The Texas Tech University (TTU) System and Fermi America announced an 11 GW data center powered by a mix of natural gas, utility grid power, solar, wind and nuclear energy. The newly founded power company is building one of the largest behind-the-meter advanced energy and artificial intelligence campuses in the U.S., covering about 5,800 acres in the Texas Panhandle.
Fermi was actively pitching the site to hyperscale developers and has likely secured multiple buyers, given the announcement of the project. This adoption would meaningfully expand the buyer’s fleet, positioning alongside today’s top hyperscalers.
Data center construction is estimated at $37 million/MW, and our analysis suggests the four planned AP1000 reactors would require an investment of roughly $7.8 million/MW. With total data center capacity expected to hit 82,000 MW by 2035 (Figure 1) and power supply still a major hurdle, Fermi’s diversified energy strategy may signal a new approach for securing power.
Supply chain backlog and other constraints have driven up the cost of new gas buildout, triggering a surge in M&A activity. Fermi has, so far, navigated this challenge effectively, acquiring over 600 MW of natural gas generation and avoiding the multiyear lead times associated with original equipment manufacturers. As it scales, it will be interesting to see if it can continue avoiding bottlenecks in the market.
Energy transition Research
The One, Big, Beautiful Bill – Plug Pulled, Costs Rise – This report assesses the potential impacts of rolling back Inflation Reduction Act credits on the economics of solar, onshore wind, storage and power purchase agreements.
Infrastructure Alchemy – Coal to Low-Carbon Repowers– This report analyzes coal plants across the Lower 48 to determine optimal characteristics for repowering via natural gas, nuclear energy or enhanced geothermal generation.
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. See additional disclosures here.
AUSTIN, Texas (July 8, 2025) — As shifting interest rates, commodity volatility, capital constraints and rising consolidation redefine the minerals and royalties market, Enverus invites journalists and industry professionals to attend its “2025 Mid-Year Minerals Market Outlook” webinar at 1:00 p.m. CT on July 15, 2025.
This virtual event will deliver exclusive insights from Enverus experts on the key factors shaping the second half of the year—and what they mean for mineral owners, managers and investors. From M&A trends to pricing signals, this briefing equips decision-makers with data-driven intelligence and actionable strategies.
Customers who utilize Enverus’ solutions regularly speak out about their benefits. “As mineral rights become increasingly fractionalized, education and transparency are key, especially for owners who lack basic knowledge,” notes Jake Dobkins, Director of Acquisitions & Divestment at Tower Rock Oil & Gas.
“Thanks to such invaluable Enverus tools as maps, DI workspaces, well lists and DOI confirmation via Energy Link, we can successfully educate owners. Without these tools, our mission to provide clarity simply wouldn’t be possible.”
What to expect:
The macroeconomic signals driving mineral pricing, transactions and valuations
Latest M&A trends and how upstream consolidation is impacting mineral assets
Hold, sell or buy? A data-backed framework for making smarter decisions
Strategic insights for navigating a fast-changing energy landscape
Featured Speakers:
Phillip Dunning, Director of Product Management – Minerals, Enverus A former U.S. Army engineering officer, Dunning has led capital deployment, A&D and strategy for mineral assets across North America. He brings more than a decade of experience advising companies and private equity firms on upstream investments.
Andrew Dittmar, Director, Enverus Intelligence® An industry-recognized expert on upstream M&A, valuations and market trends, Dittmar provides contextualized deal analysis and has been quoted by Reuters, CNBC, Wall Street Journal and more.
About Enverus Enverus is the most trusted energy-dedicated SaaS company, with a platform built to maximize value from generative AI, offering anytime, anywhere access to analytics and insights. These include benchmark cost and revenue data sourced from more than 95% of U.S. energy producers and more than 40,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment and sourcing. Our experienced industry experts support our customers through thought leadership, consulting and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 8,000 customers in 50 countries. Learn more at Enverus.com.
EVOLVE 2025 brought together leading voices across energy trading, analytics and clean fuels to unpack today’s most pressing market dynamics. From evolving benchmarks to retail analytics, one thing rang loud and clear: adaptation isn’t optional, it’s strategic.
