MDN’s Energy Stories of Interest: Mon, Jan 12, 2026 [FREE ACCESS]
MARCELLUS/UTICA REGION: Vistra and Meta announce agreements to support nuclear plants in PJM; OTHER U.S. REGIONS: Texas oil, gas industry employed nearly 500k Texans in 2025; NATIONAL: U.S. natural gas falls on loose supply outlook; 30 pct of oil reserves might be consolidated under U.S. influence; Why don’t global lower tropospheric temps more closely track atmospheric CO2 levels?; Energy stocks enter 2026 on uneven ground after a surprising 2025; INTERNATIONAL: Iran turmoil pushes oil price to weekly gain; OPEC receives updated compensation plans from 4 countries; China’s gas growth casts a shadow over LNG demand; Why Canada is rethinking pipelines and rediscovering refineries.
MARCELLUS/UTICA REGION
Vistra and Meta announce agreements to support nuclear plants in PJM
Vistra Corp.
Vistra has secured 20-year power purchase agreements with Meta to provide over 2,600 megawatts of carbon-free nuclear energy from its Beaver Valley, Davis-Besse, and Perry plants. This landmark deal includes 2,176 MW of existing generation and 433 MW of new capacity via equipment uprates, marking the largest corporate-backed nuclear expansion in the U.S. By supporting Meta’s AI goals and sustainable operations, the partnership provides the financial certainty needed for Vistra to pursue 20-year license extensions. Starting in late 2026, the initiative will bolster grid reliability, create jobs, and ensure these plants remain operational for decades to come. [MDN: Two of the nuke plants are in Ohio and one in Pennsylvania. All three plants were “on a path to retirement” before the whole AI data center thing. They will now be used to provide electricity to Meta (i.e., Facebook) to power the company’s AI ambitions.]
OTHER U.S. REGIONS
Texas oil, gas industry employed nearly 500k Texans in 2025
Rigzone
According to the TXOGA 2025 report, the Texas oil and natural gas industry remains a vital economic driver, employing 495,501 workers directly and supporting 1.4 million total jobs statewide. In 2025, the sector contributed $27 billion in state taxes and royalties—the second-highest total in history—averaging $74 million daily for essential public services like schools and infrastructure. Employees earned an average salary of $133,095, significantly outperforming the private sector as a whole. Despite various market challenges, the industry achieved record-breaking production and exports, with President Todd Staples emphasizing its essential role in maintaining global stability and long-term Texas state prosperity. [MDN: Go Texas! Too bad Pennsylvania doesn’t embrace the gas industry the way Texas embraces the oil industry.]
NATIONAL
U.S. natural gas falls on loose supply outlook
Wall Street Journal
U.S. natural gas prices closed lower for both the day and the week, with Nymex February delivery dropping 7% to $3.169/mmBtu—a 12% weekly decline—as the market discounts potential winter supply risks despite an expected late January cooldown. According to Andy Huenefeld of Pinebrook Energy Advisors, the “path of least resistance” remains downward because record-high 2026 production and overall lower demand are easily offsetting record LNG exports. With no extreme weather on the horizon to significantly deplete the current supply surplus, the forward curve reflects a bearish outlook where record output continues to outpace both export growth and domestic consumption. [MDN: That is a serious bummer, getting close to the $3 mark again. We liked it much better above $4, with $3.50 the minimum, where we feel comfortable. Let’s see what this week brings.]
30 pct of oil reserves might be consolidated under U.S. influence
Rigzone
According to J.P. Morgan analysts, the U.S. could influence nearly 30% of global oil reserves by consolidating its domestic resources with those of Guyana and Venezuela. Venezuela holds the world’s largest reserves at 303 billion barrels, and analysts suggest a political transition there could dramatically increase production, stabilizing global prices and reshaping energy dynamics. This increased leverage would significantly enhance U.S. energy security and international market influence. The report arrives amid shifting geopolitics, including a recent U.S. military operation in Caracas, highlighting the strategic importance of regional reserves in potentially redefining the global balance of power. [MDN: Currently, OPEC+ controls around 85-90% of the world’s proven reserves. If the U.S. can move the need for our country to control nearly a third of the world’s reserves, that fundamentally changes the equation.]
Why don’t global lower tropospheric temps more closely track atmospheric CO2 levels?
Manhattan Contrarian
The article argues that the “climate scare” faded in 2025 due to political shifts and evidence challenging the link between CO2 and global temperatures. By comparing UAH satellite data with NOAA CO2 levels, the author notes that temperatures often decline sharply even as greenhouse gases rise steadily. These fluctuations suggest that CO2 is not the primary “control knob” for the atmosphere. Instead, the author argues that natural factors—like solar activity and ocean oscillations—exert significant influence, potentially falsifying the hypothesis that human-produced emissions are the dominant driver of climate change or represent an existential threat to humanity. [MDN: More real scientific inquiry into climate systems rather than accepting the mythology of human-caused catastrophic global warming.]
