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FERC in Focus: Will the agency maintain its independence under Trump 2.0?

This is part of Utility Dive’s ongoing “FERC in Focus” series where we explore trends, challenges and other significant developments affecting the commission. President Donald Trump is making unprecedented moves to assert control over independent agencies like the Federal Energy Regulatory Commission, and former commissioners, experts and agency observers say they are watching several key areas to gauge whether the commission will remain independent.  The White House has already moved to favor fossil fuel assets over renewable energy, require agencies to clear decisions with the Office of Management and Budget and include sunset provisions in new regulations. Trump has also shown a willingness to fire or try to remove regulators that run afoul of his preferences, such as he has done with the Nuclear Regulatory Commission and the Federal Reserve. With two Republican nominees preparing to fill empty seats at FERC, the agency is poised for a shift that could lead to more direct White House influence over the independent agency’s policymaking, said Tyson Slocum, director of Public Citizen’s Energy Program. “My guess is you’re going to see a pretty tight alignment between FERC’s priorities and the priorities of the White House, and I think that will significantly erode FERC’s historic bipartisan independence and move FERC more into being an arm of the White House,” he said. Even if the agency maintains its independence, the loss of experts and staff to the administration’s aggressive cuts to the federal workforce could hamper its work, some say.  “The agency is already chronically understaffed and so if you really see additional attrition, it’s going to be much harder for the agency to do complex, hard stuff on top of its bread-and-butter responsibilities and proceedings that really do take up a lot of time,” according to Matt Christiansen, a Wilson Sonsini attorney and former FERC general

Read More »

Swift Current lands $242M in financing for PJM’s largest storage project

Swift Current Energy landed $242 million in financing for its 150-MW, four-hour Prospect Power Storage facility in Rockingham County, Virginia, the Boston-based clean energy developer said Thursday. The project is under construction; Swift Current expects it to reach commercial operation in 2026. It will sell output from the project to Dominion Energy Virginia under a 15-year power purchase agreement. Once online, the project will be the largest battery storage facility in the PJM Interconnection, according to Swift Current. PJM runs the grid and wholesale power markets in 13 mid-Atlantic and Midwestern states and the District of Columbia. Swift Current bought the project in 2023 from Clean Planet Renewable Energy, a joint venture between Open Road Renewable Energy and Eolian. “This facility will be the largest battery energy storage project constructed in Virginia to date, supporting American energy dominance by efficiently using the existing transmission lines to open up capacity on the grid for all types of power generation,” Aaron Zubaty, Eolian CEO, said in the press release. Swift Current has brought online 2.2 GW of energy projects. It owns and operates 1.1 GW of solar and wind projects in Illinois, Mississippi and Texas. Its project pipeline totals about 10 GW. Swift Current is majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners. Truist Securities, Canadian Imperial Bank of Commerce, KeyBank and Natixis acted as joint coordinating lead arrangers for the Prospect Power project’s financing. PJM had 376 MW of battery storage capacity that could produce 378 MWh at the end of 2023, according to the U.S. Energy Information Administration’s April 25 update on the U.S. battery storage market. While PJM has little installed battery storage capacity compared with the California Independent System Operator and the Electric Reliability Council of Texas, it has about 30.6 GW of storage in its

Read More »

JF Acquires 4 Corners

JF Petroleum Group (JF) is continuing its expansion with the acquisition of 4 Corners Petroleum Equipment, a service contractor based in Texarkana, Texas. 4 Corners was founded in 2015 by industry veteran Kenny Allen and it has since served Northeast Texas and Southwest Arkansas, JF noted in a media release. JF said the acquisition expands its regional services capabilities and strengthens its presence in a key growth market. “As both a Gilbarco ASC and a Wayne ASO, 4 Corners brings significant technical expertise in break/fix service and heavy maintenance, serving a loyal customer base of wholesalers, dealers, and a key national account”, JF said. “4 Corners Petroleum Equipment has long been known for its quality workmanship and commitment to customers”, Keith Shadrick, CEO of JF, said. “We’re excited to welcome their team into the JF family and continue building on the strong foundation Kenny Allen has established”. The acquisition comes a month after JF acquired Maverick Petroleum Services, a petroleum service contractor based in Arizona. Maverick specializes in installing, maintaining, and repairing petroleum handling equipment, Point-of-Sale systems, and conducting environmental testing. Maverick is an Authorized Service Contractor for Gilbarco and Verifone, JF said. Additionally, Maverick offers light construction services for fuel system upgrades and compliance requirements. JF said that this strategic acquisition enhances its presence in the Southwest. To contact the author, email [email protected] WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS AUTHOR

Read More »

IPAA Announces New President and CEO

In a statement sent to Rigzone recently, the Independent Petroleum Association of America (IPAA) announced the appointment of Edith Naegele as its new President and Chief Executive Officer, effective September 22. Naegele is currently Vice President, Membership and Strategic Development & Corporate Secretary of the American Gas Association (AGA). The incoming IPAA President and CEO has served in this AGA role since joining the AGA in 2021, the IPAA highlighted, adding that, prior to her AGA position, Naegele worked for the U.S. Chamber of Commerce “in roles of increasing responsibility from 2003 with her last role as Senior Vice President where she oversaw membership development and engagement”. The AGA website notes that, at the U.S. Chamber of Commerce, Naegele was part of a development team supporting revenue of more than $180 million annually through multi-year and annual advancement plans aligned with the organization’s policy goals. “She identified and recommended new funding models and opportunities and set the strategic direction for research to increase member engagement, satisfaction and retention,” the site states. “Earlier in her career, Naegele gained experience with the energy industry working for the National Association of Regulatory Utility Commissioners and attended the Abshire-Inamori Leadership Academy within what is now the Energy Security and Climate Change Program at the Center for Strategic and International Studies,” the site adds. The IPAA outlined in its statement that, in her new role, Naegele’s priorities “will include engaging with IPAA membership across the country to better understand the issues facing the upstream oil and natural gas industry”. Jeff Eshelman, the IPAA’s current president and chief executive officer who has served the IPAA for over 27 years, plans to remain with the association in a new role, helping with the leadership transition and advising on advocacy efforts and IPAA’s Energy in Depth program which

Read More »

EQT Orders 1.5 MMtpa from Rio Grande LNG

NextDecade Corp. said Wednesday it is on track to reach a FID (final investment decision) this year for Train V of the under-construction Rio Grande LNG after roping in a new liquefied natural gas (LNG) buyer in EQT Corp. The Pittsburgh, Pennsylvania-based vertically integrated gas company signed an agreement to buy 1.5 million metric tons per annum (MMtpa) over 20 years from Train V. “The agreement will be on a free-on-board basis at a price indexed to Henry Hub, subject to NextDecade making a positive FID on Train V”, EQT said in a statement on its website. EQT president and chief executive Toby Z. Rice said, “The execution of this agreement represents continued momentum of EQT’s LNG strategy, which is focused on further diversifying the company’s end-market exposure into the rapidly growing global gas markets and accelerating long-term earnings growth”. “Consistent with our existing LNG deals, EQT will market and optimize its own cargos, providing structuring flexibility and downside protection”, Rice added. NextDecade chair and chief executive Matt Schatzman said, “The LNG we are selling from our project to EQT will play a critical role in enhancing the energy security of our allies around the world”. The Houston, Texas-based LNG developer said in a separate statement it has now secured buyers for 3.5 MMtpa from Train V. Earlier this year Japan’s JERA Co. Inc. signed up for two MMtpa over 20 years. NextDecade said it is looking to secure commitment for an additional one MMtpa “under a long-term sale and purchase agreement to support a positive FID on Train V”. “The company expects to complete commercialization of Train V in the third quarter of 2025, and subject to obtaining adequate financing, NextDecade expects to achieve a positive FID on Train V in the fourth quarter of 2025”, it said. NextDecade expects to

Read More »

Kodiak Offers $1.2B Bonds

Kodiak Gas Services Inc. is holding a two-tranche debt instrument sale with a combined principal amount of $1.2 billion to refinance existing debt. The Woodlands, Texas-based provider of oil and gas compression and related services is offering $600 million senior unsecured notes due 2033 with a 6.5 percent interest and $600 million senior unsecured notes maturing 2035 with a 6.75 percent interest. Kodiak expects to close the offering Friday subject to customary closing conditions. “The notes will be issued at par and will be guaranteed on a senior unsecured basis by the company, its existing subsidiaries and certain of its future U.S. subsidiaries that guarantee the issuer’s revolving asset-based loan credit facility (the ABL Facility)”, it said in a statement on its website. “The issuer intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under the ABL Facility. “In connection with such repayment, the company intends to enter into an amendment to the ABL Facility that will, among other things, reduce total commitments to $2.0 billion and extend the maturity date”. As of the end of the second quarter Kodiak had $2.6 billion in debt outstanding, mainly from the ABL Facility and senior notes due 2029. As of the period, the company had $366.4 million available from the ABL Facility, according to its quarterly report August 6. Current liabilities as of June totaled $313.32 million including $50.39 million in accounts payable. Current assets stood at $345.53 million including $5.43 million in cash and cash equivalents. Revenue for 2Q 2025 was $322.84 million, down from $329.64 million for 1Q 2025 but up from $309.65 million for 2Q 2024. Net profit landed at $39.5 million, compared to $30.41 million for the prior three-month period and $6.23 million for 2Q 2024. Earnings per share of

Read More »

FERC in Focus: Will the agency maintain its independence under Trump 2.0?

