Key Takeaways BP shut down its Olympic Pipeline following a leak identified near Everett on Nov. 11, 2025.The shutdown has disrupted refined product flows, including jet fuel to Seattle-Tacoma.Airlines adopted workarounds to keep flights operating despite constrained fuel supplies.BP plc (BP) , the London-listed oil and gas major, has shut down its Olympic Pipeline system after identifying a leak in the pipeline, following which jet fuel supplies to the Seattle-Tacoma airport have been affected. BP’s Olympi ...

Key Takeaways BP selects OneSubsea to deliver a subsea boosting system for the Tiber deepwater development.The EPC award follows a similar OneSubsea contract for BP's Kaskida project in the Gulf of America.Both projects will use the same supplier's high-pressure pump system to target complex Paleogene reserves.BP plc (BP) , the British oil and gas major, has awarded a contract to the OneSubsea joint venture to provide a subsea boosting system for the greenfield development in the Tiber project. The Tiber pr ...

Key Takeaways Venture Global advances Plaquemines LNG expansion with filings to FERC and the U.S. DOE.The company boosts production targets nearly 40% on strong LNG demand and efficiency gains.A three-phase plan with 32 trains lifts Plaquemines LNG's peak output to more than 58 MTPA.Venture Global Inc. (VG) , a U.S.-based liquefied natural gas (LNG) company, stated that it has taken a major step toward the expansion of its Plaquemines LNG project. The LNG firm has submitted an application for the approval o ...

Key Takeaways COP's Essington-1 well found gas columns across two target zones off Victoria's coast.Drilling began Nov. 1 and will continue before COP moves to a second well in December.The six-well campaign aims to confirm a major gas resource for Australia's east coast supply.ConocoPhillips (COP) , a leading upstream energy company, has reported that its exploration efforts offshore southeastern Australia have yielded encouraging results, as the company encountered natural gas in the region. Per Reuters, ...

14 November 2025 | 12:11AM CET Equity Research CARBONOMICS 6th Annual Carbonomics Conference — Key Takeaways 6th Annual Carbonomics Conference: 10 Key Themes We hosted our 6th annual Carbonomics conference on November 12, convening in our London offices over 600 investors, company management, regulators and industry experts, including 30 CEOs of leading corporates. Strong attendance shows that inclusive growth, accelerating energy demand from AI and data centres and de-carbonisation remain key themes for in ...

Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [5][14] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months, with total net income of $1.7 billion [14][15] - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values [5][25] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [14] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year over year [17] - The infrastructure and renewable power businesses remain at the forefront of secular trends, with significant initiatives announced for next-generation power and AI infrastructure [20] Market Data and Key Metrics Changes - Economic activity and corporate earnings remain healthy, with capital markets open and transaction activity picking up across most asset classes [5] - The real estate recovery is gaining momentum, with strong leasing activity and high occupancy rates in the Super Core and Core Plus portfolios [20][21] - The company has advanced $75 billion of monetizations across its franchise, including various asset classes [21][24] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key trends for future growth [9] - Strategic transactions include the acquisition of Just Group in the UK and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [10][19] - The company aims to leverage its scale and expertise in real assets to capture opportunities in energy transition and AI infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment, noting potential policy easing from the Federal Reserve and the benefits of real assets in a low nominal rate environment [6][8] - The company anticipates continued strong growth in its results over the remainder of the year and into 2026, supported by a record $180 billion of deployable capital [9][25] - Management highlighted the importance of disciplined capital deployment and the potential for significant growth in AI and renewable energy sectors [29][79] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - A quarterly dividend of $0.06 per share was declared, consistent with the previous quarter's dividend [26] - The company maintains a conservatively capitalized balance sheet with high levels of liquidity [25] Q&A Session Summary Question: How do you see humanoids and AI potentially creating another leg of the stool for Brookfield over time? - Management indicated that capital deployment is focused on building infrastructure to support AI growth, with significant investment in renewable energy and data centers [29][31] Question: Can you talk about the reinsurance agreement in Japan and its contribution to global ambitions? - Management confirmed that the reinsurance agreement is a flow arrangement that will build over time, with a focus on growth in both the UK and Japan markets [33][34] Question: How long to reach the 200 basis point target net investment yield spread? - Management stated that achieving the target is a medium to long-term goal, with expectations for the spread to widen as attractive investment opportunities arise [37][38] Question: What is the impact of the Oaktree acquisition on share repurchases? - Management confirmed that the acquisition will not impact the broader buyback strategy, with a portion of shares issued being repurchased [41] Question: Can you elaborate on the trajectory of the insurance business and spread dynamics? - Management acknowledged the current spread of 165 basis points, emphasizing a disciplined approach to capital deployment and a focus on long-term performance [44][46] Question: What are the downside protections sought in nuclear project investments? - Management indicated that investments in nuclear projects will be structured to provide strong downside protection, with a focus on scaling Westinghouse's services [53][55] Question: How is the outlook for Kerry Generation shaping up for 2026? - Management expects a step-up in carried interest in 2026, with a healthy transaction market supporting continued activity [61][62]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the AI Infrastructure sector, particularly the intersection of Bitcoin mining and data center operations in North America, highlighting the potential for significant technological shifts in the industry [3][4][7]. Core Insights - **Power Shortage Projection**: A projected power shortfall of up to 20% (approximately 13 GW) for US data centers through 2028, driven by increasing compute demand and AI advancements [4][19][22]. - **Business Models**: Two primary Bitcoin-to-data center conversion models are assessed: 1. **New Neocloud Model**: Involves Bitcoin miners purchasing GPUs/TPUs, constructing data centers, and leasing them to hyperscalers with short-term leases (e.g., IREN's 5-year lease with Microsoft) [4][7]. 2. **REIT Endgame Model**: Bitcoin miners build "powered shells" and sign long-term leases with hyperscalers or neoclouds, which can yield higher valuation multiples due to the attractiveness of long-term cash flows [4][14]. Tactical Considerations - **Time to Power Solutions**: Emphasis on innovative solutions to address the power bottleneck, including repurposing Bitcoin mining centers for high-performance computing (HPC) data centers [4][19]. - **Leverage and Valuation**: Transactions with hyperscalers are expected to have higher leverage capacity and valuation premiums compared to neocloud projects, with a noted 2.5-turn premium for hyperscaler-backed projects [9][14]. Financial Metrics - **Cash Flow and Valuation**: The analysis indicates significant differences in unlevered cash flow yields and leverage capacity between neocloud and hyperscaler transactions, with publicly traded data center REITs trading above 20x EV/EBITDA [9][14]. - **Recent Transactions**: A detailed comparison of recent Bitcoin-to-DC transactions shows varying lease terms, total IT loads, revenue per watt, and operating margins, highlighting the financial viability of both business models [12][17]. Execution Risks - **Construction Challenges**: The urgency for power access and construction of powered shells is increasing, but execution risks remain, including labor availability and supply chain issues [11][13][26]. - **Cascading Constraints**: The potential for a "constraint cascade" affecting data center growth, with power being the most significant limiting factor, could lead to a mismatch between AI compute supply and demand [26][29]. Big Picture Dynamics - **Non-linear AI Improvement**: The rapid advancement of AI capabilities is expected to have profound impacts on asset valuations, with a potential catalyst in 1H26 when LLM developers apply significantly more compute to training [30][33]. - **Market Demand**: The demand for compute resources is described as tremendous, with companies like Google indicating they are turning away opportunities due to power and supply chain limitations [34]. Conclusion - The intersection of Bitcoin mining and AI infrastructure presents both opportunities and challenges, with significant implications for power demand, business model viability, and the overall landscape of the tech industry [3][4][7][30].