We attended four of the most impactful sessions and distilled the must-know insights for traders navigating a market shaped by geopolitical shocks, credit risk, benchmark shifts and clean energy disruption. Here’s what stood out:
1. Reevaluate Your Benchmark—Cushing’s Relevance Is Fading
There’s nothing more difficult than trying to hedge new and evolving markets using outdated instruments.
Anthony Macaluso, General Index
Cushing is no longer the pricing anchor it once was. With inventories hovering near operational minimums and Gulf Coast terminals like Corpus Christi and Houston now dominating export flows, Midland WTI, is stepping into the spotlight frequently even setting Brent pricing.
Still pricing off Cushing? You may be exposed to unnecessary risk. It’s time to reassess.
2. Technical Rule the Short-Term, But Fundamentals Still Matter
You can make an argument that 75% of trades in WTI and products are algorithm-based and following a trend…
Denton Cinquegrana, OPIS
AI and algorithms drive most short-term moves. But fundamentals remain critical for long-term positioning. When bearish news aligns with technical signals, bots can send volumes flying.
Use technicals for entry and timing but let fundamentals anchor your exposure.
3. Volatility Hits Differently Depending on Who You Are
How you hedge and manage volatility depends on who you are…
Matt Joy, Oil Brokerage
Geopolitical risk, inflation and trade policy have made volatility the new normal but not everyone feels it the same way. Funds, NOCs, and market makers respond differently based on mandates and liquidity.
Tailor your hedging approach to your firm’s structure and objectives. One-size-fits-all won’t cut it.
Margins shrink as wholesale prices rise and expand when prices fall. This inverse relationship isn’t just useful for retailers. Traders can use margin analytics to better time hedges and anticipate pricing moves.
Align real-time margin data with wholesale trends to sharpen your strategy.
5. Embed Analytics Talent Where the Decisions Happen
More energy companies are embedding analysts directly into pricing, FP&A and marketing, not isolating them in standalone data teams. The result? Smarter, faster decisions rooted in real-time insights.
If analysts aren’t in the room where it happens, you’re missing opportunities to act with speed and confidence.
6. Clean Fuels Demand Creativity as Credit Prices Collapse
Transaction volume in clean fuels soared from $2B in 2021 to $28B in 2024. But LCFS and RIN price volatility has forced developers to diversify offtake strategies and explore voluntary markets.
Creative options like credit stacking and data center backup fuel use are gaining traction. Look beyond compliance markets; voluntary buyers are hungry for ESG-aligned deals.
7. Credit Stacking Is the New Margin Strategy— But Don’t Overreach
The 45Z tax credit is a potential windfall but comes with risk. Especially for RNG and fuels with volatile carbon intensities, modeling needs to be conservative.
Diversify your credit exposure and assume nothing until IRS guidance is locked.
8. Macro Headwinds Are Reshaping the Trading Landscape
The world… where America absorbed all the surplus from other countries is likely coming to an end.
Reid I’Anson, Kpler
Expect slower growth, sticky inflation and geopolitical shifts. Think: 0.8% U.S. growth, 3% core CPI and the end of China-driven demand expansion.
Watch for policy-driven changes: reshoring, tariffs and industrial planning will reshape supply chains and global commodity flows.
Bottom Line: Normal Isn’t Coming Back
EVOLVE 2025 confirmed what many already suspected; this market isn’t reverting to familiar patterns anytime soon. Traders who stay agile, rethink benchmarks, embrace analytics and find value in emerging spaces will have the edge.
Watch or revisit the EVOLVE Trading & Risk sessions [EVOLVE 2025 On-Demand Content | Enverus] now for additional insights, including Oil Markets in 2025: Trading in an Era of Transition and Volatility, Navigating Changing US Trade Policy: Implications for Commodity Markets and Risk Strategies, Analytics-Driven Strategies that Optimize Energy Retail Operations, and Unlocking Value in Clean Fuels: Strategies for a Resilient Future.
A massive heat dome swept across the eastern U.S. last week, driving temperatures into the triple digits and pushing the PJM Interconnection grid to its highest peak load since 2006 (Figure 1). PJM, the nation’s largest regional transmission organization, issued maximum generation and hot weather alerts for June 22-25, forecasting peak loads of 160,526 MW — well above its summer projection of 154,000 MW and nearing the 2006 all-time high of 165,563 MW.
