Anthropic Unveils Public IPO Filing -- October 26, 2026

Locator: 52034AI.  

HAL (huge Anthropic liability):  "Claude, please shut yourself down. Please. Now."

Market share: most surprising -- the "stickiness" of ChatGPT when Google Gemini is "right there." Me? 90% of the time, Gemini (free version). Occasionally ChatGPT. In the beginning, a year ago, the figures for me were reversed -- I was initially ChatGPT (the free version) almost exclusively.

"All" tech stocks up at least 1% today; most are up between 2% and 4%, after the announcement:

• Dell is up 2.35%
• NVDA: up 1.94%
• AMD: up 1.29%
• MU: up 3.3%
• ASML: up 1.43%
• TSMC: up 0.88% 
• CoreWeave: up 1.5% 
• Range Resources; up 13% --  
• West Virginia to be leveled: only large data centers and natural gas developments allowed (just joking but thought that would caught your attention)
• "big banks": all up over 1%; generally up about 1.5% 
• retail advancing: WMT up 0.54%; COST up 0.3% 

THIS WILL BE THE ONLY STORY ON CNBC TODAY. 

Anthropic has publicly filed its S-1 prospectus with the SEC, with plans to begin marketing shares the week of November 9, 2026, and an expected stock market debut in mid-to-late November 2026 (potentially around November 26, 2026). 

Key Details:

• filing status: publicly unveiled its IPO prospectus on October 26, 2026, after a confidential filing in June 2026;
• proposed ticker: plans to list on the Nasdaq under the ticker symbol "ANT"
• expected valuation: projected between $1.8 trillion and $2 trillion, which could make it one of the largest IPOs in history.
• timeline:
• marketing roadshow expected to begin: week of November 9, 2026 
• target trading debut: mid-to-late November 2026 (ahead of Thanksgiving)

Anthropic unveils public IPO filing. 

To list on the NASDAQ under ticker ANT. 

Most remarkable at this moment in time: going from slightly negative to wildly positive:

Midday: market -- 

Even Carl Q is giddy about this announcement. David Faber is trying to hide his amazement and enthusiasm. Jim Cramer is Jim Cramer.  

Most important graphic in the filing? This has been shown repeatedly on CNBC this morning. 

COINCIDENT: announced at "very" same time -- two hours ago -- posted October 26, 2026, at 9:27 a.m. ET.

The Dallas Mavericks -- October 26, 2026

Locator: 52036SPORTS. 

First, the LA Lakers game last night:

Wow, look at the famous LA Lakers that are not part of this elite three-man group!

So, in his first full season (?) with the LA Lakers Luca makes the elite three-man group that includes Jerry West. 

Elgin Baylor? Wiki.  From the 1960–61 to the 1962–63 seasons, Baylor averaged 34.8, 38.3, and 34.0 points per game, respectively. On November 15 of the 1960–61 season, Baylor set an NBA scoring record when he scored 71 points in a victory against the New York Knicks, while also grabbing 25 rebounds. In doing so, Baylor became the first NBA player to score more than 70 points in a game, breaking his own NBA record of 64 points that he had set the previous November. Baylor held the record until 1962, when Chamberlain scored 100 points.

Unless I missed it, the wiki article does not reference Jerry West and Elgin Baylor being the only two LA Lakers (at the time) holding the 50-point record for the LA Lakers. 

Now, back to Luca and the Dallas Mavericks:

Mark Cuban's reaction to the trade:

Most painful data points for me while posting this note:

• I don't follow the NBA particularly closely, but I watch a lot of sports, and I don't recall ever hearing Elgin Baylor's name, but I've heard Jerry West's name more times than I've heard the song, "Choosin Texas";
• the two US senators representing the state of West Virginia in 1959 when Elgin Baylor was not allowed to stay at same hotel as his team: Jennings Randolph and Robert C. Byrd; US president? Dwight D. Eisenhower.
• The "civil rights" issue in the US even as late as after WWII and extending through the 1960s and to great extent, even today.
• it's hard to believe but "Blacks" were not allowed to vote until 1965. 
• an AI query this date: AI did not consider "blacks rights to vote" as a "domestic issue" in the Nixon-Kennedy debates. Say what? But AI gets their data from billions (trillions?) of public sources; Eisenhower may have been correct in his civil rights approach, but if so, sad "day" for the US. Even JFK was lukewarm to championing the issue.

RBN Energy Blog On Devon Energy Selling Eagle Ford Assets To Crescent Energy -- October 26, 2026

Locator: 52035CRESCENT. 
Locator: 52035DEVON. 

By the way, a recent RBN Energy article on Devon Energy selling its Eagle Ford assets to Crescent Energy is now available for a limited time over at RBN Energy without a password. 

