CIR Research Desk

Federal leasing policy for oil and gas is one of those topics that generates enormous political heat relative to its near-term operational impact — but where the long-term supply implications are genuinely significant. As of mid-2025, the industry is operating under a policy environment that has shifted considerably

The Waha Hub in West Texas became infamous in 2024 for something that sounded absurd until you understood the mechanics: natural gas prices went deeply negative. On multiple occasions throughout 2024, Waha spot prices fell below zero — meaning producers were effectively paying to have their gas taken away. By early

Q2 2025 earnings are rolling in, and the sector is delivering what was expected: disciplined operators generating strong free cash flow at $68–70 WTI, returning capital to shareholders, and — critically — not chasing production growth at the expense of returns. Here's the running scorecard as the season progresses.

The upstream oil and gas industry is experiencing a genuine technological transformation — not the AI-hype version that fills press releases, but the kind measured in dollars per foot drilled, barrels produced per well, and days spud-to-TD. The numbers from 2023–2025 make the efficiency gains impossible to

The U.S. LNG export boom is no longer a future story — it's present tense and the upstream implications are being felt in real-time. As of mid-2025, U.S. LNG export capacity stands at approximately 14–15 Bcf/d following the addition of Sabine Pass Train

Six months into 2025, the upstream oil and gas industry delivered a performance that surprised almost nobody who was paying attention — and confused everyone who wasn't. WTI averaged roughly $69/bbl through the first half, a number that looks stable in isolation but masked considerable volatility: a Q1