The heat dome, characterized by intense heat and high humidity, spiked electricity demand as air conditioners ran at full capacity. To maintain reliability, PJM urged transmission and generation owners to defer scheduled maintenance and keep critical infrastructure online during this high-stress period.
The heat dome’s impact draws parallels to Texas’ 2023 heat wave, where renewables and storage met up to 80% of ERCOT’s peak load. PJM’s interconnection queue remains backed up with projects consistently delayed or suspended. Nationally, more than $14 billion in clean energy projects have been canceled this year amid policy and economic uncertainty.
As extreme weather events become more frequent, and incremental load growth remains a central part of the conversation, PJM and other grid operators face a growing risk to grid reliability.
The One, Big, Beautiful Bill – Plug Pulled, Costs Rise – This report assesses the potential impacts of rolling back Inflation Reduction Act credits on the economics of solar, onshore wind, storage and power purchase agreements.
EVOLVE 2025 – Beyond the Curve: Transparent Insights Into the Future of Power Prices – This presentation to the Enverus EVOLVE 2025 Conference in Houston features work to provide a clear picture of future power market supply and demand dynamics. We showcase the innovative workflow developed by Enverus Intelligence® Research, highlighting a highly transparent and detailed long-term power market forecast. Our models consider a wide range of factors, including load growth driven by artificial intelligence, transport electrification, reshoring of manufacturing and an increasingly renewable-dominated generation mix.
EVOLVE 2025 – Data Center Capacity Expansion: Pushing Capex to the Limit – The rising demand for artificial intelligence (AI) infrastructure is increasing load for the first time in decades, causing a land acquisition frenzy. Rapid advancements in hardware and software mean that delaying capacity additions can compound tech innovation. This presentation to the Enverus Evolve 2025 conference examines anticipated load growth from AI, the impact of chip efficiency on forecasts and data center project development.
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. See additional disclosures here.
CALGARY, Alberta (July 2, 2025) — Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages Generative AI across its solutions, has released its latest Fundamental Edge report.
EIR’s report focuses on the outlook for oil and gas prices driven by supply and demand fundamentals, as well as the impact from OPEC actions, global oil demand, U.S. natural gas price outlook and the Iran-Israel conflict.
“Our bearish patience is wearing thin. Where are the stock builds? The demand weakness? The material OPEC supply adds? OECD crude and product stock levels have remained largely flat since the beginning of the year. Markets are not well supplied, as some observers state. We think oil markets are balanced,” said Al Salazar, report author and director at EIR.
“We find the recent Henry Hub move over $4/MMbtu somewhat unnerving. Weekly storage injections are ~2.0 Bcf/d over and above what the weather alone would indicate. At this pace, gas storage in place would easily exceed 4.0 Tcf by the end of October. Clearly something has to give.”
Key takeaways from the report: • We take issue with talk of geopolitical premiums on the price of Brent. Indeed, oil prices spiked and faded in response to threats on oil supply and subsequent U.S. action. However, the U.S. SPR remains some 200 MMbbls below prior maximum levels, while OECD crude and product stocks remain close to 5-year lows. These two factors suggest Brent should have been pricing in the low 80s high 70s – prior to the Israeli strikes. Markets had discounted oil prices to the lead up to the Israel/Iran war, based on tariff fears and OPEC supply. Both bearish factors have disappointed to date. • Should there be no signs of sustained oil demand weakness over the summer driving season and if OPEC supply additions continue to underwhelm – EIR will need to reconsider its bearish $65/bbl rest of year Brent price view. • EIR maintains its NYMEX Henry Hub gas price forecast. We forecast prices will average $3.60/MMBtu this summer and $3.85/MMBtu in the winter. However, aggressive storage injections place downside risk to our near-term gas price call.
You must be an Enverus Intelligence® Research subscriber to access this report.
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.
Are you struggling to find substations with real injection potential? In this blog, you’ll learn how developers use planning models and historical ATC data in PRISM to identify viable POIs, avoid costly surprises in the queue and confidently move forward with high-potential projects.
First off, what is available transfer capacity (ATC)?
ATC refers to the remaining power transfer capability from a particular substation to the transmission network. It represents the maximum amount of power that can be transmitted over a transmission line without compromising grid reliability and stability.
Why is ATC important for power project and large load developers?