This is part of Utility Dive’s ongoing “FERC in Focus” series where we explore trends, challenges and other significant developments affecting the commission. President Donald Trump is making unprecedented moves to assert control over independent agencies like the Federal Energy Regulatory Commission, and former commissioners, experts and agency observers say they are watching several key areas to gauge whether the commission will remain independent.  The White House has already moved to favor fossil fuel assets over renewable energy, require agencies to clear decisions with the Office of Management and Budget and include sunset provisions in new regulations. Trump has also shown a willingness to fire or try to remove regulators that run afoul of his preferences, such as he has done with the Nuclear Regulatory Commission and the Federal Reserve. With two Republican nominees preparing to fill empty seats at FERC, the agency is poised for a shift that could lead to more direct White House influence over the independent agency’s policymaking, said Tyson Slocum, director of Public Citizen’s Energy Program. “My guess is you’re going to see a pretty tight alignment between FERC’s priorities and the priorities of the White House, and I think that will significantly erode FERC’s historic bipartisan independence and move FERC more into being an arm of the White House,” he said. Even if the agency maintains its independence, the loss of experts and staff to the administration’s aggressive cuts to the federal workforce could hamper its work, some say.  “The agency is already chronically understaffed and so if you really see additional attrition, it’s going to be much harder for the agency to do complex, hard stuff on top of its bread-and-butter responsibilities and proceedings that really do take up a lot of time,” according to Matt Christiansen, a Wilson Sonsini attorney and former FERC general

Read More »

Swift Current lands $242M in financing for PJM’s largest storage project

Swift Current Energy landed $242 million in financing for its 150-MW, four-hour Prospect Power Storage facility in Rockingham County, Virginia, the Boston-based clean energy developer said Thursday. The project is under construction; Swift Current expects it to reach commercial operation in 2026. It will sell output from the project to Dominion Energy Virginia under a 15-year power purchase agreement. Once online, the project will be the largest battery storage facility in the PJM Interconnection, according to Swift Current. PJM runs the grid and wholesale power markets in 13 mid-Atlantic and Midwestern states and the District of Columbia. Swift Current bought the project in 2023 from Clean Planet Renewable Energy, a joint venture between Open Road Renewable Energy and Eolian. “This facility will be the largest battery energy storage project constructed in Virginia to date, supporting American energy dominance by efficiently using the existing transmission lines to open up capacity on the grid for all types of power generation,” Aaron Zubaty, Eolian CEO, said in the press release. Swift Current has brought online 2.2 GW of energy projects. It owns and operates 1.1 GW of solar and wind projects in Illinois, Mississippi and Texas. Its project pipeline totals about 10 GW. Swift Current is majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners. Truist Securities, Canadian Imperial Bank of Commerce, KeyBank and Natixis acted as joint coordinating lead arrangers for the Prospect Power project’s financing. PJM had 376 MW of battery storage capacity that could produce 378 MWh at the end of 2023, according to the U.S. Energy Information Administration’s April 25 update on the U.S. battery storage market. While PJM has little installed battery storage capacity compared with the California Independent System Operator and the Electric Reliability Council of Texas, it has about 30.6 GW of storage in its

Read More »

JF Acquires 4 Corners

JF Petroleum Group (JF) is continuing its expansion with the acquisition of 4 Corners Petroleum Equipment, a service contractor based in Texarkana, Texas. 4 Corners was founded in 2015 by industry veteran Kenny Allen and it has since served Northeast Texas and Southwest Arkansas, JF noted in a media release. JF said the acquisition expands its regional services capabilities and strengthens its presence in a key growth market. “As both a Gilbarco ASC and a Wayne ASO, 4 Corners brings significant technical expertise in break/fix service and heavy maintenance, serving a loyal customer base of wholesalers, dealers, and a key national account”, JF said. “4 Corners Petroleum Equipment has long been known for its quality workmanship and commitment to customers”, Keith Shadrick, CEO of JF, said. “We’re excited to welcome their team into the JF family and continue building on the strong foundation Kenny Allen has established”. The acquisition comes a month after JF acquired Maverick Petroleum Services, a petroleum service contractor based in Arizona. Maverick specializes in installing, maintaining, and repairing petroleum handling equipment, Point-of-Sale systems, and conducting environmental testing. Maverick is an Authorized Service Contractor for Gilbarco and Verifone, JF said. Additionally, Maverick offers light construction services for fuel system upgrades and compliance requirements. JF said that this strategic acquisition enhances its presence in the Southwest. To contact the author, email [email protected] WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS AUTHOR

Read More »

IPAA Announces New President and CEO

In a statement sent to Rigzone recently, the Independent Petroleum Association of America (IPAA) announced the appointment of Edith Naegele as its new President and Chief Executive Officer, effective September 22. Naegele is currently Vice President, Membership and Strategic Development & Corporate Secretary of the American Gas Association (AGA). The incoming IPAA President and CEO has served in this AGA role since joining the AGA in 2021, the IPAA highlighted, adding that, prior to her AGA position, Naegele worked for the U.S. Chamber of Commerce “in roles of increasing responsibility from 2003 with her last role as Senior Vice President where she oversaw membership development and engagement”. The AGA website notes that, at the U.S. Chamber of Commerce, Naegele was part of a development team supporting revenue of more than $180 million annually through multi-year and annual advancement plans aligned with the organization’s policy goals. “She identified and recommended new funding models and opportunities and set the strategic direction for research to increase member engagement, satisfaction and retention,” the site states. “Earlier in her career, Naegele gained experience with the energy industry working for the National Association of Regulatory Utility Commissioners and attended the Abshire-Inamori Leadership Academy within what is now the Energy Security and Climate Change Program at the Center for Strategic and International Studies,” the site adds. The IPAA outlined in its statement that, in her new role, Naegele’s priorities “will include engaging with IPAA membership across the country to better understand the issues facing the upstream oil and natural gas industry”. Jeff Eshelman, the IPAA’s current president and chief executive officer who has served the IPAA for over 27 years, plans to remain with the association in a new role, helping with the leadership transition and advising on advocacy efforts and IPAA’s Energy in Depth program which

Read More »

EQT Orders 1.5 MMtpa from Rio Grande LNG

NextDecade Corp. said Wednesday it is on track to reach a FID (final investment decision) this year for Train V of the under-construction Rio Grande LNG after roping in a new liquefied natural gas (LNG) buyer in EQT Corp. The Pittsburgh, Pennsylvania-based vertically integrated gas company signed an agreement to buy 1.5 million metric tons per annum (MMtpa) over 20 years from Train V. “The agreement will be on a free-on-board basis at a price indexed to Henry Hub, subject to NextDecade making a positive FID on Train V”, EQT said in a statement on its website. EQT president and chief executive Toby Z. Rice said, “The execution of this agreement represents continued momentum of EQT’s LNG strategy, which is focused on further diversifying the company’s end-market exposure into the rapidly growing global gas markets and accelerating long-term earnings growth”. “Consistent with our existing LNG deals, EQT will market and optimize its own cargos, providing structuring flexibility and downside protection”, Rice added. NextDecade chair and chief executive Matt Schatzman said, “The LNG we are selling from our project to EQT will play a critical role in enhancing the energy security of our allies around the world”. The Houston, Texas-based LNG developer said in a separate statement it has now secured buyers for 3.5 MMtpa from Train V. Earlier this year Japan’s JERA Co. Inc. signed up for two MMtpa over 20 years. NextDecade said it is looking to secure commitment for an additional one MMtpa “under a long-term sale and purchase agreement to support a positive FID on Train V”. “The company expects to complete commercialization of Train V in the third quarter of 2025, and subject to obtaining adequate financing, NextDecade expects to achieve a positive FID on Train V in the fourth quarter of 2025”, it said. NextDecade expects to

