley farmers are bracing for the worst — the Rio Grande Valley typically grows between 60 to 80 million acres of fresh produce annually, but that has declined over the years due to drought — Texas Tribune

 

Oil & Gas Texas

 

BOE Report – June 9, 2026

Permian Strategic Partnership Highlights $2.3 Billion in Regional Investment and Expanding Economic Impact Across the Permian Basin

The Permian Strategic Partnership (the PSP), a coalition of 25 leading Permian Basin energy companies and two university systems, today released its 2025 Annual Report and latest Power of the Permian economic impact report, highlighting how continued investment across the Permian Basin is strengthening local communities while helping drive American energy production and economic growth nationwide.

Since its founding in 2019, the PSP has invested approximately $21 million in education, healthcare, workforce development, and road safety initiatives across 22 counties in West Texas and Southeast New Mexico. Those investments have helped leverage more than $2.3 billion in regional impact while supporting long-term improvements across the Basin. The 2025 report also highlights several new initiatives, including a pediatric residency program, expanded investments in Career and Technical Education (CTE), two tele-audiology clinics, and a regional mental health summit.

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San Antonio Express-News – June 9, 2026

San Antonio energy executive sues former HR director over alleged online, in-person harassment*

For years after leaving a Howard Energy Partners subsidiary, John K. Berry seemed unable to stop talking about the San Antonio company. His grievances surfaced in LinkedIn comment sections, beneath recruiting posts, company announcements and celebrations of corporate milestones. Sometimes the comments were sarcastic. Sometimes they were cutting. Often they appeared aimed at reminding current and former colleagues that he was still watching. The remarks accumulated over time — a jab here, a dig there, another swipe at company executives. Then the dispute left LinkedIn.

According to court records, Berry approached Howard Energy executive Brandon Burch and his wife in a restaurant parking lot while exhibiting “unpredictable and unsettling behavior.” Burch also alleged Berry later sent a Facebook message to his wife saying her husband would “get his Ass Kicked.” The allegations were enough for a Bexar County judge to issue a temporary restraining order barring Berry from contacting Burch or his family and from coming within 500 feet of Burch, his home and Howard Energy’s offices. A hearing scheduled for Tuesday on whether the restrictions should remain in place under a temporary injunction pending trial was postponed as the parties worked to set a new date, Erica Benites Giese, a San Antonio lawyer representing Burch, said outside of Presiding Court in Bexar County. She declined to discuss the case.

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Oil Price – June 9. 2026

Why Argentina’s Shale Boom Matters for Global Energy Markets

Argentina’s epic unconventional oil boom is going from strength to strength. At the end of 2024, South America’s third-largest economy emerged as the continent’s fourth-largest oil producer. After production faltered at the end of 2025, output bounced back to near record levels at a crucial time for world energy markets. The closure of the Strait of Hormuz is impacting global oil supply, triggering a price shock that could push vulnerable economies into recession. The 8.6-million-acre Vaca Muerta shale will make Argentina a global energy powerhouse.

Government data shows that for April 2026, Argentina lifted a record 881,809 barrels of crude oil per day. This was not only 1.4% higher than a month prior but represents a notable 19% increase over a year earlier. This solid increase in petroleum production is attributable to the strong growth of unconventional oil output from the Vaca Muerta shale, which hit an all-time high during April 2026 of 618,849 barrels per day. As a result, shale oil now makes up over 70% of Argentina’s total petroleum output, the highest proportion ever.

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KAVU – June 9, 2026

State agencies begin plugging orphaned wells in Baffin Bay to protect coast

The General Land Office announced one of six orphaned wells in Baffin Bay has been plugged as part of a coastal protection project. An orphan is an abandoned oil or gas well with no current owner. According to the U.S. Department of Interior, these wells can negatively impact current and future oil and gas developments.

The effort is a collaboration between the Texas General Land Office (GLO) and the Railroad Commission of Texas (RRC). Officials say four of the six wells will ultimately be capped and removed due to leaks and the threat they pose to the marine environment. … Investigations by the GLO and RRC initially found three of the six wells were leaking. The RRC attempted repairs, but the wells continued to leak, prompting plans to plug and remove them.

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Pipeline & Gas Journal – June 9, 2026

Double E Pipeline Nears Expansion FID as Shipper Demand Surges

Summit Midstream has secured additional long-term transportation commitments on the Double E Pipeline and extended its open season through June 30, citing shipper interest that exceeds currently available expansion capacity. The company announced two new firm transportation agreements totaling 150 million cubic feet per day, bringing open season commitments to 250 million cubic feet per day and increasing Double E’s total contracted capacity to approximately 1.9 billion cubic feet per day. Summit said it also holds a firm option agreement that could add another 200 million cubic feet per day of contracted capacity later this year.

The commitments support Summit’s planned Double E Compression Expansion project, which would increase pipeline capacity by roughly 50%, from approximately 1.6 billion cubic feet per day to 2.4 billion cubic feet per day. The company expects to reach a final investment decision (FID) by the end of summer 2026 and has already placed orders for gas turbine compressors to preserve its targeted late-2028 in-service date.

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Texas Monthly – June 9, 2026

Corpus Christi’s Water Crisis Sparks a Fight With Its Neighbors*

Now Corpus Christi is trying to avert an environmental calamity, brought on by the fifth year of an unprecedented drought. The lakes that feed the city’s water system are, even with recent rains, at only about 25 percent of their combined capacity. Projections indicate that the overall supply could fall short of daily demand by June of next year….

As a long-term fix for the salinity, Corpus Christi issued a $175 million construction contract this year for a new brackish-water treatment facility at the Stevens plant, with the salty groundwater delivered via a thirteen-mile pipe instead of the river. This plan literally bypasses the TCEQ’s regulations and could enable full production at both Nueces County well fields. It’s set to be completed in 2028. Corpus Christi Water CEO Nick Winkelmann says the city will never again abandon its groundwater wells, describing them as part of a diversified supply to better protect the city from future scarcity. Of course, once the city is taking maximum advantage of the water available from the Nueces County wells, the effects on the depth and quality of the water in other local wells could be even more significant.

The fight over water in Nueces County won’t stop whenever the drought eases. Neither will Chris Cuellar, whose daily river excursions continue. “However long this will last, I’m committed to seeing it through,” he says. Nueces County is the front line of just one battle in a wider water war that’s reshaping infrastructure and upending lives in the Coastal Bend. The commonality on all sides is an existential dread of running dry. Primal fear is pushing people across the spectrum to pick sides, fast-track plans, organize resistance, defend turf. And as in any conflict, geography matters. In thirsty South Texas, the side you’re on usually depends on where the water in your tap comes from.

 

Oil & Gas National & International

 

CNBC – June 9, 2026

What next for BP? Leadership exits test investor confidence in board oversight

BP is on its third CEO and third chairman in under three years, prompting investor scrutiny of the structure and oversight of its board as the oil major works to turn itself around and adapt to the supply shock. Weeks after CEO Meg O’Neill started in April, the chairman, Albert Manifold, was suddenly dismissed in late May. The board said this was due to “serious concerns” relating to governance standards, oversight and conduct.

Manifold said he had been fired “without warning and without explanation,” adding he disputes “entirely the characterisation” of his conduct. One of the oil supermajor’s top active investors told CNBC that some may be in danger of missing the bigger picture, while an activist shareholder said the company urgently needed to address the reasons for the turnover.

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Fairbanks Daily News-Miner – June 7, 2026

Alaska gas pipeline developer offers concession, proposes to cap natural gas costs for Alaskans

The firm developing the proposed trans-Alaska natural gas pipeline has proposed limiting the price for natural gas sold through the pipeline to Alaskans. If accepted by legislators, the limit would prevent the cost of gas from rising if the pipeline costs more than expected.

The new proposal from pipeline developer Glenfarne comes as the Alaska Legislature continues meeting in a 30-day special session, considering a major tax break to support the AKLNG pipeline project. That project aims to build an 807-mile pipeline to bring natural gas from the North Slope to Cook Inlet for export and in-state use. A price cap could resolve one sticking point in negotiations over the proposed tax break, but with half of the special session gone, a variety of other issues remain unresolved.

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S&P Global Platts – June 9, 2026

Japan refiners deploy VLCCs for ship transfers, US crude amid Hormuz disruptions

Supertankers time-chartered by Japan’s oil refiners are facing a challenging situation, changing the basic mechanism of crude trade by doing ship-to-ship, or STS, transfer in Malaysia, even as some of them are partially idle due to disruption at the Strait of Hormuz, while others are tapping the US market, several tanker brokers, owners and charterers told Platts, part of S&P Global Energy, June 9.

“It is a very challenging situation because Japanese tanker owners do not permit the VLCCs they have chartered out to call ports in the Red Sea, Persian Gulf and even Fujairah and Oman,” said a chartering source. Two tanker brokers said that only the shipping company, NYK, permits the loading in Mina-al-Fahal on a case-by-case basis. An NYK spokesperson confirmed that its ships do not pass through or call at the Strait of Hormuz and the Red Sea, but prohibition has been lifted in some parts of Oman.

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The Hill – June 5, 2025

Trump auctions off rights to drill in Alaska wildlife refuge, but gets few bidders

The Trump administration on Friday auctioned off rights to drill in a pristine wildlife refuge in Alaska, but the lease sale attracted only two bidders on a few tracts of land. Of the about 60 tracts of land opened up for leasing by the Trump administration, only five received bids. Only Hex Energy and the state-owned Alaska Industrial Development and Export Authority bid on tracts.

Overall, the lease sale netted about $3.7 million, half of which will go to the state of Alaska. Friday’s auction advances Republicans’ long-awaited and long-delayed goal of drilling in the Arctic National Wildlife Refuge (ANWR), despite pushback from environmental advocates. However, the small number of  bids and bidders also demonstrates limited corporate interest in drilling in the controversial spot.

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KTUU – June 3, 2026

Anchorage seeks ‘seat at the table’ over proposed LNG gas line’s projected local impacts

A proposed 739-mile pipeline could cost Anchorage up to $173 million, according to the LaFrance administration. The Alaska Liquefied Natural Gas (LNG) project is being proposed to be set up 20 miles outside of the Municipality of Anchorage and would be responsible for transporting gas from the North Slope. However, due to the project being outside of the municipality, the city said it would receive no direct tax revenues from the gas line.

“I am really excited about the economic benefits that a gas line would provide. As mayor, I am being proactive in looking at how it would impact Anchorage,” Mayor Suzanne LaFrance said. Due to Anchorage being a “hub” near the project, the LaFrance administration said it would cost them millions of dollars in extra public service costs. The city would need to be prepared to welcome around 10,000 people to the city, resulting in a heightened demand for housing and emergency response services, LaFrance said.

 

Utilities, Electricity & Renewables

 

Yahoo! News – June 9, 2026

Musk’s xAI, SpaceX hit with class action over data center ‘nuisance’

Elon Musk’s xAI and SpaceX have been sued by Mississippi residents who say a power plant ‌fueling nearby data centers is blasting “omnipresent and inescapable” noise that has eroded ‌their health and home values. The lawsuit, made public on Tuesday in federal court in Oxford, ​Mississippi, claims Musk’s companies negligently failed to curb the disturbance and created a public nuisance through excessive and offensive noise. Three residents filed the case on behalf of a class estimated at more than 10,000 members.

“The artificial intelligence (AI) boom is ‌wreaking havoc on communities across ⁠the United States” by subjecting thousands of residents to near-constant noise and vibrations, the lawsuit said. The plaintiffs are seeking damages for ⁠alleged emotional distress, reduced property values and other harms, as well as disgorgement of an unspecified amount in profits.

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Utility Dive – June 9, 2026

Not-for-profit utilities turn to energy storage as data centers drive cost, reliability concerns

Meeker Energy, a member-owned electric cooperative serving about 10,000 homes and businesses in central Minnesota, is typical of many non-profit utilities across the country. While investor-owned giants tout the profit potential of large-load pipelines in the gigawatts, distribution coops like Meeker are watching the wholesale cost of electricity rise, with little they can do to mitigate it except controlling for their own consumption. That expense accounts for the largest part of members’ bills.

That’s where storage comes in. The utility is in the early stages of testing behind-the-meter residential batteries at members’ homes for resilience and demand response. Steve Kosbab, Meeker’s energy services manager, said 60% of its members participate in at least one of its load management programs, which already helps Meeker reduce wholesale power demand charges.

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CNBC – June 9, 2026

Entergy CEO pushes back on fears that AI data centers will drive up electricity bills

Entergy CEO Drew Marsh said the rapid buildout of data centers doesn’t have to be a burden for residential communities. “Data centers really want to be good neighbors,” Marsh said on CNBC’s “Mad Money” on Tuesday. “They have reputations that they want to protect, and they want to be part of the community.”

The surge in AI-related power demand has sparked concerns among policymakers and homeowners that residential customers could end up footing the bill for data centers. Marsh said Entergy’s approach is designed to avoid that outcome by requiring data center operators to cover the costs of serving their facilities while also contributing to expenses that would otherwise be shared across the utility’s customer base.

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Power Magazine – June 8, 2026

Wildfire Risk Is Rising. Electric Cooperatives Are Acting—Congress Must Too: Jim Matheson, National Rural Electric Cooperative Association

The urgency is clear. Wildfires are becoming more frequent and severe, threatening lives, homes, and critical infrastructure across the country. At the same time, electricity demand is soaring, placing additional strain on a grid that must remain reliable and resilient. Electric cooperatives are doing their part. They are investing in prevention, innovating to reduce risk, and working every day to safeguard the communities they serve. But they cannot do it alone—especially when outdated federal policies stand in the way of urgently needed solutions.

Passing the Fix Our Forests Act would remove those barriers. It would empower electric cooperatives to act more quickly, effectively, and safely in the face of a growing wildfire threat. At a time when the risks are rising and the stakes are higher than ever, that is not just good policy—it is essential to the safety and well-being of rural communities.

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RTO Insider  June 9, 2026

FirstEnergy Calls for Directly Assigning Tx Costs to Data Centers

“FirstEnergy recently filed a proposal with FERC arguing that large load customers, specifically hyperscale data centers, should directly pay for the new transmission upgrades needed to serve them, rather than socializing these costs onto existing residential and commercial ratepayers.”

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Auto Notion – June 3,2026

A British Company Is Selling Factory-Built Gas Power Plants That Snap Together in 30-Megawatt Blocks — Each Enough to Power a Small City, and on the Grid Years Before a Nuclear Plant Could

The Rolls-Royce most people picture is either parked outside a hotel or bolted under the wing of a widebody jet. The company’s loudest car news this year was the most powerful road car it has ever built, and the first with no engine at all. So the product Rolls-Royce put on a stand in Essen back in February is easy to miss, because it isn’t a car, it isn’t a jet engine, and it isn’t aimed at anyone who buys either. It’s a power plant. A modular gas one, sized in 30-megawatt chunks, and it’s pointed straight at the thing the AI industry can’t get enough of: electricity.

On February 10, at the E-world energy trade fair in Essen, Germany, Rolls-Royce Power Systems (the division that builds mtu-brand engines for ships, trains, and backup generators) launched a line of turnkey modular gas engine power plants. The pitch is in the format. Instead of pouring concrete for one giant central plant, you order preconfigured, factory-tested blocks rated at 10, 20, or 30 megawatts, stack as many as you need, and connect the whole thing to the grid within 12 to 18 months of placing the order. A single plant can be specced anywhere from five megawatts to several hundred, depending on what the customer wants.

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KMVT – June 8, 2026

Smart meters are modernizing our aging electric grids, here’s how

Utility companies nationwide have invested in digital meters that can detect power outages instantly and relay real-time data to operators, according to research from MIT that found the devices reduced outage duration by more than 5% in Texas. The electric grid is essential to the U.S. economy, national security and public health and safety. But much of it was built in the 1960s and 70s, and the aging infrastructure is struggling to meet modern needs.

Extreme weather events have added stress to an already overloaded system, leaving communities vulnerable to power outages. Over the last 15 years, utility companies have replaced analog meters with smart meters, digital devices now connected to more than 70% of homes in the U.S.

 

Regulatory

 

Reuters – June 8, 2026

US judge scraps Trump policy restricting wind, solar tax breaks*

A U.S. judge vacated a Trump administration policy implemented last year that made it harder for wind and solar energy projects to claim ​federal tax subsidies, according to court documents. The decision is the latest legal blow ‌to U.S. President Donald Trump’s wide-ranging efforts to slow development of clean energy technologies, which he has said are unreliable and unfairly subsidized. In a ruling on Saturday, Judge Colleen Kollar-Kotelly of U.S. ​District Court for the District of Columbia said the Treasury Department’s Internal ​Revenue Service had failed to give an adequate reason for eliminating a ⁠longstanding definition for what it means for a project to be considered under ​construction.

Under federal law, clean energy projects must begin construction by July 4 of this ​year or enter service by the end of 2027 to qualify for a 30% tax credit and bonuses that can push the subsidy even higher. For a decade, project developers had been able ​to “safe habor” projects for four years either by showing substantial and continuous physical ​work or by incurring 5% of total costs before a credit expired.

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Texas Energy Report NewsClips

Tuesday June 9, 2026

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 Tuesday, erasing most of the previous session’s gains, ‌after Iran and Israel said they had halted attacks on each other following an appeal from U.S. President Donald Trump, though both sides warned they could resume hostilities.

West Texas Intermediate declined $1.13, or 1.2%, at $90.17 ​a barrel.

Brent crude futures were down 91 cents, or 1%, at $93.34 ​a barrel at 0400 GMT.

Prices climbed as much as 5% in the previous session after renewed ⁠Israeli strikes on Iran and attacks in Lebanon reduced hopes of an imminent end to ​the wider war, but pared gains after Iran’s armed forces announced the end of military operations against Israel.

“While ​there is some relief from the latest pause in direct strikes, investors are not convinced the truce will hold,” said Tim Waterer, chief market analyst at KCM Trade.

 

Top Stories

 

Transport Topics – June 8, 2026

Texas Gas Drillers Shut Out of Oil Price Rally Turn to Shutting Off Wells

Two extremes are currently playing out in the Permian Basin. Drillers are reaping the benefits of a historic price rally due to the Iran war. But when it comes to natural gas, they’re having to pay customers to take it away. It has now been 124 days of negative gas prices at the Waha Hub, a key indicator for Permian gas prices, and some producers have thrown in the towel, shutting in some wells to limit their losses. Their number includes large Permian operators such as Permian Resources Corp. and Devon Energy Corp., both of which have shut wells with high gas-to-oil ratios.

“It seemed to us like the biggest no-brainer to shut in and curtail gas wells that were losing money,” Permian Resources Co-CEO James Walter said on an earnings call last month. The plight of gas output in the largest U.S. shale field stands in stark contrast to oil. Permian crude production continues to reach new highs, with some drillers expanding in response to surging prices triggered by the conflict in the Middle East.

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S&P Global Platts – June 8, 2026

US gasoline stocks near critical low as exports face summer strain: CERA

US gasoline inventories are approaching operational minimums that could force a sharp pullback in exports just as the peak summer driving season intensifies demand, threatening to push refining margins to record levels, according to S&P Global Energy CERA. “If you just follow the trajectory down, very similar to what happened in 2025, sometime in the next few weeks we will reach a level where the US can’t go much lower,” Richard Joswick, head of oil pricing and trade flow analytics at CERA, said in a June 4 webinar.

“It’s not an absolute minimum operating number — no one knows what that is — but it’s an effective limit on exports,” he said. Total US gasoline stocks have declined steadily since late February and are now tracking below 2025 levels, reflecting surging exports to offset global supply disruptions from the effective closure of the Strait of Hormuz.

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Reuters – June 8, 2026

Oil market calm masks a host of unknowns: Ron Bousso*

Related: China is helping to cushion global oil prices below $100 — but analysts warn it won’t last — CNBC

The biggest oil supply shock in decades has entered its fourth month – with no resolution in sight as neither the U.S. nor Iran appears willing to budge – yet the market remains surprisingly calm. This disconnect reflects an uncomfortable reality: the biggest drivers of today’s energy market are a host of unknowns… The ​first major unknown is exactly how long global inventories can last. Governments and companies have tapped commercial stocks and strategic reserves at an unprecedented pace since the conflict broke out on February 28.

Global crude and fuel stocks fell at a pace of 5.27 million barrels per day ​in March, accelerating to 8.62 million bpd in April and likely approaching 9 million bpd in May, according to the U.S. Energy Information Administration. Draws could rise further to around 11 million bpd in June as seasonal demand increases ahead of the Northern Hemisphere summer. These are extraordinary numbers – equivalent to running down Saudi Arabia’s pre-war production every single day.

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KPRC – June 8, 2026

After deadly Beryl outages, CenterPoint CEO’s pay jumped to $12M

New financial reports reveal that CenterPoint Energy CEO Jason Wells received a 30% raise in the months following Hurricane Beryl. Lawmakers and electric customers skewered Wells and the utility company for their disastrous response to restoring power after the Category 1 hurricane hit Houston on July 8th, 2024. At least ten people died from heat-related illnesses stemming from prolonged power outages after the storm.

Wells described the power company’s actions as “inexcusable” in a special Senate Committee hearing in Austin after the storm. “Our response to the impacts of Hurricane Beryl and communications were not acceptable,” said Wells on July 29, 2024. Wells told lawmakers he would not resign because doing so would only delay CenterPoint’s work to improve operations.

 

The Latest TERse Tips

Summit Midstream Corporation on Monday announced continued commercial execution across two of its key growth platforms, the Double E Pipeline in the Permian Basin and its crude oil gathering systems in the Williston Basin — see the press release

Fitch Ratings has assigned a ‘BBB+’ rating to Sempra’s senior unsecured notes — Fitch

Platts, part of S&P Global Energy, will change the frequency of several US Renewable Energy Certificates (REC) price assessments from weekly to daily, effective July 1, 2026 to reflect greater market liquidity — Platts

 

Oil & Gas Texas

 

Dallas Morning News – June 8, 2026

‘Impacting our neighbors in grave ways:’ High gas prices hit North Texas families*

Rising gas prices are continuing to strain the wallets of North Texans. For some, this means a lot more than just cutting back on spending.  “Can I feed my kids? Can I pay for gas? Can I make my rent payment?” These are the questions Susan Hoff, chief strategy and impact officer for United Way of Metropolitan Dallas, is helping people answer. Hoff said United Way partners with over 200 nonprofit organizations to serve around 1.7 million people per year across Dallas, Collin, Rockwall and Denton counties.

