CALGARY, Alberta (June 17, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has published its latest report, At the Cap, Below CONE | Why PJM’s Capacity Market Needs a Reset, which examines the capital-cost and capacity-price environment required to support new combined-cycle gas turbine development in PJM.
The report finds that capital costs for new CCGTs have increased from approximately $1,000/kW before 2024 to $2,000-$3,000/kW today, materially changing project finance feasibility. Under EIR’s base-case assumptions, merchant project returns in PJM fall below 10% at $2,000/kW or higher, while debt service coverage ratios become tight under current market conditions.
EIR’s analysis also indicates that long-duration bilateral contracts could improve financeability for some projects, particularly at a $2,000/kW capital cost. However, at $2,500/kW and above, economics remain challenged even when capacity prices are held at PJM’s current cap for the first 15 years of a project’s life. A separate sensitivity on a $2,500/kW plant suggests capacity pricing of approximately $500/MW-day would be required to bring project returns and DSCRs into commercially financeable territory, above PJM’s current cap of $333.44/MW-day.
“PJM needs new dispatchable capacity, but the economics of building it have moved faster than the market design. At today’s capital costs, even strong operating assumptions and elevated capacity prices leave a narrow path to financeable new gas development. The implication is that bilateral contracts and capacity-market parameters will need to reflect the true cost of new entry, or developers may continue to favor existing assets over greenfield projects,” said Scott Wilmot, report author and principal analyst at EIR.
Key takeaways:
Capital costs for new CCGTs have increased from roughly $1,000/kW before 2024 to $2,000-$3,000/kW today.
Under EIR’s base case, a 1 GW PJM CCGT with a July 2028 COD, 75% capacity factor and $30/MWh spark spread sees returns fall below 10% at $2,000/kW or higher.
In a high-capacity-price case with PJM capacity prices held at the current cap for the first 15 years, $2,000/kW projects approach bankable territory, while projects above $2,500/kW remain challenged.
For a $2,500/kW newbuild CCGT, EIR estimates approximately $500/MW-day in capacity pricing would be needed to support commercially financeable economics.
EIR expects many data center projects could be built off-grid if PJM’s auction cap is not raised to reflect the current cost of new entry.
EIR’s analysis pulls from a variety of products including Enverus ONE.
You must be an Enverus Intelligence® Research subscriber to access this report.
EIR research reports cannot be distributed to members of the media without a scheduled interview. Journalists interested in learning more about this analysis are encouraged to use our Request Media Interview button to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.
About Enverus Intelligence® Research Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.
CALGARY, Alberta (June 16, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has published a new report on load growth in Texas, ERCOT Large Load | Batch Zero Readiness.
The report assesses ERCOT’s Batch Zero qualification as a stringent, project-level readiness filter tied to near-term deadlines, including July 10 for legacy Large Load Interconnection Study (LLIS) approvals and July 15 for financial-security posting and project information submission.
Using a proprietary 197-project universe and 12-signal readiness matrix, EIR estimates 55 large-load projects totaling 21.7 GW will be included in Batch Zero. EIR also screens 62 projects (37 GW) into Batch 1+. In addition, the report identifies a cohort of 23 projects (~12 GW) that have bypassed the queue via behind-the-meter (BTM) generation.
EIR highlights that qualification incentives and hurdles are shaped in part by the $50,000/MW security requirement described in the report.
“Batch Zero is effectively a readiness gate with firm near-term deadlines and a meaningful financial-security requirement,” said Juan Arteaga, PhD, report author and principal analyst at EIR. “Our screening suggests a concentrated set of projects is positioned to qualify, but developers still face practical execution considerations, including the need to post security and submit required project information on time, alongside site-specific constraints that can affect energization timelines.”
Key takeaways:
EIR expects 55 projects (21.7 GW) to clear Batch Zero qualification; 62 projects (37 GW) screen into Batch 1+.
Timing milestones cited in the report include July 10 (legacy LLIS approvals) and July 15 (project information submission and financial security posting).
The report segments the large-load universe into categories including Base Load (57 operating projects, ~17 GW), Study Load applicants (62 projects, ~28 GW), and a set of projects that lack a signed IA and are likely deferred to a future batch.
It also identifies 23 projects (~12 GW) pursuing BTM generation as a structural alternative to interconnection constraints.