Read More »

Kodiak Offers $1.2B Bonds

Kodiak Gas Services Inc. is holding a two-tranche debt instrument sale with a combined principal amount of $1.2 billion to refinance existing debt. The Woodlands, Texas-based provider of oil and gas compression and related services is offering $600 million senior unsecured notes due 2033 with a 6.5 percent interest and $600 million senior unsecured notes maturing 2035 with a 6.75 percent interest. Kodiak expects to close the offering Friday subject to customary closing conditions. “The notes will be issued at par and will be guaranteed on a senior unsecured basis by the company, its existing subsidiaries and certain of its future U.S. subsidiaries that guarantee the issuer’s revolving asset-based loan credit facility (the ABL Facility)”, it said in a statement on its website. “The issuer intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under the ABL Facility. “In connection with such repayment, the company intends to enter into an amendment to the ABL Facility that will, among other things, reduce total commitments to $2.0 billion and extend the maturity date”. As of the end of the second quarter Kodiak had $2.6 billion in debt outstanding, mainly from the ABL Facility and senior notes due 2029. As of the period, the company had $366.4 million available from the ABL Facility, according to its quarterly report August 6. Current liabilities as of June totaled $313.32 million including $50.39 million in accounts payable. Current assets stood at $345.53 million including $5.43 million in cash and cash equivalents. Revenue for 2Q 2025 was $322.84 million, down from $329.64 million for 1Q 2025 but up from $309.65 million for 2Q 2024. Net profit landed at $39.5 million, compared to $30.41 million for the prior three-month period and $6.23 million for 2Q 2024. Earnings per share of

Read More »

Swift Current lands $242M in financing for PJM’s largest storage project

Swift Current Energy landed $242 million in financing for its 150-MW, four-hour Prospect Power Storage facility in Rockingham County, Virginia, the Boston-based clean energy developer said Thursday. The project is under construction; Swift Current expects it to reach commercial operation in 2026. It will sell output from the project to Dominion Energy Virginia under a 15-year power purchase agreement. Once online, the project will be the largest battery storage facility in the PJM Interconnection, according to Swift Current. PJM runs the grid and wholesale power markets in 13 mid-Atlantic and Midwestern states and the District of Columbia. Swift Current bought the project in 2023 from Clean Planet Renewable Energy, a joint venture between Open Road Renewable Energy and Eolian. “This facility will be the largest battery energy storage project constructed in Virginia to date, supporting American energy dominance by efficiently using the existing transmission lines to open up capacity on the grid for all types of power generation,” Aaron Zubaty, Eolian CEO, said in the press release. Swift Current has brought online 2.2 GW of energy projects. It owns and operates 1.1 GW of solar and wind projects in Illinois, Mississippi and Texas. Its project pipeline totals about 10 GW. Swift Current is majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners. Truist Securities, Canadian Imperial Bank of Commerce, KeyBank and Natixis acted as joint coordinating lead arrangers for the Prospect Power project’s financing. PJM had 376 MW of battery storage capacity that could produce 378 MWh at the end of 2023, according to the U.S. Energy Information Administration’s April 25 update on the U.S. battery storage market. While PJM has little installed battery storage capacity compared with the California Independent System Operator and the Electric Reliability Council of Texas, it has about 30.6 GW of storage in its

Read More »

FERC in Focus: Will the agency maintain its independence under Trump 2.0?

This is part of Utility Dive’s ongoing “FERC in Focus” series where we explore trends, challenges and other significant developments affecting the commission. President Donald Trump is making unprecedented moves to assert control over independent agencies like the Federal Energy Regulatory Commission, and former commissioners, experts and agency observers say they are watching several key areas to gauge whether the commission will remain independent.  The White House has already moved to favor fossil fuel assets over renewable energy, require agencies to clear decisions with the Office of Management and Budget and include sunset provisions in new regulations. Trump has also shown a willingness to fire or try to remove regulators that run afoul of his preferences, such as he has done with the Nuclear Regulatory Commission and the Federal Reserve. With two Republican nominees preparing to fill empty seats at FERC, the agency is poised for a shift that could lead to more direct White House influence over the independent agency’s policymaking, said Tyson Slocum, director of Public Citizen’s Energy Program. “My guess is you’re going to see a pretty tight alignment between FERC’s priorities and the priorities of the White House, and I think that will significantly erode FERC’s historic bipartisan independence and move FERC more into being an arm of the White House,” he said. Even if the agency maintains its independence, the loss of experts and staff to the administration’s aggressive cuts to the federal workforce could hamper its work, some say.  “The agency is already chronically understaffed and so if you really see additional attrition, it’s going to be much harder for the agency to do complex, hard stuff on top of its bread-and-butter responsibilities and proceedings that really do take up a lot of time,” according to Matt Christiansen, a Wilson Sonsini attorney and former FERC general

Read More »

IPAA Announces New President and CEO

In a statement sent to Rigzone recently, the Independent Petroleum Association of America (IPAA) announced the appointment of Edith Naegele as its new President and Chief Executive Officer, effective September 22. Naegele is currently Vice President, Membership and Strategic Development & Corporate Secretary of the American Gas Association (AGA). The incoming IPAA President and CEO has served in this AGA role since joining the AGA in 2021, the IPAA highlighted, adding that, prior to her AGA position, Naegele worked for the U.S. Chamber of Commerce “in roles of increasing responsibility from 2003 with her last role as Senior Vice President where she oversaw membership development and engagement”. The AGA website notes that, at the U.S. Chamber of Commerce, Naegele was part of a development team supporting revenue of more than $180 million annually through multi-year and annual advancement plans aligned with the organization’s policy goals. “She identified and recommended new funding models and opportunities and set the strategic direction for research to increase member engagement, satisfaction and retention,” the site states. “Earlier in her career, Naegele gained experience with the energy industry working for the National Association of Regulatory Utility Commissioners and attended the Abshire-Inamori Leadership Academy within what is now the Energy Security and Climate Change Program at the Center for Strategic and International Studies,” the site adds. The IPAA outlined in its statement that, in her new role, Naegele’s priorities “will include engaging with IPAA membership across the country to better understand the issues facing the upstream oil and natural gas industry”. Jeff Eshelman, the IPAA’s current president and chief executive officer who has served the IPAA for over 27 years, plans to remain with the association in a new role, helping with the leadership transition and advising on advocacy efforts and IPAA’s Energy in Depth program which

Read More »

EQT Orders 1.5 MMtpa from Rio Grande LNG

NextDecade Corp. said Wednesday it is on track to reach a FID (final investment decision) this year for Train V of the under-construction Rio Grande LNG after roping in a new liquefied natural gas (LNG) buyer in EQT Corp. The Pittsburgh, Pennsylvania-based vertically integrated gas company signed an agreement to buy 1.5 million metric tons per annum (MMtpa) over 20 years from Train V. “The agreement will be on a free-on-board basis at a price indexed to Henry Hub, subject to NextDecade making a positive FID on Train V”, EQT said in a statement on its website. EQT president and chief executive Toby Z. Rice said, “The execution of this agreement represents continued momentum of EQT’s LNG strategy, which is focused on further diversifying the company’s end-market exposure into the rapidly growing global gas markets and accelerating long-term earnings growth”. “Consistent with our existing LNG deals, EQT will market and optimize its own cargos, providing structuring flexibility and downside protection”, Rice added. NextDecade chair and chief executive Matt Schatzman said, “The LNG we are selling from our project to EQT will play a critical role in enhancing the energy security of our allies around the world”. The Houston, Texas-based LNG developer said in a separate statement it has now secured buyers for 3.5 MMtpa from Train V. Earlier this year Japan’s JERA Co. Inc. signed up for two MMtpa over 20 years. NextDecade said it is looking to secure commitment for an additional one MMtpa “under a long-term sale and purchase agreement to support a positive FID on Train V”. “The company expects to complete commercialization of Train V in the third quarter of 2025, and subject to obtaining adequate financing, NextDecade expects to achieve a positive FID on Train V in the fourth quarter of 2025”, it said. NextDecade expects to

