The Daley Note

16Jul2025

Reading the 2Q25 Earnings Tea Leaves – Volumes Outlook

ArkLaTex, Bakken, Enterprise, Equity, Haynesville, Kinder Morgan, Natural Gas, Oneok, Permian, South Bow, Targa, The Daley Note

The 2Q25 earnings season kicks off Wednesday (July 16) when Kinder Morgan (KMI) reports after the closing bell. East Daley…

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15Jul2025

You Juan More Gas? This Play Still Has Juice

Enterprise, Natural Gas, San Juan, The Daley Note

The San Juan Basin, home to the original tight-gas play, is staging a comeback. Rig counts are at the highest…

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11Jul2025

LNG Momentum Continues as Cheniere Makes FID on Corpus Christi Midscale Project

Natural Gas, The Daley Note, Venture Global

Cheniere Energy (LNG) made a final investment decision (FID) on Corpus Christi Midscale Trains 8 and 9, as well as…

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10Jul2025

Crowded REX: Permian Pipe Could Displace Other Gas

Denver Julesberg, Green River, Natural Gas, Northeast, Permian, Piceance, The Daley Note

Tallgrass Energy’s plan to construct a gas pipeline from the Permian Basin to Rockies Express Pipeline (REX) has shaken up…

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9Jul2025

Plains Deal Transforms Keyera into NGL Powerhouse

Equity, Keyera, Natural Gas Liquids, Pembina, Plains, The Daley Note, WCSB

Keyera’s (KEY.TO) $3.75B acquisition of Plains All American’s (PAA) Canadian NGL assets transforms the company into a coast-to-coast powerhouse with…

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8Jul2025

Trade War, Iran Conflict Whipsaw Crude. Time to Revisit Capex Budgets?

Crude, Permian, The Daley Note

2Q25 was a wild ride for crude oil, driven by geopolitical conflicts. Oil prices fell early in the quarter on…

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3Jul2025

Canada’s Anniversary Wish: More Trans Mountain Expansions

Energy Transfer, Equity, Kinetik, Natural Gas Liquids, Permian, The Daley Note

Happy anniversary, TMX. One year out from the widely anticipated looping project, Trans Mountain Pipeline is weighing further expansions to…

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2Jul2025

ET Lawsuit Clouds Bright Outlook for Kinetik

Energy Transfer, Equity, Kinetik, Natural Gas Liquids, Permian, The Daley Note

Kinetik Holdings (KNTK), among the shining stars in midstream, faces a lawsuit by Energy Transfer (ET) that challenges one of…

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1Jul2025

China Deal Could End Ethane Export Restrictions

Ethane, Natural Gas Liquids, The Daley Note

The Trump administration appears to be laying the groundwork to ease restrictions on ethane exports to China. The President last Thursday (June…

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27Jun2025

Industry Risks NGL Overbuild as Growth Slows

Energy Transfer, Enterprise, MPLX LP, Natural Gas Liquids, Oneok, Permian, Targa, The Daley Note

US NGL infrastructure has quietly transitioned from tight to overbuilt. While production continues to grow, the pace has moderated significantly…

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