With the increasing demand for electric power and the integration of renewable energy into the U.S. power market, the process of adding new power to the grid and navigating interconnection has become more complex. Historically, fossil fuel plants have been built in centralized locations, simplifying interconnection to the grid. However, an influx of renewables as well as large load centers in the U.S. power market is resulting in a decentralized grid, creating a more complex interconnection process.
How does ATC impact injection studies during the interconnection process?
The rapid growth of renewable development has created a competitive landscape for developers seeking ideal project sites and interconnection points. During the lengthy study process to reach project interconnection, developers may incur significant costs to complete the process. To mitigate study costs, developers now seek ways to assess their projects’ impact on the grid early in the site selection process. Understanding the available capacity of substations within the grid is crucial for this purpose.
How can Enverus Power & Renewables ATC solutions help you with your injection study?
Enverus Power & Renewables offers ATC solutions to help developers screen for substations with available capacity early in the project siting process. Using the PRISM application, developers can track both planning case ATC values and historical state estimator ATC values from the ISO at the substation level to identify substations with feasible injection capabilities for their future power plants.
What is a planning case?
A planning case is a forward-looking model used by grid operators and planners to simulate future grid conditions under various scenarios. It incorporates assumptions about load growth, generation additions, retirements and transmission upgrades to evaluate how the power system might perform in a specific future year and season. These models help identify potential constraints, assess system reliability and guide infrastructure investment decisions. For developers, planning cases offer critical insights into where future injection capacity may exist, helping to inform site selection and project feasibility.
What is State Estimator ATC?
State Estimator (ATC) is a real-time or near-real-time measure of how much additional power can be transferred through the grid without violating operational limits. Derived from actual system conditions using state estimation tools, it reflects the dynamic nature of the grid, including current flows, outages and system constraints. Unlike planning cases, which are based on forecasts, State Estimator ATC provides a snapshot of the grid’s current flexibility. For developers, this data can reveal historical trends and operational bottlenecks, offering a practical perspective on how substations have performed over time.
Let’s take a look and see all this in action in PRISM
Figure 1: In PRISM, this widget depicts injection capability in MW by bus in Texas based on the High Peak Load Summer 2031 planning case via the PRISM platform. We can see these data points from specific regions, ISOs and across North America.
In ERCOT’s planning models, multiple scenarios across different seasons and year timeframes are built to assess future changes in the grid. Knowing how the ISO will judge projects in the interconnection process is crucial for developers who are attempting to find the least costly solutions to building projects.
To start the screening process across all of Texas to find a potential point of interconnection (POI) with the capacity to support new projects, developers will focus on the worst-case scenario which is likely the High Peak Load Summer five to six years out. Figure 1 depicts the expected injection capacity across all 345kv+ buses in ERCOT in a high peak load scenario in the summer of 2031.
Figure 2: This bubble chart from PRISM shows the mean of injection capability (MW) compared to the total planned capacity in each county in TX via the High Peak Load Summer 2031 planning case. This data is pre-filtered to all injection capabilities above 100 MWs.
The ERCOT planning models include a multitude of assumptions about the future state of the grid including the assumption that all power plants with an interconnection agreement in ERCOT will be operational by the given timeframe. Developers know that there is a lot ahead of them in the queue, which includes many projects that will reach commercial operations, and a few that will successfully provide power to the grid. In assessing the planning case outputs, it’s necessary to also consider, outside of just the projects in an Interconnection Agreement stage, what other capacity is planned at a point of interest. Figure 2 compares the Injection Capability in MWs to the total planned capacity by county in this high peak load summer 2031 planning model. Counties like Tom Green and Scurry may show relatively high injection capability values, but the amount of capacity ahead in the queue may deter a developer from considering these areas for future interconnection.
Figure 3: PRISM compares modeled injection values across two 345kV substations in Reeves and Sutton Counties, using all potential cases from the ERCOT 2025 planning models. Enverus customers are expected to interconnect at POIs averaging over 500 MW of available injection capacity.
There are two 345 kV substations located in Reeves and Sutton counties that, according to the Summer 2031 peak load planning model, each have over 1,000 MW of potential injection capacity. However, both currently have less than 400 MW of total planned capacity. This suggests that these substations could support large-scale solar or wind projects, especially given the relatively low capacity already ahead of them in the interconnection queue.