Read More »

Kodiak Offers $1.2B Bonds

Kodiak Gas Services Inc. is holding a two-tranche debt instrument sale with a combined principal amount of $1.2 billion to refinance existing debt. The Woodlands, Texas-based provider of oil and gas compression and related services is offering $600 million senior unsecured notes due 2033 with a 6.5 percent interest and $600 million senior unsecured notes maturing 2035 with a 6.75 percent interest. Kodiak expects to close the offering Friday subject to customary closing conditions. “The notes will be issued at par and will be guaranteed on a senior unsecured basis by the company, its existing subsidiaries and certain of its future U.S. subsidiaries that guarantee the issuer’s revolving asset-based loan credit facility (the ABL Facility)”, it said in a statement on its website. “The issuer intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under the ABL Facility. “In connection with such repayment, the company intends to enter into an amendment to the ABL Facility that will, among other things, reduce total commitments to $2.0 billion and extend the maturity date”. As of the end of the second quarter Kodiak had $2.6 billion in debt outstanding, mainly from the ABL Facility and senior notes due 2029. As of the period, the company had $366.4 million available from the ABL Facility, according to its quarterly report August 6. Current liabilities as of June totaled $313.32 million including $50.39 million in accounts payable. Current assets stood at $345.53 million including $5.43 million in cash and cash equivalents. Revenue for 2Q 2025 was $322.84 million, down from $329.64 million for 1Q 2025 but up from $309.65 million for 2Q 2024. Net profit landed at $39.5 million, compared to $30.41 million for the prior three-month period and $6.23 million for 2Q 2024. Earnings per share of

Read More »

USA Hits New Crude Oil Production Record

The U.S. hit a new crude oil production record recently, a data page on the U.S. Energy Information Administration (EIA) website showed. The data page – which displays monthly U.S. field production of crude oil, was last updated on August 29, and includes data from January 1920 to June 2025 – revealed that monthly U.S. field production of crude oil averaged 13.58 million barrels per day in June. This figure is the highest in the data set, with the second highest figure coming in October 2024, at 13.530 million barrels per day. The third highest figure in the data set was seen in April this year, at 13.466 million barrels per day. Monthly U.S. field production of crude oil has averaged 13 million barrels per day or more on 21 occasions, according to the data page. Four of these were seen in 2023, 11 came in 2024, and six were in 2025, the data page highlighted. A data page on the EIA site showing annual U.S. field production of crude oil, which was also last updated on August 29 and which includes data from 1859 to 2024, showed that annual U.S. field production of crude oil averaged 13.235 million barrels per day in 2024. Prior to this, annual U.S. field production of crude oil had never averaged 13 million barrels per day or more, the data revealed. The closest it came to an annual average of 13 million barrels per day was in 2023, at 12.943 million barrels per day, the data showed. In a market analysis sent to Rigzone recently, Antonio Di Giacomo, Financial Markets Analyst for LATAM at XS, noted that, “in June, the United States reached a new all-time high in crude oil production, hitting 13.58 million barrels per day”. “This milestone was primarily driven by increases in Texas, New

Read More »

Microsoft will invest $80B in AI data centers in fiscal 2025

And Microsoft isn’t the only one that is ramping up its investments into AI-enabled data centers. Rival cloud service providers are all investing in either upgrading or opening new data centers to capture a larger chunk of business from developers and users of large language models (LLMs).  In a report published in October 2024, Bloomberg Intelligence estimated that demand for generative AI would push Microsoft, AWS, Google, Oracle, Meta, and Apple would between them devote $200 billion to capex in 2025, up from $110 billion in 2023. Microsoft is one of the biggest spenders, followed closely by Google and AWS, Bloomberg Intelligence said. Its estimate of Microsoft’s capital spending on AI, at $62.4 billion for calendar 2025, is lower than Smith’s claim that the company will invest $80 billion in the fiscal year to June 30, 2025. Both figures, though, are way higher than Microsoft’s 2020 capital expenditure of “just” $17.6 billion. The majority of the increased spending is tied to cloud services and the expansion of AI infrastructure needed to provide compute capacity for OpenAI workloads. Separately, last October Amazon CEO Andy Jassy said his company planned total capex spend of $75 billion in 2024 and even more in 2025, with much of it going to AWS, its cloud computing division.

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John Deere unveils more autonomous farm machines to address skill labor shortage

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More Self-driving tractors might be the path to self-driving cars. John Deere has revealed a new line of autonomous machines and tech across agriculture, construction and commercial landscaping. The Moline, Illinois-based John Deere has been in business for 187 years, yet it’s been a regular as a non-tech company showing off technology at the big tech trade show in Las Vegas and is back at CES 2025 with more autonomous tractors and other vehicles. This is not something we usually cover, but John Deere has a lot of data that is interesting in the big picture of tech. The message from the company is that there aren’t enough skilled farm laborers to do the work that its customers need. It’s been a challenge for most of the last two decades, said Jahmy Hindman, CTO at John Deere, in a briefing. Much of the tech will come this fall and after that. He noted that the average farmer in the U.S. is over 58 and works 12 to 18 hours a day to grow food for us. And he said the American Farm Bureau Federation estimates there are roughly 2.4 million farm jobs that need to be filled annually; and the agricultural work force continues to shrink. (This is my hint to the anti-immigration crowd). John Deere’s autonomous 9RX Tractor. Farmers can oversee it using an app. While each of these industries experiences their own set of challenges, a commonality across all is skilled labor availability. In construction, about 80% percent of contractors struggle to find skilled labor. And in commercial landscaping, 86% of landscaping business owners can’t find labor to fill open positions, he said. “They have to figure out how to do

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2025 playbook for enterprise AI success, from agents to evals

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More 2025 is poised to be a pivotal year for enterprise AI. The past year has seen rapid innovation, and this year will see the same. This has made it more critical than ever to revisit your AI strategy to stay competitive and create value for your customers. From scaling AI agents to optimizing costs, here are the five critical areas enterprises should prioritize for their AI strategy this year. 1. Agents: the next generation of automation AI agents are no longer theoretical. In 2025, they’re indispensable tools for enterprises looking to streamline operations and enhance customer interactions. Unlike traditional software, agents powered by large language models (LLMs) can make nuanced decisions, navigate complex multi-step tasks, and integrate seamlessly with tools and APIs. At the start of 2024, agents were not ready for prime time, making frustrating mistakes like hallucinating URLs. They started getting better as frontier large language models themselves improved. “Let me put it this way,” said Sam Witteveen, cofounder of Red Dragon, a company that develops agents for companies, and that recently reviewed the 48 agents it built last year. “Interestingly, the ones that we built at the start of the year, a lot of those worked way better at the end of the year just because the models got better.” Witteveen shared this in the video podcast we filmed to discuss these five big trends in detail. Models are getting better and hallucinating less, and they’re also being trained to do agentic tasks. Another feature that the model providers are researching is a way to use the LLM as a judge, and as models get cheaper (something we’ll cover below), companies can use three or more models to

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OpenAI’s red teaming innovations define new essentials for security leaders in the AI era

Join our daily and weekly newsletters for the latest updates and exclusive content on industry-leading AI coverage. Learn More OpenAI has taken a more aggressive approach to red teaming than its AI competitors, demonstrating its security teams’ advanced capabilities in two areas: multi-step reinforcement and external red teaming. OpenAI recently released two papers that set a new competitive standard for improving the quality, reliability and safety of AI models in these two techniques and more. The first paper, “OpenAI’s Approach to External Red Teaming for AI Models and Systems,” reports that specialized teams outside the company have proven effective in uncovering vulnerabilities that might otherwise have made it into a released model because in-house testing techniques may have missed them. In the second paper, “Diverse and Effective Red Teaming with Auto-Generated Rewards and Multi-Step Reinforcement Learning,” OpenAI introduces an automated framework that relies on iterative reinforcement learning to generate a broad spectrum of novel, wide-ranging attacks. Going all-in on red teaming pays practical, competitive dividends It’s encouraging to see competitive intensity in red teaming growing among AI companies. When Anthropic released its AI red team guidelines in June of last year, it joined AI providers including Google, Microsoft, Nvidia, OpenAI, and even the U.S.’s National Institute of Standards and Technology (NIST), which all had released red teaming frameworks. Investing heavily in red teaming yields tangible benefits for security leaders in any organization. OpenAI’s paper on external red teaming provides a detailed analysis of how the company strives to create specialized external teams that include cybersecurity and subject matter experts. The goal is to see if knowledgeable external teams can defeat models’ security perimeters and find gaps in their security, biases and controls that prompt-based testing couldn’t find. What makes OpenAI’s recent papers noteworthy is how well they define using human-in-the-middle