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Pipeline & Gas Journal – June 8, 2026

Freeport LNG Feedgas Rebounds After Train 2 Shutdown in Texas

Freeport LNG’s export plant in Texas was on track to take in more natural gas on June 8 after one of its three liquefaction trains shut down on June 6, according to a company report and data from financial firm LSEG. Freeport is one of the world’s most closely watched liquefied natural gas export plants because the shutdown and startup of the facility have previously caused massive price swings in global gas markets.

When Freeport shuts, U.S. gas prices usually drop because demand for the fuel from the plant declines, and when liquefaction trains at Freeport restart, U.S. gas prices usually rise as demand for the fuel increases. That, however, did not happen so far on June 8. Gas prices were down about 3% so far on June 8 due to factors not necessarily related to Freeport.

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Construction Digital – June 8, 2026

Bechtel: How LNG Boom is Driving a Wave of Mega-Contracts

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Midland Reporter-Telegram – June 6, 2026

Bryan Sheffield looks beyond Permian as Formentera expands globally*

After selling Parsley Energy, built on the legacy of his grandfather’s Permian Basin wells, Bryan Sheffield formed a new private equity partnership. Sheffield formed Formentera Partners with Blake London in 2020. Paul Treadwell and Stephanie Reed later joined them. “What makes Formentera unique is we’re private equity, but we also are an operator. We are a hybrid,” Sheffield told the Reporter-Telegram.

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KRQE – June 6, 2026

New Mexico projects $850 million revenue increase from high oil prices

Gas prices continue to surge across the country because of the war in Iran. But since New Mexico is the second largest oil and gas producer in the country millions of dollars in revenue are projected to boost the economy. “We’re estimating about 850 million dollars more coming into the state of New Mexico this fiscal year as a result of the war,” said Ismael Torres Chief Economist, Legislative Finance Committee

Torres, shared with lawmakers the financial outlook for gas and oil production revenues. A major concern earlier in the year was that state spending was out pacing revenue growth but now there’s a shift. “Are we gonna have enough cash in the checking account to keep paying our bills and cover executive order spending and appropriations made during the session so we were facing a tight constrained budget environment, and things have changed pretty dramatically,” said Torres.

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New Orleans Times-Picayune – June 5, 2026

What new $5B investment means for nation’s first floating LNG terminal off Louisiana coast*

A long-delayed project to build the United States’ first floating liquefied natural gas export terminal off the Louisiana coast has secured the $5 billion in financing it needs to move forward, company officials recently announced, further cementing the state’s key role in global LNG markets. Delfin Midstream aims to build the largest floating LNG facility in the world connected to an undersea pipeline the Houston-based firm is repurposing to bring natural gas from onshore to a platform about 40 miles off the coast of Cameron Parish.

Delfin’s announcement comes as Louisiana is emerging as the center of gravity for the American LNG boom. The state is already home to four operating export terminals, and the planned floating terminal is the third to receive a final investment decision so far this year. “U.S. LNG production is the biggest in the world right now — particularly with our friends in Qatar shut in,” said Eric Smith, associate director of the Energy Institute at Tulane University. “Arguably, Louisiana has more LNG export capability than anywhere else on earth.”

 

Oil & Gas National & International

 

S&P Global Platts – June 8, 2026

Hormuz disruption drives Americas crude exports to all-time high in May

US crude oil exports surged to a record 5.6 million b/d in May, as Strait of Hormuz disruptions forced global buyers to seek alternative supply sources, S&P Global Commodities at Sea data showed. The sharp decline in Middle Eastern crude availability pushed buyers toward US Gulf Coast suppliers, with South Korea emerging as the largest single destination at a record 1.1 million b/d in May. European buyers also stepped up purchases, with the Netherlands taking 686,000 b/d and new flows emerging to several markets, including Croatia, the Philippines and Turkey.

US exports to Japan were steady at 602,000 b/d in May. The bulk of US crude exports — 4.9 million b/d — was light, sweet crude. Medium and heavy crude exports from the US climbed to a record high in May, with 3.5 million barrels sent to Germany and 4.3 million barrels to Italy. The US exported 3 million barrels of medium and heavy crude to South Korea and 1.7 million barrels to Japan.

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CNBC – June 8, 2026

Iraq and UAE race to establish alternative oil pipelines as exports through Hormuz dry up

Iraq and the United Arab Emirates are fast-tracking plans to expand oil pipelines to replace the capacity lost by the closure of the Strait of Hormuz, as new data reveals their stark dependency on the Persian Gulf.  Last week, the Iraqi cabinet approved plans to accelerate crude exports through the Kurdistan-Turkey pipeline network, which would more than triple its existing shipments from 220,000 barrels per day to 770,000.

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Bloomberg – June 6, 2026

Brace for a Flood of Oil as Soon as Hormuz Reopens: Javier Blas*

When the day comes, the reopening of the Strait of Hormuz will be an extraordinary event: restarting about 10,000 oil wells, pumping roughly 15% of the world’s production, that had been shut down for a hundred days and counting. Nothing even remotely close has been attempted — ever. The oil industry doesn’t have a playbook for it; it will learn by doing. Unsurprisingly, the commodity market is deeply divided about how long it would take: oil bears believe it could be done in days and weeks, while the bulls talk about six to eight months, perhaps even a year. The most pessimistic say many wells won’t restart at all. My industry soundings are far more upbeat: When it happens, it would start as a trickle, but very quickly — in just a handful of weeks, if not days — transform into an oil flood. I’m on the side of the bears, as you may have guessed.

Admittedly, resuming shipping in the strait would require a diplomatic deal between the US and Iran that has so far proven elusive. But allow me to speculate on the day after Tehran and Washington sign a memorandum of understanding that, in practical terms, allows tanker traffic on the waterway to return to prewar levels within, say, 30 days.

I’m sidestepping key questions: Would Iran charge tolls or fees? Would oil tankers use the Iranian shipping lanes or the Omani ones? But the starting point is somber. The closure of Hormuz has forced Saudi Arabia, Iraq, Iran, the United Arab Emirates, Kuwait, Qatar and Bahrain to curtail output by 45%, from a pre-war level of roughly 32 million barrels a day to about 17.5 million last month, according to the International Energy Agency. Before oil can re-start, the first job is to get tankers past the Hormuz bottleneck into the Persian Gulf. Often, I hear the reopening would be a two-phase operation: First, tankers already laden would depart, and only then could ships on ballast go beyond the strait to load. That’s nonsense: It would happen simultaneously. Greek shipowners have already pre-positioned multiple empty supertankers within only three to five days of navigation from Hormuz for the job.

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S&P Global Platts – June 8, 2026

Airline industry profits to halve in 2026 on Middle East fuel shock: IATA

Global airline industry net profits are expected to fall to $23 billion in 2026, roughly half the $45 billion recorded in 2025, as a near-70% surge in jet fuel prices and Middle East war-related disruptions weigh heavily on margins, the International Air Transport Association said June 7. Net profit margins are forecast to compress to 2.0% from 4.2% in 2025, with net profit per passenger falling to $4.50 from $9.10, IATA said in its annual financial outlook released at its AGM in Rio de Janeiro.

According to IATA, jet fuel is expected to average $152/b in 2026, up 69% year-over-year from $90/b in 2025, based on an assumed Brent crude price of $95/barrel. The jet crack spread vs crude is projected to average at a historic high level of $57/barrel, lifting fuel’s share of total airline operating costs to 31.4% from 25.4% in 2025.

 

Utilities, Electricity & Renewables

 

KUHF NPR – June 8, 2026

Houstonians report difficulties paying energy bills, UH Hobby School survey finds

A new survey by the University of Houston’s Hobby School of Public Affairs found that nearly one in eight respondents face a high financial burden from energy costs. That means those households spend more than 10% of their annual income on electricity and natural gas. Texas electricity prices rose about 30% from 2021 to 2025, according to the Texas Energy Poverty Research Institute.

Most survey respondents spent less than $200 per month on electricity and natural gas. However, 46% of surveyed residents also said they struggled to pay an energy bill at least once within the last year. “That’s not a fringe problem,” said Gail Buttorff, an associate director for the Hobby School’s Center for Public Policy who worked on the survey. “Almost one in two households had trouble paying energy bills in the last year.”

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Oil Price – June 6, 2026

Why Solar Power Is Booming Under Trump

Despite the Trump administration’s pivot away from renewable energies, solar continues to dominate new energy additions in the United States. Newly released data from the Federal Energy Regulatory Commission (FERC) shows that at the close of last year, solar energy additions were the single largest form of new energy capacity installations for the 28th straight month, starting in September of 2023. In fact, in spite of a broad rollback of Biden-era clean energy incentives since Trump resumed office in January of last year, renewables represented a whopping 88 percent of energy additions in 2025, with utility-scale solar alone counting for 72.6 percent of U.S. electricity additions.

This massive growth trend has caused solar power’s share of the United States energy mix to surpass that of wind power, nuclear power, and hydropower. And while many if not most of these renewable projects were greenlit and funded before Trump took office and rolled back tax cuts and subsidies for solar and wind projects, experts say not to expect a major cooldown any time soon.

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Houston Chronicle – June 8, 2026

Hundreds of large data centers want to join the Texas grid. ERCOT data shows top hot spots*

Related: An unprecedented data center boom means new challenges for Texas. Find out what’s planned near you — Texas Tribune

That’s set to change dramatically: More than 480 “large” data centers have requested to connect to the ERCOT grid through 2032, according to ERCOT’s data, as tech companies race to develop artificial intelligence. Altogether, these prospective data centers are seeking more than 418 gigawatts of electricity from ERCOT’s grid, according to the data — or nearly five times the all-time ERCOT power demand record of 85.5 gigawatts, set during summer 2023’s record-breaking heat wave. “It’s really been just something that we’ve never experienced before in the history of ERCOT,” CEO Pablo Vegas said in a previous interview about the surge in large electricity users. Grid experts widely believe most of the proposed large facilities are unlikely to be built, given constraints in AI chips and grid equipment.

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Utility Dive – June 8, 2026

Behind-the-meter data center gas plants will raise US energy bills: Jeffrey Rissman, Eric Gimon, Energy Innovation

A colossal data center is rising amidst the farmlands of Richland Parish, Louisiana. It will guzzle 2.2 GW of power, about twice as much as the entire city of New Orleans on a peak summer day. Near Cheyenne, Wyoming, an even larger data center looms on the horizon. While its first phase requires only 1.8 GW, it is ultimately designed to scale to 10 GW, as much power as all of New York City draws at its peak.

Aside from their ravenous power demand, these behemoths share one crucial trait: They will be fed by on-site power plants burning natural gas, not by the electric grid. Counterintuitively, it is data centers’ independence from the grid — coupled with their use of natural gas — that will hike energy costs for American homes and small businesses.

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Oil Price – June 3, 2026

Nuclear Startups Are in “Advanced Negotiations” to Buy Cold War Plutonium

As nuclear energy regains favor around the globe, competition for nuclear fuel is heating up. In an era of multiple and compounding energy crises driven by conflict, climate, and the power-hungry artificial intelligence boom, nuclear has resurfaced as a highly strategic option for building up energy security and independence for many nations around the world. But nuclear fuels supply chains are highly concentrated, and many of them are controlled by Russia, presenting critical geopolitical tradeoffs.

Today, there are only five plants in the world that operate large-scale uranium conversion, and half of that capacity is in the hands of the Kremlin, resulting in a critical resource bottleneck and geopolitical pain points. Accordingly, “U.S. nuclear energy faces fuel supply chain vulnerabilities, with tight uranium supplies, geopolitical risks, and rising costs threatening both existing reactors costs and advanced reactor development,” according to a January report from Stanford Energy.

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Forbes – June 8, 2026

Clean Energy Is Outspending Fossil Fuels Nearly Two To One: Ingmar Rentzhog, We Don’t Have Time

For every dollar the world invests in fossil fuels today, it invests nearly two in clean energy. Despite record political backlash, the money keeps moving in one direction, and it is not the direction the headlines suggest. According to the International Energy Agency’s new World Energy Investment 2026 report, global energy investment is set to reach about $3.4 trillion this year. Roughly $2.2 trillion is expected to flow into clean energy, including renewables, nuclear, grids, storage, efficiency and electrification. About $1.2 trillion will go to oil, gas and coal.

This is a historic shift. But it invites a fair objection that deserves a real answer. Fossil fuels do not compete on a level field. Governments around the world still spend enormous sums keeping fossil energy cheaper than it otherwise would be. These subsidies are usually defended as protection for households during periods of high prices. They also keep fossil fuels artificially competitive against cleaner alternatives. So the honest question is this. If we add fossil fuel subsidies to fossil fuel investment, does clean energy still lead?

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Reuters – June 8, 2026

EU plans tax changes to reduce electricity bills, draft shows*

The European Union is preparing changes to ‌energy taxes and network charges, including plans to tax electricity at a lower rate than gas, in a bid to cut consumers’ power bills, a draft proposal seen by Reuters showed. The European Commission proposal is part ​of the EU’s response to the fallout from the Iran war in energy markets, which ​has pushed up oil and gas prices, raising consumer bills due to ⁠the bloc’s reliance on imported fossil fuels.

The move would require national governments to tax electricity ​at a lower rate than natural gas, aiming to speed the shift from fossil fuels to ​electricity in transport, industry and heating, where oil and gas still dominate. By cutting relative power costs, it would boost the competitiveness of technologies such as electric cars and heat pumps. Fast EU action is needed “to decrease electricity ​bills and the EU dependence on fossil fuels”, the draft said.

 

Regulatory

 

Source NM – June 8, 2026

New Mexico governor appoints infrastructure advisor as Office of Natural Resources Trustee

Gov. Michelle Lujan Grisham on Friday announced the appointment of her infrastructure advisor to head the Office of Natural Resources Trustee — the state’s watchdog body to ensure polluters pay for damages to the state’s water, air, land and wildlife. The office has won damages from pollution from oil and gas, mining — such as the Gold King Mine spill — and from military and national laboratory sites, and used those funds for restoration projects. 

Lujan Grisham appointed Rebecca Roose to the acting trustee position after the March resignation of Maggie Hart Stebbins, who held the position for six years. Roose will now take the job on full time, with her appointment set to end with Lujan Grisham’s term on Dec. 31.

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Texas Energy Report NewsClips

Monday June 8, 2026

Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall

 

Good morning! Here are today’s Texas Energy Report NewsClips

Brent oil prices jumped more than $3 a ‌barrel on Monday, initially spooked by Israel’s launch of renewed strikes on Lebanon a day earlier, but also gaining further steam after sounds of explosions were heard in Iran

Sounds of blasts were heard – in Tehran, Tabriz and Isfahan, local media reported early on ​Monday, eroding hopes for an imminent end to the wider war and a restart to crude ​flows through the Strait of Hormuz.

Brent crude futures rose $3.20 or 3.39% to $96.24 a barrel ⁠while U.S. crude futures were up $2.87 or 3.17% at $93.41 per barrel as of 0333 GMT.

Those gains erased ​Friday’s losses, when prices fell on hopes of a de-escalation in the U.S.-Iran conflict, which has seen oil prices ​rise over 50% since March.

Though Iran on Sunday fired a salvo of missiles at Israeli targets in retaliation, U.S. President Donald Trump insisted that an agreement to end the wider war remains well within reach.

 

Top Stories

 

Rigzone – June 5, 2026

Matador Resources Inks Marketing Deals with Energy Transfer

Matador Resources Co said Thursday it has executed natural gas supply and other agreements with Energy Transfer LP (ET). “This transaction is an additional step taken by Matador’s marketing team to improve all-in pricing netbacks and reduce exposure to Waha Hub pricing in the second half of 2026”, the Dallas, Texas-based oil and gas explorer and producer said in an online statement.

“In addition to this gas supply agreement, Matador has executed separate natural gas liquid agreements with various ET affiliates to dedicate and sell Matador’s NGLs from multiple sources in the Delaware Basin to ET”. Last year Matador secured firm transportation on Energy Transfer’s Hugh Brinson Pipeline project for 500,000 million British thermal units a day of gas produced in the Permian Basin.

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Reuters – June 5, 2026

Texas grid flags risks as data centers, crypto sites fail voltage tests*

Several ​large data centers and crypto facilities planning to connect to the Texas power grid ahead of ‌peak summer demand have failed key reliability tests, raising the risk of power outages just as electricity use hits its seasonal high, according to the state grid operator. The rapid expansion of data centers processing vast amounts of data for artificial intelligence and crypto mining is ​straining power grids across the United States.

Unlike traditional industrial customers, which tend to draw electricity steadily and ​predictably, data centers are engineered to cut their connection to the grid at the first sign ⁠of trouble to protect their equipment and keep services running. That makes them an unpredictable and potentially destabilizing force ​on grids already under pressure from rising demand.

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OK Energy Today – June 6, 2026

Oil levels at Cushing Hub are becoming critically low

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News from the States – June 5, 2026

Data centers are driving demand for gas from Northwest utilities, reports find

• Electric utilities in Oregon and Washington are increasingly leaning on the use of gas generators to help data centers meet their energy demands, as well as buying more gas-powered electricity from other states.
• Utilities’ growing use of gas to meet the new demand, and data center owners connecting facilities to on-site natural gas and diesel generators, means both states could miss 2050 targets for dramatically reducing greenhouse gas emissions that contribute to global warming.
• Reports show rather than adding more gas power to the grid, lawmakers in Oregon and Washington could instead pass laws like those in Texas that require data centers to power down when the region’s energy grid is stressed and overall demand is peaking.

 

The Latest TERse Tips

Explosions reported early on Monday at the Karun Petrochemical complex at the northern coast of the Persian Gulf in Iran

100 days of the Iran war: How global markets and the economy have been affected, in charts — CNBC

The Texas Workforce Commission has released employment data through April 2026, showing that upstream oil and gas employment increased by 400 jobs in April compared with the revised March data — Texas Border Business

Tik Tok creator and candidate for Texas Commissioner of Agriculture warns AI data centers could drain water and drive up power bills — Yahoo! News

Fitch Ratings has affirmed Boardwalk Pipelines, LP’s Long-Term Issuer Default Rating (IDR) and senior unsecured debt rating at ‘BBB’ — Fitch

The Texas Commission on Environmental Quality has ordered a contested hearing before considering a renewal of Marathon Refinery’s air permit — El Paso County Commissioners Court requested the legal proceeding, similar to a civil trial, to review the oil refinery’s emissions — El Paso Matters

Empire Petroleum Corp. Chairman Philippe Mulacek filed a Chapter 11 petition Thursday, pausing enforcement efforts against him over a more than $210 million judgment in a long-running Texas federal court fight — Law 360*

Fuel prices are shaping summer plans as US boaters get ready to hit the water — motorists and airline passengers aren’t the only travelers thinking about high fuel prices as summer vacations near — Associated Press/ABC News

Solar company Terra Energy is rolling out a new option that bundles rooftop solar, home battery backup, and electricity into one monthly bill without the usual long-term solar loan — electrek

Construction has begun on the 457 MWdc Tormes Solar Project in Navarro County, Texas — the development represents more than $750 million in renewable energy investment — Construction Owners

 

Oil & Gas Texas

 

Oil Price – June 5, 2026

US Drillers Continue to Add Oil Rigs

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, bringing the total rig count in the US to 563, up 4 from this same time last year. The number of active oil rigs rose by 2 to 431 during the latest reporting period, according to the data. This is 11 below this same time last year. The number of gas rigs fell by 1 to 124, which is 10 more than this time last year. The miscellaneous rig stayed the same at 8.

The latest EIA data showed that weekly U.S. crude oil production fell during week ending May 29. US crude oil production averaged 13.707 million bpd during the reporting period, down from 13.715 million bpd last week but up 299,000 bpd from a year ago. Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose during the week ending May 29 by 3 this week, reaching 192 crews.

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E&E News By Politico – June 5, 2026

Independent oil companies eye Permian production boost

Three months after the war in Iran sent crude prices soaring, oil producers in the biggest U.S. oil field are starting to ramp up their production. The catch: The new push may only boost production by about 250,000 barrels a day, too little to lower the price of oil or provide relief for drivers. Independent drillers have begun adding rigs in the Permian Basin, albeit slowly, according to the data analysis firm Enverus. And the same companies are working through a backlog of wells that can be brought online quickly.

The trends show that producers expect high oil prices to last into 2027 because it will take that long for the new wells to come online. And the volume of oil expected from the new activity isn’t likely to bring them down. “It does not move the needle in the greater scheme of things,” Alex Ljubojevic, a lead supply analyst at Enverus, said in an interview. As recently as January, benchmark U.S. oil was trading below $60 a barrel and companies were shutting down rigs and slowing production. Permian Basin rigs dropped from a high of 257 last June to 221 on Jan. 1, according to Enverus data.

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Houston Chronicle – June 6, 2026

A broken feedback loop turns Texas politicians into national performers: Aaron Pomerantz, Rice University*

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Houston Chronicle – June 7, 2026

Texas Gulf Coast plant is first to run this chemical technology at full scale*

A billion-dollar chemical manufacturing plant is now up and running on the Texas Gulf Coast, and it’s one of the largest industrial investments in the area’s recent history. Röhm, a German chemical company, announced Friday that North America’s first C2-based methyl methacrylate (MMA) production facility is now operating at full scale in Bay City. Advent International has invested about $1.6 billion in Röhm, supporting the company’s growth and the transfer of its technology to the U.S. through the Bay City plant.

MMA is a chemical used to make acrylic plastics, coatings, adhesives and resins, often for automotive, construction and medical technologies. The Bay City production plant employs about 90 people and has an annual MMA production capacity of 250,000 tons. Company officials say the plant uses Röhm’s ‘Leading in MethAcrylates’ (LiMA) technology to cut energy and water use and reduce carbon emissions by up to 42 percent. Röhm says it’s the first time LiMA has operated at full industrial scale worldwide.  “LiMA technology does not only mark a technological quantum leap—it is a true game changer for the methacrylate industry,” Ronald Ayles of Advent International said in the release. “Bay City shows that this process can perform at industrial scale while delivering efficiency and environmentally friendly benefits.”