While the ISO is likely to evaluate projects based on worst-case scenarios, it’s also important to consider the full range of potential capacity at each substation across different planning models. If a substation is overloaded in any scenario, it indicates that certain grid conditions could prevent additional injection without requiring significant grid upgrades.
Figure 3 illustrates the variation in injection capacity across all modeled scenarios in the ERCOT 2025 planning model. For example, Orsted shows a relatively narrow range of injection values across scenarios, whereas the Riverton substation exhibits a much wider range from approximately 1,300 MW to more than 5,000 MW, highlighting the variability and potential uncertainty in available capacity.
Figure 4: PRISM provides a time series of historical ATC, in megawatts, for the Orsted and Riverton substations—enabling users to identify transmission trends, evaluate siting decisions and better assess project feasibility based on real operational data.
Given the variability in potential injection capacity across different planning scenarios, developers may also want to examine historical trends at these substations. By leveraging the Historical (ATC) data available through PRISM, users can analyze the monthly average injection capacity over the past two years. This historical perspective can provide valuable context for understanding how each substation has performed under real-world conditions.
Figure 4 illustrates the injection capability over time for each substation, offering insight into seasonal patterns, consistency and potential constraints.
Figure 5: PRISM visualizes transmission infrastructure, including planned lines around the Riverton substation that are incorporated into ERCOT’s planning models; only Enverus provides this level of visibility into transmission infrastructure helping users anticipate future grid enhancements and evaluate potential interconnection opportunities.
Interestingly, the historical injection capacity at both the Orsted and Riverton substations has been lower than the ranges projected in the planning models. Figure 5 highlights the actual routes of planned transmission lines, as digitized by the Enverus GIS team, which ERCOT has identified in its most recent planning model. While historical data may reflect limited injection capability, the addition of these new transmission lines is expected to enhance capacity in this region, potentially unlocking greater injection potential soon.
With a clearer understanding of the modeled injection capacity at key substations, developers can begin evaluating other critical project siting factors, such as land suitability, to advance their development plans. The modeled capacity provides confidence in exploring areas near the Riverton and Orsted substations for potential projects.
Focusing on a 1-mile radius around the Riverton substation, Figure 6 illustrates the total MWac of solar power that could be generated across all parcels within that area. This estimate is based on PRISM’s buildable acreage calculations, integrated with RatedPower’s design tools to model expected power output. The analysis suggests that this area could potentially generate nearly 685 MWac of solar power positioned near a substation modeled to support more than 1,000 MW of injection capacity even under worst-case grid conditions projected for 2031.
Figure 6: Enverus Power & Renewables, parcels 1-mile around the Riverton substation colored by their Rated Power MWac, which is a modelled output of the potential solar power that can be built on the land. On the right is a summation of that MW ac value across all substations in the area as well as a sum of the total buildable acreage given Enverus PRISM’s least restrictive buildable analysis view. Enverus customers found land that was 20% more buildable than non-Enverus customers.
Ultimately, developers need to understand the available capacity to interconnect to the grid prior to other steps in their project siting process to ensure successful interconnection and reduce injection study costs and potential upgrade costs further down the line. PRISM assists developers in quickly finding substations with available capacity per ISO planning models and historical state estimator values, and subsequently the land to support projects around those sites.
About Enverus Power & Renewables
Enverus is the largest energy-only focused software company in the world. More than 6,000 businesses use our solutions, including more than 1,000 in electric power markets. Every day, 7,500+ users utilize our solutions to develop and design projects, manage the grid, trade power, and buy and sell assets.
Our differentiation stems from the fact that not all data and platforms are created equal. We collect and connect thousands of disparate, disorganized data sets to provide the most comprehensive analytics-ready data on power markets. We have a 25-year head start on the market and have made more than $200 million of acquisitions focused on power. We collect more data, cover more projects and provide value across more of the asset lifecycle than any competitor. We have invested more than $3 billion in our platform so we can deliver it all in the most modern and capable software platform custom built for energy.
Digital oilfield advances have transformed many facets of the energy enterprise, yet when it comes to partner data sharing, the industry is stuck in a rut. Sensitive financial data and personally identifiable information (PII) are routinely sent to working interest, mineral and royalty owners by USPS and email. The large-scale flow of revenue statements, JIBs, division orders, and 1099s (among many other document types) not only poses risks from theft or loss of royalty checks and PII, but workflows also grind to a halt as accounting and well data trickle in. With shifting economics and volatile commodity prices, this digital blind spot puts partners at risk.