EIR’s analysis pulls from a variety of products including Enverus ONE.
You must be an Enverus Intelligence® Research subscriber to access this report.
EIR research reports cannot be distributed to members of the media without a scheduled interview. Journalists interested in learning more about this analysis are encouraged to use our Request Media Interview button to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.
About Enverus Intelligence® Research Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.
BP’s restructuring and continued North American capital shifts anchored a week defined by portfolio concentration and infrastructure expansion.
Top Stories
BP to begin operating under simplified structure July 1 BP is consolidating into upstream and downstream segments effective July 1 to streamline decision-making. The move advances its shift toward a more focused oil and gas strategy and aims to improve execution across global operations.
Devon vows to focus post-merger portfolio on Delaware Devon is prioritizing its Delaware Basin position following its merger with Coterra while evaluating divestments, including potential Marcellus sales. The approach concentrates capital in higher-return assets and reshapes the combined portfolio.
APA aims to increase pace in Alaska with $70MM Savant buy APA is acquiring Savant Alaska assets for about $70MM to gain control of infrastructure including pipelines and facilities. The deal improves development flexibility and is expected to lower costs while accelerating activity in the region.
Trans Mountain fully utilized for first time since expansion The Trans Mountain pipeline reached full capacity utilization for the first time since its expansion. The milestone tightens takeaway capacity and supports increased Canadian crude flows to global markets alongside strong oil sands production.
Sempra turns on 2.0 Bcf/d Louisiana Connector to Port Arthur LNG Sempra placed its 2.0 Bcf/d Louisiana Connector pipeline into service to supply feedgas to Port Arthur LNG. The project strengthens infrastructure supporting U.S. LNG export growth and connects upstream supply to Gulf Coast liquefaction capacity.
Additional Stories
Also this week: Expand cuts Appalachia rigs; Mach shifts toward oil plays; Suncor posts record output; Delfin secures $3.6B LNG financing; Ksi Lisims adds buyers; SLB expands with PDVSA and offshore work; Stark Power acquires data center portfolio; Jericho advances AI-linked infrastructure.
In its latest outlook, EIR argues that the market’s focus on diplomacy risks underestimating the inventory damage already incurred from the Strait of Hormuz disruption. EIR’s balance modeling shows OECD crude and product stocks drawing sharply through 2026, with inventories falling from 2.82 Bbbl at year-end 2025 to a 2.36 Bbbl trough in Q4 2026—an outcome EIR characterizes as an unprecedented 20-year low.
In EIR’s base case, Brent averages $110/bbl in H2, peaks near $117/bbl in Q4, and does not fall below $100/bbl until 3Q27, with year-end 2027 settling only in the mid-$90s as flows normalize and the rebuild begins.
“The key takeaway in our modeling is that the inventory ‘stock hole’ can outlast the headline. Even if diplomacy advances, OECD stocks are projected to bottom at levels that historically correlate with stronger prices. Furthermore, we think the crisis likely leaves behind a more durable geopolitical premium that doesn’t fully get unpriced,” said report author and EIR director Al Salazar.
Key takeaways:
OECD inventory trough: OECD crude and product stocks fall from 2.82 Bbbl (YE25) to a 2.36 Bbbl trough in Q4 2026.
Base-case price path: Brent averages $110/bbl in H2, peaks near $117/bbl in Q4, and does not fall below $100/bbl until 3Q27 in the base case.
Embedded premium risk: A $5–$10/bbl geopolitical risk premium is considered likely to become embedded in oil prices following the closure precedent.
Delay sensitivity: Each additional month of disruption adds roughly $10–$15/bbl to the H2 Brent average in the sensitivity framework.
EIR’s analysis pulls from a variety of products including Enverus ONE.
You must be an Enverus Intelligence® Research subscriber to access this report.
EIR research reports cannot be distributed to members of the media without a scheduled interview. Journalists interested in learning more about this analysis are encouraged to use our Request Media Interview button to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.
About Enverus Intelligence® Research Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.
CALGARY, Alberta (June 9, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has published its latest Fundamental Edge report, Let’s Make a Deal | Brent Upgrade, Henry Downgrade, examining how shifting geopolitics and supply-demand dynamics are reshaping oil and gas price expectations.
