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.
Argentina, YPF, and the Burford Judgment: Vaca Muerta Through 2026
A 16.1 billion dollar New York judgment hangs over Argentina's signature reform asset. The Burford Capital litigation, the Milei refusal to settle, and the Vaca Muerta export ramp now interact through one balance sheet. The question is whether the legal overhang will impair the only credible source of incremental hard currency before the 2027 cycle.
On September 8, 2023, Judge Loretta A. Preska of the United States District Court for the Southern District of New York issued a 16.1 billion dollar judgment against the Argentine Republic in favor of Petersen Energia Inversora and Eton Park Capital, the residual claimants on the 2012 expropriation of Repsol's 51 percent stake in YPF S.A....
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...