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KAVU – June 6, 2026

TCEQ responds to ‘zero discharge’ clause removal for Formosa plant

The Texas Commission on Environmental Quality rejects a ‘zero discharge’ clause requested by Formosa Plastics for a draft permit renewal on their Point Comfort plant. TCEQ says Formosa Plastics’ request for a ‘zero discharge’ clause is “inconsistent with TCEQ permitting and water quality standards.”

The commission says the “zero-discharge plastic limit is not required” by state guidelines. TCEQ says further that court decisions that do not involve TCEQ are not considered when drafting permits, instead basing them solely on “regulatory requirements.”

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Midland Reporter-Telegram – June 6, 2026

Cleaner-burning burners headed for Permian gas processing plant*

Midstream companies are looking to build cleaner gas processing facilities, and their suppliers are working to provide the necessary equipment. ClearSign Technologies, which develops advanced combustion and sensing technologies, received an order for its M1 burner from heater manufacturer Tulsa Heaters Midstream. The burner, sold through Tulsa Heaters, will be installed in a new heater at a multinational energy company’s gas processing facility in West Texas. ClearSign expects to deliver the burner in the third quarter of 2026.

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Houston Chronicle – June 5, 2026

Texas oil CEO arrested, accused of stealing from oilfield service firms*

“… the evidence indicates the scheme extends broadly across the State of Texas,” investigators said. Stogner said she began investigating the case after alleged victims shared their experiences online. “There’s a fine line in the boom-or-bust industry … between good faith, ‘got in over your head’, and a con man,” Stogner said. “If you commit crime in my counties and try to defraud my constituents, we will investigate you, and we will go arrest you, no matter where you are, regardless of county lines or state lines.” Cohen lives in New York but operates in the Permian Basin. Cohen is being held in New York and is expected to be extradited to Texas, Stogner said. He is charged with one count of theft of services and one count of engaging in organized criminal activity, according to arrest warrants.  Cases like Cohen’s are challenging for law enforcement in small counties, Stogner said, noting the investigation remains ongoing.

 

Oil & Gas National & International

 

CNBC – June 7, 2026

OPEC+ approves fourth oil output quota hike since Hormuz closure

OPEC+ agreed on Sunday to a fourth increase in its oil output targets in as many months, even though the U.S. war with Iran is still preventing several of the group’s members from pumping more. The war has cut oil flows through the Strait of Hormuz, creating the world’s biggest-ever supply crisis, as key OPEC+ members, including Saudi Arabia, have been unable to supply customers in full since the end of February. The crisis for OPEC+ deepened when the United Arab Emirates left the Organization of the Petroleum Exporting Countries after almost 60 years.

Seven core members of OPEC+, which groups OPEC and allied producers including Russia, have increased their output quotas from April to June by almost 600,000 barrels per day. In reality, the group’s production has collapsed due to export cuts by Gulf members, with production averaging 33.19 million bpd in April, down from 42.77 million in February, according to OPEC figures. On Sunday, the seven members decided to increase targets by 188,000 bpd from July, OPEC said in a statement. This is the same as the June hike, which was adjusted downward from monthly increases of 206,000 bpd in May and April to account for the UAE’s exit.

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CNBC – June 7, 2026

Iran’s threats against this Red Sea choke point are a big vulnerability for the oil market*

President Donald Trump faces the risk that Iran will close the Bab el-Mandeb Strait if the conflict in the Middle East escalates, a scenario that would slash oil supplies to an already deeply disrupted market. The Bab el-Mandeb is one of the world’s key trade choke points, connecting the Red Sea to the Gulf of Aden and the Arabian Sea. It has acted as a crucial relief valve for the oil market as exports through the Strait of Hormuz have plunged due to Iranian attacks on tanker and cargo ships.

Saudi Arabia surged oil flows through its East-West Pipeline after the Hormuz closed, redirecting millions of barrels per day to the Red Sea. Those barrels are transiting the Bab el-Mandeb to Asia, which has helped offset some of the lost supply to key economies like Japan and South Korea. Oil and product exports through the Bab el-Mandeb nearly doubled to 7.2 million barrels per day in April compared with 3.9 million bpd in February before the U.S. and Israel attacked Iran, according to data provided by Kpler.

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Politico – June 4, 2026

Trump administration in ‘active dialogue’ on strategic petroleum reserve in California

The Trump administration is in “active dialogue” on creating a petroleum reserve in California, Energy Secretary Chris Wright told POLITICO on Friday, a move that would boost oil infrastructure in the state and undermine Democratic Gov. Gavin Newsom’s bid to shrink the state’s fossil fuel footprint.

A June 2 document that lawyers for Sable Offshore Corp., which owns a trio of oil platforms off the California coast, sent to the Energy Department and seen by POLITICO shows the company has proposed a West Coast Strategic Petroleum Reserve “in response to the inquiries made by the Trump administration and in the furtherance of Sable’s ongoing discussions with the Department of War for the supply of oil and gas to California.”

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Fortune – June 5, 2026

Putin is running out of money to wage war on Ukraine, and this Russian-occupied territory is running out of fuel as Kyiv smashes supply lines*

Defense spending could send the government’s budget deficit into dangerous territory, the report said, noting that the shortfall through April had already deepened to 5.9 trillion rubles, or about 50% above the forecast for the entire year. While Russia has been recording deficits for four years, a wider gap would further drain its reserve fund, which is now down 60% from prewar levels. In addition, the economy has since reversed after growing on the back of military spending. GDP contracted in the first quarter, and the Kremlin now sees just a 0.4% uptick for all of 2026, down from a previous view of 1.3% growth. The pivot toward economic stagnation follows hotter war-fueled GDP gains of more than 4% in 2023 and 2024. But that slowed to 1% last year, and Russia’s budget woes have worsened, too.

 

Midland Reporter-Telegram – June 6, 2026

U.S. energy lenders expect oil prices to retreat from recent highs*

Energy lenders responding to Haynes Boone’s Spring 2026 Energy Price Deck Survey significantly increased their near-term oil price forecasts amid geopolitical instability in the Middle East. Their responses also showed banks expect oil prices to retreat from recent highs over the next two years despite volatility tied to the conflict between the U.S. and Iran and the temporary closure of the Strait of Hormuz.

 

Utilities, Electricity & Renewables

 

KERA NPR – June 5, 2026

Hill County drops data center moratorium after lawsuit, adopts new review requirements

Hill County commissioners reversed course on a controversial moratorium on new data center development Thursday after a developer sued the county, arguing the ban was illegal. During a special meeting, the Hill County Commissioners Court unanimously voted to rescind the one-year moratorium it approved in May. County leaders said the move was intended to protect taxpayers from potential liability stemming from a federal lawsuit filed by developer RCM Hill LLC. The company is planning a large-scale data center project near Hillsboro and argued the county lacked legal authority to impose the temporary ban.

According to the lawsuit, RCM Hill spent more than 16 months and invested nearly $1 million pursuing a proposed 1,235-megawatt data center known as Project Aquila. The company says it secured contracts to purchase more than 800 acres in unincorporated Hill County for more than $80 million and obtained key electrical planning approvals through the Electric Reliability Council of Texas, or ERCOT.

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Data Center Knowledge – June 5, 2026

Google’s ‘Power-First’ Data Centers: A New Model for Energy Scarcity?

As the race for AI dominance intensifies, Google is trialing a new approach to data center design. At its Texas AI campus, the company pairs a state-of-the-art data center with 1 GW of dedicated power generation to address the growing challenge of electricity scarcity faced by hyperscalers worldwide. Google and energy developer Intersect refer to this strategy as “power first,” prioritizing the development of power generation alongside computing demand rather than adding large new loads to the grid and securing power later.

The initiative comes at a critical time, as utilities and grid operators across the US struggle to meet the unprecedented demand driven by AI infrastructure. Transmission upgrades often take years to complete, while new generation projects face significant permitting and interconnection challenges. In many regions, power availability has become a decisive factor in determining where and when hyperscalers can expand their operations.

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Associated Press – June 6, 2026

Energy Department says advanced nuclear reactor first to reach critical milestone

The Energy Department says a small nuclear reactor under development at a national lab has reached a crucial milestone that could allow it to produce electricity within a few years. The microreactor being developed by Antares Nuclear Inc. at the Idaho National Lab reached “criticality” on Thursday, Energy Secretary Chris Wright said. The milestone occurs when a nuclear reactor achieves a self-sustaining chain reaction capable of producing a steady release of energy.

Antares is the first private company to bring an advanced reactor to criticality under a pilot program begun last year by the Trump administration meant to supercharge nuclear energy production in the U.S. The demonstration was conducted in partnership with the Energy Department and other contractors with support from the U.S. Army.

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KTRK – June 5, 2026

What hotter overnight lows could mean for our energy grid

As we kick off another summer here in southeast Texas, many of us are asking the same question we always ask this time of year: “Will our energy grid hold up with increased demand?” Experts say the concern isn’t so much our highs; it’s our lows. “The warm mornings are more of a sneaky concern because a lot of people put emphasis on, ‘Oh my gosh, this was such a hot day, temperatures were in the 90s.’ That’s because you started in the mid to upper 70s, so that’s where you begin your day.”

ABC13 meteorologist Elyse Smith said our warm overnight lows are breaking records. “For us to have mornings starting in the 80s, that is not normal, but it’s becoming more normal as our climate warms,” she said.

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Texas Public Radio NPR – June 7, 2026

City of San Antonio reaches halfway mark of its solar program

The City of San Antonio has announced its largest rooftop solar installation ever. It sits on top of the Ron Darner Parks and Recreation Headquarters off Old Highway 90 on the Far West Side. Doug Melnick is the city’s assistant director of resiliency and sustainability. He said the installation will reduce the electric bill at the headquarters. “We’re going to offset upwards of 70 to 80% of this building energy use with clean power. So not only is it going to help with air quality and the environment, at the end of the day, it’s going to save taxpayer dollars.”

Those savings will add up to $130,000 in annual utility savings, city officials said. The installation also marks the halfway point of the city’s $30 million-dollar solar program. The program has a goal of zero net energy for all municipal buildings by 2040.

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KWTX – June 5, 2026

Men accused of stealing nearly $600,000 worth of electricity near one of NASCAR’s iconic tracks

North Carolina authorities say two men are facing charges for stealing thousands of dollars’ worth of electricity from a substation near Charlotte Motor Speedway. Warrants allege 55-year-old Michael Keith Kluttz and 65-year-old Edward Jerome Little stole power from a Duke Energy substation just outside the iconic race track.

According to the warrants, Kluttz and Little were Duke employees and gained “unauthorized power” for Ver-El RV Park, a campground across from Charlotte Motor Speedway. Warrants said the allegedly stolen power was valued at about $591,000.

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Recharge News – May 21, 2026

Big tech still loves wind and solar – but it’s getting complicated

The AI boom that drove big tech’s renewable energy procurement to record highs is now challenging their commitments to power data centres solely with clean energy. Microsoft is weighing whether to abandon its most ambitious clean energy target — matching 100% of its electricity consumption with zero-carbon energy on an hourly basis by 2030 — as it races to secure enough power for its data centres, according to Bloomberg.

These discussions signal a broader dilemma among tech firms, who over the past decade became the biggest corporate buyers of renewable energy but now want ‘reliable’ firm power from gas or even nuclear alongside clean procurement such as wind, solar and batteries.

 

Regulatory

 

San Antonio Express-News – June 5, 2026

Texas EV registration fee, fuel tax out of synch with fairness, needs*

A year after buying a used Chevrolet Bolt EUV and enjoying the savings from  charging the vehicle’s battery at home instead of buying gas, I experienced a bit of sticker shock when I renewed my registration.  In addition to the standard renewal fee, I was charged a $200 electric vehicle fee. I didn’t have to think hard to figure out that this fee is a way for the state to compensate for EV owners not paying gasoline taxes, which help pay for roads.

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Texas Energy Report NewsClips

Friday June 5, 2026

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 Friday, paring sharp losses from the previous session, after Hezbollah rejected a new Lebanon ceasefire proposal and Oman’s Mina al Fahal terminal suspended oil loadings following an explosion.

U.S. West Texas Intermediate crude was at $93.06 a barrel, up ⁠2 cents, or 0.02%, following a 3.1% loss on Thursday.

Brent crude futures rose ​33 cents, or 0.35%, to $95.36 a barrel by 0408 GMT after settling down 2.84% ​in the previous session.

Both contracts are set to post ​their first weekly gain in three weeks, with WTI up more than 6%, after fighting flared up ​in the Middle East as U.S.-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a fifth of the world’s oil passes, remained limited.

Top Stories

 

BOE Report – June 4, 2026

Texas power demand growth nearly five times the broader US, report says

Electricity demand in Texas grew 9% in recent months, nearly five times the U.S. average, driven by the expansion of data centers and cryptominers in the Lone Star State, according to data released by Hitachi Energy on Thursday.

* The Texas power grid saw the largest jump in both power demand and the addition of new power supplies of any of the country’s grids in the six months ended in March 2026, the Hitachi Energy Grid Pulse report said.

* “Load growth over the last six months has been aggressive,” said Hitachi Energy Advisor Debashis Bose.

* Nationwide, about 28 gigawatts of new power-generating resources, primarily solar and battery storage, were added between October 2025 and March.

* Texas’ ERCOT grid and the Midwest U.S. Midcontinent Independent System Operator grid accounted for half of all of the power generation additions.

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Associated Press/Spectrum News – June 4, 2026

American Airlines temporarily suspends some of its summer routes due to steep jet fuel costs

American Airlines is temporarily suspending some of its routes this summer, as steep jet fuel costs continue to strain carriers’ budgets amid the war with Iran. In a statement, American said it had adjusted service for “select routes” in August and September — and that impacted travelers would be offered alternative arrangements or refunds. The Texas-based airline cited elevated fuel costs, and maintained that these changes were in line with wider industry trends.

American also said that it was not cutting any of its routes indefinitely and that it was proud to “offer an industry-leading network with more flights than any other U.S. airline.” Still, the summer suspensions could cause more headaches for travelers already facing fewer flight options and higher price tags across their budgets. Airlines around the world have canceled numerous flights or similarly trimmed schedules through the coming months — and many have are also hiking fees or cutting other perks in efforts to save money.

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KETK – June 4, 2026

SWEPCO awarded $200M to boost affordability, reliability for Texas customers

SWEPCO has received a $200 million grant to help boost affordability and reliability for its Texas customers.  Texas Governor Greg Abbott released a statement announcing the $200 million grant from the Texas Energy Fund Outside ERCOT Grant Program. The funds will be used to upgrade approximately 700 miles of power equipment in Northeast Texas, ensuring electric reliability for more than 192,000 Texas consumers.

“Reliable electricity powers every part of Texans’ daily lives,” said Governor Abbott. “As our state grows, we will ensure families, businesses and communities have the reliable, affordable power they need. Through these investments to upgrade power line infrastructure, Texas will remain the energy capital of the world.”

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Mining – June 4, 2026

EnergyX, Wildcat Discovery Technologies team up to build ‘battery mecca’ in Texas

EnergyX  and Wildcat Discovery Technologies, a wholly owned subsidiary of Holyvolt Group, announced Thursday they have entered into an agreement to advance a lithium iron phosphate (LFP) cathode active material manufacturing facility in Hooks, Texas. The project represents more than $230 million investment, and if selected for DOE funding, federal support would accelerate construction, commissioning, and scale-up of one of the first meaningful domestic LFP cathode production facilities in the United States, EnergyX said in a news release.

The facility would be adjacent to EnergyX’s Project Lonestar lithium plant, which opened in March, and near the Red River Army Depot. EnergyX controls approximately 50,000 acres of lithium mining rights underneath the co-located cathode production facility and Lonestar lithium plant, located in the Smackover formation — a lithium-rich brine resource that stretches from Florida to Texas.

 

The Latest TERse Tips

The national average for a gallon of regular gasoline is down 18 cents since last week to $4.24, marking the second straight week of decline — AAA

Market analysts are worried about the ramifications of the continued depletion of the nation’s Strategic Petroleum Reserve — “The Strategic Petroleum Reserve is at less than half of its authorized level at present, and drawdowns are continuing in coordination with international reserve holdings to partially offset the current situation with supply interruptions in the Middle East,” economist Ray Perryman told the Reporter-Telegram by email

Nearly 40 ships previously stranded in the Persian Gulf have exited through the Strait of Hormuz over the past three weeks as vessels quietly coordinate with the U.S. Navy, according to Lloyd’s List Intelligence — some shipowners are submitting their transit plans to the Naval Cooperation and Guidance for Shipping group in Bahrain, said Richard Meade, editor-in-chief of Lloyd’s List, in a briefing Thursday — CNBC

Enforcement of a Texas law that prohibits state and local government contracts with businesses, including municipal bond underwriters, that “boycott” the fossil fuel industry is back on after a federal appeals court stayed a lower court ruling that found the law to be unconstitutional — Bond Buyer*

CPS Energy announced its interim chief executive officer on Thursday as the utility company searches for a long-term replacement of CEO Rudy Garza — Frank Almaraz was named interim president and CEO, the utility said in a news release — KSAT

The Lower Colorado River Authority Board of Directors has formally selected Rudy D. Garza as the utility’s next general manager, effective July 20 — South Texas News

The Public Utility Commission of Texas enters the second Texas Energy Fund Completion Bonus Grant Program agreement — the grant agreement is with the Lower Colorado River Authority for Timmerman Unit 2, the 188-megawatt (MW) second unit of their Timmerman Power Plant in Caldwell County — see the press release

“Transportation Secretary Sean Duffy chose the Texas Department of Transportation to help develop these new rules through the Electric Vertical Takeoff and Landing Integration Pilot Program. Public and private organizations will work out how to safely add autonomous aircraft to existing flight patterns and connect San Antonio with Houston, Austin and Dallas-Fort Worth, as well as small communities in between” — editorial columnist Chris Tomlinson in the Houston Chronicle*

Talen Energy received the final approvals necessary to buy three U.S. gas-fired power plants, which is the latest in a long line of planned merger and acquisition activity across the U.S. power-generation landscape — Industrial Info

T1 Energy announced it has entered an agreement to acquire KORE Power, a battery energy storage system company, for $32 million of equity, cash and assumption of debt — the transaction is anticipated to close by the end of this month — Solar Power World

“Inside Trump’s secret plan for Cuba invasion with warship armada, 2,500 marines & special ops raid to bundle out Castro” — The Sun (US)

Video: Who will become the next chair of BP? — CNBC

The Securities and Exchange Commission proposed a rule last week to formally rescind the climate-risk disclosure regulation adopted under prior SEC Chair Gary Gensler in 2024, though the final rule never went into effect — Utility Dive

Oil & Gas Texas

 

S&P Global Platts – June 4, 2026

US gas storage stocks drop below 2025 levels after a bullish EIA report

The US Energy Information Administration reported June 4 a lower-than-expected weekly addition to natural gas storage inventories, reducing the surplus relative to the five-year average and sending stocks below 2025 levels. US natural gas inventories climbed by 95 billion cubic feet in the week ended May 29, the EIA said. The reported injection was 4 Bcf below the consensus estimate of 99 Bcf in the May 26 gas storage survey by Platts, part of S&P Global Energy.

It was also bullish compared with the five-year average injection of 101 Bcf and the year-ago addition of 119 Bcf in the corresponding week, according to EIA data. Gas inventories rose to 2.578 trillion cubic feet in the week ended May 29, the data showed. The storage surplus to the five-year average fell to 138 Bcf, or 6%, while stocks flipped to a 3-Bcf deficit to 2025 levels. The delta to year-ago levels has shifted from a 142-Bcf surplus April 17, EIA data showed. Injections were exceptionally high in the 2025 shoulder season, with seven consecutive triple-digit additions from late April to early June.

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Odessa American – June 3, 2026

Basin outstripping Saudi Arabia in energy significance: Bob Campbell

The global order of the energy industry is shifting and where the Permian Basin will fit in is an intriguing question. It will of course be very important, but in what relation to Russia, Saudi Arabia and the other members of OPEC and OPEC-Plus? How will Europe and Asia factor in with their massive and ever-increasing needs for power?

The infrastructure from war damage in Iran, Qatar, Saudi Arabia, the UAE and Bahrain will eventually be repaired, but how long will it take and will the global order return to pre-war conditions or will it be altered? Waco economist Ray Perryman and Odessa oilman Kirk Edwards say big changes are taking place and the Basin is gaining prominence.

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KUT NPR – June 4, 2026

GOP leaders shunned Bo French for racist posts. Now they want him to regulate Texas’ oil and gas: Mose Buchele

In 2022, Sarah Stogner ran an insurgent Republican primary campaign for a seat on the Railroad Commission of Texas. Despite its name, the commission is the powerful agency that regulates oil and gas in the state. Riding a wave of discontent over abandoned oil wells and groundwater contamination, Stogner surprised many when she forced incumbent Republican Commissioner Wayne Christian into a primary runoff. She said it was only then that her campaign hired political consultants.

“They told me: ‘OK, you need to be talking about the [border] wall. You need to be talking about abortion. You need be talking hot button topics,” Stogner remembered. “I said, ‘Absolutely not.'” Instead, she kept hammering Christian on toxic air emissions, oilfield earthquakes and other issues related to oil and gas. She lost the primary runoff by 30 percentage points.

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Yardbarker – June 2, 2026

Is Texas Tech Oil Money Spoiling Sports?

Texas Tech’s rise in the NIL era has sparked a question many college sports fans are asking: At what point does financial power stop being an advantage and start becoming a problem? The Red Raiders have become one of the biggest spenders in college athletics, fueled by wealthy donors and deep ties to the Texas oil industry. There is nothing illegal about it. Texas Tech is simply playing by the rules that currently exist. But that does not mean the system is healthy.

College sports once rewarded strong coaching, player development and recruiting relationships. Those factors still matter, but NIL has dramatically shifted the balance. Increasingly, the schools with the deepest pockets can outbid competitors for talent. When a handful of programs can essentially write blank checks, competitive balance suffers.