Producers to Partners (P2P) aims to increase operational and financial visibility by expanding on EnergyLink®‘s revenue-centric business automation with new capabilities that seamlessly orchestrate the flow of accounting, land and well files from an operator’s digital ecosystem into a one-stop shop for working interest, mineral and royalty owners. It’s like a digital gathering system for non-op data and documents that layers automated workflows, eSignature, AI-powered owner relations and fintech.
Let’s explore the P2P platform and the all-new Foundations and Advanced subscriptions giving non-ops more ways to work with P2P datasets, visualize assets, and forecast production.
What Is P2P?
P2P is Enverus’ new reciprocal data sharing and business automation solution designed to digitally unify operators and owners. Drawing inspiration from its sibling product Source to Pay (S2P), P2P aims to bring the same degree of automation, transparency, and security to owner-operator collaboration.
P2P builds on an established track record of success and the scale is staggering:
500+ in-network operators and growing
250,000 working interest, mineral and royalty owners served
14 million statements processed annually
$150 billion of revenue managed annually
EnergyLink was historically known for hosting JIBs and revenue statements. But as Enverus evolved through major acquisitions, EnergyLink became more than just a document platform. P2P leans into this evolution—it’s not just about hosting—it’s about fully modernizing partner data sharing and owner relations from end to end.
P2P offers four subscription options to fit the needs of individual royalty owners, family offices, mineral funds, and even the most sophisticated non-op working interest partners. With EnergyLink Essentials and Basic, users gain core capabilities to access a variety of hosted documents (including PDFs of revenue detail, 1099s and operator-specific direct deposit enrollment and change of address forms) with tools to map properties and track permits and drilling activity.
EnergyLink Foundations provides working interest, mineral and royalty owners with additional tools to automate and streamline accounting operations, process revenue and JIBs, and take data to other apps with standard CDEX data files and Excel workbooks. And with EnergyLink Advanced, interest owners gain powerful portfolio management, asset analytics, and production forecasting that help accelerate mineral evaluation time by 4x for faster, more confident deals.
P2P brings innovation to both the sending and receiving sides of the network, building new capabilities with operators and their working interest, mineral and royalty owners in mind. Enverus is organizing its P2P development efforts into five strategic pillars:
1. Cradle-to-Grave Hosting
With P2P, Enverus eliminates unsecured email communication and replaces it with secure, centralized access portals. It goes beyond JIB and revenue statement hosting by providing cradle-to-grave digital access for all owner-related document types. This starts with leases and land files, drilling, AFEs, division orders, AR, AP and more across the well lifecycle. Security first—all communication will leverage SOC 1/SOC 2 compliance and knowledge-based authentication to reduce the risk of fraud and unauthorized access.
2. AI-Powered Support
An adjunct responsibility that typically falls on land and accounting teams, owner relations represents a sizable G&A cost center for many producers. P2P reimagines owner relations with generative AI, freeing operators from the distraction and costs of chasing down documents and fielding phone calls.
The upshot for owners? Increased speed and consistency of owner support. Enverus AI agents have already handled more than 30,000 inquiries in 9 months with a 94% success rate. Future iterations will integrate operator-specific knowledge bases and intelligently route queries to human agents when needed.
3. Robust Management & Integration
Enverus continues to invest in tools for activity tracking, auditing, and data ingestion through APIs and Fusion. These capabilities include 25+ accounting system integrations (e.g., SAP), cloud-based access and seamless integration with Enverus PRISM®, our analytics platform. Plus, P2P leverages Enverus EnergyScan where AI-enhanced digitization transforms paper-based statements from out-of-network operators into organized, searchable data.
4. Finance & Digital Payments
Built on time-tested EnergyLink revenue management technology, P2P sets the industry standard for revenue detail and JIB automation, shrinking AR and AP cycle time. Yet the industry still relies heavily on paper checks to move money between producers and partners, an area of opportunity Enverus is targeting for greater efficiency and better cash flow. P2P will also explore banking-as-a-service accelerated payments, lending support for royalty-based income and industry-standardized financial reporting.