In the report, EIR raised its 2H26 Brent forecast to $110/bbl (from $95/bbl), based on a scenario in which a U.S.-Iran peace deal is reached by end of June, allowing the Strait of Hormuz to begin reopening shortly thereafter. The analysis notes the initial market reaction to a deal announcement could be bearish but maintains that underlying support comes from inventories that remain well below prewar levels.
The updated outlook assumes a more conservative ramp-up of flows through the strait that extends into 1Q27, with throughput modeled to recover from roughly ~2 MMbbl/d today and rise steadily to 16 MMbbl/d by 2027—still below the 20 MMbbl/d prewar level. Against this backdrop, cumulative stock draws are expected to keep OECD inventories near ~2.3 Bbbl through 2H26, a level the report’s stocks-to-price relationship implies is consistent with ~$110/bbl Brent, alongside modeled ~500 Mbbl/d Y/Y demand loss in 2026 from sustained price elevation.
For 2027, EIR’s forecast calls for Brent to average $105/bbl, reflecting gradual normalization of flows but continued support from low stocks. The report also points to a firmer—though still constrained—U.S. supply response, lifting expectations for Lower 48 oil growth to ~300 Mbbl/d by exit-2026 and ~500 Mbbl/d by exit-2027, with the Permian Basin driving growth and infrastructure bottlenecks remaining a key limiter.
“Even with a path toward reopening, the Strait of Hormuz doesn’t snap back overnight and the market doesn’t get its inventory cushion back quickly either. Our update is a ‘higher-for-longer’ call: the headline may move first, but low stocks and a gradual normalization keep Brent supported well into 2027,” said Al Salazar, report author and director at EIR.
Key takeaways:
The latest report raises the 2H26 Brent forecast to $110/bbl (from $95/bbl) on a base case that a U.S.-Iran peace deal is reached by end of June and the Strait of Hormuz begins reopening, with the ramp-up extending into 1Q27.
The outlook models Hormuz throughput recovering from ~2 MMbbl/d today and ramping to 16 MMbbl/d by 2027, below the 20 MMbbl/d prewar level, with some rerouted flows expected to become permanent.
For 2027, the forecast calls for Brent to average $105/bbl, supported by inventories that remain well below prewar levels and ongoing strategic reserve refill demand referenced in the long-term framing.
The report lifts U.S. supply expectations to ~300 Mbbl/d exit-2026 and ~500 Mbbl/d exit-2027 Lower 48 oil growth, driven by stronger activity and a higher Brent deck, with the Permian as the primary contributor.
On U.S. natural gas, the analysis maintains a $3.00/MMBtu Henry Hub forecast for summer 2026 and lowers the 2027 forecast to $3.50/MMBtu (from $3.75/MMBtu), citing increased associated gas supply tied to higher oil prices and a warmer El Niño setup for winter 2026-27.
EIR’s analysis pulls from a variety of products including Enverus ONE.
You must be an Enverus Intelligence® Research subscriber to access this report.
EIR research reports cannot be distributed to members of the media without a scheduled interview. Journalists interested in learning more about this analysis are encouraged to use our Request Media Interview button to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.
About Enverus Intelligence® Research Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.
BP leadership changes and continued upstream and LNG-linked investment activity led the week across North American and global energy markets.
Top Stories
Head of BP’s gas and low-carbon segment set to leave in Q3 BP’s head of gas and low-carbon is set to depart as the company restructures around a more focused upstream and downstream model. The move signals a shift toward core oil and gas operations as the company tightens its global strategy.
Post Oak makes 4th portco sale in 2 weeks, this time in SCOOP Post Oak Energy Capital completed its fourth portfolio company sale in under two weeks with a divestment in the SCOOP. The pace highlights continued buyer demand for upstream assets and ongoing private equity capital recycling.
Obsidian to shell out ~C$200M for capex bump, Belly River buy Obsidian Energy is increasing capital spending by roughly C$200 million and expanding its Belly River position through acquisition. The strategy targets production growth and improved cash flow generation.
Athabasca Oil ramps up liquidity ahead of expansion plans Athabasca Oil expanded its credit capacity to strengthen liquidity ahead of growth initiatives. The added flexibility supports plans to scale thermal production and advance development in the Duvernay.