Texas Tech has become the poster child for this new reality. The school’s resources have allowed it to make headlines across multiple sports, landing transfers and recruits that might have been out of reach just a few years ago. Fans of rival programs look at the situation and wonder whether championships are being won on the field or purchased in boardrooms.

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May 29, 2026

Fracking Saved U.S. Natural Gas Consumers Between $3 and $4 Trillion: Institute for Energy Research

University of California, Berkeley’s Haas Energy Institute released a study detailing how shale gas technologies have reduced energy costs for American consumers. The study found that horizontal drilling and hydraulic fracturing of shale gas formations saved U.S. consumers between $3.1 and $4.3 trillion from 2007 to 2025, as consumption increased by more than 50% and U.S. costs were “delinked” from global LNG costs. U.S. gas prices averaged $9 lower per Mcf than in Europe and $11 lower per Mcf than in Japan from 2007 to 2025.

Haas assumed the United States would have been importing LNG to supplement its natural gas production absent the shale gas revolution, a valid concern in the early 2000’s when LNG import facilities were being permitted in the United States. While some may quarrel with the study’s methodology, the positive impact of U.S. domestic natural gas production because of modern technology is not in dispute, including the U.S. position leading the world in both production and exports.

 

Oil & Gas National & International

 

The New York Times – June 4, 2026

The U.S.-Qatar Domination of Gas Left the World Dangerously Exposed*

Years before the war in the Persian Gulf, executives in boardrooms across Japan were discussing a development they feared posed a growing risk to Asia’s energy supplies. The global trade in liquefied natural gas, the supercooled fuel that underpins power generation across Asia, was hardening into a duopoly. Just two nations — the United States and Qatar — were poised to account for the vast majority of supply growth by 2030. Anxiety was high in Japan because it’s the largest L.N.G. importer behind China. The concern was that a market dominated by two powerful suppliers could disadvantage buyers and leave Japan vulnerable should either pillar falter. The United States was viewed as politically unpredictable, especially after the Biden administration paused permits for new export facilities in 2024.

And Qatar sat in one of the world’s most volatile regions. In February, those fears were realized. That month, Iran blocked the Strait of Hormuz, the waterway through which Qatar ships virtually all of its L.N.G. to the rest of the world. Two weeks later, Iranian strikes hit Qatar’s Ras Laffan L.N.G. hub, inflicting damage that could take years to repair.

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Reuters – June 4, 2026

Iranian oil exports fall to lowest level in six years, data shows*

Iranian exports of crude oil and condensate fell to their lowest level in ‌at least six years in May, falling well below 300,000 barrels per day, mainly due to the U.S. naval blockade, according to shipping data and analysts. The U.S. began enforcing the blockade on April 13, choking Iranian exports as the ​oil market faces a supply crunch due to Iran’s effective closure of the Strait of ​Hormuz cutting exports from Saudi Arabia, Kuwait, Iraq and the United Arab Emirates.

Iran’s exports ⁠averaged about 209,000 bpd in May, Vortexa data shows, down sharply from 1.34 million bpd in ​April and nearly 1.9 million bpd in March. This marks their lowest level since late 2019 and early ​2020, when U.S. President Donald Trump was pursuing a “maximum pressure” campaign against Iran in his first term, Vortexa said.

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The New York Times – June 4, 2026

The Strait of Hormuz Is Getting Less Dire by the Day: Christopher Smart, former Obama Treasury official*

Related: Domestic production of oil has significantly reduced the impact of energy-price shocks on US inflation and unemployment since the 1970s, according to new research from the Federal Reserve Bank of Boston. An oil shock like the one resulting from the Iran war should boost the personal consumption expenditures price index by 1.5 percentage points over the subsequent year, versus 2.2 percentage points in the 1970s, Boston Fed researchers said in the study, published Thursday — Bloomberg*

Whatever peace agreement the United States and Iran may cobble together, there will be no quick return to prewar energy flows through the Strait of Hormuz. Even after the mines are cleared, it will take a brave tanker captain to trust that the passage is once again secure — and higher insurance costs could raise the price of that trip by millions. But with every passing day, the world is learning to live without the Gulf’s seaborne exports. Just as the Covid-19 pandemic and President Trump’s tariffs forced a significant rewiring of global supply chains, the Strait’s closure has prompted a similar adjustment. You might be part of it. When gas prices rise rapidly, people start to limit their driving. Walmart just reported that customers are now buying less than 10 gallons of gas at a time on average at its filling stations.

The United States, Brazil, Canada, Kazakhstan and Venezuela are already increasing their oil production. Large releases of crude oil from the U.S. Strategic Petroleum Reserve are also helping to cover shortfalls. Like a stream that finds its way around a fallen log, markets locate new supplies when the old ones are suddenly cut off. This adjustment is hardly painless. Qatar can ship its vast liquefied natural gas exports only through the Strait, and as a result, its economy may contract 9 percent or more this year, according to the International Monetary Fund. For the Gulf overall, forecasts for growth have been cut by more than half.

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KTUU (Juneau) – May 28, 2026

Alaska LNG special session: Lawmaker warns governor’s plan could leave state’s share of pipeline worth ‘virtually nothing’

A key senator warned Wednesday that Alaska’s share of the pipeline could be worth “virtually nothing” in the first special session hearing on the governor’s newly proposed liquified natural gas pipeline legislation, where lawmakers consider giving up billions in future tax revenue to make the project happen. Senate Finance Co-Chair Bert Stedman, R-Sitka, raised a fundamental concern about the state’s return on the project. As it stands, Alaska holds a 25% share of the gas line — but Stedman noted that’s before additional investors can choose to buy into the project.

“My concern is [Alaska’s stake will] have no value or virtually no value,” Stedman told the committee. “When they go out to bring in other investors, we’ll suffer a dilution issue and the question is, how big is the dilution issue? We have no idea.” According to Alaska Gasline Development Corporation financial statements, the state allocated $69.8 million in 2015 to fund that initial 25% share. Since 2013, the state has appropriated well over $500 million to gas line funds — including $355 million in fiscal year 2014 alone.

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BBC – June 3, 2026

Shell pumped oil through Nigeria pipeline for years despite pollution evidence, documents show

British multinational Shell continued operating a major oil pipeline in Nigeria for years even though it knew it was causing widespread pollution – despite a warning from its own staff and its own technical standards, internal documents obtained by the BBC show.

The files, including emails and presentations, reveal that a senior Shell executive cautioned as early as 2008 about the risks of continuing to pump millions of barrels of unrefined fuel through one of the company’s main pipelines in Africa’s biggest oil producer while it was subject to massive and destructive uncontrolled theft and infrastructure failures. Across Nigeria’s oil-rich southern Niger Delta, decades of oil spills have left a landscape deeply scarred, with wetlands increasingly coated in crude and contaminated sediment.

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Business Times – May 22, 2026

UAE left Opec to pump more as end of oil era looms, presidential adviser says

The decision by the United Arab Emirates (UAE) to leave the Organization of the Petroleum Exporting Countries (Opec) was three years in the making. It is based on its view the world is near the “autumn of the hydrocarbon age”, meaning the country needs to maximise oil revenues while it can, a senior adviser to the president said. The UAE ended its nearly 60-year membership of Opec on May 1.

In the immediate term, the decision is unlikely to affect the market because of Iran’s effective closure of the Strait of Hormuz. However, it could have a major impact on Opec’s control over supplies when oil flows normalise. Anwar Gargash, adviser to UAE President Sheikh Mohamed Zayed Al Nahyan, said the country’s exit was chiefly because its Opec production quotas kept output well below capacity.

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News.az – May 28, 2026

Who are the oilmen behind Trump’s return? How shale oil fueled his political comeback:  Samir Veliyev

So the question “who are these oilmen?” has a concrete answer. They are not only the old oil barons. They are the owners, executives, investors, and lobbyists of companies producing oil in America’s shale basins, especially the Permian Basin. They include ExxonMobil, Chevron, ConocoPhillips, Occidental Petroleum, EOG Resources, Diamondback Energy, Devon Energy, Continental Resources, and other players for whom Trump’s policy means fewer restrictions, more drilling, and greater confidence in the industry’s future.

But the main conclusion is broader. Trump was not brought to power by oilmen alone. He was brought back by an America tired of high prices, migration disputes, political polarization, and a sense of instability. The oil industry was simply among those who understood this wave early, invested in it, and now expects political returns. In this sense, shale oil has become not only an energy resource, but also a political weapon. It gave Trump a simple slogan, gave the industry hope for a comeback, and gave voters the promise of a cheaper and stronger America. That is why the story of oilmen and Trump is not only a story about money. It is a story about how a barrel of oil became part of a larger battle for power in the United States.

 

Utilities, Electricity & Renewables

 

RTO Insider – June 4, 2026

Texas RE Performance Report to Highlight Changing Grid*

An expert from the Texas Reliability Entity said the organization’s upcoming 2025 performance assessment will focus on the impact of large loads and renewable generation on reliability. Director of Reliability Services at the Texas Reliability Entity (Texas RE) David Penney, confirmed that the upcoming 2025 performance assessment heavily emphasizes the grid reliability impacts of rapidly growing computational load (such as AI operations and data centers) alongside the integration of variable renewable energy sources.

Surging power demand from new tech and gas operations has collided with an evolving generation fleet. Texas RE has identified the “Disorganized Integration of Large Loads” as one of the largest systemic risks to the region, while renewable generation (like solar and wind) now frequently accounts for over 100 hours a year of massive system penetration. Assessments will include AI & Computational Demands: Tracking the 70.5 GW of forecasted new load awaiting interconnection by 2028 and its localized impact on transmission and reserve margins. Inverter-Based Resources (IBR): Monitoring the stability and grid ride-through capabilities of weather-dependent generation as the system becomes more dependent on them.

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Dallas Express – June 4, 2026

First Electric Co-op Wins $411M Texas Energy Fund Loan For Sherman Power Plant

Gov. Greg Abbott announced a Texas Energy Fund loan agreement on Thursday to support the construction of a 570-megawatt natural gas power plant in Sherman, with Rayburn Electric Cooperative slated to build and operate the facility. The project is the seventh loan finalized under the Texas Energy Fund’s In-ERCOT Generation Loan Program, which offers low-interest financing for new dispatchable generation tied to the Electric Reliability Council of Texas grid. Power from the plant is expected to come online in 2028, according to the governor’s office.

Total project costs are estimated at less than $685 million, the governor’s office announced. The Public Utility Commission of Texas is providing a 20-year loan of up to $411 million, covering up to 60% of the total cost, at a 3% interest rate. The loan term runs from June 3, 2026, through June 3, 2046. “Texas is the energy capital of the world because we invest in the power needed to support the growth of our state,” Abbott said in a news release. “The Texas Energy Fund brings new, reliable generation online to ensure our power supply meets demand. This project is another step toward keeping our grid strong and our economy the envy of the world.”

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Houston Chronicle – June 4, 2026

What’s with the random, short power outages in Houston?*

Houstonians across the region are once again reporting a familiar frustration: brief but recurring power outages that last anywhere from a few seconds to an hour—sometimes without any major storm in sight. From Spring and Tomball to Montrose, the Heights, Pearland, Alief and beyond, residents say the interruptions have become increasingly noticeable in recent weeks, raising renewed questions about grid reliability heading into hurricane season.  “Do we live in a 3rd world country?” one Nextdoor user wrote in frustration.

 

Renewable Energy World – June 4, 2026

A second life for EV batteries? New partnership promises grid services from California to Texas

B2U Storage Solutions, a battery energy storage system (BESS) company, has announced a strategic supply agreement with Waymo, known for its autonomous vehicle technology, to repurpose batteries from their retired fleet electric vehicles (EV) for grid services. The used battery packs will be installed into BESS interconnected to the electric grid, providing grid services in electricity markets from California to Texas. The companies say the initiative will transition thousands of retired vehicles from the road to the power sector. B2U argues that by repurposing EV batteries, it is retaining residual value that would otherwise be lost in direct recycling.

“This agreement marks a significant milestone in B2U’s mission to provide integrated repurposing services to the automotive industry,” said Freeman Hall, CEO of B2U Storage Solutions. “By extending the use of these batteries as grid storage, we are monetizing the full potential of EV batteries, now providing crucial stability to the power grid as energy demand continues to grow.”

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Environmental Energy Leader – June 4, 2026

Glencore Deal Puts East Texas Lithium on Domestic Market Map

T5 Smackover Partners has signed a binding offtake agreement with Glencore Ltd. for lithium carbonate expected to come from its East Texas operations, adding a clearer market path for one of the domestic lithium projects tied to the Smackover Formation. Under the five-year agreement, Glencore will market all lithium carbonate produced during T5’s Phase 1 development. That first phase is expected to produce about 5,000 metric tons per year, or roughly 25,000 metric tons over the full contract term. Deliveries are expected to begin once commercial production is underway.

The deal matters because U.S. manufacturers are still looking for more reliable local sources of battery materials. Lithium carbonate is a key input for markets including electric vehicles, stationary energy storage, electronics, defense systems and advanced manufacturing. For buyers trying to reduce exposure to long and complex supply chains, domestic production remains a major priority.

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Inside Climate News – May 21, 2026

NextEra Energy to Join the Offshore Wind Club, But Does It Matter?

A utility megamerger announced this week would mean that the largest offshore wind project in the United States would be owned by the same company that already is the nation’s leading developer of renewables and battery storage. NextEra Energy of Florida, the largest U.S. utility by market value, reached an agreement to combine with Dominion Energy of Virginia, the sixth-largest utility by market value and owner of the 2,640-megawatt Coastal Virginia Offshore Wind project.

There are many reasons to be wary when large utilities merge, as several experts told me and my colleagues Charles Paullin and Amy Green for our story on the deal. For one, the resulting company is so large and powerful that it becomes difficult to regulate, making it harder to manage consumer rates and address environmental concerns.

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Latitude Media – June 3, 2026

The winding path to Oklahoma’s first utility-led battery projects

A utility in oil- and gas-rich Oklahoma is on its way to owning its first battery storage projects following a recent order by state energy regulators. On May 11, the Oklahoma Corporation Commission approved a $1.2 billion proposal by PSO, an AEP-owned utility, to buy three battery storage projects, more wind power, and build a gas plant in order to meet load growth from data centers and an aluminum smelting plant. Without the new generation and storage capacity, the utility forecasts a nearly 1.8-gigawatt summer shortfall by 2029. Commissioners, in a 2-1 vote, sided with the utility and clean energy advocates — and rejected an attempt by the state attorney general and the oil and gas lobby to block the storage.

The order comes as battery storage takes off in states like Arizona, California, and Texas, but lags behind in energy markets like SPP, of which Oklahoma is a member. However, the market is starting to shift in the state, where an estimated 2.3 gigawatts of storage is under development. That’s 44% of the entire near-term pipeline in SPP, according to the analytics firm Modo Energy. The pipeline is dominated by private companies that build projects on their own dime; the OCC’s order approving a regulated utility’s recovery of storage costs from ratepayers marks a shift, and potentially opens a new pathway for development.

 

Regulatory

 

E&E News By Politico – June 4, 2026

AI’s environmental impacts not fully understood, UN says*

The environmental impacts of artificial intelligence go far beyond energy, with potentially severe effects on water, land use and carbon pollution, according to a new analysis by the United Nations.

The report looks at data centers and supply chains supporting AI and quantifies the amount of water and land needed to generate the electricity for powering those facilities around the globe. It also examines the amount of carbon dioxide that could be generated by AI’s growing energy demands. A key theme of the analysis is that AI stands to have large environmental consequences, even if renewable energy is used to power data centers.

Low-carbon electricity, for instance, can consume large amounts of water or land. Using bioenergy rather than coal, for example, cuts the amount of carbon pollution significantly but is far more water intensive. “Evaluating sustainability through a single metric can hide trade-offs and shift burdens onto places already facing water stress or land pressure,” the report says.

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Texas Energy Report NewsClips

Thursday June 4, 2026

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 Thursday as a ceasefire deal between Israel and Lebanon boosted hopes for a broader agreement to ​end the U.S.-Israeli war with Iran that could lead to a reopening of the ‌Strait of Hormuz.

West Texas Intermediate crude fell 78 cents, or 0.81%, to $95.24, paring gains from earlier in the week.

Brent futures were down 87 cents, or 0.89%, at $96.92 a barrel by 0458 GMT.

Both Brent ​and WTI rose about 2% on Wednesday after renewed Middle East hostilities including Iranian attacks ​on Kuwait and U.S. military strikes near the Strait of Hormuz.

Israel and Lebanon ⁠said late on Wednesday they had agreed to implement a ceasefire, raising hopes for a deal ​between Washington and Tehran, which has conditioned any agreement in part on an end to fighting ​between Israel and Lebanon.

U.S. President Donald Trump suggested on Wednesday that there could be progress in negotiations with Iran as soon as this weekend.

Meanwhile, U.S. crude stockpiles fell by 8 million barrels to 433.7 million barrels in the week ended May 29, the Energy Information Administration said ​on Wednesday. That was ​a much bigger ⁠drop than the 4-million-barrel draw analysts had expected in a Reuters poll.

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Top Stories

 

Midland Reporter-Telegram – June 3, 2026

Analysts warn U.S. petroleum reserve drawdowns leave economy exposed*

Related: U.S. Strategic Petroleum Reserve Nears Historic Lows Amid Ongoing Withdrawals — Indexbox

Market analysts are worried about the ramifications of the continued depletion of the nation’s Strategic Petroleum Reserve. “The Strategic Petroleum Reserve is at less than half of its authorized level at present, and drawdowns are continuing in coordination with international reserve holdings to partially offset the current situation with supply interruptions in the Middle East,” economist Ray Perryman told the Reporter-Telegram by email. The reserve has played a significant role in helping stabilize energy prices, he said, noting that energy prices would be somewhat higher otherwise.

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KUHF NPR -June 3, 2026

ERCOT predicts record summer energy demand

When Texas faced one of its hottest summers on record in 2023, its power grid neared failure and the state narrowly avoided rotating blackouts. That emergency came just two years after the state’s power grid failed during a historic freeze, leaving millions of Texans without power or heat. Texas is once again facing record summertime demand, according to the Electric Reliability Council of Texas (ERCOT), which released its summer forecast this week. However, energy experts say the grid is much more reliable than it was just a few years ago, in large part due to the growth of renewable energy sources.

“I think ERCOT has plenty of available capacity to get us through the summer,” University of Houston Energy Fellow Ed Hirs said. “The huge growth in wind and solar generation on the Texas grid [over] the past five years is really the reason.” Hirs said natural gas, coal and nuclear are also needed for grid reliability, but those sectors haven’t seen as much growth as renewables.

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KERA NPR – June 3, 2026

Potentially explosive gas leaks reported thousands of times in Texas

Excavators in Texas have damaged pipelines more than 4,800 times since the beginning of 2026, frequently causing highly explosive gas leaks. That includes over 1,000 incidents in Dallas, Tarrant, Collin and Denton counties. A KERA analysis of Railroad Commission of Texas “pipeline accident and incident reporting” data also found that many excavators had not contacted a notification center that arranges for the marking of underground utility lines free of charge.

Investigations into the cause of Thursday’s explosion at an Oak Cliff apartment complex that killed three are in the preliminary stages, but initial reports point to damage to a natural gas line and a possible leak. Dallas Fire-Rescue Chief Justin Ball has said that a fire engine had arrived within two minutes of a gas leak being reported. As the firefighters were going through standard set up procedures, the building exploded right before they were about to enter.

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E&E News By Politico – June 3, 2026

Trump moves to revoke ESA listing of Permian Basin lizard*

The Trump administration is seeking to revoke the endangered status of the dunes sagebrush lizard in the Permian Basin. The administration asked a federal judge to approve a legal settlement requiring the Fish and Wildlife Service to reconsider the 2024 listing, arguing the initial decision was based on flawed conclusions regarding the permanence of habitat losses

The dunes sagebrush lizard, a 2.5-inch reptile found only in the shinnery oak dune ecosystems of West Texas and southeastern New Mexico, has been a central target of the administration’s broader push to roll back Endangered Species Act (ESA) protections and prioritize fossil fuel extraction. The original 2024 listing under the Biden administration cited significant habitat fragmentation from oil and gas development and sand mining.

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Associated Press/CBC – June 3, 2026

Ukrainian drones hit St. Petersburg oil terminal before city hosts Russian economic forum

Ukrainian long-range drones struck an oil terminal in St. Petersburg and set it ablaze, President Volodymyr Zelenskyy said Wednesday, sending smoke billowing over the city where President Vladimir Putin was born as it hosts Russia’s leading event for attracting foreign capital. The drones flew more than 1,000 kilometres to hit the terminal in Russia’s second-largest city, Zelenskyy said on social media, a day after Moscow launched a major drone and missile attack on Kyiv and other Ukrainian cities.

Russian authorities only said that the Ukrainian drone strike targeted St. Petersburg’s infrastructure, without providing details. The city’s airport briefly suspended flights overnight because of the attack. Authorities cut off mobile internet services. With the front line barely moving as swarms of drones hinder advances, both sides have sought an edge by launching long-range strikes. The war that followed Russia’s full-scale invasion of its neighbour is more than four years old, with no end in sight.

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The Wall Street Journal – June 2, 2206

Airlines Called Sustainable Fuel the Future. When an Energy Crisis Broke Out, Barely Any Was Around.*

The war in Iran has left airlines scrambling to find their next barrel of oil, paying through the nose to ensure they keep flying. Alternatives made from used cooking oil, cover crops and even captured carbon dioxide would have eased pressures on the beleaguered industry—if only there had been enough to go round. For years, airlines have pointed to sustainable aviation fuel, otherwise known as SAF, as the future of lower-carbon flying. But the industry has struggled to take off.  Last year, SAF made up only 0.6% of fuel used for flights, according to the International Air Transport Association. Four years ago, the United Nations’ International Civil Aviation Organization expected SAF production volumes to reach roughly five million tons in 2026. But today they stand at just over two million tons, while total jet fuel consumption is close to 300 million tons.