5. Monetization of Non-Op Data
Disconnected systems and departmental layers of ownership trap data, delaying critical analysis from the field to the C-suite. P2P enables engineers, mineral managers and landmen to access accounting data once locked away in silos. Leveraging a seamless integration, asset and financial KPIs surface inside PRISM, providing deep analytics, decision support and portfolio management capabilities.
The democratization of non-op data is already driving a new level of financial and operational visibility. Working interest, mineral, and royalty owners gain swift insights into asset performance and risk, from rig activity near their properties and potential underpayments to cash flow estimates and ROI:
A Call to Action for Non-Ops and Operators
A first-of-its-kind solution, P2P brings industry-wide modernization that is long overdue, yet for it to succeed, producers and partners must commit. Operators must end the email transmission of PII with secure portal access for all owner communications and invest in their end of the digital gathering system by integrating real-time data pipelines from ERP systems with P2P. Working interest, mineral, and royalty owners must equally overcome resistance to change and commit to innovative alternatives for receiving non-op data and collaborating with operators.
Whether you’re a royalty owner seeking greater control and visibility into non-op assets or an operator struggling with high support costs and keeping owners happy, P2P offers a path forward built on collaboration, security and innovation. With cradleto-grave hosting, AI support, seamless integrations, digital payments and data democratization, Enverus is positioning P2P as the platform that simplifies and automates owner-operator workflows at any scale.
The U.S. Senate proposed amendments to the One, Big, Beautiful Bill, increasing the 45Q tax credit for CO2 enhanced oil recovery (EOR) from $60 to $85/tonne, matching the rate for permanent sequestration. From an economic standpoint, this shift could have a meaningful impact.
Based on our research, even under the previous tax structure, EOR was already commercially viable both in terms of production breakeven and when compared to permanent sequestration (Figure 1). Raising the tax credit to $85/tonne lowers production breakeven prices and renders EOR viable across a greater range of oil price scenarios.
At the original $60/tonne, we observe breakeven viability across remaining inventory in the Delaware and Midland basins. An $85/tonne credit only strengthens that outlook. Operators with existing CO2 infrastructure, such as XOM (Green Line) and OXY (Permian EOR operations) stand to gain from the change and are further incentivized to source anthropogenic CO2 for EOR operations.
The bill also proposes raising the 45Q credit for direct air capture (DAC) used for CO2 EOR from $130 to $180/tonne. OXY, through subsidiary 1PointFive, is developing the large-scale Stratos DAC facility in the Permian, which has the optionality to send captured CO2 into the Central Basin Pipeline for EOR operations. The higher credit would strengthen project economics and potentially reduce reliance on carbon removal contracts.
Research highlights:
Infrastructure Alchemy – Coal to Low-Carbon Repowers – We analyze coal plants across the Lower 48 to determine optimal characteristics for repowering via natural gas, nuclear energy or enhanced geothermal generation.
EVOLVE 2025 – Unlocking Value in Clean Fuels: Strategies for a Resilient Future – The clean fuels industry is at a critical juncture. An influx of low-carbon fuels has put downward pressure on U.S. credit prices, reshaping the economic landscape of the sector. This Enverus EVOLVE 2025 presentation explores how stakeholders can navigate these dynamics and develop more resilient business models to create sustainable value in the face of changing market conditions.
Ethanol With CCS – Harvest Season for Carbon Credits – This report explores the remaining 24.7 mtpa opportunity for ethanol with carbon capture and storage, revealing which facilities and credit strategies are best positioned to unlock near-term value.
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. See additional disclosures here.
The sun rises on a wellsite in North Dakota where hydraulic fracturing operations have been running through the night. A line of water-hauling trucks idles nearby, keeping a steady supply flowing downhole. Handwritten field tickets for those loads exchange hands, only to get stuffed in a truck door or tossed onto a dashboard. With up to 100 loads of water per frac job, those paper field tickets pile up fast – and each one represents revenue waiting to be captured. But here’s the problem: the average order-to-invoice cycle in the oilfield is 34 days. And that’s before payment terms kick in, which often means another 30 or 60 days before cash actually hits your account.
For too long, service companies have accepted these painfully long payment cycles as just part of doing business. That’s weeks – sometimes months – of carrying payroll, fuel, materials and equipment costs without reimbursement. It’s an invisible anchor on growth.
