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Crude oil storage terminal with large numbered tanks

$38 Billion and Counting: What 2026's M&A Pace Says About Operator Confidence

Sources: SEC EDGAR 8-K filings (DVN, CTRA, OVV, NOG, OXY); NOG Q1 2026 earnings press release (April 28, 2026); Ovintiv Q1 2026 earnings press release (May 11, 2026); OXY Q4 2025 earnings release; EIA Short-Term Energy Outlook The Deal Environment Has Already Reset US upstream M&A

Frac's H2 Repricing Problem: Why $102 WTI Isn't Translating Into Spread Gains Yet

Frac's H2 Repricing Problem: Why $102 WTI Isn't Translating Into Spread Gains Yet

WTI at $102 and frac stocks are still lagging crude. The reason: H2 contract repricing negotiations between PUMP, PTEN, and LBRT and their operator clients are contested, and the outcome over the next 60 days will close or widen the spread.

WTI Opens at $102, Brent Holds $110: What's Behind This Week's Bid — and the $38B M&A Signal

WTI Opens at $102, Brent Holds $110: What's Behind This Week's Bid — and the $38B M&A Signal

WTI opens the week at $102.28 as Brent holds above $110. US upstream M&A hits $38B year-to-date. Chinese refiners cut crude runs. Frac sector re-rating thesis at Monday open.

Five Up, $97 Floor: Friday's Rig Count Says Operators Aren't Blinking

Five Up, $97 Floor: Friday's Rig Count Says Operators Aren't Blinking

WTI touched $97.23 intraday Friday before recovering to close near $101.26. A $4-plus swing on the week's last session. The geopolitical backdrop — Iran, Hormuz, Commonwealth's $13B LNG FID that printed this morning — gave traders every reason to volatility. They took it. Then they

The LNG Inflection Week: FIDs, Waha's Floor, and What Production Services Still Misses at $110 WTI

The LNG Inflection Week: FIDs, Waha's Floor, and What Production Services Still Misses at $110 WTI

Commonwealth's $13B FID, Waha going negative, EU storage retreat. CIR synthesizes the week's LNG signals and Friday's production services beat — including why RPC's 37% revenue gain came with near-zero operating margin.

Hormuz Opens a Lane for China, Waha Goes Negative: Thursday's Two-Sided Market

Hormuz Opens a Lane for China, Waha Goes Negative: Thursday's Two-Sided Market

The Trump-Xi summit produced something oil traders have been waiting weeks for: a direct US-China agreement that the Strait of Hormuz must remain open for all shipping. By Thursday afternoon, Iranian state media confirmed it — around 30 Chinese vessels were cleared for Hormuz transit in coordination with Iran&

KLX, Forum, and the Devon-Coterra Effect: What Q1 Completions Data Says About the Rest of 2026

KLX, Forum, and the Devon-Coterra Effect: What Q1 Completions Data Says About the Rest of 2026

KLX Q1 at $145M revenue and a $167M Q2 midpoint. Forum backlog up 44% YoY with book-to-bill of 106%. Devon-Coterra's combined Delaware Basin entity is the wild card for H2 vendor selection. Here's what the data says.