Midstream operator OneOK (NYSE: OKE) operates like a toll booth for the energy industry. Through its 60,000 miles of pipelines, it delivers crude oil, carbon dioxide, natural gas, and natural gas liquids (NGLs). Most of its revenue comes directly from fees it charges to use its pipelines. The Tulsa company has long-term contracts that deliver stable earnings. Image source: Getty Images. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called a ...

Core Viewpoint - Pulsar Helium Inc. has successfully completed drilling Jetstream 6 at the Topaz Project in Minnesota, confirming the presence of multiple pressurized gas intervals and marking a significant milestone in the appraisal of the helium resource [5][6][10]. Group 1: Drilling Progress - Jetstream 6 has been drilled to a total depth of 2,597 feet, encountering multiple gas zones at depths of 1,287 feet (~576 psi), 2,120 feet (~981 psi), 2,187 feet (~1,012 psi), and 2,377 feet (~1,100 psi) [5][6]. - Drilling of Jetstream 7 has commenced, with a planned total depth of 3,000 feet and the potential to deepen to 5,000 feet, located 2.2 miles northwest of Jetstream 1 [7][10]. Group 2: Seismic Program - The extensive 2D active seismic acquisition program at the Topaz Project has been completed, consisting of five seismic lines totaling 41.5 miles [6][8]. - The raw seismic data has been reviewed by an independent expert and confirmed to be of good quality, with processing and interpretation now underway [9][10]. Group 3: Project Overview - The Topaz Helium Project is a large-scale exploration opportunity in Minnesota, with a 100% success rate in drilling appraisal wells that have intersected pressurized gas [10]. - The project has identified potentially saleable concentrations of helium, helium-3, and carbon dioxide, with helium-3 having strategic applications in various advanced technologies [10].

Core Viewpoint - Pulsar Helium Inc. has reported significant progress in its Jetstream 6 appraisal well at the Topaz Project in Minnesota, encountering three additional pressurized gas zones with bottom-hole pressures exceeding 1,000 psi, indicating promising helium exploration potential [3][4][8]. Drilling Operations - The Jetstream 6 well is being drilled to a total depth of approximately 3,000 feet, with drilling operations ongoing [5][6]. - Gas was observed bubbling through drilling fluids at the surface, confirming the presence of pressurized gas in the intersected intervals [4]. Appraisal Program - Following the completion of Jetstream 6, the drilling rig will move to the Jetstream 7 location, which is about 2.2 miles northwest of the Jetstream 1 discovery well, also targeting a depth of approximately 3,000 feet [6]. Topaz Project Overview - The Topaz Helium Project is located in Minnesota, a stable jurisdiction with established infrastructure, and has identified potentially saleable concentrations of helium, helium-3, and carbon dioxide [7]. - All six appraisal wells drilled at Topaz have intersected pressurized gas, achieving a 100% success rate, which supports the geological model for the project [7]. Pressurized Gas Zones - The identified pressurized gas zones at various depths include: - 1,287 feet with a bottom-hole pressure of 576 psi - 2,120 feet with a bottom-hole pressure of 981 psi - 2,187 feet with a bottom-hole pressure of 1,012 psi - 2,377 feet with a bottom-hole pressure of 1,100 psi [8]. Strategic Importance - The Topaz Project represents a core asset for the company, aimed at building exposure to high-value industrial and specialty gas markets, with ongoing technical work generating encouraging data [9].

Core Viewpoint - Pulsar Helium Inc. has successfully intersected a pressurized gas zone at the Jetstream 6 appraisal well in the Topaz Project, indicating a strong geological model and a 100% success rate across all appraisal wells drilled to date [3][5][9]. Summary of Key Points Company Overview - Pulsar Helium Inc. is a publicly traded company focused on helium exploration, with its flagship Topaz Project located in Minnesota, USA [12]. - The company also has projects in Michigan and Greenland, emphasizing its position as a first mover in helium occurrences not associated with hydrocarbon production [12]. Jetstream 6 Appraisal Well - The Jetstream 6 well encountered a pressurized gas zone at a depth of approximately 1,287 feet (392 meters) with a preliminary bottom-hole pressure of about 576 psi [6][7]. - Visible gas influx was observed during drilling, confirming active gas flow under pressure [6][7]. - The well is being drilled using continuous HQ core drilling to maximize geological sample recovery, targeting a depth between 3,000 and 5,000 feet (914 to 1,524 meters) [6][7]. Drilling and Testing Operations - All six Jetstream appraisal wells drilled so far have intersected pressurized gas, maintaining a 100% success rate [6][9]. - Flow and pressure testing equipment is scheduled to arrive on February 15, 2026, for testing Jetstream appraisal wells 3 and 4, with subsequent testing for well 5 expected after the current drilling program concludes in late March 2026 [8][9]. Project Potential - The Topaz Helium Project is identified as a large-scale exploration opportunity with potentially saleable concentrations of helium, helium-3, and carbon dioxide [9]. - Helium-3 is noted for its strategic applications in national security and advanced technologies, providing additional potential upside for the project [9].