Chevron files plan for $13.8B development project in Vaca Muerta Chevron submitted a development plan for a $13.8 billion unconventional project in Argentina’s Vaca Muerta. The project underscores the basin’s importance for long-term supply growth and is supported by new government incentives.
Additional Stories
Also this week: Germany advances Ksi Lisims LNG supply deal; Cheniere moves forward on Sabine Pass expansion work; Patterson-UTI sees stronger pricing and demand outlook; Weatherford lands Exxon Nigeria contract; H&P partners with Baker Hughes on geothermal.
For years, many trading systems were built around a straightforward goal:
capture the trade,
record the activity,
and support downstream reporting.
That still matters. But it is no longer enough.
Today’s trading organizations are making decisions in markets that move faster, with more data inputs, and with less tolerance for the operational drag that fragmented environments produce. The question is not whether teams have access to good tools. Many do. The question is whether those tools work together well enough to support the decisions that actually matter.
Most of the time, the honest answer is no.
The real cost of fragmented workflows
Here is what a typical morning looks like in a trading organization that has not solved this problem.
A price signal moves on a key supply route. A trader sees it in one terminal, pulls up a separate analytics tool to run the exposure analysis, checks a third system for the relevant forward curve, then fires off a Slack thread to get the risk manager to validate the position before anyone acts. By the time all of that has happened, the window may have closed or the decision has been made on incomplete context.
This is not a data problem. The trader had access to everything they needed. It is a workflow problem, the cost of assembling the picture manually, under time pressure, across systems that were never designed to work together.
That cost compounds. For Heads of Trading, it shows up as slower decision cycles and an inability to scale good local judgment into consistent team performance. For Risk Leaders, it means governance gaps, processes that rely on individuals doing the right thing manually, rather than workflows that enforce consistency by design.
The organizations getting this right are not the ones with the most data. They are the ones who have reduced the effort required to move from intelligence to action.
The organizations getting this right are not the ones with the most data. They are the ones who have reduced the effort required to move from intelligence to action.
What fragmentation actually looks like at scale
Most trading environments did not become fragmented all at once. They accumulated tools over time, each one solving a legitimate problem: a better price curve tool here, a more reliable data feed there, a spreadsheet model that became load-bearing before anyone noticed.
The result is an environment where:
Perception is spread across terminals, alerts, email threads, and side conversations, so building shared context requires active coordination rather than happening naturally
Analysis lives in locally maintained spreadsheets and models that are hard to validate, harder to hand off, and nearly impossible to audit
Reconciling views across trading and risk stakeholders consumes meeting time that should be spent on the decision itself
The issue is not whether each individual tool does something useful. It is whether the overall environment helps the organization reduce operational drag and build decision confidence at the speed the market requires.
What the shift toward platform thinking actually mean
The market is moving toward platforms not because vendors prefer it, but because trading organizations have started asking a different question. Instead of “Where do I get this data?” the more urgent question has become “How do we move from insight to action with shared context and less manual effort?”
That is a fundamentally different design requirement.
A platform built for that requirement does not just aggregate data. It organizes workflows so that the people who need to act together are working from the same picture. It reduces the number of handoffs. It makes governance a property of the workflow rather than a manual check at the end of the process.
For a Head of Trading, that means decision velocity, the ability to move with confidence because the context is already assembled, not because someone worked through the night to build it. For a Risk Leader, it means the kind of visibility and consistency that makes a governance conversation easier to have, not harder.
Neither of those outcomes comes from adding another tool to the stack. They come from reducing the operational complexity of the environment those tools create.
Why AI-assisted workflows require this foundation first
There is a version of the AI-in-trading conversation that goes straight to the capabilities: what the models can do, what data they can analyze, how fast they can surface intelligence. That version of the conversation misses the more important question, which is where that intelligence lands.
AI value in a trading workflow is not primarily a function of model quality. It is a function of whether the insight reaches the right person, at the right moment, in the context of the decision they are actually facing. In a fragmented environment, that rarely happens cleanly. The insight gets generated in one place and has to be manually carried to another. The analysis is right, but the workflow around it is still slow.
The organizations that will get the most from AI-assisted workflows are the ones that have already done the work of reducing operational drag in their day-to-day processes. AI accelerates what is already working. It does not fix what is structurally broken.