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Three Aberdeen oil company headquarters sell for £45m

Three Aberdeen oil company headquarters have been sold in a deal worth £45 million. The CNOOC, Apache and Taqa buildings at the Prime Four business park in Kingswells have been acquired by EEH Ventures. The trio of buildings, totalling 275,000 sq ft, were previously owned by Canadian firm BMO. The financial services powerhouse first bought the buildings in 2014 but took the decision to sell the buildings as part of a “long-standing strategy to reduce their office exposure across the UK”. The deal was the largest to take place throughout Scotland during the last quarter of 2024. Trio of buildings snapped up London headquartered EEH Ventures was founded in 2013 and owns a number of residential, offices, shopping centres and hotels throughout the UK. All three Kingswells-based buildings were pre-let, designed and constructed by Aberdeen property developer Drum in 2012 on a 15-year lease. © Supplied by CBREThe Aberdeen headquarters of Taqa. Image: CBRE The North Sea headquarters of Middle-East oil firm Taqa has previously been described as “an amazing success story in the Granite City”. Taqa announced in 2023 that it intends to cease production from all of its UK North Sea platforms by the end of 2027. Meanwhile, Apache revealed at the end of last year it is planning to exit the North Sea by the end of 2029 blaming the windfall tax. The US firm first entered the North Sea in 2003 but will wrap up all of its UK operations by 2030. Aberdeen big deals The Prime Four acquisition wasn’t the biggest Granite City commercial property sale of 2024. American private equity firm Lone Star bought Union Square shopping centre from Hammerson for £111m. © ShutterstockAberdeen city centre. Hammerson, who also built the property, had originally been seeking £150m. BP’s North Sea headquarters in Stoneywood, Aberdeen, was also sold. Manchester-based

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2025 ransomware predictions, trends, and how to prepare

Zscaler ThreatLabz research team has revealed critical insights and predictions on ransomware trends for 2025. The latest Ransomware Report uncovered a surge in sophisticated tactics and extortion attacks. As ransomware remains a key concern for CISOs and CIOs, the report sheds light on actionable strategies to mitigate risks. Top Ransomware Predictions for 2025: ● AI-Powered Social Engineering: In 2025, GenAI will fuel voice phishing (vishing) attacks. With the proliferation of GenAI-based tooling, initial access broker groups will increasingly leverage AI-generated voices; which sound more and more realistic by adopting local accents and dialects to enhance credibility and success rates. ● The Trifecta of Social Engineering Attacks: Vishing, Ransomware and Data Exfiltration. Additionally, sophisticated ransomware groups, like the Dark Angels, will continue the trend of low-volume, high-impact attacks; preferring to focus on an individual company, stealing vast amounts of data without encrypting files, and evading media and law enforcement scrutiny. ● Targeted Industries Under Siege: Manufacturing, healthcare, education, energy will remain primary targets, with no slowdown in attacks expected. ● New SEC Regulations Drive Increased Transparency: 2025 will see an uptick in reported ransomware attacks and payouts due to new, tighter SEC requirements mandating that public companies report material incidents within four business days. ● Ransomware Payouts Are on the Rise: In 2025 ransom demands will most likely increase due to an evolving ecosystem of cybercrime groups, specializing in designated attack tactics, and collaboration by these groups that have entered a sophisticated profit sharing model using Ransomware-as-a-Service. To combat damaging ransomware attacks, Zscaler ThreatLabz recommends the following strategies. ● Fighting AI with AI: As threat actors use AI to identify vulnerabilities, organizations must counter with AI-powered zero trust security systems that detect and mitigate new threats. ● Advantages of adopting a Zero Trust architecture: A Zero Trust cloud security platform stops

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The Download: unnerving AI avatars, and Trump’s climate gift to China

This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. Synthesia’s AI clones are more expressive than ever. Soon they’ll be able to talk back. —Rhiannon Williams Earlier this summer, I visited the AI company Synthesia to give it what it needed to create a hyperrealistic AI-generated avatar of me. The company’s avatars are a decent barometer of just how dizzying progress has been in AI over the past few years, so I was curious just how accurately its latest AI model, introduced last month, could replicate me.I found my avatar as unnerving as it is technically impressive. It’s slick enough to pass as a high-definition recording of a chirpy corporate speech, and if you didn’t know me, you’d probably think that’s exactly what it was. 
My avatar shows how it’s becoming ever-harder to distinguish the artificial from the real. And before long, these avatars will even be able to talk back to us. But how much better can they get? And what might interacting with AI clones do to us? Read the full story.
How Trump is helping China extend its massive lead in clean energy  On a spring day in 1954, Bell Labs researchers showed off the first practical solar panels at a press conference in New Jersey, using sunlight to spin a toy Ferris wheel before a stunned crowd. The solar future looked bright. But in the race to commercialize the technology it invented, the US would lose resoundingly. Last year, China exported $40 billion worth of solar panels and modules, while America shipped just $69 million, according to the New York Times. It was a stunning forfeit of a huge technological lead.  Now, thanks to its policies propping up aging fossil-fuel industries, the US seems determined to repeat the mistake. Read the full story. —James Temple This article is from The Spark, MIT Technology Review’s newsletter all about the latest in climate and energy tech. To receive it in your inbox every Wednesday, sign up here. The must-reads

I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 AI chatbots of celebrities sent risqué messages to teenagersVirtual versions of Timothée Chalamet and Chappell Roan discussed sex and drugs. (WP $)+ An AI companion site is hosting sexually charged conversations with underage celebrity bots. (MIT Technology Review)2 Trump can’t make up his mind about US tech giantsWhile defending them against EU regulation, he’s also pushing to break them up. (FT $)+ He’s hosting tech leaders at the White House later today. (Reuters)+ Elon Musk doesn’t appear to have made the guest list. (CNBC) 3 Trump’s cuts have led to babies born with HIVClinics in East Africa are closing, and people are being forced to skip vital drug doses. (The Guardian)+ Artificial blood could save many lives. Why aren’t we using it? (Slate) 4 Germany has already met its 2028 goal for reducing coal-fired powerFor the second year running, it won’t have to shut any more plants as a result. (Bloomberg $)+ The UK is done with coal. How’s the rest of the world doing? (MIT Technology Review) 5 The risk of all-out nuclear war is growingBut we’ve normalized nuclear competition so much, the risks aren’t always clear. (New Yorker $)+ Maybe it’s time to start burying nuclear reactors’ cores. (Economist $) 6 xAI is hemorrhaging executivesThe CFO has left just months after joining. (WSJ $) 7 India’s chip industry is gaining momentumYears of investment are starting to pay off. But can it strike deals with overseas chip giants too? (Bloomberg $)+ Meanwhile, Taiwan’s chip hub is home to a baby boom. (Rest of World)+ Inside India’s scramble for AI independence. (MIT Technology Review) 8 Boston Dynamics’ Atlas robot only needs one AI model to workIt’s all it requires to master humanlike movements successfully. (Wired $)+ How ‘robot ballet’ could shake up factory production lines. (FT $)+ Humanoid robots still aren’t living up to their lofty promises. (IEEE Spectrum)+ Will we ever trust robots? (MIT Technology Review)
9 How studying astronauts could improve health on EarthThere’s still a huge amount we don’t know about space’s effects on humans. (Vox)+ Space travel is dangerous. Could genetic testing and gene editing make it safer? (MIT Technology Review) 10 The Caribbean island of Anguilla has hit upon an AI cash cowBy selling its .ai domain. (Semafor)+ How a tiny Pacific Island became the global capital of cybercrime. (MIT Technology Review)
Quote of the day “If you are not being scammed yet, it’s because you haven’t encountered a scam designed just for you and only for you.” —Jeff Kuo, chief executive of Taiwanese fraud prevention company Gogolook, warns the Financial Times about the endless possibilities generative AI presents to scammers. One more thing
China built hundreds of AI data centers to catch the AI boom. Now many stand unused.Last year, China’s boom in data center construction was at its height, fueled by both government and private investors. Renting out GPUs to companies that need them for training AI models was seen as a sure bet.But with the rise of DeepSeek and a sudden change in the economics around AI, the industry is faltering. Prices for GPUs are falling and many newly built facilities are now sitting empty. Read the full story to find out why. —Caiwei Chen We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.) + The trailer for the forthcoming Wuthering Heights film is here and it looks…interesting.+ This fall’s crop of video games is outstanding.+ Textured walls are a surefire way to make your home look dated. Here’s some other faux pas to avoid.+The dogs of this year’s US Open are too cute ($)