The Latest TERse Tips

The Lone Star State is now home to the most Fortune 500 companies, dethroning California as the capital of the Fortune 500 — Fortune

The U.S. Supreme Court has approved a compact between Texas, New Mexico and Colorado related to water rights of the Rio Grande — New Mexico and Colorado were sued by Texas in 2013 — according to the Texas Attorney General’s Office, the states were accused of unfairly siphoning water from the river before it reached Texas — officials said much of the dispute was focused on a stretch of the river between Elephant Butte Reservoir in New Mexico and the Texas border — AOL

Martin County produced more than 20.9 million barrels of crude oil in March, topping all Texas counties, according to preliminary figures released Tuesday by the Railroad Commission of Texas — San Angelo Live

Donald Trump’s Iran war drains US oil stocks to lowest level since 2004 — industry warns prices could soon jump as inventories reach ‘critically low’ threshold — Financial Times

U.S. crude oil inventories extended their decline to six weeks as exports rose and refineries ran near full capacity, according to data released Wednesday by the U.S. Energy Information Administration — commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by 8 million barrels to 433.7 million barrels in the week ended May 29 and were about 3% below the five-year average for the time of year, the EIA said, with crude stocks were seen falling by 3.3 million barrels in a Wall Street Journal survey of analysts — The Wall Street Journal*

The global economy is set for a significant slowdown this year as higher energy costs weaken consumer spending and business investment, but it could become much more severe if the conflict in the Middle East drags on into 2027, the Organisation for Economic Co-operation and Development told The Wall Street Journal* — and, “even if oil peaks soon,” The New York Times agrees

SpaceX wins tax breaks to build $55B Terafab plant in Grimes County — Austin American Statesman*

Energy, chemicals, food, sports, inclusion: over his career, Tricon Energy president and CEO Ignacio Torras has made an impact in Houston’s quintessential arenas and he’s one of five Texans to join the Forbes Billionaires List this year — Houston Chronicle*

Incorporating our recently raised oil price assumptions, we expect major integrated oil company Chevron Corp. to generate substantial free operating cash flow (FOCF) over the next two years, enabling the company to maintain its strong credit measure, S&P Global says

Samsung Electronics America is relocating its headquarters to Texas from New Jersey just eight months after moving into its new Garden State facility with much fanfare, reigniting criticism that the area’s high corporate taxes and red tape are driving away businesses — Costar

Oil & Gas Texas

 

Dallas Morning News – June 3, 2026

A year after demanding his resignation, Patrick backs Bo French for Texas Railroad Commission*

Roughly a year after Lt. Gov. Dan Patrick said Bo French’s inflammatory comments did not reflect Republican values, he is now backing French for the Texas Railroad Commission. French, a hard-right conservative who last week won the GOP runoff for the three-member commission that regulates the state’s oil and gas industry, said he spoke with Patrick by phone Monday night. “The takeaway is that Republicans are unified and working together to defeat the slate of radicals the Democrats have offered up,” French, the former Tarrant County GOP chairman, posted Tuesday.

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The Texan – June 3, 2026

Here’s How Texas Shale Expertise is Shaping Development in the Persian Gulf

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Associated Press – June 3, 2026

Dutch court agrees to hear Greenpeace lawsuit against US energy company

Judges in Amsterdam handed Greenpeace a preliminary victory on Wednesday in an anti-intimidation court case, rejecting a request from fossil fuel pipeline company Energy Transfer to toss the complaint out. The Dutch-based environmental organization filed a lawsuit last year to block a $345 million award stemming from protests against the Dakota Access oil pipeline. A jury in North Dakota found Greenpeace liable for millions in damages to Texas-based Energy Transfer.

In response, Greenpeace brought a case in the Amsterdam District Court, arguing the North Dakota lawsuit was abusive and damaged the organization’s reputation. Energy Transfer has been engaging in “blatant attempts to silence free speech, erase Indigenous leadership of the Standing Rock movement, and punish solidarity with the ongoing, peaceful resistance to the Dakota Access Pipeline,” Greenpeace’s executive director Mads Christensen, said in a statement on Wednesday.

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El Paso Times – June 3, 2026

TCEQ grants El Paso leaders hearing on Marathon Refinery’s air permit

The Texas Commission on Environmental Quality granted a request by El Paso County leaders to hold a contested hearing before considering granting an air quality renewal to Marathon Petroleum Corp.’s oil refinery. The TCEQ commissioners voted 3-0 to grant the contested hearing, a trial-like proceeding to discuss the refinery’s impact on El Paso’s air and environmental quality. The ruling was made during a hearing held on Wednesday, June 3, in Austin, which was livestreamed online.

TCEQ Chairwoman Brooke T. Paup and commissioners Catarina R. Gonzales and Tonya R. Miller granted the contested hearing, citing that the El Paso County Commissioners Court proved a hearing should be held since any emissions from the Marathon Refinery could impact public property, including Ascarate Park. “El Paso raises both statutory interests that are relevant to the application and owns property that’s approximately a half mile from the refinery,” Miller said during the hearing.

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S&P Global Platts – June 3, 2026

Exxon Mobil Corp. Outlook Revised To Positive From Stable On Forecast Sustained Strong Credit Performance

• We expect Exxon Mobil Corp. will generate substantial free operating cash flow (FOCF) over the next two years despite decreased activity in the Middle East.
• In addition, we forecast strong financial measures over the next 24 months, including funds from operations (FFO) to debt comfortably exceeding 60% and FOCF to debt above 40%, even under our marginal price assumptions of $50 per barrel for West Texas Intermediate (WTI) crude, $55 per barrel for Brent, and $2.75 per million Btu for Henry Hub natural gas.
• Therefore, we revised our outlook on ExxonMobil to positive from stable and affirmed our ‘AA-’ long-term issuer credit rating, our ‘A-1+’ short-term and commercial paper ratings, and ‘AA-’ issue-level rating on its unsecured debt.
• The positive outlook reflects our forecast that the company will maintain FFO to debt above 100% over the next two years and more than 60% under our marginal price assumptions. Similarly, we estimate FOCF to debt above 40% for the next two years at our marginal price assumptions. We view FOCF to debt as the key appropriate supplemental ratio in assessing Exxon’s credit risk.

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Energy News Beat – June 3, 2026

Two NM Counties Account For 78% of Onshore Federal Oil Production: David Blackmon

Related: In Tuesday’s voting, Democratic Gov. Michelle Lujan Grisham is term-limited, and former Interior Secretary Deb Haaland defeated Bernalillo County District Attorney Sam Bregman for the open Democratic nomination. Several GOP contenders are seeking their party’s nomination — NBC News

Background: Well-funded PACs play hardball in final weeks before primary election — Independent expenditure groups backed by oil executives and out-of-state donors are spending heavily on negative ads — Albuquerque Journal

In a striking X post this week, the American Petroleum Institute spotlighted a powerful and unprecedented truth about American energy: Two counties in New Mexico – Lea and Eddy – account for an astonishing 78% of all federal onshore oil production, pumping out 1.3 million barrels per day. The API note comes on the heels of the recent Bureau of Land Management $4 billion lease sale on those very lands in southeastern New Mexico, an all-time record haul for such a sale in the Lower 48 states.

My response on X was simple: “God bless America’s drillers. God bless New Mexico.” I should have included “God Bless the 2nd Trump Administration and its Energy Dominance policy agenda. Oh, well, too late now.

 

Oil & Gas National & International

 

Reuters – June 3, 2026

Oil refining has been underinvested, Saudi Aramco says*

The current oil supply crisis ​shows there is underinvestment in ‌oil refining as demand holds resilient, Saudi state-owned Aramco’s vice president of ​market analysis and sustainability, Musaab ​Al Mulla, said on Tuesday. Around ⁠3 million barrels per day ​of refining capacity closed between 2020 ​and 2023, Al Mulla said at the S&P Global Energy Middle East Petroleum ​and Gas Conference in London.

“Now ​we realise if you have those refineries you ‌may ⁠have definitely mitigated the impacts of the crisis today,” he said. The war in Iran, attacks on ​energy infrastructure ​and ⁠Iran’s effective closure of the Strait of Hormuz ​followed by a U.S. naval ​blockade, ⁠have removed around 14 million bpd of oil supply from Middle ⁠East ​producers to the ​global market.

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Reuters – June 2, 2026

China seen tapping deeper into oil stockpiles as imports hit decade-low*

China is expected to tap deeper into its record crude oil inventories as refiners cut imports further while maintaining output ​curbs to minimize refining losses amid weak fuel demand, analysts and industry officials said. Tepid demand from the world’s top crude importer is partly capping global ‌oil prices , which have fallen 19% in May even amid a strained ceasefire between the U.S. and Iran and with the Strait of Hormuz – through which a fifth of global oil supply usually passes – still largely closed for a third month.

Beijing has implemented a range of measures to insulate the country from soaring Middle East crude prices, including maximizing domestic oil drilling, curbing fuel exports and providing extra import quotas ​to encourage purchases of discounted Russian and Iranian oil. May seaborne crude imports could fall to the lowest in a decade at 6.451 million barrels per day, ​from 8.1 million bpd in April, according to Kpler. Another ship-tracking firm, Vortexa, estimated May imports at 7 million to 7.5 million ⁠bpd. This comes after China’s overall crude imports in April slumped 20% on-year to 9.3 million bpd.

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Reuters – June 3, 2026

Venezuela’s Trump-backed reforms have yet to draw investors wary of legal system, infrastructure*

Global investors remain wary of signing deals in Venezuela, even after the interim government enacted business-friendly reforms backed by U.S. President Donald Trump, a dozen sources with knowledge of private sector investment deliberations told Reuters. The South American country’s efforts to lure foreign investment in sectors as diverse as oil, shipping, ​pharmaceutical and chemical production have foundered as investors remain leery of the legal system. Six investors and six members of advisory firms said potential deals have been stalled by uncertainty over ‌dispute resolution, judicial independence, past expropriations, arbitration and currency controls.

Three of the investors already operate in Venezuela, and the rest are mulling opportunities in shipping and chemicals. At an oil industry event in Houston in May, Venezuela Hydrocarbons Minister Paula Henao noted that the new oil law includes mechanisms to settle disputes both within and outside Venezuela. Potential investors remain wary of the OPEC member country.

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S&P Global Platts – June 3, 2026

Q&A: Trafigura expands owned VLCC fleet for less exposure to time charters

Trafigura is set to operate more VLCCs under its ownership in bids to meet growing transport demand while reducing exposure to period charter markets, where rates could stay elevated amid consolidation and evolving geopolitics, according to the trading house’s top shipping executive. Andrea Olivi, global head of shipping at Trafigura, told Platts, part of S&P Global Energy, that owning a certain portion of the company’s fleet — which grew to a record size of 500 ships recently — would allow it to meet internal and external shipping requirements more cost-efficiently.

“Trafigura’s shipping volumes are increasing, but we’re also noticing an even bigger increase in cargoes and contracts from third-party companies — who realize that, thanks to our scale, we can offer unique advantages and economies of scale when it comes to freight,” Olivi said in a recent interview.

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Marketplace – June 2, 2026

Abandoned oil wells are polluting West Virginia. Plugging them won’t be easy.

On a suburban side road about 15 minutes from the center of Charleston, West Virginia, there’s a quiet hissing sound, almost completely masked by traffic noise coming from Interstate 64. The orphaned oil well is hard to find. But David McMahon has heard old oil wells make this sound before. “It’s the sound of the gas escaping,” he said.

McMahon, a lawyer and co-founder of the West Virginia Surface Owners’ Rights Organization, waded through a mess of wild grape vines and Virginia Creeper, lamenting that he didn’t bring a machete to cut through it all to Ted Boettner, a senior researcher at the Ohio River Valley Institute. As they got closer, the smell hit. “I smelled it just now. Smells like sulfur, rotten eggs,” Boettner said. He’d just written a report on orphaned oil wells.

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CNBC – June 3, 2026

The three reasons why oil is staying below $100 a barrel (#3: The World Is Awash In Oil, and More Is On the Way): Brian Sullivan

One: Real optimism that the Iran conflict/war is soon settled.  

Iran needs oil because it brings in money.  Iran has a massive economic incentive to get back to ‘normal,’ whatever that may look like.  Iran is a petroeconomy.  Oil and natural gas are its economy.  Without exports, it goes broke.  And without money, the people suffer more than they have in the last 30+ years. Even without weapons, those people will have a breaking point, as whoever is running Tehran right now is no doubt keenly aware….

Two: China demand is falling.

JPMorgan star analyst Natasha Kaneva had an eye-opening note this week. She just got back from China and reports that she was shocked to see how much Chinese oil demand had been cut….

Three: The world is awash in oil … and more is coming.

So, back to the original question that I keep getting: where is the price of oil heading? While I appreciate the question – and the confidence – I have no idea.  Smarter people than me have gotten it very, very wrong.  Estimating oil price moves is a dangerous game. My friend, the late, great Boone Pickens, was often asked for an oil price target.  He’d coyly give a range or a direction instead of a firm answer, saying something akin to “it’s likely to go down more than it’s likely to go up.”  Classic Boone.  So I’ll borrow his strategy.  I can more easily make the case for $50 oil than $150 oil.

 

Utilities, Electricity & Renewables

 

Houston Chronicle – June 3, 2026

Google pledges to invest $10M in Texas water as backlash over AI data centers grows*

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The Wall Street Journal – June 3, 2026

America’s Data-Center Build-Out Is Falling Way Behind Schedule*

Tech companies are earmarking unprecedented sums of money to finance the build-out of massive data centers, with a planned $85 billion equity-raise by Google parent Alphabet GOOGL -0.79%decrease; red down pointing triangle being the latest example.

But even as the piles of capital secured have grown ever larger, the ability to deploy it in the artificial-intelligence race has become less certain. Supply-chain backlogs, permitting fights and availability of power supplies are among the issues that have caused the construction of data centers to fall behind targeted timelines, with the gap growing wider in recent months: A JPMorgan analysis last month found that more than 60% of data-center capacity planned for completion in 2027 isn’t yet under construction, and another 7% is delayed.

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Reuters – June 3, 2026

Tesla rolls out unsupervised robotaxis in Austin*

Tesla said on Wednesday it was rolling out its unsupervised robotaxis in the ​Austin Metro area in Texas, as the ‌electric-vehicle maker looks to speed up its autonomous ride-hailing operation. Expanding the robotaxi service and wider adoption of ​its full self-driving software – a version ​of which underpins the technology – is key ⁠to Tesla’s growth strategy after CEO Elon ​Musk pivoted the company’s focus from EVs to ​AI and robotics.

“Unsupervised Robotaxi now in the entire Austin Metro area,” Tesla’s official robotaxi account said in a ​post on X. The service has been operating ​in Austin for nearly a year, where customers sometimes experience ‌wait ⁠times in excess of 30 minutes. According to a presentation by Austin officials, Tesla has roughly 50 vehicles operating in the city, while Alphabet’s (GOOGL.O), opens new tab ​Waymo runs ​more than ⁠250 in the same area.

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KETK – June 3, 2026

Abbott announces energy grant that will strengthen the Northeast Texas power grid

Gov. Greg Abbott announced an energy grant on Wednesday that will strengthen electric reliability in Northeast Texas. The funds from the grant will go toward a project to upgrade 700 miles of power equipment and are expected to impact more than 192,000 Texas consumers. Upgrades will include replacing aging copper wire with stronger aluminum and replacing existing utility poles.

“Reliable electricity powers every part of Texans’ daily lives,” Abbott said. “As our state grows, we will ensure families, businesses and communities have the reliable, affordable power they need. Through these investments to upgrade power line infrastructure, Texas will remain the energy capital of the world.” The project is expected to be completed by early 2031.

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Oil Price – June 1, 2026

The Next Stranded Asset Crisis Could Hit Utilities

Can it be real? Utility stocks offer a super combination of high dividends, steady growth, and potential total returns that exceed the cost of capital? All that with captive customers and the government standing by to make sure it all works out that way. Too good to be true? What about risks?

Risk in business has two meanings: the possibility of loss (or what might cause that loss) or the possibility that investments do not earn expected returns (or the cause of that underperformance).  Utility planning tends to assume continuance of prevailing trends, a projection by ruler, more or less. That procedure will not call the inflection point, where risk lies, because utilities move with the agility of supertankers. They cannot easily change course. They have too much invested in what they are already doing. We need to ignore the projections and examine specific risks.

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Reuters – June 3, 2026

Trump plans $700 million in new coal support, White House official says*

U.S. President Donald Trump is planning to use Cold War-era national defense powers to send nearly $700 million to support ​coal facilities, according to a White House official. Trump could announce as ​soon as Thursday that he will invoke the Defense Production ⁠Act, the 1950 law granting presidents wide authority over national security-related industries, ​to upgrade more than a dozen coal power plants, build a massive ​West Coast coal export terminal and match corporate funds to build new power plants, the official said.

The person spoke on condition of anonymity to not preempt the president’s ​announcement, and cautioned that the details could still change. The Trump administration has ​framed energy issues in existential terms as it eyes the domestic need to sustain ‌power-hungry ⁠artificial-intelligence data centers and aims to marginalize foreign adversaries that hold large fossil fuel reserves. Coal, though, has faced steady declines in U.S. usage. It once accounted for more than half of U.S. electricity generation, but fell ​to less than ​one-fifth in recent ⁠years, according to the U.S. Energy Information Administration.

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Governing – May 19, 2026

Why We Should Treat Households as Energy Infrastructure: Ari Matusiak, Rewiring America

Across the country, communities are pushing back against rising electricity bills, massive utility spending plans and waves of new data center development that consume energy, land and water while offering few visible local gains. As utilities pursue one of the largest energy investment cycles in generations, state lawmakers are increasingly caught between rising demand and households asking a simple question: What’s in it for us?

So far, the dominant answer has largely been promises of future reliability, fuzzy plans around economic growth, and systemwide benefits while households continue absorbing rising electricity costs. That gap is becoming harder to sustain.  There is a clear opportunity to answer it differently. Alongside necessary investments in new clean generation and grid expansion, states can choose to treat households as core energy infrastructure by adopting policies that make heat pumps, rooftop solar, home batteries and smart electric appliances vastly more affordable. Done at scale, these technologies can lower bills, reduce strain on the grid and help households become part of the solution to rising electricity demand while avoiding more expensive infrastructure costs.

 

Regulatory

 

Bloomberg – June 3, 2026

Bessent Plays Down a $200 Gasoline-Bill Hike Hurting US Buying Power

• The US is proposing tariffs of at least 10% on imports from most major trading partners. China slammed the move, India said it’s “engaged.”
• In Brussels, the European Union will allow fiscal leeway for green-related energy aid, and is gearing up for its own potential trade war with China.
• The OECD warned that the global economy is at risk of a slump in the event of a prolonged Iran war. Middle East hostilities continue.

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Texas Energy Report NewsClips

Wednesday June 3, 2026

Asterisk (*) denotes news stories that may be inaccessible because portions are behind a paywall

 

Good morning! Here are today’s Texas Energy Report NewsClips

In one of the most serious exchanges since the ceasefire began, Iran fired missiles at Kuwait and Bahrain as the US conducted new strikes on Iran’s Qeshm Island, in news reported about 3 am CT Wednesday. Earlier in the day, the US military said it “disabled” an oil tanker heading for an Iranian port by striking it with a Hellfire missile

Oil prices rose Wednesday as investors weighed uncertainty over U.S.-Iran talks with the two countries launching fresh strikes Tuesday, even as President Donald Trump said negotiations with Tehran were ongoing.

West Texas Intermediate futures for July delivery gained over 1.3% to $94.99, while international benchmark Brent crude for August delivery advanced 1.1% to $97.07 per barrel.

U.S. Central Command said Tuesday that it had defeated multiple Iranian ballistic missiles and drones and launched defensive strikes following “attempted attacks” by Iran, signaling an escalation in Mideast tensions.

That followed Trump and Secretary of State Marco Rubio saying that Washington was still engaged in talks with Iran over a potential deal to halt the conflict, pushing back against Iranian media reports suggesting communications had broken down.

 

Top Stories

 

KUHF NPR – June 2, 2026

ERCOT votes to streamline process for data centers looking to join the power grid

See the Houston Chronicle coverage

Background: Texas takes aim at threat of ‘cascading’ outages — E&E News By Politico 

The Electric Reliability Council of Texas (ERCOT) voted Tuesday to streamline its process for data centers looking to connect to the power grid. The vote comes as ERCOT is wading through a massive backlog of data centers and other large energy users — such as cryptocurrency miners and industrial facilities — looking to join the grid. In the past, these so-called “large loads” would go to their local utility company and ask to join the power grid. However, with so many data centers looking to connect, that’s no longer feasible.

It’s hard to evaluate whether there’s enough transmission equipment — such as power lines and transformers — to connect a data center to the grid in a given area, when other nearby projects are constantly being proposed. “That sequential evaluation of projects was growing untenable,” said Bryan Clark, a partner at the global energy law firm Bracewell LLP’s Dallas office.

Now, ERCOT is planning to evaluate data centers in batches, rather than individually. Its board voted to move forward with the first combined study of data centers, known as “Batch Zero,” on Tuesday. The new process will now go to the Public Utility Commission of Texas for approval on June 18.

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Yahoo! News – May 30, 2026

The world is quietly adapting to 9% less oil

Related: Oil demand shows first sign of contraction as emergency buffers fade: analysts — S&P Global Platts

Can the world live with 9% less oil? The answer, at least for right now, seems to be… maybe? That’s according to JPMorgan oil strategists Natasha Kaneva, Lyuba Savinova, and Artem Fakhretdinov, who spent last week meeting with market participants in China.

“The most striking takeaway from our meetings was not simply that oil demand has fallen,” the strategists wrote in a recent client note. “It was that it may have dropped by as much as 9% or 1.5 [million barrels per day] — abruptly, unexpectedly, and with remarkably little visible disruption.” Despite the three-month-long closure of the Strait of Hormuz, the world’s most critical shipping conduit for the global oil trade, prices on the energy product have remained relatively contained around $100 per barrel, only briefly spiking higher earlier in the war.

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Reuters – June 2, 2026

US plans energy investments in Azerbaijan, says $8 billion in deals signed*

A U.S. delegation and Azerbaijan signed commercial agreements worth more than $8 billion, and ​Washington plans to invest in the country’s ‌energy sector, U.S. Assistant Secretary of State Caleb Orr said on Tuesday. Orr, on a visit to Baku, said ​the United States was seeking a larger ​role in Azerbaijan’s energy infrastructure projects. “We are planning ⁠concrete investments in the energy sector,” Orr ​said in response to a Reuters question.