How Enverus approaches this
Enverus delivers AI as purpose-built, role-specific workflows native to Sphere, not as a generic capability bolted onto the platform. InsiteEdge (Informational AI) synthesizes vendor publications and Enverus Intelligence research, with Market Intelligence Basic included at no extra cost and with no usage limits in every Sphere package. QueryEdge (Decision AI) powers Sphere AI Workflows, the first of which, Pricing & Formulas, is generally available today and helps traders and analysts discover benchmark data, build formulas, and explore pricing series through natural language. Both are powered by Enverus Instant Analyst and are live now, not on a roadmap.
The case for browser-based delivery, and the real objections
Browser-based platforms tend to generate a specific kind of skepticism in trading organizations, and it is worth addressing directly.
The concern is not usually about the concept. It is about the execution. Trading teams have seen browser-based tools that could not handle real-time data at scale, that introduced latency into workflows where seconds matter, and that required rebuilding years of customization from scratch. Those are legitimate objections, not institutional conservatism.
The relevant question is not whether browser-based delivery is better in the abstract. It is whether a specific platform can match the performance and depth that desktop environments have delivered, while adding the access and collaboration advantages that browser delivery makes possible. Not every platform can make that case honestly.
Where browser-based delivery does create clear operational value is in the workflows that are not latency-sensitive: research, analysis, curve review, position context, governance and audit. These are the workflows where fragmentation is most costly and where having a consistent, accessible shared environment makes the most practical difference. Desktop performance where it matters, browser flexibility where it adds value, that is the more honest framing of what modernization actually looks like.
Modernization with continuity
No trading organization wants a forced migration. The workflows that are working today represent years of refinement, institutional knowledge, and user adoption that cannot be replicated by switching platforms on a deadline.
The right modernization path preserves what works while reducing what does not. That means bringing workflows into a more modern, shared environment incrementally, not replacing everything at once, but building toward a state where trusted intelligence, analytics, risk context, and operational processes are in the same environment rather than scattered across it.
That is also what makes the transition sustainable. Teams can adopt new capabilities on their own timeline, validate that the new environment matches or exceeds what they had, and move the rest of the organization along as confidence builds.
The future is not more tools
That is the core lesson of this series.
Over these posts we have worked through why fragmentation persists even in organizations with good tools, what it actually costs in decision speed and governance quality, and what it takes to build a trading environment that reduces operational drag rather than adding to it.
The organizations that move fastest in volatile markets are not the ones with the most data or the most automation. They are the ones where the path from intelligence to action is shortest, where the right people are working from the same picture, where governance is built into the workflow rather than layered on top of it, and where modernization has been handled as evolution rather than disruption.
That is the standard worth building toward.
See how Enverus helps trading organizations reduce operational drag and move with greater decision confidence.
We’ve consolidated platforms before and it didn’t stick. Why would this be different?
Most consolidation efforts fail because they try to replace everything at once and break workflows that people depend on. The more durable path is incremental — moving specific workflows into a shared environment while maintaining continuity for what is already working. The right test is not whether you can migrate everything, but whether the new environment earns adoption by delivering clear value in the workflows where fragmentation is most costly.
What does migration actually involve, and how long does it take?
That depends heavily on your current environment. For organizations on MarketView Desktop, MarketView Sphere is included in Sphere at no extra cost, which means the starting point is familiar and the initial transition is low-friction. More complex migrations — particularly those involving heavily customized workflows or external integrations — take longer and benefit from a phased approach rather than a hard cutover.
How does a browser-based platform handle real-time trading data?
Latency and performance are legitimate concerns, and the honest answer is that not every browser-based platform handles them equally well. The right question to ask any vendor is which specific workflows are latency-sensitive in your environment, and whether the platform can match or exceed current performance on those workflows specifically. For workflows that are not latency-sensitive — research, analysis, curve review, governance — browser delivery creates clear operational advantages worth evaluating on their own merits.
Is AI actually ready for production use in trading environments?
For specific, well-defined use cases, yes. Summarizing vendor publications, surfacing relevant research, natural language data discovery, and formula construction are all areas where AI can reduce manual effort meaningfully today. For judgment-heavy decisions — trade execution, risk sign-off, position sizing — AI is better treated as context support than as a decision engine. The organizations getting the most value from AI in trading right now are using it to reduce the overhead around decisions, not to replace the decisions themselves.