Now, let’s talk about a real world example of what happens when you actually connect those dots and modernize your ticket-to-invoice workflow. Spoiler alert: you get paid faster.
How Liquid Gold Trucking Did It
Before we share Liquid Gold Trucking’s success story, let’s look at how the new process works. Remember those field tickets piling up from a single frac job at the start of this post? Now multiply that by the dozens of other water hauls Liquid Gold Trucking handled – from produced saltwater to post-frac flowback. The paper problem just kept growing.
The fix started with a simple, powerful mobile app – Oilfield Services Suite (OSS). Drivers could digitally capture field tickets on their phones, even in areas with weak cell service thanks to an offline mode. Data was validated against company standards in real time and instantly available for customer approval and signature, whether submitted from a phone or desktop dashboard.
From there, field tickets are automatically turned into invoices through direct integration with OpenInvoice, submitting them on the industry’s largest buyer/supplier payment network. What once took three months could now happen in under a day.
The great thing about invoicing funding and digital field ticketing in particular was being able to invoice and then get the cash. That helped us accelerate growth and grow quicker than we’ve ever grown before.
Ken Miller | Owner
Fueling 30% Growth With FundThrough & Enverus
As Liquid Gold Trucking pivoted to new growth opportunities – including a new service relationship with one of the Bakken’s largest operators – payment uncertainty threatened to stall that progress. Covering operational costs for months at a time simply wasn’t an option.
That’s when they combined Enverus digital field ticketing with FundThrough for a seamless cash flow solution. Not only could they get invoices out instantly, but with FundThrough, they could get paid on demand.
They purchased 10 new trucks with cash in one year
Doubled their driver team within 6 months
Reduced DSO from months to a single day in most cases
Better yet, subcontractors started getting paid faster too – often within a week or two – improving relationships and enabling Liquid Gold to take on bigger jobs and accelerate growth.
This Summer is Your Turn to Modernize
If you’ve followed along in this blog series, you’ve seen how slow, disconnected processes quietly cost you time, money, and opportunity – and every hour you spend chasing down tickets is an hour you could enjoy at the lake, golf course or make memories with friends and family.
Why not make this the summer you take control? Cut DSO, boost cash flow and get your time back.
AUSTIN, Texas (June 25, 2025) — Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released its annual list of the most prolific 100 private oil and gas producers in the U.S. based on gross operated production, well count and rig movements across last year. Continental Resources continues to dominate the ranking as the top position, but this year Mewbourne Oil leapfrogged from fourth to second and Aethon Energy remains in the third position, according to Enverus.
“This year’s Top 100 list reflects a private operator landscape that’s been shaped by the drastic consolidation of operators over the last two years. The remaining privates are more geographically diverse than ever before, and new entrants are having to be opportunistic on acquisitions as core plays consolidate. Private capital is shifting to legacy basins, testing new zones, and leaning into gas plays that were once overlooked,” said Shawn Stuart, principal analyst at Enverus.
“We’re seeing a return to the Permian’s edges, a push into under-the-radar plays like the SCOOP | STACK, and a renewed focus on innovation—from longer laterals to refracs.”
“A macro environment has created near-term headwinds for private companies to grow, but once things stabilize there is significant private capital that has been raised and is ready to hunt for new opportunities. That could come from buying longer-dated, production-heavy assets from other private companies, pivoting to gas, or focusing outside of the Permian, in areas such as the Mid-Continent that are ripe for non-core sales by public operators. The Top 100 list shows how private operators continue to evolve with the industry maturing,” Stuart said.
The list, compiled utilizing Enverus Foundations ® data from Enverus Foundations® and Activity Analytics, also includes a breakdown of liquids and gas production, total company well counts, recent rig programs and comparison to their rankings the previous year. The list was featured in Upstream Pulse, a bi-monthly report that covers exploration and production, deals and capital markets for the North American and global oil and gas sector.
About Enverus Enverus is the most trusted energy-dedicated SaaS company, with a platform built to maximize value from generative AI, offering anytime, anywhere access to analytics and insights. These include benchmark cost and revenue data sourced from more than 95% of U.S. energy producers and more than 40,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment and sourcing. Our experienced industry experts support our customers through thought leadership, consulting and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 8,000 customers in 50 countries. Learn more at Enverus.com.
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