He said ​ExxonMobil remained an important partner in Azerbaijan after signing a memorandum of understanding on new exploration opportunities at last ​year’s Baku Energy Week, and that Chevron had ​signed a new exploration agreement during this year’s event, which ‌Washington ⁠supports. “We expect that we will be able to help Azerbaijan grow its role as the central node of the Middle Corridor for energy transit ​going to ​Europe and ⁠to the rest of the world,” Orr said.

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Texas Monthly – June 2, 2026

War, Gas Prices, and AI Are Fueling a Texas Pipeline Boom*

As ongoing threats to oil tankers in the Strait of Hormuz drive petroleum prices to near-record highs, energy companies in West Texas are enjoying one windfall—and hoping to take advantage of another. Oil that just six months ago sold for $60 a barrel now goes for nearly $100, and producers are pumping at record levels. But when that black gold is pulled from the ground in the Permian Basin, a mix of gases bubbles up alongside it. The region lacks the infrastructure to deal with all that natural gas. There aren’t enough pipelines to ship all of it off to power plants and petrochemical plants, so companies are having to pay to have the gas removed. For the last two years, the Permian has been the only U.S. oil field recording negative prices for its gas. In recent weeks, those prices have dipped below negative nine dollars per thousand cubic feet—among the lowest in recent years. Those who connect this cheap supply with the growing demand elsewhere stand to profit, and pipeline companies are trying to cash in.

On the horizon is an unprecedented wave of new pipeline projects from the Permian Basin. Three are expected to be completed this year and would increase the area’s export capacity by about 20 percent. Two of those will lead to a gas hub near Corpus Christi and one to a hub at the center of Dallas–Fort Worth’s proliferation of power-hungry data centers for artificial intelligence. By 2029, another three are slated to come online, with more in the works. Altogether, the Electric Reliability Council of Texas, the state’s predominant grid operator, says that data centers could add nearly 360,000 megawatts of power demand by 2030. That’s more than quadruple the most demand the grid has ever recorded. To accommodate that anticipated growth, ERCOT president and CEO Pablo Vegas has stressed the need to support gas generation.

 

The Latest TERse Tips

Texas Secretary of State Jane Nelson to resign as state’s top election official in July, after serving as the top election official for three years — Dallas Morning News*

Meet the Far-Right Nepo Baby Vying to Deregulate Texas’s Fossil Fuels — “Bo French is running a deranged culture-war campaign for a spot on the powerful Texas Railroad Commission. The race says everything about where Republicans are today” — New Republic

The FERC’s Summer Reliability Assessment is out — “The Texas Interconnection is widely at a normal risk level for Summer 2026 due to a 12% jump in anticipated resources for the summer period and a 4.5% decline in projected net internal demand. The lower demand forecast is the result of updated load modeling that reflects the observed behavior of load during peak periods and more demand response from large computational loads” — FERC

Vesper Energy has closed a $236 million financing package for its 201-megawatt Nazareth Solar project in West Texas, advancing another utility-scale renewable energy development as electricity demand across the ERCOT market continues to climb — Citybiz

Governor Greg Abbott today announced the first agreement under the Texas Energy Fund Outside of ERCOT Grant Program (OEGP) with Sam Houston Electric Cooperative — see the press release

Amigo LNG has all of its permits on both sides of the border in hand and is targeting the end of June to “start working on the ground,” according to CEO Muthu Chezhian of LNG Alliance, the Singapore-based firm behind the project — Natural Gas Intelligence*

Oil giant Chevron lines up former Texas solicitor general as GC in anticipation of CLO succession — Scott Keller joins as GC in July and will replace R. Hewitt Pate as CLO at the start of next year — Global Legal Post

Two women related to a former Austin Energy employee accused of routing nearly $1 million to fake vendors have also been indicted in Travis County, expanding a criminal case first brought against former city employee Mark Ybarra — Austin American-Statesman*

 

Oil & Gas Texas

 

Pipeline & Gas Journal – June 2, 2026

Howard Expands Oklahoma-to-Gulf Coast Gas Network

Howard Energy Partners (HEP) has expanded its Midcontinent natural gas platform through two recent transactions, acquiring full ownership of the Midship Pipeline and purchasing Tulsa-based gathering and processing operator Superior Midstream. The Midship transaction, completed May 29, gives HEP 100% ownership of the 36-inch, approximately 200-mile FERC-regulated natural gas pipeline serving Oklahoma’s SCOOP and STACK plays. The pipeline transports natural gas from production areas in the Anadarko Basin to downstream markets, including Gulf Coast demand centers.

HEP previously acquired an operating interest in Midship earlier this year and said the system has experienced record throughput and utilization since the company assumed operatorship. The pipeline also has the capability to move gas in either direction, providing operational flexibility as market conditions evolve.

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Reuters – June 2, 2026

Chevron applies for Argentina tax break program with $13.8 billion investment plan*

Chevron has applied to join Argentina’s incentive regime for ​large investments for a $13.8 billion unconventional ‌oil project in the El Trapial area of Vaca Muerta, the U.S. oil major said on ​Tuesday, in what would rank among the ​biggest new bets on the country’s ⁠shale patch. The filing, which still requires government ​approval, is the latest sign that global energy ​companies are positioning for long-term growth in Vaca Muerta, one of the world’s biggest shale oil and ​gas reserves and a cornerstone of ​the country’s hopes to boost exports and earn hard ‌currency.

“Chevron ⁠commends Argentina’s government for making meaningful progress toward unlocking Argentina’s world-class energy resource,” the company said in a statement. President Javier Milei’s government ​has promoted ​the RIGI, ⁠or incentive regime for large investments, as a key tool to ​attract foreign capital into strategic sectors ​including ⁠energy, mining and infrastructure.

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Utility Dive – June 2, 2026

Sunoco acquires wholesale assets in Texas

Sunoco has acquired the dealer wholesale fuel supply and transportation rolling stock assets of Alexander Oil Company, according to a Monday announcement from Corner Capital Advisors, which advised Alexander on the sale.

The deal gives Sunoco branded and unbranded dealer wholesale accounts in the Houston, Austin, Dallas/Fort Worth, Bryan/College Station and Brenham parts of Texas, representing more than 90 million gallons of fuel a year. This is the third publicly announced transaction from Sunoco so far in 2026 as it targets a planned $500 million worth of bolt-on acquisitions this year.

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June 2, 2026

Firms’ Views on the Current Oil Price Shock: Stable for Now, Risky for Tomorrow: Atlanta Fed

Given the speed at which oil prices have ratcheted up and the potential for high oil prices to remain a facet of the near-term outlook, we were interested in how business decision-makers saw the immediate impact of higher oil prices on their costs, prices, and demand as well as what would happen if oil prices rose further and remained elevated through the end of the year.

Specifically, in April’s Business Inflation Expectations (BIE) survey we asked about the impact of recent increases in oil prices on firms’ input costs. We also asked similar questions about the prices a firm charges for their products and their anticipated demand. Firms were then given two hypothetical paths—prices returning to $67 a barrel or staying around $130 a barrel by year-end—to gauge possible impacts on their input costs, prices, and demand.

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Texas Tribune – June 3, 2026

Corpus Christi delays decision on nearly billion-dollar water plant despite impending crisis

A bitterly divided Corpus Christi City Council voted early Wednesday morning to delay a decision on reviving an almost billion-dollar water plant it had rejected nine months earlier. The 7-2 vote came at 2:20 a.m., almost 15 hours into a meeting that drew extensive interest from residents who argued for and against building a desalination plant that council members voted down last year over environmental and cost concerns.

The proposed plant is not expected to begin delivering water until late 2029, but supporters fear that without long-term supplies, the city’s economy will freeze, driving away residents and businesses and crippling the important tourism industry. Opponents expressed deep concern about the proposed plant’s impact on Corpus Christi Bay, and some doubted the fairness of an environmental study that concluded the plant’s salty discharge would not affect sea life.

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Texas Lawbook – May 24, 2026

Energy Transfer’s Ali Henderson is a ‘Trial Warrior’

The 12-person North Dakota jury filed into the courtroom. They had been deliberating for more than two days. Energy Transfer Assistant General Counsel Ali Henderson stood as the jury handed the court clerk the 33-page verdict form. The courtroom, filled with Greenpeace supporters and news reporters from the New York Times and Wall Street Journal, stayed silent as the clerk started reading the verdict.

“Did defendants trespass on Energy Transfer’s land?”

“Yes.”

Damage award: “$3,761,034.”

“Oh my gosh, we are going to come in much lower than our damages experts calculated,” Henderson thought to herself, as Energy Transfer had sought a couple hundred million in damages for Greenpeace’s alleged destructive acts, tortious interference and defamation regarding ET’s pipeline construction in North Dakota. “How am I going to manage this message?”

 

Oil & Gas National & International

 

Nevada Current – June 2, 2026

‘I need Chevron’: The oil company at the center of the California governor’s race

When it comes to California’s climate future, the most important figure in the state’s chaotic governor’s race may not be any of the candidates on the debate stage. It may not even be outgoing governor Gavin Newsom or President Donald Trump. Instead, it might just be Chevron, the multinational oil company that was founded in the Golden State more than 100 years ago. It is among the largest producers, refiners, and sellers of petroleum products in a state rapidly shifting toward electric vehicles. Depending on which candidate is talking, the company is an example of how Big Oil is strangling consumers or an example of how climate regulations are strangling the state economy.

The behemoth — it reported $12.3 billion in profit last year — took the spotlight last month when an interviewer asked leading Democratic candidate Xavier Becerra about Chevron’s contributions to his campaign. The former state attorney general and Biden-era health secretary gave what seemed to be a candid response: “Chevron, that’s the problem with politics. They’re not the bad guy. Does everybody here drive an electric vehicle? You need Chevron. I need Chevron. My people of the state of California need Chevron … Chevron wants to give me a check, that’s — that’s their prerogative.”

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Reuters – June 2, 2026

Goldman Sachs expects elevated refined fuel margins through 2026 on Hormuz disruption*

Refined fuel margins are set to remain sharply elevated through 2026 after disruptions around the ​Strait of Hormuz tightened product markets more than ‌crude, Goldman Sachs said in a note on Monday.

• Goldman expects refined margins to stay 2–3 times higher for the ​rest of 2026 than 2013–2019 averages with ​diesel margins exceeding pre-war forecasts by $19–26 per barrel.
• Global ⁠refined product exports were down 4 million barrels ​per day (bpd) year-on-year, led by a lack of Persian ​Gulf product exports and reduced Asian refinery output.
• “We expect gasoline and especially diesel stocks to decline further in the initial ​Hormuz reopening stage as demand likely recovers more ​quickly than refined product supply,” the bank said.
• Goldman sees U.S. ‌and ⁠European diesel margins at $50 and $37 per barrel, respectively, in the fourth quarter of 2026 and respective gasoline margins at $22 and $14.

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Morningstar – June 2, 2026

BP reports start of gas production at Azerbaijan’s ACG oil field

BP PLC on Monday reported the start of non‑associated gas production at the Azeri-Chirag-Gunashli field in the Azerbaijan sector of the Caspian Sea. “This marks the first-ever commercial gas production operations on ACG, one of the world’s largest oil-producing fields,” BP said. The London-based fuel major operates the ACG field. Partners on the venture include Spring, Texas-based-based Exxon Mobil Corp, alongside the State Oil Company of the Republic of Azerbaijan, Hungary’s MOL Group, Japan’s Inpex Corp, Turkish Petroleum Corp and New Dehli-based ONGC Videsh Ltd.

“This is a big day for Azerbaijan and for the ACG co‑venturers. ACG has a long and successful history and now, nearly three decades into oil production, the field continues to hold potential to deliver value for the nation and its investors as it starts this new chapter,” commented Gio Cristofoli, BP’s regional president for Azerbaijan, Georgia and Turkey.

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Global News – June 1, 2026

New documents show potential pipeline routes from Alberta to B.C.’s coast

New documents are laying out the potential route for the controversial pipeline from Alberta to B.C.’s coast. The documents, obtained by CBC News, show a number of options for the pipeline, with the majority of those ending in northern B.C. Alberta has released a new promotional video as it continues to make its case for a new oil pipeline to the B.C. Coast.

“My takeaway, looking at all of them, was that it was going further north than Northern Gateway and a lot of terminuses in Nisga’a territory,” Heather Exner-Pirot, with the Macdonald-Laurier Institute, said. Exner-Pirot, who is also a special advisor on energy to the Business Council of Canada, said the routes appear to be selected for political advantage to go through areas more supportive of oil and gas, rather than economics.

 

Utilities, Electricity & Renewables

 

Texas Tribune – June 2, 2026

Eight data centers threaten to transform this small Texas county. Local officials say they have no power to stop them.

Hood County — Brian Crawford points to the top of a hill northwest of his family’s home garden, just past their gently sloping yard dotted with live oaks beginning to flower. “All of this would be buildings,” said his wife, Laura Crawford.

“A slab of concrete,” Brian added. Their property is a 118-acre paradise along the Paluxy River Valley where the couple care for a menagerie of animals including their two enormous donkeys, Little Joe and Hoss, chickens and a herd of African antelope that they inherited when they bought the property nine years ago.

Instead of green, about 600 yards away from their garden, they could soon be looking at 2,100 acres of warehouse-like structures filled with computing servers that process the digital world, flattening their scenic view into something industrial. The site plan calls for a campus that spans almost six times the size of University of Texas at Austin’s main campus. Its Florida-based developer refers to it as the Comanche Circle project, but the eventual company that will run the data center has not been publicly revealed.

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KPRC – June 2, 2026

CenterPoint Energy kicks off 2026 hurricane season with grid resiliency upgrades in Houston

Related: Entergy Texas highlights year-round storm readiness efforts ahead of 2026 hurricane season — Hello Woodlands

As the 2026 Atlantic hurricane season officially gets underway, CenterPoint Energy is talking about the resiliency work the company says it has been focused on. The company calls the plan the Greater Houston Resiliency Initiative—a sweeping effort to reinforce critical infrastructure across the region. It includes four pillars: trimming trees, installing new poles and equipment, adding automation and intelligence devices, and placing more underground power lines.

Since 2024, CenterPoint says it has installed more than 68,000 stronger, storm-resilient poles across the Greater Houston area. CenterPoint says it has also been clearing higher-risk vegetation, undergrounding power lines and deploying advanced technology to improve system reliability year-round. The company projects these efforts will prevent 150 million customer outage minutes by the end of 2026.

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San Antonio Express-News – June 2, 2026

CPS Energy answers lawsuits over North Side explosions that injured 5 people*

Oil Price – June 2, 2026

What Hormuz Is Teaching Traders About Utilities

Oil traders have spent months obsessing over tanker movements, shipping insurance costs and the fate of crude cargoes attempting to navigate the Strait of Hormuz. But now, some of that attention will be shifting to a longer-term play: a potential restructuring of American utilities themselves.

Instead, Hormuz is exposing how vulnerable electricity markets remain to fuel price shocks, even after years of investment in renewable energy. While crude oil prices have dominated headlines, the effects of the disruption are steadily working their way through natural gas markets, fuel procurement contracts and wholesale electricity systems around the world. For utilities, power traders and policymakers, this is now a crisis that will serve as a stress test of how modern electricity markets respond when geopolitical risk suddenly becomes fully embedded in energy prices.

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Houston Chronicle – June 2, 2026

Texas summer heat, data centers could push power demand to a new record. Will the grid hold up?*

Still, ERCOT expects low risk of blackouts this summer, CEO Pablo Vegas said during the grid operator’s quarterly board meeting on Tuesday. “As we continue to see (power demand) growth coming on, that profile and picture obviously can evolve, and we expect it to evolve,” Vegas said. “But what we have published at this point is still showing fairly adequate capacity and low likelihood of emergency conditions going into the June and July months.” Recent ERCOT reports forecast a 0.04% chance and a 0.11% chance of the grid operator needing to initiate rotating outages in June and July, respectively.

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Tipranks – June 2, 2026

TXNM Energy Pursues Texas Rate Settlement and Grid Resilience

On May 29, 2026, TNMP, TXNM Energy’s Texas utility, filed a comprehensive settlement in its base rate review before the Public Utility Commission of Texas, seeking recovery of a $2.8 billion rate base as of June 30, 2025, preservation of a 9.65% return on equity with a 45% equity ratio, and separate recovery of $20.5 million in Hurricane Beryl restoration costs over five years, with interim rates to relate back to May 22, 2026 once a final order is issued.

The same day, sister utility PNM applied to the New Mexico Public Regulatory Commission for approval of resources in its plan to advance carbon-free generation in line with state clean energy mandates, signaling TXNM Energy’s simultaneous push to stabilize regulated returns, fund storm-related grid resilience in Texas, and reposition its New Mexico portfolio toward cleaner power, with broad stakeholder participation but pending regulatory approvals in both jurisdictions.

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The New York Times – June 2, 2026

Blue States Sue Trump Administration Over Offshore Wind Deal*

Seven Democratic-controlled states sued the Trump administration on Tuesday over its move to block a planned wind farm off the coast of New York. The lawsuit seeks to overturn an extraordinary deal that the Trump administration reached in March with the French energy giant TotalEnergies. That agreement saw the government pay TotalEnergies $928 million to abandon plans to build the wind project off New York and another one off North Carolina. The New York attorney general, Letitia James, filed the suit in U.S. District Court for the District of Columbia. Ms. James, a Democrat, said in a statement that the deal violated at least two federal laws and that it would harm New York’s economy and power grid.

“This administration cooked up a sham deal to pay a foreign energy company hundreds of millions of taxpayer dollars to abandon offshore wind and invest in oil and gas instead,” she said. “We are fighting back to stop this illegal agreement that threatens to erase over a thousand union jobs and cheat millions of New Yorkers out of clean, affordable energy.” The attorneys general of Connecticut, Maine, Massachusetts, New Jersey, Rhode Island and Vermont joined Ms. James in the litigation, arguing that their states could have gotten electricity from the project. Charlotte Taylor, a spokeswoman for the Interior Department, which oversees offshore wind leases, said in an email that the deal with TotalEnergies was “voluntary” and that “no one was forced to sign.” She added that the agreement “went through the appropriate channels” and was vetted by Justice Department officials. A spokesman for the Justice Department declined to comment.

 

Regulatory

 

JD Supra – May 21, 2026

Texas Supreme Court Issues Troubling Decision in Royalty Dispute: Houston Harbaugh

Back in February I advised landowners to keep an eye on the discretionary appeal granted by the Texas Supreme Court in Fasken Oil and Ranch LTD, et al. v. Puig, et al. (No 24-1073, January 16, 2026). See, Texas Supreme Court Agrees to Hear Arguments on Whether ‘Free of Cost’ Clause in 1960 Deed Prohibits the Deduction of Post-Production Costs (February 2026). At issue in Fasken Oil was whether the following clause in the 1960 Deed insulated the royalty from post-production costs:

“all the oil, gas and other minerals, except coal, in and under or that may be produced from the above-described acreage, to be paid or delivered to Grantor, B.A. Puig, Jr., as his own property, free of cost forever. . . “

The landowners, the Puig Family, argued that the scope and effect of the “free of cost” language in the 1960 Deed was controlled by the Texas Supreme Court’s decision in Chesapeake Exploration LLC v. Hyder, 483 S.W.3d 870 (Tex. 2016). In Hyder, the Texas Supreme Court ruled that a royalty clause which provided for a “perpetual cost-free” royalty was sufficient to exempt the royalty from all post-production costs. See, Hyder, 483 S.W. 3d at 874 (“[T]he general term cost-free does not distinguish between production and post-production costs and thus literally refers to all costs”). The Puig Family contended that the 1960 Deed should be construed in the same manner (i.e. no deductions). The trial court agreed with the Puig Family and entered judgment in their favor.

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Texas Energy Report NewsClips

Tuesday June 2, 2026

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 held on to most of the previous session’s sharp gains in early trade on Tuesday on uncertainty over the status of ceasefire talks between the United States and Iran and the potential reopening of the ​Strait of Hormuz.

U.S. President Donald Trump said on Monday talks with Iran were ongoing, while Tasnim news agency reported ‌that Tehran had suspended indirect negotiations with Washington.

West Texas Intermediate fell 17 cents, or 0.18%, to $91.99 a barrel.

Brent crude futures inched up 6 cents, or 0.06%, to $95.04 a barrel at 0001 GMT.

Both benchmarks rose more than 5% in the previous session but pared gains after ​U.S. President Trump said he had not been told that Iran was suspending talks with Washington and that Israel ​had agreed to pull back any troops that were preparing to attack southern Lebanon.

In a separate ⁠interview with CNBC on Monday, Trump had said he did not mind if the talks were over.

 

Top Stories

 

E&E News By Politico – June 1, 2026

Congress set for summer sprint on energy, environment policy

Lawmakers’ return to Capitol Hill this week marks the beginning of a two-month sprint in which permitting reform, government spending bills and party-line budget packages will make up just a fraction of Congress’ jam-packed agenda. The House and Senate are facing a mountain of legislative priorities ahead of the August recess, and lawmakers are hoping to make meaningful progress on each one before entering the summer and fall campaign season. The upcoming scramble will be a major test of Congress’ ability to firm up bipartisan deals on a number of priorities with implications for energy and environment policy.

It will be a particularly pivotal time for Republican leaders, who will try to advance two partisan spending and tax packages filled with conservative wins they hope to campaign on. “I’m not saying it’s easy; I mean, our margins are thin just to get consensus with our own party,” House Budget Chair Jodey Arrington (R-Texas) said recently on CNBC’s “Squawk Box.” “It’s a tough process.”

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Compressor Tech 2 – June 1, 2026

EIA: Nearly 45 Bcf/d of new U.S. natural gas pipeline capacity planned through 2027

Developers plan to bring approximately 44.9 billion cubic feet per day (Bcf/d) of new natural gas pipeline capacity online in the United States during 2026 and 2027, with most of the additions concentrated in Texas and tied to growing LNG exports and Permian Basin production, according to the U.S. Energy Information Administration (EIA).

