AFE Leaks Pulse
Oil sells off on US-Iran de-escalation, Qatar talks LNG restart, gas-weighted deals keep moving, and federal leasing stays messy.
Crude, LNG and geopolitics
Oil sold off after US-Iran de-escalation headlines. Brent and WTI fell as traders priced in lower Strait of Hormuz risk and the possibility of more Iranian barrels. (OilPrice)
QatarEnergy is preparing to restart LNG output. Reuters reported the company could get back to current capacity within roughly a month. (Reuters)
PDVSA and Repsol signed an oil and gas production deal in Venezuela. (Reuters PDVSA/Repsol)
Syria signed a deal with ConocoPhillips and Novaterra aimed at reviving domestic gas production. (Reuters Syria/Conoco)
The macro read is mostly supply-side. Hormuz risk is coming out of crude, Qatar is talking about LNG volumes returning, and a couple of sanctioned or post-conflict regions are trying to get upstream activity restarted.
A&D and operators
Comstock announced a $600MM strategic investment from Sixth Street in Pinnacle Gas Services. Sixth Street is buying a 27% non-controlling interest in the Western Haynesville midstream business. (Comstock release · Hart)
Marubeni is acquiring EagleRidge Energy, adding Barnett Shale gas production and acreage. (Hart Marubeni)
TOMS Capital is pushing Devon to accelerate asset sales or explore a sale of the company. (Reuters Devon)
The common thread is gas and portfolio work. Comstock is bringing capital into Western Haynesville midstream, Marubeni is adding Barnett gas, and Devon is getting more pressure around asset sales.
Capital allocation and drilling
RBN says E&P capital allocation is shifting toward debt repayment and deals as Q1 cash flows improve. (RBN Energy)
East Daley says private E&Ps are leading the early rebound in Permian drilling. (East Daley)
GlobalData, via Offshore Technology, says Lower 48 shale activity continues to hold up despite geopolitical volatility. (Offshore Technology)
Public-company capital discipline still matters here. The incremental drilling response appears to be showing up more clearly among privates, while public E&Ps are still being judged on balance sheets, buybacks, dividends, and portfolio cleanup.
Gas basis and midstream
GCX expansion flows point to an on-time startup and some near-term Waha relief. (NGI GCX)
NGI says an Agua Dulce gas glut may be coming, but likely short-lived. (NGI Agua Dulce)
GCX helps Waha, but the gas still has to clear into downstream markets. If more Permian supply pushes toward South Texas before demand absorbs it, the basis pressure can move around rather than disappear immediately.
Federal lands and leasing
Colorado’s June BLM lease sale generated about $35.3MM across 147 parcels and 134,173 acres. (Aspen Times · BLM)
A Montana judge tossed roughly 1.5MM acres of Wyoming oil and gas leases. Cowboy State Daily cited an estimated $50MM state revenue impact. (Cowboy State Daily)
A separate court ruling blocked oil and gas lease sales in sage grouse habitat. (E&E News)
Federal acreage remains a two-sided story: operators are still bidding when leases are available, but litigation can still pull acreage back after the fact.