What happens to our existing formulas and curve configurations during a transition?
Existing formulas, curves, and data configurations in MarketView are accessible within Sphere. The transition does not require rebuilding from scratch. That said, any migration benefits from an audit of what is actually being used versus what has accumulated over time — most organizations find that a meaningful portion of their configured workflows are no longer active, and a transition is a reasonable moment to clean that up.
CALGARY, Alberta (June 3, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has published the latest installment in its quarterly report series tracking developments in U.S. carbon capture and sequestration (CCS) initiatives. This new report provides a comprehensive update on the expanding roster of Class VI wells, highlighting permit applications, status changes, approvals, and newly revealed project details.
EIR’s report finds that Class VI permitting momentum improved in early 2026, with two permits approved in 1Q26 and a third permit issued in early 2Q26, matching 2025’s total approvals within the first part of the year. In parallel, five draft permits were issued in 1Q26 across Louisiana, Texas, Kansas and Colorado, and the EPA indicates nearly two dozen additional applications could receive draft permits in 2026, although “timeline extensions remain common”.
At the same time, new application volume tabled slightly. Three new Class VI applications were submitted in 1Q26, below the four-year quarterly average of seven, and four existing applications, totaling nine wells and 10 mtpa of capacity were withdrawn. EIR’s report also notes evolving state primacy dynamics, with Utah advancing to Phase III (proposed rulemaking) and Indiana enacting a law requiring the state to pursue primacy.
“Across the Class VI landscape, 1Q26 shows approvals beginning to build even as new submissions slow. That’s creating a large but uncertain near-term pipeline,” noted Brad Johnston, an analyst within EIR’s energy transition division. “Draft-permit activity suggests capacity can scale materially over the next several years, but schedule extensions, withdrawals and iterative regulator feedback remain key variables for project timing and investment planning,” Johnston said.
Key takeaways:
Three final Class VI permits had been issued in 2026 as of early 2Q26 (two approvals in 1Q26 plus one issued April 10), matching the total number of approvals in 2025.
Application activity slowed: three new Class VI applications were submitted in 1Q26 (below the four-year quarterly average of seven), while four applications were withdrawn totaling nine wells and 10 mtpa of capacity.
At quarter-end, EIR tracked 106 Class VI applications under review (387 total wells), with 54 under the EPA (211 wells), 30 under Louisiana’s permitting authority (96 wells) and 18 under Texas’ permitting authority (69 wells), among others.
Five CCS projects were actively injecting CO₂ through Class VI wells at the end of 1Q26; current injection capacity was 5.2 mtpa, and EIR forecasts capacity could exceed 100 mtpa by end-2027 and 300 mtpa by 2030 (subject to ongoing timing risk).
EIR’s analysis pulls from a variety of products including Enverus ONE.
You must be an Enverus Intelligence® Research subscriber to access this report.
EIR research reports cannot be distributed to members of the media without a scheduled interview. Journalists interested in learning more about this analysis are encouraged to use our Request Media Interview button to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.
About Enverus Intelligence® Research Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.
CALGARY, Alberta (June 2, 2026) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the leading energy data analytics platform, has released a report that frames AI compute growth as a manufacturing-throughput question and recommends a quarterly monitoring framework for assessing whether the semiconductor supply chain can support continued scaling through 2030.
The report’s core premise is that sustained expansion depends on incremental capacity additions, especially new extreme ultraviolet (EUV) tool deployments into high-performance computing (HPC) fabrication lines rather than reallocating existing leading-edge capacity already committed across end markets.
EIR highlights the five indicators that matter most each quarter along with key signals to provide a practical read on whether near-term bottlenecks such as advanced packaging and memory supply are easing and whether longer-term constraints tied to EUV tool delivery rates are tightening or loosening.
“Because leading-edge capacity is structurally committed, the most actionable question each quarter is whether incremental tools and downstream components are landing fast enough to expand AI-serving throughput,” said Carson Kearl, report author and senior analyst at EIR. “Our framework focuses on a short list of signals to help gauge whether the supply chain is on track to support the report’s 2030 capacity scenarios.”