Core Insights - Linde's backlog is approximately $10 billion, with about two-thirds supporting contracted clean energy projects, and the company expects $2.5 to $3 billion of projects to commence in 2026 [3][18] - The CEO described the economic environment for 2025 as divided, with strong investment in AI and digital infrastructure contrasted by weakness in traditional industrial markets [2] - Linde's 2026 earnings guidance projects EPS of $17.40 to $17.90, reflecting 6% to 9% growth, with flat underlying volumes assumed at the midpoint [4][12] Financial Performance - In Q4, Linde reported sales of $8.8 billion, a 6% increase year-over-year, with an operating profit of $2.6 billion and a margin of 29.5% [5][6] - The company increased share repurchases to $1.4 billion in Q4, capital expenditures rose by 17% to support the backlog, and operating cash flow exceeded $3 billion [8][9][10] - Full-year investments for growth reached about $6 billion, with $7.4 billion returned to shareholders through dividends and repurchases [11] Market Dynamics - The company noted regional demand disparities, with Europe experiencing broad-based weakness, while the U.S. market showed resilience [15][16] - In APAC, Linde observed signs of recovery in China, with strong growth in India, although the ASEAN region remained stable [17] - The company is targeting a rebuild of its "sale of gas backlog" towards $7 billion, with expectations for significant project startups in 2026 [18] Strategic Initiatives - Linde is undertaking additional restructuring actions to improve its cost position, primarily affecting headcount and engineering [14] - The company sees a secular growth opportunity in the commercial space sector, with over $500 million invested in rocket propellants for contracted space launches [19][20] - Helium and rare gases are projected to be a 1% to 2% EPS headwind in 2025, with ongoing pricing challenges in the helium market [21]

Core Viewpoint - The Xinjiang Oilfield has achieved a significant milestone by becoming the first oilfield in China to inject over 1 million tons of carbon dioxide annually by 2025, playing a crucial role in the country's dual carbon goals and the transformation of traditional industries through green low-carbon technologies [4][12]. Group 1: CO2 Injection Technology - The CO2 injection method enhances oil recovery by increasing pressure and reducing viscosity, allowing for the extraction of oil trapped in rock formations [5][7]. - CO2 injection can improve oil recovery rates by 10% to 20% compared to water injection, potentially raising total recovery rates to between 40% and 60% [7]. - The Xinjiang Oilfield has been exploring CO2 capture, utilization, and storage (CCUS) technologies for over 20 years, with successful pilot projects demonstrating significant increases in oil production [8][10]. Group 2: Environmental Impact and Carbon Management - The CO2 used for oil extraction is sourced from industrial emissions in the surrounding areas, ensuring a high purity level of over 99% after processing [11][12]. - Approximately 80% of the injected CO2 is permanently stored underground, while the remaining 20% is recycled back into the system, contributing to a circular economy [12]. - The current daily CO2 injection rate has reached over 4,800 tons, with a cumulative injection surpassing 200,000 tons, equating to the carbon absorption of 18 million mature trees annually [12]. Group 3: Challenges and Future Directions - The application of CCUS technology is still in its early stages, facing challenges such as carbon source supply and complex geological structures that hinder accurate modeling [10]. - The Xinjiang Oilfield is committed to overcoming these challenges by enhancing collaboration with carbon source providers and improving geological research to better understand underground reservoirs [10][12]. - The ongoing advancements in CCUS technology are expected to facilitate the large-scale application of carbon management strategies across various oilfield types in Xinjiang [10].