Energy stocks enter 2026 on uneven ground after a surprising 2025
Forbes
The S&P 500 ended 2025 with a 16.4% total return, led by significant gains in Technology, Communication Services, and Industrials. While the Energy sector grew by a modest 7.9%, this figure masked a sharp internal divide. Refiners and midstream firms thrived on stable cash flows and capital discipline, whereas upstream producers generally struggled. This shift suggests that energy returns are now dictated more by specific business models than by broad oil price fluctuations. Entering 2026, market performance is expected to remain fragmented, rewarding companies that prioritize operational execution and value chain positioning over pure production growth. [MDN: A fascinating article. The foreign supermajors led the group, with TotalEnergies gaining 28.3%, BP up 24.5%, and Shell rising 22.2%. U.S. supermajors posted double-digit gains as well, with ExxonMobil up 16.0% and Chevron gaining 10.1%. Pure exploration and production companies lagged the rest of the energy sector in 2025. The average upstream stock declined 3.0% for the year, and more than half of the companies in the group finished in negative territory. ConocoPhillips, the largest pure-play producer in the segment, fell 2.3%.]
INTERNATIONAL
Iran turmoil pushes oil price to weekly gain
Bloomberg
Oil prices climbed for a third straight week, with West Texas Intermediate settling near $59 as Iran’s violent crackdown on protests sparked fears of supply disruptions. While President Trump threatened repercussions against Tehran, attention shifted from Venezuela following President Maduro’s recent capture and a proposed $100 billion US oil investment plan. Despite geopolitical volatility driving bullish options, experts warn that a projected global surplus and rising inventories could soon pressure prices back toward the $50 range. Ultimately, the market remains caught between heightened Middle Eastern tensions and a long-term bearish outlook from major institutions like Goldman Sachs. [MDN: We think Iranians have finally had enough of the mullahs, and they know that DJT has their back if they overthrow the murdering dictator mullahs. WTI for February delivery added 2.4% to settle at $59.12 a barrel in New York. Brent for March settlement rose 2.2% to $63.34 a barrel.]
OPEC receives updated compensation plans from 4 countries
Rigzone
The OPEC Secretariat has received updated compensation plans from Iraq, Kazakhstan, the UAE, and Oman to rectify past overproduction through mid-2026. Concurrently, eight OPEC+ nations, including Saudi Arabia and Russia, reaffirmed their decision to pause production increments in early 2026 to account for seasonal market shifts. These members remain committed to the Declaration of Cooperation, emphasizing full conformity and monthly monitoring to ensure market stability. Additionally, the group approved a new mechanism to assess sustainable production capacities for 2027 baselines. These collective actions aim to balance global supply while securing steady returns for producers and investors. [MDN: The article includes specific targets (barrels per day) for each of the countries. Remember our proviso: Don’t believe what OPEC says, watch what it (and its thug dictator members) actually do. Talk is cheap, especially when it’s coming from OPEC members.]
China’s gas growth casts a shadow over LNG demand
OilPrice.com
China is rapidly boosting domestic natural gas production, particularly through shale gas advancements, to reduce energy import dependence. This surge is significantly impacting global liquefied natural gas (LNG) markets, causing a decline in imports and forcing analysts to revise demand forecasts. While China maintains robust pipeline imports from Russia, its growing self-sufficiency threatens to create a global LNG oversupply by 2030, pressuring international prices and major exporters. Although China remains price-sensitive, its focus on domestic security is fundamentally reshaping global energy trade and dampening its long-standing role as the world’s primary driver of gas demand. [MDN: Hey, nothing like having your biggest enemy RIP OFF your shale drilling technology and then use it to avoid paying money to the U.S. That’s what China does, and that’s why we need to wean ourselves from buying anything made in that thug dictator country. They’ve been robbing us blind (our intellectual property) for more than a generation, and we turn a blind eye. No more, under DJT.]
Why Canada is rethinking pipelines and rediscovering refineries
OilPrice.com
British Columbia Premier David Eby has reframed Canada’s energy debate by advocating for domestic refineries over export pipelines. Eby argues that refining crude at home would capture higher value, increase fuel self-sufficiency, and reduce reliance on volatile U.S. markets. While global refining margins remain high, Canada faces steep challenges, including massive capital costs, regulatory hurdles, and rising competition from the Middle East and a potential Venezuelan oil resurgence. Ultimately, the proposal forces Canada to decide if it can successfully transition from a raw crude exporter to a high-value processor amidst political instability and shifting global trade dynamics. [MDN: Canada should go for it. Of course, Big Green isn’t happy that the country is trying to get bigger into fossil fuels. The good news for the U.S. is that we now have Venezuelan oil to replace any oil Canada may want to keep for itself and refine. Let’s see how that works out for them (chuckle).]