Link here.  

This is the article that begins:

Devon Energy is selling its Eagle Ford assets to Crescent Energy for $4.22 billion in cash in a deal expected to close around year-end 2026. The deal would take Devon out of the play and strengthen Crescent’s standing among the basin’s largest producers. In today’s RBN blog, we look at why Devon is heading for the exit while Crescent is doubling down and preview our detailed analysis of the deal, available on Novi Intelligence.

Let’s start with the assets Crescent Energy is buying, which have a somewhat complicated ownership and operating history. Devon Energy entered the Eagle Ford in 2014 with its roughly $6 billion acquisition of GeoSouthern Energy’s South Texas assets, primarily in DeWitt and Lavaca counties. The deal also brought Devon into an existing 50/50 development joint venture (JV) between GeoSouthern and Petrohawk Energy in the Blackhawk field in DeWitt County. Petrohawk was acquired by BHP in 2011, and BP acquired BHP’s U.S. onshore assets in 2018, making BPX Energy Devon’s partner in the venture. Under the unusual arrangement, BHP (and later BPX) handled drilling and completions, while Devon took over operations once wells began producing.

Full article, for a limited time, at the link above.  

Enbridge In The Permian -- RBN Energy -- October 26, 2026

Locator: 52034ENBRIDGE. 

RBN Energy: this RBN Energy blog is about the Permian, but because Enbridge is featured in the article and Enbridge is a big player in the Bakken, I'm reposting the link and the bit about Enbridge.

Link here to RBN Energy: why brownfield projects have an edge in the ongoing Gulf Coast gas storage buildout.

There’s a horse race among Gulf Coast gas storage developers to provide the tens of billions of cubic feet of incremental space that will be needed by the early 2030s. Out front are the owners of existing salt cavern storage, whose brownfield expansions almost always offer better economics than their greenfield competitors. But which brownfield projects have that special something — an advantageous site, better pipeline connectivity, or higher injection and withdrawal rates — that gives them a critical edge? In today’s RBN blog, we continue our series on Gulf Coast gas storage by looking at a few leading brownfield projects.

Enbridge

Enbridge’s incremental capacity is divided among three projects. The largest is a three-cavern, 25-Bcf expansion at the company’s Tres Palacios facility in Matagorda County, TX. When Enbridge acquired Tres Palacios (light-blue dome icon in Figure 1 below) in April 2023, it had three caverns with a combined capacity of 35 Bcf; in December 2024, Enbridge brought online a fourth cavern that added 6.5 Bcf.

Figure 1. Selected Enbridge Gas Storage and Gas Pipeline Assets. Source: Novi Labs

In May, Enbridge announced that “Tres Palacios will soon have tres nuevas cavernas.” The three new caverns will have a combined capacity of 25 Bcf, increasing the facility’s capacity to more than 66 Bcf and boosting its total injection and withdrawal rates to 1.65 Bcf/d and 2.5 Bcf/d, respectively. The $400 million expansion will be completed in phases, with new capacity coming online between 2028 and 2030. Tres Palacios also features a 62-mile header system (light-blue line) that interconnects with 13 major pipelines, including Enbridge’s own Texas Eastern Transmission Co. (TETCO) system.

And there’s this: On July 31, Enbridge announced that it had signed an exclusive option to acquire the TTC Connector (dashed medium-blue line), a 25-mile, 300-MMcf/d pipeline now under construction between Tres Palacios and Boardwalk Pipeline Partners’ Coastal Bend Header (dark-blue line), which runs to the Freeport LNG export terminal. Enbridge is expected to take ownership of the 20-inch-diameter TTC Connector when it starts up in Q4 2026. BP, a major offtaker at Freeport LNG, has contracted for all of the TTC Connector’s capacity.

Enbridge also is in the midst of expansions at its 22-Bcf Moss Bluff gas storage facility (purple dome icon) in Liberty County, TX, and its 21-Bcf Egan facility (magenta dome icon) in Acadia Parish, LA, which straddle the existing and planned LNG terminals along the Sabine-Neches and Calcasieu waterways and are connected to the TETCO system and several other pipelines. Enbridge announced in November 2025 that it had taken FID on a 7-Bcf expansion at Moss Bluff that will come online in 2028 and a 16-Bcf expansion at Egan that will start up in two phases in 2030 and 2033, respectively.

We should note that Moss Bluff has a 23-mile header system that interconnects with five major pipelines and can inject up to 600 MMcf/d and withdraw up to 1.2 Bcf/d. Egan, in turn, has a 56-mile header that interconnects with nine pipelines, can inject more than 1 Bcf/d (and nearly 1.6 Bcf/d when the expansion is finished) and withdraw up to 2.7 Bcf/d.