In its latest Natural Gas Pipeline Projects Tracker, EIA reported that roughly 70%, or 31.6 Bcf/d, of the planned capacity is already under construction. Texas accounts for more than two-thirds of the planned additions, with 29.7 Bcf/d of new capacity expected to originate in the state. Louisiana ranks second, representing 8.4 Bcf/d, or 19%, of the total planned expansion.

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Texas Tribune – June 1, 2026

Corpus Christi reconsiders building a desalination plant leaders rejected last year

Corpus Christi City Council is set to discuss Tuesday whether to revive a controversial and ambitious endeavor to build a desalination plant to convert seawater into drinkable water — a project the council rejected nine months ago over high costs and environmental concerns. A stubborn drought and rising demand has left the city strapped for water, but the coastal community is still divided on whether an expensive plant is worth the cost to taxpayers and the local ecosystem.

Desalination removes salt and other minerals from seawater or salty groundwater, but plants are expensive to build and require lots of energy to run. The city’s water department, the mayor and some City Council members view the proposed plant, the Inner Harbor Desalination Project, as the key to a long-term, steady water supply. City Manager Peter Zanoni often calls it a “drought-proof” solution capable of producing up to 30 million gallons of drinking water a day.

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June 1, 2026

The Exxon Example for Corporations: The Wall Street Journal*

Exxon Mobil shareholders last week voted to support management’s decision to move its corporate domicile to Texas from New Jersey. It’s a smart move that raises a question for other companies: Is it becoming a corporate governance duty to leave states that punish business for states that don’t? Seventy-one percent of Exxon holders supported the corporate move at its annual meeting. That endorsement came despite opposition from the proxy adviser duopoly of Glass Lewis and Institutional Shareholder Services. Those two advisory firms try to enforce progressive policies on corporate governance even if they’re not in the best interest of shareholders.

Exxon CEO Darren Woods pitched the decision as better for its business as the company has operated in Texas for decades. “The board believes that kind of familiarity will lead to more reasonable, productive decisions from Texas officials and citizens, which is critical to the long-term success of the company,” Mr. Woods told shareholders. Yet Exxon has had its legal home in New Jersey since 1882, so why move it now? The best answer is that the policy differences between states are becoming wider. States run by Democrats are moving in a sharply different direction than states run by Republicans.

 

The Latest TERse Tips

Chemical recycler Braven Environmental has abandoned plans to open a pyrolysis facility in Texarkana — Utility Dive

The Texas Public Utility Commission approved Vistra’s acquisition of the Q Generation assets in late May — Q Generation is the indirect owner of a key Texas cogeneration plant that was a cornerstone of the broader $4 billion purchase of the Cogentrix portfolio — The acquisition allows Vistra to rapidly expand its natural gas generation fleet to help meet surging power demands, particularly from energy-intensive AI data centers — see the SEC order

Falling US oil inventories put upward pressure on fuel prices — a surge in US oil exports highlights the impact of the global crisis on American consumers — opinion by Ed Crooks from Wood Mackenzie

 

Oil & Gas Texas

 

Dallas Morning News – June 1, 2026

Republican Bo French’s upset reshapes railroad commission race, giving Democrats hope*

When Bo French launched his campaign for the Texas Railroad Commission, Jon Rosenthal thought it was a joke. Rosenthal, a Democratic state representative from Houston, had expected he’d face Republican Jim Wright, chairman of the three-member commission that regulates the state’s oil and gas industry. French had drawn heavy criticism from both parties for incendiary social media posts. Wright was backed by the governor, top legislative leaders, the commission’s other two Republicans and major energy company executives.

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Texas Monthly – May 28, 2026

A Skeptic’s Guide to Whether Texas Democrats Can Actually Win This Year*

No Republican or pollster I talked to predicted a Talarico victory, but nearly everyone told me it was a distinct possibility. The positive case for Talarico is a simple one. In the last Trump midterm year, 2018, Beto O’Rourke ran a shockingly close campaign with Ted Cruz. He lost by 2.6 percentage points, but even Republicans could see that Democrats were in the range of victory: In a slightly more favorable year, with a slightly better candidate, they might prevail.

Everyone I spoke to, in both parties, believes that the national environment is better for Democrats this year than in 2018—Trump is even more unpopular, facing inflation and the Iran war. And they believe Talarico is a better statewide candidate than O’Rourke. At roughly this point in 2018, O’Rourke trailed Cruz in the polls by 5 points. The polling aggregate currently finds Talarico running 1.5 points ahead of Paxton (he leads by as much as 8 in one survey and trails by as much as 2 in another). As one longtime GOP strategist, who requested anonymity given their current position, told me: “This is not a made-up race. You are covering a real race.”

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Pipeline & Gas Journal – May 30, 2026

WhiteWater Adds 65-Mile Pelican Lateral to Serve Commonwealth LNG

WhiteWater plans to expand its Pelican Pipeline system in Louisiana with a new lateral designed to deliver natural gas to Commonwealth LNG’s proposed export terminal in Cameron Parish. The project, known as the Pelican Thrasher Lateral, will consist of approximately 65 miles of 42-inch pipeline extending from the Gillis area of Beauregard Parish to the LNG facility. The pipeline is designed to transport up to 2.5 billion cubic feet per day of natural gas.

WhiteWater said the lateral is expected to enter service during the first half of 2029, subject to permitting and construction schedules. Last year, WhiteWater announced plans to increase the capacity of its 170-mile Pelican Pipeline to 2.5 billion cubic feet per day by expanding the system to 42-inch diameter pipe. The line, scheduled to enter service in 2027, will transport natural gas from Williams, Louisiana, to the Gillis Hub near Ragley, creating additional takeaway capacity for Haynesville production and Gulf Coast demand centers.

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Houston Chronicle – June 1, 2026

Trump voters chose gridlock by picking culture warriors over fiscal conservatives: Chris Tomlinson*

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Townhall – May 28, 2026

Talarico Thinks Attacking the Texas Oil Industry Is a Good Idea: Amy Curtis

James Talarico warned voters yesterday that mean old Republicans would take his insane statements ‘out of context’ to make him look like a radical Leftist. The problem with that argument, of course, is that Talarico truly is a radical Leftist, by his own admission. He thinks God is non-binary, that there are multiple genders, said the Bible approves abortion, and that veganism — in Texas! — is how we save the planet.

He’s also doubling down on attacking the biggest driver of the Texas economy: oil and fossil fuels. Like all Democrats, Talarico wants to ruin our quality of life by mandating expensive, unreliable, and costly ‘renewable’ energy projects that actually do more environmental harm than good. Doing so, Talarico argues, will turn our future into one like ‘The Jetsons.’ “Texans are seeing that climate change is here,” Talarico said, “and that we need action. And so I think if it can happen in Texas, if we can built that bipartisan coalition to save the planet. If we can do it here, then there’s hope for us doing it across the country and across the world.”

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Dallas Morning News – May 27, 2026

Who is Bo French, the Republican nominee for Texas railroad commissioner?*

 

Oil & Gas National & International

 

S&P Global Platts – June 1, 2026

Venezuela crude exports to US, India rise in May as output climbs

Venezuelan crude exports to the US and India increased in May, extending a shift in trade flows that has seen the Latin American producer diversify its customer base, according to S&P Global Commodities at Sea. Exports to the US rose to 17.1 million barrels in May, while Indian receipts climbed to 13.5 million barrels, as refiners stepped up purchases of heavy crude, CAS data showed June 1.

US imports of Venezuelan crude reached their highest in almost eight years in the week ended May 15, according to US Energy Information Administration data released May 20. India has emerged as one of the main beneficiaries of the new trade pattern. CAS data show Indian refiners increased purchases from Venezuela as they sought alternatives to Middle Eastern supplies disrupted by restrictions on shipping through the Strait of Hormuz.

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S&P Global Platts – June 1, 2026

Egypt leads US LNG cargo destinations in May as European share drops

Egypt was the top destination for US LNG cargoes delivered in May, while US shipments to Asia continued to rise during the month to help offset supply disruptions caused by the war in the Middle East, an analysis of S&P Global Energy CERA data showed June 1.

The share of monthly US cargoes landed in Europe also declined in May to the lowest point since late 2024, as forward pricing for the winter months continued to discourage buyers in the region from competing with Asia for available volumes. Egypt received 16 US cargoes in May, followed by the Netherlands and Italy, each with 15; by India with 14; and by France, Germany and Japan, with 10 each.

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News from the States – June 1, 2026

‘Time is the enemy’: Oil industry faces uncertainty in what the Bakken’s next era will look like

North Dakota elected officials are pushing to make rapid progress on the next generation of oil production technology before a change in federal administration, but oil and gas executives say there’s no guarantee of a quick breakthrough. “We have a tremendous opportunity in the next two years, because we have an administration that understands this stuff. We have to get them to mobilize a little faster,” said Gov. Kelly Armstrong during a prominent oil conference in May. “Time is the enemy, but they understand this, and so we have gone from headwinds to tailwinds.”

But oil and gas executives say there are a lot of unknowns and success will depend on many factors. “Future success is far from a given, it’s going to have to be earned,” said Danny Brown, CEO of Chord Energy. “But the reward is tremendous for this and for future generations.”

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Politico – May 29, 2026

Oil money is taking center stage in the California governor’s race

Oil companies are making a cash splash to back Xavier Becerra in the final stretch of California’s race for governor. And Tom Steyer wants you to know it. Chevron’s contribution early in the campaign to Steyer’s top primary opponent, Becerra, was already a controversial wedge issue. Then this month, California Resources Corporation, the state’s largest oil and gas producer, contributed $500,000 to an independent committee backing Becerra. Chevron did the same last week.

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Fortune – May 29, 2026

The ‘imminent’ oil crisis isn’t at the pump—it’s under your hood

Prices at the pump have surged and global fertilizer shortages are spreading because of the war in Iran, but the most immediate supply chain crisis hitting consumers may be one that arrives every 5,000 miles: the routine engine oil change. The Independent Lubricant Manufacturers Association has warned of a “global base oil supply crisis” and an “imminent shortage” of low-viscosity motor oils—the most common grades used in newer vehicles today. “[Auto shops] are being warned by their suppliers that availability will be a problem in June, and certain types of oil will become more scarce,” said Michael Chung, senior director of market intelligence for the Auto Care Association. “They’re actually expecting a huge [motor] oil price increase in June.”

Chung told Fortune that more people are expected to delay oil changes as prices rise, triggering a temporary dip in demand. Even so, the situation hasn’t yet reached a point where shops cannot perform the service. “People are doing the things that are urgent, but waiting on things that aren’t so critical. I just feel like the consumer is a punching bag these days,” Chung said. “It’s inflation from all sides and the stress of everything that’s going on in the world. Customers have basically been absorbing costs.”

 

KUHF NPR – May 29, 2026

Here’s how we’re coping with high gas prices, according to Costco and Walmart

In the hunt for cheaper gas, people are going out of their way for discounted fuel at Costco and Walmart — many of them visiting for the first time. Drivers also are now filling up more often, but topping up with fewer gallons at a time. As the U.S. war in Iran continues to drive up gas prices, Costco’s gas stations have been selling record amounts of fuel, executives told investors on a call Thursday. In fact, Costco had never sold as much gas as it did between April and mid-May, CEO Ron Vachris said, with stations having to get multiple daily gas deliveries to keep up. People have been willing to drive further and wait in line longer to buy cheaper gas.

“A lot of members are increasing their frequency of visiting the gas station to top up in between what would have normally been a gap between getting the tank to empty because of the concern about what might the gas price be tomorrow,” said Gary Millerchip, Costco’s finance chief.

 

Utilities, Electricity & Renewables

 

San Antonio Express-News – June 1, 2026

CPS Energy CEO Rudy Garza leaving city-owned utility to run Austin river authority*

CPS Energy President and CEO Rudy Garza is leaving the city-owned utility to take on the general manager role at the Lower Colorado River Authority. Garza, who has led the organization since becoming the interim CEO in November 2021, delivered his notice of intent to retire on Monday, the utility announced.  “It has been the honor of my lifetime to work with the talented and dedicated team at CPS Energy,” Garza said in a statement. “I am proud of the fantastic leaders in this organization and the work we have done together as one team to build out long term strategies to power the Greater San Antonio community now and into the future.”

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KUHF NPR – June 1, 2026

As data centers flock to Texas, ERCOT tries to decide which projects are feasible

Texas power grid operators are preparing for an influx of data centers In the first quarter of this year alone, nearly 200 proposed data centers and other large energy users requested to join the grid. Currently, data centers and other high energy users, such as cryptocurrency miners and industrial facilities, are seeking a combined 438 gigawatts of power in Texas. That’s more than five times the amount of electricity used to power the entire state during record-breaking demand.

But that number is likely inflated by proposed facilities that will never be built. “I haven’t really believed the numbers for two years now,” University of Texas research scientist Joshua Rhodes said. Texas has the fastest-growing data center market in the country and could lead the nation in this sector in the coming years. As these facilities flock to Texas, the Electric Reliability Council of Texas, also known as ERCOT, is trying to understand which data center projects are actually feasible — and what infrastructure is needed to build them.

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Texas Observer – June 1, 2026

Texas Nights Are Getting Hotter, and the Power Grid Isn’t Ready

Texas is heading into summer 2026 with a power grid under pressure from two directions. Data centers and large computing facilities are adding enormous, continuous electricity demand. At the same time, summer nights are getting warmer, reducing the overnight cooling the grid once relied on, keeping residential air conditioners running long after dark. Regulators are still writing the rules for those new industrial loads, but Electric Reliability Council of Texas (ERCOT) planning documents already show where the pressure is building: in the evening hours, when solar output fades but demand does not. That is where cooling homes that cannot cool down and data centers that never switch off collide, and it is exactly where the grid is most exposed.

There is a moment in a Texas summer night, usually around 2 a.m., when you expect the heat to finally relent. For most of the 20th century, that moment was reliable. Engineers built demand curves around it. Rate structures were calibrated to it. But that moment is becoming less reliable.

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Reuters – June 1, 2026

SEG Solar announces third US solar panel factory in Texas*

U.S. solar panel maker SEG Solar on Monday ​announced plans for a third ‌major factory in Texas to serve demand for American-made clean energy ​equipment.

• The Houston-area facility will ​support SEG’s transition to high-efficiency ⁠heterojunction (HJT) solar technology.
• The factory ​will bring SEG’s U.S. module production ​to 10.6 gigawatts.
• The third factory is expected to begin production in ​May 2027. The company’s second ​facility will open in August of ‌this ⁠year.
• SEG is evaluating U.S. locations for an HJT solar cell factory.
• The facility’s products are aimed ​to ​serve demand ⁠for solar panels that comply with federal ​laws barring Chinese companies from ​claiming ⁠clean energy subsidies.
• Houston-based SEG is planning a solar wafer and ⁠ingot ​facility in Indonesia ​to serve its U.S. factories

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Axios – May 31, 2026

AI is turning energy into the hottest business in America

The AI boom is pushing companies across the economy — from tech giants to automakers — deep into the energy business. The scramble for electricity has become the gold rush beneath the AI boom, creating enormous financial value and enormous risk if demand falls short. Electricity — long treated as a cheap, abundant commodity — is suddenly emerging as one of the most valuable strategic assets in business.

“Everyone to some extent is either dependent on energy as a core input or they see energy as a huge opportunity,” said Brian Janous, who was Microsoft’s first energy hire 15 years ago and is now co-founder of data center developer Cloverleaf Infrastructure. Ford unveiled earlier this month its expansion into energy storage for data centers and other large power users.

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The Conversation – May 28, 2026

Blackout risks are rising – why neighboring power grids can’t just send extra electricity where it’s needed

Extreme weather is posing a growing threat to the power supplies Americans rely on. In 2021, a fierce winter storm left millions of Texans without electricity and water for days. Hurricane Helene in 2024 knocked out power to about 5 million customers across the U.S. Southeast. Beyond the immediate human and economic toll, major blackouts like these often leave behind the same unsettling contrast: One region goes dark while nearby places still have power. This raises a question: If electricity is still available somewhere nearby, why can’t it be sent where it is needed most?

The U.S. bulk power system is not one seamless national grid, but three major grid regions known as interconnections – the Eastern, Western and ERCOT – Electric Reliability Council of Texas – systems. There are very few transmission lines between them, so if one has too little power, the others may not be able to help much. That limited connectivity made the 2021 Texas blackout far more severe: As the storm knocked out gas lines and power generators, ERCOT was forced into the largest deliberate electricity shutoff in U.S. history. Operators cut power to millions of customers to avoid a total grid collapse.

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Utility Dive – May 28, 2026

MISO pushes back on utility complaint over competitive transmission bidding

Utilities are overstating how much time competitive solicitations can add to the transmission development process, the Midcontinent Independent System Operator told federal regulators on Wednesday in response to a complaint filed by incumbent companies seeking exclusive rights to build certain power lines. “MISO disagrees with the exaggerated length of the delay alleged in the Complaint as MISO’s actual experience differs from the alleged 16-20-month timeframe,” the grid operator said in a filing with the Federal Energy Regulatory Commission.

Although MISO challenged assertions in the complaint, it stopped short of taking a position on whether FERC should grant or deny the utilities’ requested relief. Looking ahead, the dispute at FERC could affect who gets to build regional transmission projects in MISO and the Southwest Power Pool and could spill over into other regions.

 

Regulatory

 

The Hill – May 31, 2026

‘Climate hushing’ or ‘kitchen table’? Democrats must decide: Andreas Karelas, Climate Change writer

I want to let you in on a secret: The throughline for much of the chaos and turmoil we’re witnessing in the world is the climate crisis and the global energy transition. Yet we barely hear about it. We see it with our own eyes. We feel it at the gas pump and when we pay our electric bill. We see our military invade yet another oil-rich country. We see more than a million Americans lose power when a record-breaking winter storm collides with a woefully neglected electrical grid.

We roast through the hottest March ever recorded. We watch the EPA proclaim allegiance to the polluting industries it is supposed to regulate instead of to human lives.  And we witness ungodly amounts of fossil fuel money being pumped into politics, with corruption spanning from utility commissions to the White House.   Still, the silence remains. “Climate hushing,” as it’s now being called, is the cowardly act of not talking about climate out of fear that it’s not going to win you any political points. However, to halt the freefall we find our country in, we must muster the courage to speak about climate and energy — simply, plainly and honestly.

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Texas Energy Report NewsClips

Monday June 1, 2026

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 Monday after Israel ordered troops to push deeper into Lebanon, renewing concerns that clashes with the Iran-backed Hezbollah group could threaten a fragile ceasefire between Washington and Tehran.

WTI added 2,76% to $89.77 per barrel.

Brent crude futures gained 2.43% to $93.33 per barrel.

The escalation in hostilities, which followed the U.S.-brokered Israeli-Lebanon talks in Washington on Friday, dimmed hopes that Washington and Tehran were nearing an extension of their ceasefire arrangement.

The U.S. and Iran exchanged fresh blows over the weekend, with the U.S. attacking what it said were air-defense radar and drone sites and Kuwait coming under attack after Iran said it was retaliating.

The exchange of fire came as the two foes were working to hammer out a deal to wind down the fighting. President Trump indicated a deal was close ahead of the weekend, but mediators have said issues like nuclear commitments and the timing and scale of any financial relief remained unresolved.

 

Top Stories

 

Reuters – May 30, 2026

Record-low U.S. shale well backlog curbs fast output gains amid export surge*

U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move quickly to boost crude output and replace rapidly depleted oil inventories after exports and refinery ​processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war on Iran. Producers in the United States have increased exports to Asia and Europe since the conflict ‌began and Iran effectively shut the Strait of Hormuz, bottling up most Middle Eastern oil supply.

That has led to a rapid fall in U.S. stockpiles of oil. U.S. crude inventories fell 12.4 million barrels in the week to May 22 to 806.8 million barrels, according to government data, as exports and refinery intake surged to push stocks to their lowest since January 2025. Stocks are down 52 million barrels since the start of the war. Shale’s short production cycle means wells can ​be turned on and off quickly. Drilled-but-uncompleted wells, known as DUCs, are among the fastest ways to raise output, with production coming online in six to nine weeks, compared with three ​to nine months for new wells.

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Reuters – May 29, 2026

Devon Energy gets $8 billion offer for Marcellus position, sources say*

Devon Energy has received a roughly $8 billion offer from money manager Stone Ridge Asset ‌Management for its Marcellus shale assets, four people familiar with the matter said. The move comes as Devon reviews its business in the wake of closing its $58 billion merger with Coterra Energy earlier this month, a combination which created one of the largest independent oil and gas producers in the United States, with a presence in a half-dozen regions led by the Delaware portion of ​the Permian basin in Texas and New Mexico.

Stone Ridge submitted its Marcellus offer as a way to initiate conversations about a deal with Devon, ​said the sources, who noted that Devon had not made any decisions on the future of the natural gas-focused position, which ⁠previously belonged to Coterra and covers 190,000 net acres in Pennsylvania. There is no guarantee that the Stone Ridge offer would lead to a sale of the ​Marcellus position, or even a consideration of a sale by Devon, the sources said. They also spoke on condition of anonymity to discuss confidential information.

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The New York Times – May 29, 2026

Why Green Investors Are Backing Republican Candidates*

A group of clean energy investors won a major victory in Texas this week after it spent more than $1 million to help defeat one of the country’s biggest opponents of renewables. Now the investors say they have $15 million on hand and hope to flex their political muscles nationally — including by helping Republicans who support wind and solar energy stay in power. “This is an effort to shape a pro-clean-energy majority in the Congress, regardless of party,” said Thomas Matzzie, a renewable energy executive who is leading the Invest in Tomorrow Coalition PAC.

The group is funded by renewable energy developers and philanthropists and is heavily backed by Chris Larsen, the billionaire co-founder of the cryptocurrency platform Ripple. On Thursday, they were openly gloating because Representative Chip Roy, a Republican from Texas, lost a runoff for his party’s primary for Texas attorney general. Mr. Roy led the fight last year to abolish manufacturing tax credits for wind, solar, electric vehicles and other clean energy production that Democrats had passed during the Biden administration. Mayes Middleton, a conservative state senator who won the primary, attacked Mr. Roy for lacking sufficient loyalty to President Trump. The clean energy coalition helped amplify that message by spending $1.1 million on ads highlighting Mr. Roy’s clashes with Mr. Trump and arguing the congressman was “not MAGA enough for Texas.”

