The Hormuz Reckoning: What the Iran Oil Shock Means for U.S. Upstream
Brent at $109, WTI above $111, Hormuz partially blocked. The biggest oil shock since 2022 — and what it means for every U.S. upstream operator right now.
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The A&D Market in Early 2026: What's Moving and Why
The acquisition and divestiture market in early 2026 is picking up from the post-consolidation pause. Q4 2025 was quiet — buyers digesting large transactions, sellers reassessing expectations after WTI gave back the $80 handle. Q1 2026 deal flow suggests the market is returning to normal transaction rhythms, driven by portfolio
Private Equity's Upstream Exit: The Class of 2026
The 2020-2024 vintage of private equity upstream investments has a problem: the exit window is open, but the door is narrow. A backlog of PE-backed upstream companies that were supposed to go public or sell during the 2022-2023 price window instead rode out the volatility, took on
The Midstream Buildout: Infrastructure Catching Up to Production
The 2024-2025 U.S. midstream buildout didn't get the attention it deserved. While the E&P consolidation wave dominated headlines, a quiet but consequential set of infrastructure additions was reshaping the economics of Permian gas, Appalachian takeaway, and LNG feedgas delivery. In 2026, those additions are
OPEC+ in 2026: The Discipline Question Returns
OPEC+ enters the second quarter of 2026 facing a familiar problem: the gap between stated production targets and what members actually want to pump is widening again. The cartel's credibility is structurally tested every time oil prices threaten to recover toward levels that would incentivize non-OPEC growth
One Year In: What CIR Got Right — And What We Missed
A year ago, CIR launched with a simple thesis: the U.S. upstream sector was entering a new phase — one defined not by production growth at any cost, but by capital discipline, consolidation, and the slow monetization of America's gas resource base. Twelve months later, it's
Gas Producers Cash In: Q4 2025 Earnings Show a Sector Transformed by Price Recovery
Published: March 25, 2026 | CIR Upstream Analysis
The five pure-play gas producers in this batch — EQT, Expand Energy, Range Resources, Comstock Resources, and Antero Resources — collectively represent the spine of U.S. natural gas supply. Their Q4 2025 results tell a coherent story: a sector that endured a brutal