Where the math is defensible.
Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
Texas, ERCOT, and the AI Siting Reset
Senate Bill 6, the ERCOT large-load study, and a 30 to 40 GW interconnection queue are forcing hyperscalers to rethink West Texas, behind-the-meter gas, and the price of speed.
Texas became the default home for marginal United States AI compute through 2024 and 2025 because ERCOT offered the only grid in North America that could absorb gigawatt-scale loads on a multi-year horizon rather than a multi-decade one. That window is closing on its own terms. The ERCOT December 2025 long-term load forecast now carries r...
US shale 2026: capital discipline, the Permian endgame, and the OPEC+ price ceiling
American light tight oil production touched 13.4 million barrels per day in December 2024 and the EIA STEO projects 14.0 mbd in 2026. The growth case rests on the Permian, on a smaller and more productive rig fleet, and on the willingness of consolidated operators to keep returning cash rather than chase volume. Saudi Arabia's voluntary cut unwind through September 2026 puts a soft ceiling on WTI in the mid USD 60s, exactly where new well economics break.
US crude output set a record at 13.4 mbd in December 2024 (EIA Petroleum Supply Monthly), with the Permian Basin alone supplying about 6.4 mbd or roughly 48 percent of national volume. The EIA Short Term Energy Outlook (March 2025) projects 13.6 mbd in 2025 and 14.0 mbd in 2026. Production grew on a falling rig count: Baker Hughes registe...