Key takeaways:
The AI ecosystem consumed ~20%–25% of global EUV layer passes in 2025 and is expected to rise to ~30% by 2030, with growth driven mainly by added tools rather than reallocation.
EIR’s base case projects AI chip production scaling from ~1.2 GW in 2023 to 25 GW by 2030E, with a scenario range of 18–35 GW.
Near-term constraints remain material in the report’s framing with advanced packaging cited as the main near-term bottleneck.
EIR’s analysis pulls from a variety of products including Enverus ONE.
You must be an Enverus Intelligence® Research subscriber to access this report.
EIR research reports cannot be distributed to members of the media without a scheduled interview. Journalists interested in learning more about this analysis are encouraged to use our Request Media Interview button to schedule a time to meet with one of our expert analysts, who can provide context, insight, and deeper discussion of the findings.
About Enverus Intelligence® Research Enverus Intelligence ® | Research, Inc. (EIR) is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts; and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. Enverus is the most trusted, energy-dedicated SaaS company, with a platform built to create value from generative AI, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 95% of U.S. energy producers, and more than 40,000 suppliers. Learn more at Enverus.com.
Sourcing in upstream operations has never been a clean, linear process. Work moves fast, categories are complex, and the decisions made at award carry real financial weight once execution begins. For supply chain teams managing high-volume sourcing across assets, basins, and service categories, anything that makes the evaluation process faster and more rigorous matters. That’s what this release is about.
Enverus RFx now includes Instant Analyst, bringing AI-powered bid evaluation directly into the sourcing workflow. Instant Analyst is an AI capability embedded directly in RFx that lets sourcing teams have a live, conversational interaction with their bid response data, asking questions and surfacing analysis without leaving the platform. Learn more about what Instant Analyst can do here.
What It Does
Once bid responses come in, Instant Analyst gives sourcing teams a new way to work through them. Instead of exporting data into a spreadsheet and manually building comparisons, users can open Instant Analyst directly within a bid and have an active, conversational interaction with the response data.
The experience is straightforward. RFx surfaces a set of starting prompts, things like comparing submissions, flagging exceptions, or getting a line-by-line breakdown, and users can select one or ask their own question in plain language. Instant Analyst then reviews all of the data suppliers submitted across the entire bid and returns analysis in real time. Results can also be pulled directly into a bid evaluation panel within the platform, giving you a structured place to build your award rationale without ever leaving RFx.
In seconds, Instant Analyst returns a structured breakdown of important info like every submitted bid, ranked and compared across total price, line-item completeness, missing fields, bid timing, and supplier notes — no spreadsheet required.
This is a meaningful quality-of-life improvement for teams who currently piece together bid evaluations in spreadsheets outside the platform. The analysis happens where the award decision gets made, and it stays connected there.
Why It Matters
Strong sourcing outcomes depend on two things: choosing the right supplier at bid time, and making sure the value of that decision — awarded pricing, scope, and quantities — actually holds through execution. RFx is built to do both, but it starts with the evaluation. When that evaluation is rushed or happens in a disconnected tool, the wrong supplier can get selected, or the right one gets awarded on terms that quietly erode before the work is done.
RFx now removes the manual build-up that typically precedes an award decision: the spreadsheet work, the side-by-side comparisons, the reconciling of supplier responses. It doesn’t replace the judgment of experienced professionals – it gives them more time to apply it. For teams running events at scale, hours of comparative analysis compress into a focused session, grounded in the actual bid data and documented in place.
What’s Available Now
Instant Analyst for bid evaluation is live in Enverus RFx today. Key capabilities include conversational bid evaluation using suggested prompts or free-text questions, coverage across all supplier responses in the bid, and the ability to build an evaluation panel within the sourcing event that stakeholders can review directly in the platform.
Part of a Connected Platform
This latest release fits within the broader story of what RFx is built to do: connect sourcing decisions into execution so value doesn’t erode along the way. Stronger evaluation at bid time means better-grounded awards, and better-grounded awards are more likely to hold up when work begins.
If you’re an existing Enverus RFx customer, reach out to your account team to learn more. If you’re new to RFx or exploring Enverus Source-to-Pay, we’d love to show you what’s possible.
Let’s get started!
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Let’s get started!
We’ll follow up right away to show you a quick product tour.