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Transforming CX with embedded real-time analytics 

In partnership withStarTree During Black Friday in 2024, Stripe processed more than $31 billion in transactions, with processing rates peaking at 137,000 transactions per minute, the highest in the company’s history. The financial-services firm had to analyze every transaction in real time to prevent nearly 21 million fraud attempts that could have siphoned more than $910 million from its merchant customers.  Yet, fraud protection is only one reason that Stripe embraced real-time data analytics. Evaluating trends in massive data flows is essential for the company’s services, such as allowing businesses to bill based on usage and monitor orders and inventory. In fact, many of Stripe’s services would not be possible without real-time analytics, says Avinash Bhat, head of data infrastructure at Stripe. “We have certain products that require real-time analytics, like usage-based billing and fraud detection,” he says. “Without our real-time analytics, we would not have a few of our products and that’s why it’s super important.”  Stripe is not alone. In today’s digital world, data analysis is increasingly delivered directly to business customers and individual users, allowing real-time, continuous insights to shape user experiences. Ride-hailing apps calculate prices and estimate times of arrival (ETAs) in near-real time. Financial platforms deliver real-time cash-flow analysis. Customers expect and reward data-driven services that reflect what is happening now.  In fact, having the capability to collect and analyze data in real time correlates with companies’ ability to grow. Business leaders that scored company in the top quartile for real-time operations saw 50% higher revenue growth and net margins, compared to companies placed in the bottom quartile, according to a survey conducted by the MIT Center for Information Systems Research (CISR) and Insight Partners. The top companies focused on automated processes and fast decision-making at all levels, relying on easily accessible data services updated in real time. 
Companies that wait on data are putting themselves in a bind, says Kishore Gopalakrishna, co-founder and CEO of StarTree, a real-time data-analytics technology provider. “The basis of real-time analytics is—when the value of the data is very high—we want to capitalize on it instead of waiting and doing batch analytics,” he says. “Getting access to the data a day, or even hours, later is sometimes actually too late.”  Download the report. This content was produced by Insights, the custom content arm of MIT Technology Review. It was not written by MIT Technology Review’s editorial staff. It was researched, designed, and written entirely by human writers, editors, analysts, and illustrators. This includes the writing of surveys and collection of data for surveys. AI tools that may have been used were limited to secondary production processes that passed thorough human review.

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Synthesia’s AI clones are more expressive than ever. Soon they’ll be able to talk back.

Earlier this summer, I walked through the glassy lobby of a fancy office in London, into an elevator, and then along a corridor into a clean, carpeted room. Natural light flooded in through its windows, and a large pair of umbrella-like lighting rigs made the room even brighter. I tried not to squint as I took my place in front of a tripod equipped with a large camera and a laptop displaying an autocue. I took a deep breath and started to read out the script. I’m not a newsreader or an actor auditioning for a movie—I was visiting the AI company Synthesia to give it what it needed to create a hyperrealistic AI-generated avatar of me. The company’s avatars are a decent barometer of just how dizzying progress has been in AI over the past few years, so I was curious just how accurately its latest AI model, introduced last month, could replicate me.  When Synthesia launched in 2017, its primary purpose was to match AI versions of real human faces—for example, the former footballer David Beckham—with dubbed voices speaking in different languages. A few years later, in 2020, it started giving the companies that signed up for its services the opportunity to make professional-level presentation videos starring either AI versions of staff members or consenting actors. But the technology wasn’t perfect. The avatars’ body movements could be jerky and unnatural, their accents sometimes slipped, and the emotions indicated by their voices didn’t always match their facial expressions. Now Synthesia’s avatars have been updated with more natural mannerisms and movements, as well as expressive voices that better preserve the speaker’s accent—making them appear more humanlike than ever before. For Synthesia’s corporate clients, these avatars will make for slicker presenters of financial results, internal communications, or staff training videos.
I found the video demonstrating my avatar as unnerving as it is technically impressive. It’s slick enough to pass as a high-definition recording of a chirpy corporate speech, and if you didn’t know me, you’d probably think that’s exactly what it was. This demonstration shows how much harder it’s becoming to distinguish the artificial from the real. And before long, these avatars will even be able to talk back to us. But how much better can they get? And what might interacting with AI clones do to us?   The creation process When my former colleague Melissa visited Synthesia’s London studio to create an avatar of herself last year, she had to go through a long process of calibrating the system, reading out a script in different emotional states, and mouthing the sounds needed to help her avatar form vowels and consonants. As I stand in the brightly lit room 15 months later, I’m relieved to hear that the creation process has been significantly streamlined. Josh Baker-Mendoza, Synthesia’s technical supervisor, encourages me to gesture and move my hands as I would during natural conversation, while simultaneously warning me not to move too much. I duly repeat an overly glowing script that’s designed to encourage me to speak emotively and enthusiastically. The result is a bit as if if Steve Jobs had been resurrected as a blond British woman with a low, monotonous voice. 
It also has the unfortunate effect of making me sound like an employee of Synthesia.“I am so thrilled to be with you today to show off what we’ve been working on. We are on the edge of innovation, and the possibilities are endless,” I parrot eagerly, trying to sound lively rather than manic. “So get ready to be part of something that will make you go, ‘Wow!’ This opportunity isn’t just big—it’s monumental.” Just an hour later, the team has all the footage it needs. A couple of weeks later I receive two avatars of myself: one powered by the previous Express-1 model and the other made with the latest Express-2 technology. The latter, Synthesia claims, makes its synthetic humans more lifelike and true to the people they’re modeled on, complete with more expressive hand gestures, facial movements, and speech. You can see the results for yourself below.  COURTESY SYNTHESIA Last year, Melissa found that her Express-1-powered avatar failed to match her transatlantic accent. Its range of emotions was also limited—when she asked her avatar to read a script angrily, it sounded more whiny than furious. In the months since, Synthesia has improved Express-1, but the version of my avatar made with the same technology blinks furiously and still struggles to synchronize body movements with speech. By way of contrast, I’m struck by just how much my new Express-2 avatar looks like me: Its facial features mirror my own perfectly. Its voice is spookily accurate too, and although it gesticulates more than I do, its hand movements generally marry up with what I’m saying.  But the tiny telltale signs of AI generation are still there if you know where to look. The palms of my hands are bright pink and as smooth as putty. Strands of hair hang stiffly around my shoulders instead of moving with me. Its eyes stare glassily ahead, rarely blinking. And although the voice is unmistakably mine, there’s something slightly off about my digital clone’s intonations and speech patterns. “This is great!” my avatar randomly declares, before slipping back into a saner register. Anna Eiserbeck, a postdoctoral psychology researcher at the Humboldt University of Berlin who has studied how humans react to perceived deepfake faces, says she isn’t sure she’d have been able to identify my avatar as a deepfake at first glance. But she would eventually have noticed something amiss. It’s not just the small details that give it away—my oddly static earring, the way my body sometimes moves in small, abrupt jerks. It’s something that runs much deeper, she explains. “Something seemed a bit empty. I know there’s no actual emotion behind it— it’s not a conscious being. It does not feel anything,” she says. Watching the video gave her “this kind of uncanny feeling.” 