Group 1 - Air Products and Chemicals (NYSE:APD) is recognized as a strong investment opportunity in the materials sector, particularly favored by hedge funds [1] - Citi analyst Patrick Cunningham has maintained a Neutral rating on APD and increased the target price from $245 to $272, reflecting a positive outlook on the currency and sales environment for the specialty chemicals sector [1] - Bank of America Securities analyst Steve Byrne upgraded APD from Underperform to Neutral, setting a price target of $275, indicating a potential upside of 6.5% [2] Group 2 - Byrne's upgrade is based on the belief that market conditions are not as vulnerable as the volatility of APD shares suggests, and he acknowledged management's efforts to address challenges related to backlog projects [3] - The success of APD's turnaround strategy is expected to rely on traditional gas projects rather than underperforming legacy projects [3] - Air Products and Chemicals is a global leader in producing process and specialty gases, serving various industries including electronics, metals, chemicals, and energy [4]

Core Viewpoint - Kinder Morgan, Inc. (KMI) is experiencing positive investor sentiment, reflected in a bullish price target from Morgan Stanley and increased trading activity, indicating potential growth opportunities in the energy infrastructure sector [1][6]. Stock Performance - KMI's stock was trading at $26.89, showing a 1.49% increase from the previous day, outperforming major indexes like the S&P 500, Dow, and Nasdaq [2]. - Over the past month, KMI's stock has decreased by 1.82%, slightly outperforming the Oils-Energy sector's 1.94% loss but lagging behind the S&P 500's 3% gain [2]. - The stock has fluctuated between $26.55 and $26.93 on the current trading day, with a market capitalization of approximately $59.76 billion [5]. Options Trading and Insider Activity - There has been a notable surge in options trading, with 24,371 call options acquired, representing a 73% increase from the usual volume [3]. - Chairman Richard D. Kinder purchased 1 million shares at an average price of $25.96, totaling around $26 million, increasing his ownership stake by 0.41% [3]. Earnings Expectations - KMI is expected to report an earnings per share (EPS) of $0.36, a 12.5% increase from the same quarter last year, with projected revenue of $4.42 billion, marking a 10.91% rise from the previous year's equivalent quarter [4].

Core Insights - Linde plc is a global leader in industrial gases and engineering solutions with a market cap of $190.4 billion, serving various industries including healthcare, chemicals, and energy [1] - The company is recognized for its operational efficiency and innovation-driven engineering, consistently generating strong financial results and robust free cash flow [2] Financial Performance - Linde's stock has decreased 16.2% from its 52-week high of $486.38, with a 14.7% decline over the past three months, underperforming the Materials Select Sector SPDR Fund's (XLB) 4.2% decrease [3] - Year-to-date, Linde's stock is down 2.6%, lagging behind XLB's 4.4% gain, and has dropped 10.5% over the past 52 weeks compared to XLB's 7.6% drop [4] Market Sentiment - On November 11, Linde's stock closed more than 1% higher after UBS upgraded it from "Neutral" to "Buy," raising the price target to $500, indicating increased confidence in the company's growth trajectory [5] - UBS highlighted Linde as a strong defensive growth opportunity, noting that the stock was trading below its historical valuation with expectations for accelerated earnings growth [5] Competitive Landscape - Rival The Sherwin-Williams Company has underperformed compared to Linde, with shares down 14.3% over the past 52 weeks and marginally down year-to-date [6]

Core Insights - Kinder Morgan reported a net income of $715 million for Q2 2025, a 24% increase from Q2 2024, with adjusted net income at $619 million, up 13% [1] - The company has a forward P/E ratio of 21.78x, significantly higher than the sector average of 12.50x, indicating strong growth expectations but potential valuation risks [1] - Kinder Morgan's stock price has increased by 7.4% over the past 52 weeks, currently trading near $27, despite a 3% decline year-to-date [2] Financial Performance - Adjusted EBITDA for Kinder Morgan reached $1.972 billion, a 6% increase, while EPS rose 23% to $0.28 [1] - For the remainder of 2025, Kinder Morgan aims for net income of at least $2.8 billion, an 8% increase, with adjusted EPS targets of $1.27, up 10% [6] - The company’s project list has expanded to $8.8 billion by Q1 2025, nearly three times the $3 billion at the end of 2023 [7] Dividend and Yield - Kinder Morgan has a dividend yield of 4.22%, slightly below the energy sector average of 4.24%, with a recent payment of $0.292 per share [4] - The company has consistently raised dividends for seven consecutive years through 2024, with a small increase of 2% in 2025 [2] Strategic Developments - Kinder Morgan and Phillips 66 announced a partnership for the Western Gateway Pipeline, which will connect refined fuel supplies from Texas to key markets in Arizona and California [5] - The project is expected to enhance long-term income and open new markets for Kinder Morgan [7] Analyst Sentiment - Analysts have a consensus "Moderate Buy" rating for Kinder Morgan, with an average price target of $31.74, indicating a potential 16% upside from current levels [8] - The overall sentiment in the energy sector remains positive, driven by solid investments in pipelines and related assets [4]