Hess Midstream's investor call: The contract-liability accounting nets to a small number in 2027, so the ~$900M baseline EBITDA is close to cash. Adjusted FCF of ~$575M covers a ~$415M distribution with ~$160M left over. Leverage moves from ~3x to 3.75–4.0x because EBITDA resets lower; debt stays roughly flat. Chevron gives up ~$260M a year of HESM distributions and the GP in exchange for lower Bakken fees through 2045 and $200M. HESM will stop publishing its Bakken minimum revenue commitments, the clearest public read on Chevron's drilling plans. The 2030 commitment gets set next year and won't be disclosed. State spud and rig data become the main check.

Chevron will divest Hess Midstream interests and DJ Basin crude-midstream assets; it estimates a USD 3–4B after-tax special-item loss at closing. via Chevron 8-K sec.gov/Archives/edgar… #AFELeaks

Matador's Lea County Woodford Tests Hit the AFE Leaks Db afeleaks.substack.com/p/mata…

HighPeak Energy Heads to Market afeleaks.substack.com/p/high…

Expand Energy disclosed USD 500M of 5.650% senior notes due 2031, expected to close Sept. 17. SEC EDGAR: sec.gov/Archives/edgar/data/… #AFELeaks

Chord agreed to sell its non-operated Marcellus position to POSCO International for USD 550M. The package includes about 32,000 net acres and 121 MMcf/d of trailing-12-month residue-gas production; Chord expects a Q4 close and says the portfolio will then be exclusively Williston-focused. prnewswire.com/news-releases…

BKV closed a Barnett acquisition with 65+ MMcfe/d, ~0.35 Tcfe of PDP reserves and 117,000 net acres. via BKV bkv.com/news/bkv-acquisition… #AFELeaks

Waha traded negative on 118 of the first 131 trading days this year; EIA projects Permian gas at 29.2 Bcf/d in 2026, Oilprice reports. oilprice.com/Energy/Energy-G… #AFELeaks

Conference swag dropping for Super Dug; look me up if you’re there to get one (we will see how many I can crank out with the 3d printer).

Interesting one to keep tabs on; wasn't aware that CLR was testing out Enhanced Recovery in the Bakken. docs.publicnow.com/viewDoc.a…

Weatherford International plc shareholders approved a scheme of arrangement to re-domicile the company from Ireland to Delaware as Weatherford International Corp. This corporate action results in the cancellation of Irish ordinary shares and the issuance of common stock of the new Delaware entity.

Expand out here doing horseshoes in the Marcellus now after indicating last year that they were interested in expanding their Eagle Ford horseshoe pilot elsewhere.

Continental × FireBird II afeleaks.substack.com/p/cont…

NOG priced $500MM of 7.500% senior notes due 2034 at par. Closing is expected Aug. 26. Proceeds will repay revolver borrowings; any remainder goes to general corporate purposes. via NOG 8-K sec.gov/Archives/edgar/data/…

Go join the Buckhorn team my RE friends. linkedin.com/posts/brian-zwa…

NOW is looking for a Geosteering Geo if anyone knows someone linkedin.com/jobs/view/44547…