My digital clone, and Eiserbeck’s reaction to it, make me wonder how realistic these avatars really need to be.  I realize that part of the reason I feel disconcerted by my avatar is that it behaves in a way I rarely have to. Its oddly upbeat register is completely at odds with how I normally speak; I’m a die-hard cynical Brit who finds it difficult to inject enthusiasm into my voice even when I’m genuinely thrilled or excited. It’s just the way I am. Plus, watching the videos on a loop makes me question if I really do wave my hands about that way, or move my mouth in such a weird manner. If you thought being confronted with your own face on a Zoom call was humbling, wait until you’re staring at a whole avatar of yourself.  When Facebook was first taking off in the UK almost 20 years ago, my friends and I thought illicitly logging into each other’s accounts and posting the most outrageous or rage-inducing status updates imaginable was the height of comedy. I wonder if the equivalent will soon be getting someone else’s avatar to say something truly embarrassing: expressing support for a disgraced politician or (in my case) admitting to liking Ed Sheeran’s music.  Express-2 remodels every person it’s presented with into a polished professional speaker with the body language of a hyperactive hype man. And while this makes perfect sense for a company focused on making glossy business videos, watching my avatar doesn’t feel like watching me at all. It feels like something else entirely. How it works The real technical challenge these days has less to do with creating avatars that match our appearance than with getting them to replicate our behavior, says Björn Schuller, a professor of artificial intelligence at Imperial College London. “There’s a lot to consider to get right; you have to have the right micro gesture, the right intonation, the sound of voice and the right word,” he says. “I don’t want an AI [avatar] to frown at the wrong moment—that could send an entirely different message.” To achieve an improved level of realism, Synthesia developed a number of new audio and video AI models. The team created a voice cloning model to preserve the human speaker’s accent, intonation, and expressiveness—unlike other voice models, which can flatten speakers’ distinctive accents into generically American-sounding voices. When a user uploads a script to Express-1, its system analyzes the words to infer the correct tone to use. That information is then fed into a diffusion model, which renders the avatar’s facial expressions and movements to match the speech.  Alongside the voice model, Express-2 uses three other models to create and animate the avatars. The first generates an avatar’s gestures to accompany the speech fed into it by the Express-Voice model. A second evaluates how closely the input audio aligns with the multiple versions of the corresponding generated motion before selecting the best one. Then a final model renders the avatar with that chosen motion. 
This third rendering model is significantly more powerful than its Express-1 predecessor. Whereas the previous model had a few hundred million parameters, Express-2’s rendering model’s parameters number in the billions. This means it takes less time to create the avatar, says Youssef Alami Mejjati, Synthesia’s head of research and development: “With Express-1, it needed to first see someone expressing emotions to be able to render them. Now, because we’ve trained it on much more diverse data and much larger data sets, with much more compute, it just learns these associations automatically without needing to see them.” 
Narrowing the uncanny valley Although humanlike AI-generated avatars have been around for years, the recent boom in generative AI is making it increasingly easier and more affordable to create lifelike synthetic humans—and they’re already being put to work. Synthesia isn’t alone: AI avatar companies like Yuzu Labs, Creatify, Arcdads, and Vidyard give businesses the tools to quickly generate and edit videos starring either AI actors or artificial versions of members of staff, promising cost-effective ways to make compelling ads that audiences connect with. Similarly, AI-generated clones of livestreamers have exploded in popularity across China in recent years, partly because they can sell products 24/7 without getting tired or needing to be paid.  For now at least, Synthesia is “laser focused” on the corporate sphere. But it’s not ruling out expanding into new sectors such as entertainment or education, says Peter Hill, the company’s chief technical officer. In an apparent step toward this, Synthesia recently partnered with Google to integrate Google’s powerful new generative video model Veo 3 into its platform, allowing users to directly generate and embed clips into Synthesia’s videos. It suggests that in the future, these hyperrealistic artificial humans could take up starring roles in detailed universes with ever-changeable backdrops.  At present this could, for example, involve using Veo 3 to generate a video of meat-processing machinery, with a Synthesia avatar next to the machines talking about how to use them safely. But future versions of Synthesia’s technology could result in educational videos customizable to an individual’s level of knowledge, says Alex Voica, head of corporate affairs and policy at Synthesia. For example, a video about the evolution of life on Earth could be tweaked for someone with a biology degree or someone with high-school-level knowledge. “It’s going to be such a much more engaging and personalized way of delivering content that I’m really excited about,” he says.  The next frontier, according to Synthesia, will be avatars that can talk back, “understanding” conversations with users and responding in real time Think ChatGPT, but with a lifelike digital human attached.  Synthesia has already added an interactive element by letting users click through on-screen questions during quizzes presented by its avatars. But it’s also exploring making them truly interactive: Future users could ask their avatar to pause and expand on a point, or ask it a question. “We really want to make the best learning experience, and that means through video that’s entertaining but also personalized and interactive,” says Alami Mejjati. “This, for me, is the missing part in online learning experiences today. And I know we’re very close to solving that.”
We already know that humans can—and do—form deep emotional bonds with AI systems, even with basic text-based chatbots. Combining agentic technology—which is already capable of navigating the web, coding, and playing video games unsupervised—with a realistic human face could usher in a whole new kind of AI addiction, says Pat Pataranutaporn, an assistant professor at the MIT Media Lab.   “If you make the system too realistic, people might start forming certain kinds of relationships with these characters,” he says. “We’ve seen many cases where AI companions have influenced dangerous behavior even when they are basically texting. If an avatar had a talking head, it would be even more addictive.” Schuller agrees that avatars in the near future will be perfectly optimized to adjust their projected levels of emotion and charisma so that their human audiences will stay engaged for as long as possible. “It will be very hard [for humans] to compete with charismatic AI of the future; it’s always present, always has an ear for you, and is always understanding,” he says. “Al will change that human-to-human connection.” As I pause and replay my Express-2 avatar, I imagine holding conversations with it—this uncanny, permanently upbeat, perpetually available product of pixels and algorithms that looks like me and sounds like me, but fundamentally isn’t me. Virtual Rhiannon has never laughed until she’s cried, or fallen in love, or run a marathon, or watched the sun set in another country.  But, I concede, she could deliver a damned good presentation about why Ed Sheeran is the greatest musician ever to come out of the UK. And only my closest friends and family would know that it’s not the real me.

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How Trump is helping China extend its massive lead in clean energy 

On a spring day in 1954, Bell Labs researchers showed off the first practical solar panels at a press conference in Murray Hill, New Jersey, using sunlight to spin a toy Ferris wheel before a stunned crowd. The solar future looked bright. But in the race to commercialize the technology it invented, the US would lose resoundingly. Last year, China exported $40 billion worth of solar panels and modules, while America shipped just $69 million, according to the New York Times. It was a stunning forfeit of a huge technological lead.  And now the US seems determined to repeat the mistake. In its quest to prop up aging fossil-fuel industries, the Trump administration has slashed federal support for the emerging cleantech sector, handing his nation’s chief economic rival the most generous of gifts: an unobstructed path to locking in its control of emerging energy technologies, and a leg up in inventing the industries of the future. China’s dominance of solar was no accident. In the late 2000s, the government simply determined that the sector was a national priority. Then it leveraged deep subsidies, targeted policies, and price wars to scale up production, drive product improvements, and slash costs. It’s made similar moves in batteries, electric vehicles, and wind turbines. 
Meanwhile, President Donald Trump has set to work unraveling hard-won clean-energy achievements in the US, snuffing out the gathering momentum to rebuild the nation’s energy sector in cleaner, more sustainable ways. The tax and spending bill that Trump signed into law in early July wound down the subsidies for solar and wind power contained in the Inflation Reduction Act of 2022. The legislation also cut off federal support for cleantech projects that rely too heavily on Chinese materials—a hamfisted bid to punish Chinese industries that will instead make many US projects financially unworkable.
Meanwhile, the administration has slashed federal funding for science and attacked the financial foundations of premier research universities, pulling up the roots of future energy innovations and industries. A driving motivation for many of these policies is the quest to protect the legacy energy industry based on coal, oil, and natural gas, all of which the US is geologically blessed with. But this strategy amounts to the innovator’s dilemma playing out at a national scale—a country clinging to its declining industries rather than investing in the ones that will define the future. It does not particularly matter whether Trump believes in or cares about climate change. The economic and international security imperatives to invest in modern, sustainable industries are every bit as indisputable as the chemistry of greenhouse gases. Without sustained industrial policies that reward innovation, American entrepreneurs and investors won’t risk money and time creating new businesses, developing new products, or building first-of-a-kind projects here. Indeed, venture capitalists have told me that numerous US climate-tech companies are already looking overseas, seeking markets where they can count on government support. Some fear that many other companies will fail in the coming months as subsidies disappear, developments stall, and funding flags.  All of which will help China extend an already massive lead. The nation has installed nearly three times as many wind turbines as the US, and it generates more than twice as much solar power. It boasts five of the 10 largest EV companies in the world, and the three largest wind turbine manufacturers. China absolutely dominates the battery market, producing the vast majority of the anodes, cathodes, and battery cells that increasingly power the world’s vehicles, grids, and gadgets. China harnessed the clean-energy transition to clean up its skies, upgrade its domestic industries, create jobs for its citizens, strengthen trade ties, and build new markets in emerging economies. In turn, it’s using those business links to accrue soft power and extend its influence—all while the US turns it back on global institutions. These widening relationships increasingly insulate China from external pressures, including those threatened by Trump’s go-to tactic: igniting or inflaming trade wars. 

