Locator: 51001B.
PGA: the Open tees off today.
Record: South Korea's "S&P 500" The KOSPI has hit 9,000 for the first time ever. Happy Days are here again.
Intel: there seems to be some confusion. Some folks are suggesting that Musk's TeraFab announcement to partner with Intel is new -- happening just in the last 24 hours or so -- I think this was announced several months ago.
Deal: for the archives / for the record -- the US and Iran have signed some sort of MOU.
The Fed: after a very rough start yesterday, it looks like the market has forgotten that the "new" Fed is very, very hawkish.
Other:
- "The Warsh" sell-off ends. For now. One day later: a hike is still expected before the end of the year.
- apparently that's the Fed's MO: to work through "task forces"
- US banks: did they facilitate Iranian money-laundering? DOJ said to be investigating.
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Back to the Bakken
WTI: $75.51.
New wells reporting:
- Friday, June 19, 2026: 25 for the month, 181 for the quarter, 338 for the year,
- 42419, conf, Kraken, Emerson 33-28-21 2H,
- Thursday, June 18, 2026: 24 for the month, 180 for the quarter, 337 for the year,
- 42418, conf, Kraken, Emerson 33-28-21 3H,
RBN Energy: E&P allocation shifts to debt repayment, deals as cash flows grow in 1Q26. Link here. Archived.
After several years of prioritizing balance sheet repair and shareholder returns, upstream E&Ps are facing a dramatically different commodity environment across oil and natural gas markets, a sharp reversal from the shrinking profits and cash flows over the previous two years. A frigid winter across the eastern half of the U.S. sent Appalachian gas prices higher in Q1 2026 and oil prices remained comparatively stable for two months before soaring with the onset of the Iran war. With cash flows rising, producers faced pressures to reassess priorities as hydrocarbon prices increased. In today’s RBN blog, we examine how each peer group responded to pressure to allocate their rising cash flows in Q1 2026 and what those decisions may signal about management priorities heading into the rest of the year.
Figure 1. E&Ps’ Reinvestment Rate, 2014-Q1 2026.
Source: Oil & Gas Financial Analytics LLC