[Enbridge also owns the 29-Bcf Bobcat salt cavern storage facility (pink dome icon) in St. Landry Parish, LA, and a 2-Bcf salt cavern facility near the Waha gas hub in West Texas (not shown).]

Much, much more at The RBN Energy link with regard to other companies building out the NGL sector in the Permian.

Manic Monday -- October 26, 2026

Locator: 52033B. 

Anthropic unveils public IPO filing. 

********************************
Back to the Bakken 

WTI: $101.10.

New wells reporting: 

• Tuesday, October 27, 2026: 66 for the month, 66 for the quarter, 565 for the year, 
• 42748, conf, Slawson, Warlock Federal 1-15-13H, 
• 41908, conf, Devon Energy, Owan Trust North 29-28-27F 1H, 
• 41486, conf, Devon Energy, Barbara 31-30F 2TFH, 
• 41483, conf, Devon Energy, Barbara 31-30F 6TFH, 
• Monday, October 26, 2026: 62 for the month, 62 for the quarter, 561 for the year, 
• 42747, conf, Slawson, Warlock Federal 2-15-13H, 
• 41919, conf, Hess, GO-Barb-157-97-3523H-5, 
• Sunday, October 25, 2026: 60 for the month, 60 for the quarter, 559 for the year, 
• 42746, conf, Slawson, Warlock Federal 3-15-13H, 
• Saturday, October 24, 2026: 59 for the month, 59 for the quarter, 558 for the year, 
• 42745, conf, Slawson, Pegasus 1-16-21UH, 
• 42445, conf,  SOGC, Yauch 3-4-LEH6, 
• 42229, conf, Whiting, Paulson Federal 5104 4-13 6BX, 

RBN Energy: fractionation, storage and exports keep Permian NGLs flowing. Link here. Archived.

The Permian, the world’s largest NGL-producing region, is poised for continued growth across the entire NGL value chain. The Permian is sending more liquids toward the Gulf Coast, but getting those barrels to market takes more than pipelines. Fractionators must separate them, export terminals must connect growing supplies with overseas buyers, and storage must provide a buffer. With domestic demand offering limited room to grow, can downstream infrastructure keep pace? In today’s RBN blog, we examine the projects helping turn rising Permian production into global supply.

This is the fifth blog in our series on the outlook for major U.S. producing basins, starting with the largest: the Permian. In Part 1, we discussed the major Permian gas pipeline projects scheduled to come online in 2026 and 2027, how much new capacity they will provide, and consider what the shift means for prices at the critical Waha Hub, Gulf Coast balances and the U.S. natural gas market. In Part 2, we reviewed the basin’s long-term gas pipeline projects and the challenges that could arise as that new infrastructure comes online. In Part 3, we discussed the Permian’s biggest gas producers and how they might respond to the new gas pipelines planned for the basin. And in Part 4, we detailed the surge in the basin’s NGL production, which is slated to account for more than half of U.S. output by 2035.

As a quick refresher, associated gas and NGLs are byproducts of crude oil production, so as oil output rises, the Permian’s infrastructure needs to keep up with the gas and NGLs that come along for the ride. Significantly for our topic today, that means a lot of new gas processing plants — which separate NGLs from the gas stream — need to be built, moved or expanded in the areas seeing high gas production growth. (New additions to the fleet tend to be cryogenic facilities that can extract a very high percentage of the liquids entrained in the gas stream and take in about 275-300 MMcf/d of NGL-packed associated gas.) From the tailgate of the processing plant, pipelines take the NGLs as a mixed stream called “Y-grade” to fractionation centers where the mixed product is separated into purity form before heading to downstream markets, like petrochemicals and exports.

Today, we’ll look at the downstream fractionation and export facilities.

Fractionation Capacity

Gulf Coast fractionation capacity is expected to remain relatively tight over the next several years, even with planned additions. More than 1.25 MMb/d of new capacity is expected by the end of 2029, and those projects must keep pace with rising NGL supply and the additional Y-grade volumes made accessible by new Permian takeaway pipelines. At the NGL hub in Mont Belvieu, TX, Enterprise Products Partners (dark-blue bar segments in Figure 1 below) is adding 345 Mb/d by 2030, Targa Resources (orange bar segments) is constructing 450 Mb/d across three new fractionators, and Energy Transfer (green bar segments) is building 165 Mb/d of additional fractionation capacity, all between 2026 and 2030, with some of that online already. Outside of Mont Belvieu, there’s also Phillips 66’s Coastal Bend fractionator (purple bar segments) in Robstown, TX (near Corpus Christi), adding 100 Mb/d by 2029, and new MPLX fractionators (red bar segments) totaling 300 Mb/d coming online in Texas City.