Core Insights - Antero Midstream Corporation (AM) reported Q3 2025 earnings per share of 24 cents, missing the Zacks Consensus Estimate of 25 cents, but an increase from 21 cents in the same quarter last year [1][10] - Total revenues for the quarter were $295 million, surpassing the Zacks Consensus Estimate of $294 million and up from $270 million year-over-year [1][10] - Increased gathering and compression volumes helped mitigate the impact of rising operating expenses [2][10] Operational Performance - Average daily compression volumes reached 3,421 million cubic feet (MMcf/d), up from 3,269 MMcf/d a year ago, but below the estimate of 3,469 MMcf/d; compression fee per Mcf increased to 22 cents, a nearly 5% rise from 21 cents [3] - High-pressure gathering volumes totaled 3,170 MMcf/d, a 4% increase from 3,046 MMcf/d year-over-year, though below the estimate of 3,238 MMcf/d; average high-pressure gathering fee remained flat at 23 cents [4] - Low-pressure gathering volumes averaged 3,432 MMcf/d, up from 3,277 MMcf/d a year ago and above the estimate of 3,415 MMcf/d; average low-pressure gathering fee remained flat at 36 cents [5] - Freshwater delivery volumes were 92 MBbls/d, a 30% increase from 71 MBbls/d in the prior year, with an average distribution fee of $4.37, slightly below the estimate of $4.40 [6] Operating Expenses - Direct operating expenses rose to $57.9 million from $51.7 million a year ago; total operating expenses increased to $114.3 million from $107.4 million in the same period of 2024 [7] Balance Sheet - As of September 30, 2025, the company reported no cash and cash equivalents, with long-term debt standing at $3,009 million [8] Zacks Rank and Key Picks - Antero Midstream currently holds a Zacks Rank 3 (Hold); notable energy sector stocks include Oceaneering International (Zacks Rank 1), Canadian Natural Resources, and FuelCell Energy (both Zacks Rank 2) [9]

Core Insights - Cheniere Energy Partners, L.P. (CQP) reported Q3 2025 earnings per unit of 81 cents, missing the Zacks Consensus Estimate of $1.01 and declining from 84 cents in the same quarter last year [1][9] - Total revenues for the quarter reached $2.4 billion, an increase from $2.1 billion year-over-year, but fell short of the $2.5 billion forecast [1][9] - Total operating costs and expenses rose to $1.7 billion from $1.2 billion in the previous year, influenced by higher sales costs [5][9] Financial Performance - Adjusted EBITDA for Q3 was $885 million, up 4% from $852 million a year ago, primarily due to lower operating and maintenance expenses and improved LNG margins [4] - The cost of sales increased significantly to $1.3 billion from $773 million year-over-year, while operating and maintenance expenses decreased slightly to $191 million from $200 million [5] - The total LNG volume delivered was 374 trillion British thermal units (TBtu), slightly lower than the previous year's 377 TBtu but exceeding the estimate of 368 TBtu [3] Operational Highlights - CQP sent 104 cargoes in Q3, remaining flat year-over-year and surpassing the estimate of 101 [3] - The partnership maintains a strong distribution outlook for 2025, expecting to distribute between $3.25 and $3.35 per common unit, with a base distribution of $3.10 [7] Balance Sheet - As of September 30, 2025, CQP had $121 million in cash and cash equivalents and a net long-term debt of $14.2 billion [6] Market Position - CQP currently holds a Zacks Rank 3 (Hold), with notable peers in the energy sector including Oceaneering International (Rank 1), Canadian Natural Resources (Rank 2), and FuelCell Energy (Rank 2) [8]

Industry Trend - Small turbines and fuel cells manufacturers are experiencing increased investor interest [1] - Tech companies working on AI are driving the demand for electricity [1]