Fed rate cut wasn't enough to boost oil price but it did boost the spirits of Private Equity firms across the industry (I could hear "we're so back" war cries downtown). Toby Rice (EQT) should be known as a Toby-Bear because of his wet blanket call: he expects sub $3 for a long time. More movement in the minerals space with WhiteHawk Energy adding Marcellus minerals. And finally, PE firms are on the move with EIV Capital backing Bayou Midstream with a new equity commitment. Let's drill down.

Daily Headlines

• Oil prices fall as US rate cut fails to boost market sentiment Reuters.

• EQT CEO sees natural gas prices remaining below $3/mmBtu Reuters.

• ConocoPhillips CEO urges White House to use U.S. natural gas worldoil.com.

• Well Permits Rebound in August, led by the Permian Basin.Hartenergy

• How Colorado Cowboys and Conservationists Joined Forces to Stop Drilling NYtimes.

• Energy Transfer Says La Porte Pipeline Fire is Burning Itself Out Hartenergy.

• Vitol CEO: U.S. shale gas fueling shipping, trucking hartenergy.com.

• U.S. seeks 6 million barrels for Strategic Reserve boereport.com.

Deal Flow

M&A/Investment

• WhiteHawk Energy Adds Marcellus Shale Mineral, Royalty Assets Hartenergy.

• Permian Resources closes deal with Oxy for Barilla Draw Delaware Basin asset Permianres.

• Chesapeake Energy to close deal with Southwestern Energy in early Q4 reuters.com.

• BlackRock and Microsoft plan $30bn fund to invest in AI infrastructure FT.com.

IPO/Direct Listing/Issuances/Block Trades

• Hess Midstream LP Announces Secondary Public Offering of Class A Shares Businesswire.com.

Debt

• Gran Tierra Energy closes $150M offering of senior secured notes due 2029 boereport.com.

• NNPC grapples with the impact of $6B debt on Nigeria’s oil industry offshore-technology.com.

Fundraising

• Bayou Midstream Secures New Equity Commitment from EIV Capital Hartenergy.

Only the Finest, Refined Memes:

Meme of the Day: #3

Meme of the Day: #2

Meme of the Day: #1