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The Wall Street Journal – May 29, 2026

Robotaxis Are Spreading Across the U.S.—and So Is the Backlash*

The autonomous vehicle space is expected to account for around 30% of the U.S. rideshare industry by 2032, according to Morgan Stanley. But delivering safer-than-human transit depends on solving what the industry calls edge cases: rare, unusual incidents beyond everyday driving. Those edge cases cause the biggest headaches. Waymo vehicles in December froze up during a San Francisco blackout, blocking traffic when they were unable to navigate traffic signals; in March, a Waymo vehicle in Austin, Texas, briefly blocked an ambulance responding to a mass shooting. The vehicles also faced a backlash in Austin for passing stopped school buses.

In April, an unoccupied Waymo became stuck after it drove into a flooded street in San Antonio, Texas, leading the company to recall all 3,800 vehicles with a software update. In its recall report, Waymo said vehicles traveling at higher speeds might slow but not stop when confronted with “a potentially untraversable flooded lane.” A month later, after the software update, two Waymo vehicles in Atlanta got stuck in flooded streets. Last week, the company also halted rides on freeways in some cities for a few days to tweak how the vehicles responded to construction zones. Many of the robotaxi issues being reported involve Waymo, in part because the company accounts for the overwhelming majority of self-driving taxis on the road today. But it isn’t alone.

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Houston Chronicle – May 31, 2026

Data centers have a major water problem. Texas oil companies think they have the solution.*

Using the waste stream as a water source is a solution that not only allows data center development to move forward more freely in Texas as water supplies dwindle, but could also solve an existential problem for oil companies. Their oilfields are drowning in wastewater. The longstanding practice of injecting this water underground has turned into a critical problem for Houston’s oil companies as a rash of earthquakes, leaking wells and toxic geysers prove the wastewater they are sending underground is not staying put. State Sen. Charles Perry, R-Lubbock, is aiming for a “twofer,” as he advocates for cleaning and reusing the wastewater for data centers and agriculture, and for recharging drying rivers – instead of injecting it underground into “pore space.”

 

The Latest TERse Tips

Ukrainian drone strikes caused fires at more Russian oil facilities overnight into Saturday, Russian officials said, in what appeared to be the latest attack on Moscow’s vital oil industry — WPRI

Japan’s call to maintain “impeccable” defenses on its northern frontier reflects Tokyo’s deepening concern over growing Russian military activity in the region, analysts say — South China Post

After more than two years in the works, Liberty Energy celebrated the completion of its new building in Odessa’s Leeco Industrial Park — Midland Reporter-Telegram*

Texas government relations, lobbyist and O&G veteran William Phelps has passed away — see the obituary

Beverage and snacks giant PepsiCo and filtration products and solutions provider Donaldson Company have joined the list of power off-takers of the 815-MW Sequoia solar project in Texas, Enbridge announced — Renewables Now

Research Update: Kinetik Holdings Inc. ‘BB+’ Ratings Affirmed On Continued Expansion; Outlook Positive — S&P Global

Chevron Corporation announced Friday that Austin appellate lawyer and former Texas solicitor general Scott A. Keller will be the Houston energy giant’s new general counsel starting July 1 and will take over as chief legal officer when current chief legal officer, R. Hewitt Pate, retires next year — see the press release

Focused Energy, the world’s leading laser fusion company, has raised $240 million in a Series A financing round, making it the largest fully secured Series A financing in the global fusion industry to date — see the press release

Oil & Gas Texas

 

Oil Price – May 29, 2026

US Drillers Add More Rigs In Response to Higher Prices

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, bringing the total rig count in the US to 562,  down just 1 from this same time last year. The number of active oil rigs rose by 4 to 429 during the latest reporting period, according to the data. This is 22 below this same time last year. The number of gas rigs stayed the same at 125, which is 16 more than this time last year. The miscellaneous rig stayed the same at 8.

The latest EIA data showed that weekly U.S. crude oil production rose during week ending May 15. US crude oil production averaged 13.702 million bpd during the reporting period—just 160,000 bpd under the all-time high. Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells, rose during the week ending May 15 by 5 again this week, reaching 184 crews—the highest level since last June.

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Investing – May 30, 2026

Battalion Oil finalizes joint development deal in Texas

Battalion Oil Corporation (NYSE American:BATL) announced today the execution of definitive documentation for a Joint Development Agreement in Monument Draw, Ward County, Texas, according to a press release statement. The announcement comes as the company’s stock trades at $1.54, with a market capitalization of $33.06 million, down roughly 26% over the past week. The agreement covers up to an eight-well drilling program, with initial development focusing on a four-well pad scheduled to begin drilling in late Q2 or early Q3 2026. The development targets the 3rd Bone Spring, Wolfcamp A, and Wolfcamp B formations.

Battalion will operate the wells and retain a majority working interest in the program. The agreement provides a carry structure for the company while accelerating development of its inventory. The development is expected to prove out over 100 additional drilling locations in the Wolfcamp B and 3rd Bone Spring formations. The program transitions the company’s operations to cube development across its primary benches.

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Houston Chronicle – May 29, 2026

Greg Abbott and other Republicans back Bo French after warning he’d ‘wreck’ Texas oil and gas

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Midland Reporter-Telegram – May 30, 2026

SM Energy continues testing Woodford-Barnett*

The company recently completed a three-well package in Upton County that produced 3,516 barrels. A spokesperson for SM said the new wells, brought online in February, continue the operator’s work in the Woodford-Barnett that began in 2022. “Production from those new wells is a strong validation of the play and we remain committed to testing high-quality landing zones in that area,” the spokesperson told the Reporter-Telegram by email.

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KCBX NPR – May 29, 2026

California lawmakers demand answers from Sable Offshore over Santa Barbara oil restart

U.S. Senator Adam Schiff and Central Coast Congressman Salud Carbajal are demanding answers from Sable Offshore Corporation over the company’s restart of offshore oil production near Santa Barbara. In a letter sent Thursday to Sable CEO Jim Flores, the lawmakers—including nine other California Democrats—accused the company of working with the Trump Administration to bypass California environmental laws and coastal protections.

The lawmakers launched what they described as an oversight inquiry into Sable’s communication with the Administration and demanded records related to the company’s request for federal intervention under the Defense Production Act. The legislators say that law is traditionally used during national security emergencies. The letter demands the company preserve all internal records and communications tied to the restart of the Santa Ynez Unit oil operation along the Gaviota Coast.

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Texas Tribune – May 29, 2026

With limited options, Corpus Christi focuses on delaying – not avoiding – its looming water crisis

Related: Corpus Christi, TX Series 2026 GO Improvement Bonds Assigned ‘AA’ Rating; Outlook Is Negative — “the city’s physical risk is elevated…because of the historic drought the city is facing” — S&P Global

Related: Corpus Christi Water COO seeks drought rule change for reservoir releases. A letter to City Manager Peter Zanoni says the city wants to pause some freshwater releases from reservoirs while lake levels remain critically low — KIII

Five straight years of record heat, sporadic rainfall and divided leadership has Corpus Christi in danger of becoming the first U.S. city to run short of water. Only rain — lots of it — can keep the coastal city from that grim fate. Accessible sources of short-term water, including newly drilled wells, have already been tapped. A controversial desalination plant with the ability to filter seawater — rejected last year over cost and environmental concerns — is back on the table but years away from producing. Building a new lake-size reservoir is another option, but that would take even longer.

Corpus Christi is bracing for demand to exceed water supplies by next summer, leaving far too little time to dodge a crisis by building new infrastructure, said Kenneth Dees, a water resources engineer based in Fort Worth. At this point, he said, “the only thing that you could do is stop using water.” City leaders are left searching for ways to delay, not avoid, the looming emergency through conservation efforts, such as mandatory water restrictions and higher fees for exceeding limits.

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Louisiana Business Report – May 29, 2026

State and Exxon reach an agreement over coastal damages

Louisiana reached a deal with ExxonMobil over “coastal land disputes,” Gov. Jeff Landry announced on social media Thursday. Landry said a large part of the agreement includes ExxonMobil partnering with the state to address coastal orphan wells. “This is huge for Louisiana, our Coast, and our environment! ExxonMobil has been in Louisiana for 115 years and we want them to be here for another 115 years! Shout out to Office of the Louisiana Attorney General Liz Murrill, her team and CEO Darren Woods!” Landry’s post on X reads.

Murrill confirmed the agreement but said there are documents that need to be drawn up and signed. “Any settlements in the coastal cases are under seal by court order, but I am happy that we were able to find common ground with Exxon and look forward to a great future together, where we are committed to energy independence for our State and nation, as well as preserving our coast and coastal communities,” Murrill said in a social media post.

 

Oil & Gas National & International

 

Reuters – May 29, 2026

Analysts hike oil forecasts again as energy flows face slow recovery: Reuters poll*

Analysts have increased their 2026 oil price forecasts for the third time since the Iran war began at the end of ​February, as they cite a months-long timeline for energy flows to normalise to pre-conflict levels, a monthly Reuters poll ‌showed on Friday. The survey of 33 economists and analysts forecast Brent crude would average $90.44 per barrel in 2026, versus $86.38 projected last month. U.S. crude was seen averaging $84.63 per barrel, up from April’s view of $80.07.

The latest forecasts represent increases of about 40% from February estimates of $63.85 for Brent and $60.38 for WTI futures, published ​a day before the U.S. and Israel struck Iran on February 28. Brent and WTI have hit four-year highs of over $126.41 ​and $119.8 respectively since the war began, as the closure of the Strait of Hormuz has caused large-scale disruption ⁠of energy supplies. Prices though remain below record highs of more than $147 a barrel reached in 2008.

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The Guardian (UK) – May 30, 2026

Why $1bn in Balkans energy contracts are going to an obscure company connected to Donald Trump

On a graffitied Sarajevo backstreet, a path leads past an overgrown patch of garden to a white door. Beyond is the registered office of a company that is on the brink of winning contracts worth more than $1bn.

AAFS Infrastructure and Energy is close to securing a concession to build and operate a pipeline across the Balkans to allow fossil gas shipped from the US to replace supplies that come from Russia. “This could be the most important infrastructure project ever in Bosnia and Herzegovina,” says one of the country’s top officials, who, like others, asks to remain anonymous to discuss sensitive negotiations.

The company has no record of even attempting anything close to this scale. What it does have is personal connections to Donald Trump. One of AAFS’s representatives is a Washington lawyer who has acted for the Trumps in political cases. The other is the brother of the president’s former national security adviser. Both were part of a campaign that is close to Trump’s heart: the effort to overturn his defeat in the 2020 presidential election.

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Reuters – May 29, 2026

US crude production largely steady on the month in March, EIA says*

U.S. crude production was largely steady in March at 13.7 million barrels per ​day, according to the Energy Information Administration on Friday. Crude ‌production in Texas fell to 5.78 million bpd, marking a four-month low, while output in neighboring New Mexico was steady on the month ​at 2.31 million bpd. Texas and New Mexico are home ​to the prolific Permian Basin, which accounts for roughly ⁠half of U.S. crude output.

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Bloomberg – May 31, 2026

An LNG Glut Is On Its Way: Javier Blas*

Get ready for a glut of liquefied natural gas. It may sound counterintuitive. After all, the Strait of Hormuz remains blocked. The world’s largest LNG plant is idled and Qatar says repairing it will take at least three years. And yet, the contours of a long-term surplus are already starting to emerge. The outlook for LNG prices is crucial in Europe and Asia, where the commodity is either burned to generate electricity and heat, or used as feedstock to produce chemicals and fertilisers. In those regions, where LNG prices go so goes inflation.

The war in Iran has sent benchmark LNG prices sharply higher — although far below the all-time high set after Russia invaded Ukraine. In March, the Asian benchmark known as JKM briefly rose to about $30 per million British thermal units, up from less than $11 in February. For comparison, it jumped eight-fold jump in 2022, nearing $70. Unless the peace talks between Washington and Tehran fall apart and Hormuz remains closed beyond July, LNG prices are set to drop again — and remain low for an extended period.

To understand why, we need to delve into the plumbing of the industry. The beauty of LNG is that once the gas has been super-cooled to about minus 160 Celsius, it transforms into a liquid that can be loaded into tankers and shipped around the world, very much like oil. Thus, LNG can reach any global customer, breaking the historical limitation of gas pipelines. Building those liquefaction plants requires huge upfront investments, with some costing between $20 billion and $30 billion. As a result, LNG companies only give the go-ahead on new facilities when they have secured enough clients to convince their banks a project is safe. That mechanism helps to keep the market relatively balanced, with supply expansion matching demand growth.

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The Wall Street Journal – May 29, 2026

BP Chairman Sparred With Director and Ex-CEO Before Ouster*

BP’s ousted chairman clashed with a fellow director earlier this year over the handling of sensitive talks about a potential deal, a sign of simmering boardroom tensions months before Albert Manifold’s abrupt dismissal this week. In private conversations, Manifold accused nonexecutive director Simon Henry, a former finance chief of BP rival Shell, of overstepping his authority and cutting other board members out of communications, according to people familiar with the dispute.  Henry denied any mishandling of talks, the people said. He argued that Manifold was mischaracterizing conversations among directors, executives and BP’s internal deals team, and needed to listen more to colleagues. The outside company’s identity couldn’t be learned but wasn’t Shell, the people added. Within weeks, Manifold said BP was streamlining its board. Among the changes: Henry wouldn’t be standing for re-election at the April shareholder meeting.

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The Wall Street Journal – May 29, 2026

The U.A.E.’s Secret Role in the War Involved Dozens of Strikes on Iran*

The United Arab Emirates carried out dozens of airstrikes against Iran beginning in the early days of the war and continuing through the day after the April cease-fire was announced, people familiar with the matter said, a deeper involvement than was previously known in the air campaign led by the U.S. and Israel. The extent of the strikes is further evidence of the country’s growing willingness to protect what it sees as its strategic interests, setting it apart from some of its neighbors in the Gulf region, which have taken a far more cautious approach to the threat from Iran. The attacks were conducted in coordination with the U.S. and Israel, both of which provided intelligence, the people said. They included targets on Qeshm and Abu Musa islands in the Strait of Hormuz; Bandar Abbas; the oil refinery on Lavan island in the Persian Gulf; and the Asaluyeh petrochemical complex, some of the people said.

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The Wall Street Journal – May 29, 2026

Ships Are Sailing ‘Dark’ to Sneak Out of Strait of Hormuz*

The Strait of Hormuz isn’t open, but thanks to intrepid shipowners—some working in collaboration with the U.S. military—it isn’t quite closed either. In recent weeks, clumps of ships, some of them the world’s largest tankers laden with oil and liquefied natural gas, have traversed the dangerous crossing, creating a tiny relief valve for the global economy. Some ships are sailing “dark,” as it is known in the industry, turning off lights and traveling without navigational beacons known as AIS, or Automatic Identification Systems, that help prevent collisions. Turning off the service makes ships harder to spot electronically and less prone to Iranian attacks. To navigate the strait, some ships stay in contact with U.S. military officials, who use radar, drones and other tools to monitor traffic and help them transit safely. The U.S. advises them when to go dark and how to respond to Iranian threats, according to shipowners and U.S. officials.

 

Utilities, Electricity & Renewables

 

KWTX – May 29, 2026

Data center developer files lawsuit over ‘illegal’ moratorium in Hill County, Texas

A proposed 1,200‑plus megawatt data center in rural Hill County is now at the center of a federal lawsuit, as both the county and the City of Hillsboro debate how tightly to regulate the fast‑growing data center industry. RCM Hill, LLC, a Texas developer, has filed suit in federal court in Waco against Hill County, County Judge Shane Brassell, and Commissioners Jim Holcomb and Larry Crumpton over the county’s “illegal” data center moratorium.

The moratorium, approved 3–2 on May 12, imposes a temporary pause—up to one year—on starting new large battery storage, power generation and data center projects in unincorporated parts of Hill County while officials study their impact. … Projects already under active construction as of the effective date are exempt, along with routine maintenance, repair work and agricultural operations.

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KXAS – May 30, 2026

Lawsuit filed against Atmos Energy following fatal apartment explosion kills 3

A law firm filed a lawsuit against Atmos Energy on behalf of Onecimo Ponce Mendoza, a resident of the Dallas apartment complex that exploded after a natural gas pipeline was damaged. Houston-based catastrophic injury law firm Kherkher Garcia, LLP filed the suit on May 29. The complaint alleges that Mendoza was asleep in his apartment when he was awoken by a loud noise.

Exiting his bedroom to investigate, he was met with searing heat and thick smoke, soon realizing the roof had caved in leaving him trapped within a massive fire. It states Ponce Mendoza immediately located his roommate so they could escape together during which he suffered severe burns, smoke inhalation and other serious injuries.

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Heatmap – May 29, 2026

Funding Friday: Of Stellarators and SPACs

Nuclear is once again a dominant theme this week, with fusion startup Thea Energy landing a $100 million Series B that will help it expand its magnet manufacturing capabilities. While $100 million is nothing to scoff at, it somehow sounds modest alongside some of this year’s other deals, which include a $450 million Series A for Inertia Enterprises and $240 million for Shine Technologies. This week also brought the news that small modular reactor startup Newcleo plans to go public via SPAC later this year, bringing to mind the exuberance of the 2021 SPAC boom, in a deal expected to net a cool $429 million.

Elsewhere, gridtech company Utilidata raised fresh capital after (surprise!) pivoting to the data center market, while a standalone battery storage developer and operator is betting there’s still plenty of money to be made in the increasingly crowded ERCOT market. Thea Energy officially joined the growing ranks of fusion companies to surpass $100 million in total funding this week, raising a $100 million Series B round led by the U.S. Innovative Technology Fund to scale its magnet manufacturing operations as it targets a demonstration reactor by 2030. Thea is a part of the Department of Energy’s Milestone-Based Fusion Development Program, which seeks to accelerate efforts for commercial fusion power. In January, the DOE certified Thea’s preconceptual pilot plant design, making it the first of the program’s eight awardees — who will split $46 million in federal funding — to see its reactor architecture validated.

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Energy News Beat – May 30, 2026

Ford Launches a $2 Billion Energy Business Stepping Up as a Hyperscaler

The AI power crunch is creating unlikely heroes across the energy landscape. While hyperscalers scramble for gigawatts that the grid simply cannot deliver fast enough, traditional energy giants have already stepped up with gas-fired generation, carbon capture, and behind-the-meter solutions. Now Ford Motor Company (NYSE: F) has joined the fray in dramatic fashion. Earlier this month, Ford officially launched Ford Energy, a wholly owned subsidiary backed by a $2 billion investment. The new unit will manufacture U.S.-assembled lithium-iron-phosphate (LFP) battery energy storage systems (BESS) — think giant shipping-container-scale batteries — targeted squarely at utilities, large industrial customers, and, most importantly, AI data centers hungry for reliable on-site power.

Production will ramp at a repurposed Kentucky battery plant (originally tied to Ford’s EV efforts), with first customer deliveries slated for late 2027 and a targeted minimum of 20 GWh annual deployments. The company has already secured framework interest, including reports of a multi-year deal structure with EDF Power Solutions for up to 20 GWh.

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Houston Chronicle – May 29, 2026

Erin Brockovich launches map tracking Texas data center complaints*

It was only a matter of time before famed environmental activist Erin Brockovich weighed in on Texas’ growing data center boom. As the state races to become the data center capital of the world, Brockovich has launched a new website mapping data center development and amplifying concerns from residents living near major projects—across Texas and the nation.

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electrek – May 27, 2026

Most big US solar projects don’t spark backlash after all, study finds

Despite the impression that large solar farms are constantly sparking local fights, a new study from researchers at the University of Massachusetts Amherst found that most large-scale solar projects in the US move forward with relatively little public opposition. The study, published in the journal Energy Research & Social Science, looked at 686 utility-scale solar projects that came online between January 2022 and November 2023. Researchers found that 56% of the projects fell into “no” or “low” conflict categories, while just 19% experienced high levels of conflict.

The findings push back against the idea that opposition to solar development is widespread across the US. “All I saw in the news was conflict, conflict, conflict over solar,” said lead author Juniper Katz, assistant professor of public policy at UMass Amherst. “But there was really very little research that operationalized what conflict means and looked at it from a national scale to understand if the appearance of conflict was as prevalent as it seemed.”

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Utility Dive – May 29, 2026

Entergy’s gas projects are one-third of MISO’s fast-track interconnection process

Entergy power projects — all gas fired — make up nearly a third of the roughly 28 GW in the Midcontinent Independent System Operator’s fast-track interconnection queue, according to a Utility Dive analysis of the updated list released on Wednesday. About 70% of Entergy’s proposed capacity additions, spread across Louisiana, Mississippi and Texas, are designed to serve planned data center complexes, according to MISO’s summary of the projects in its Expedited Resource Addition Study process.

Entergy expects its retail sales will grow by 8.5% a year through 2030, partly driven by industrial load growth, according to the New Orleans-based company’s April 29 earnings presentation. The utility company said it expects to spend about $27 billion on new generation and $7 billion on renewables and storage through 2029.

 

Regulatory

 

JD Supra – May 20, 2026

Investment in next-gen power assets is a boon for leveraged investors:White & Case

Demand for data centers and consolidation in the US power industry is generating a steady flow of new-money deals in an otherwise volatile market. M&A dealmaking in the US power industry is surging, with investors moving to consolidate a fragmented industry and scale as power demand increases. The total value of all M&A activity in the US energy sector exceeded US$103.4 billion in 2025, an almost threefold increase from the prior year (US$38.1 billion) and the highest annual total on Mergermarket record.

Several major deals have been announced so far in 2026. In January, Texas-based power generator Vistra agreed to acquire Cogentrix Energy, comprising 10 natural gas-fired power plants, in a US$4.7 billion deal. Also, in January, Houston-based Talen Energy announced its agreement to acquire three power generation assets in Ohio and Indiana from Energy Capital Partners in a deal worth almost US$3.5 billion. In March, LS Power Equity Advisors agreed to acquire a power generation portfolio—comprising 4.4 gigawatts of predominantly natural gas-fired generation capacity in Delaware and Pennsylvania—from Constellation Energy for US$5 billion.