But stiff tariffs and tough talk aren’t what built the world’s largest economy and established the US as the global force in technology for more than a century. What did was deep, sustained federal investment into education, science, and research and development—the very budget items that Trump and his party have been so eager to eliminate.  Another thing Earlier this summer, the EPA announced plans to revoke the Obama-era “endangerment finding,” the legal foundation for regulating the nation’s greenhouse-gas pollution.  The agency’s argument leans heavily on a report that rehashes decades-old climate-denial talking points to assert that rising emissions haven’t produced the harms that scientists expected. It’s a wild, Orwellian plea for you to reject the evidence of your eyes and ears in a summer that saw record heat waves in the Midwest and East and is now blanketing the West in wildfire smoke. Over the weekend, more than 85 scientists sent a point-by-point, 459-page rebuttal to the federal government, highlighting myriad ways in which the report “is biased, full of errors, and not fit to inform policy making,” as Bob Kopp, a climate scientist at Rutgers, put it on Bluesky. “The authors reached these flawed conclusions through selective filtering of evidence (‘cherry picking’), overemphasis of uncertainties, misquoting peer-reviewed research, and a general dismissal of the vast majority of decades of peer-reviewed research,” the dozens of reviewers found.The Trump administration handpicked researchers who would write the report it wanted to support its quarrel with thermometers and justify its preordained decision to rescind the endangerment finding. But it’s legally bound to hear from others as well, notes Karen McKinnon, a climate researcher at the University of California, Los Angeles. “Luckily, there is time to take action,” McKinnon said in a statement. “Comment on the report, and contact your representatives to let them know we need to take action to bring back the tolerable summers of years past.” You can read the full report here, or NPR’s take here. And be sure to read Casey Crownhart’s earlier piece in The Spark on the endangerment finding. This article is from The Spark, MIT Technology Review’s weekly climate newsletter. To receive it in your inbox every Wednesday, sign up here.

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The Download: sustainable architecture, and DeepSeek’s success

This is today’s edition of The Download, our weekday newsletter that provides a daily dose of what’s going on in the world of technology. Material Cultures looks to the past to build the future Despite decades of green certifications, better material sourcing, and the use of more sustainable materials, the built environment is still responsible for a third of global emissions worldwide. According to a 2024 UN report, the building sector has fallen “significantly behind on progress” toward becoming more sustainable. Changing the way we erect and operate buildings remains key to tackling climate change.London-based design and research nonprofit Material Cultures is exploring how tradition can be harnessed in new ways to repair the contemporary building system. As many other practitioners look to artificial intelligence and other high-tech approaches, Material Cultures is focusing on sustainability, and finding creative ways to turn local materials into new buildings. Read the full story. —Patrick Sisson
This story is from our new print edition, which is all about the future of security. Subscribe here to catch future copies when they land.
MIT Technology Review Narrated: How a top Chinese AI model overcame US sanctions Earlier this year, the AI community was abuzz over DeepSeek R1, a new open-source reasoning model. The model was developed by the Chinese AI startup DeepSeek, which claims that R1 matches or even surpasses OpenAI’s ChatGPT o1 on multiple key benchmarks but operates at a fraction of the cost. DeepSeek’s success is even more remarkable given the constraints facing Chinese AI companies in the form of increasing US export controls on cutting-edge chips. Read the full story.This is our latest story to be turned into a MIT Technology Review Narrated podcast, which we’re publishing each week on Spotify and Apple Podcasts. Just navigate to MIT Technology Review Narrated on either platform, and follow us to get all our new content as it’s released. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 Google won’t be forced to sell Chrome after allA federal judge has instead ruled it has to share search data with its rivals. (Politico)+ He also barred Google from making deals to make Chrome the default search engine on people’s phones. (The Register)+ The company’s critics feel the ruling doesn’t go far enough. (The Verge) 2 OpenAI is adding emotional guardrails to ChatGPTThe new rules are designed to better protect teens and vulnerable people. (Axios)+ Families of dead teenagers say AI companies aren’t doing enough. (FT $)+ An AI chatbot told a user how to kill himself—but the company doesn’t want to “censor” it. (MIT Technology Review)

3 China’s military has showed off its robotic wolvesAlongside underwater torpedoes and hypersonic cruise missiles. (BBC)+ Xi Jinping has pushed to modernize the world’s largest standing army. (CNN)+ Phase two of military AI has arrived. (MIT Technology Review)4 ICE has resumed working with a previously banned spyware vendorParagon Solutions’ software was found on the devices of journalists earlier this year. (WP $)+ The tool can manipulate a phone’s recorder to become a covert listening device. (The Guardian) 5 An identical twin has been convicted of a crime based on DNA analysis It’s the first time the technology has been successfully used in the US, and solves a 38-year old cold case. (The Guardian)6 People who understand AI the least are the most likely to use it Those with a better grasp of how AI works know more about its limitations. (WSJ $)+ What is AI? (MIT Technology Review) 7 BMW is preparing to unveil a super-smart EVIts new iX3 sport utility vehicle will have 20 times more computing power. (FT $) 8 Sick and lonely people are turning to AI “doctors”Physicians are too busy to spend much time with patients. Chatbots are filling the void. (Rest of World)+ AI companies have stopped warning you that their chatbots aren’t doctors. (MIT Technology Review) 9 Around 90% of life on Earth is still unknownBut shedding light on these mysterious organisms is essential to our future survival. (Vox) 10 Wax worms could help tackle our plastic pollution problem 🪱The plastic-hungry pests can eat a polythene bag in a matter of hours. (Wired $)+ Think that your plastic is being recycled? Think again. (MIT Technology Review) Quote of the day
“It’s a nothingburger.” —Gabriel Weinberg, chief executive of search engine DuckDuckGo, reacts to the judge’s decision in the Google Chrome monopoly case, the New York Times reports.
 One more thing Why we can no longer afford to ignore the case for climate adaptationBack in the 1990s, anyone suggesting that we’d need to adapt to climate change while also cutting emissions was met with suspicion. Most climate change researchers felt adaptation studies would distract from the vital work of keeping pollution out of the atmosphere to begin with.Despite this hostile environment, a handful of experts were already sowing the seeds for a new field of research called “climate change adaptation”: study and policy on how the world could prepare for and adapt to the new disasters and dangers brought forth on a warming planet. Today, their research is more important than ever. Read the full story.  —Madeline Ostrander We can still have nice things A place for comfort, fun and distraction to brighten up your day. (Got any ideas? Drop me a line or skeet ’em at me.  + How to have a happier life, even when you’re living through bleak times (maybe skip the raisins on ice cream, though.)+ If you’re loving Alien: Earth right now, why not dive back into the tremendously terrifying Alien: Isolation game?+ The first freaky images of the second part of zombie flick 28 Years Later have landed.+ Anthony Gormley, you will always be cool.

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Building the AI-enabled enterprise of the future

In partnership withCISCO Artificial intelligence is fundamentally reshaping how the world operates. With its potential to automate repetitive tasks, analyze vast datasets, and augment human capabilities, the use of AI technologies is already driving changes across industries. In health care and pharmaceuticals, machine learning and AI-powered tools are advancing disease diagnosis, reducing drug discovery timelines by as much as 50%, and heralding a new era of personalized medicine. In supply chain and logistics, AI models can help prevent or mitigate disruptions, allowing businesses to make informed decisions and enhance resilience amid geopolitical uncertainty. Across sectors, AI in research and development cycles may reduce time-to-market by 50% and lower costs in industries like automotive and aerospace by as much as 30%. “This is one of those inflection points where I don’t think anybody really has a full view of the significance of the change this is going to have on not just companies but society as a whole,” says Patrick Milligan, chief information security officer at Ford, which is making AI an important part of its transformation efforts and expanding its use across company operations. Given its game-changing potential—and the breakneck speed with which it is evolving—it is perhaps not surprising that companies are feeling the pressure to deploy AI as soon as possible: 98% say they feel an increased sense of urgency in the last year. And 85% believe they have less than 18 months to deploy an AI strategy or they will see negative business effects.
Companies that take a “wait and see” approach will fall behind, says Jeetu Patel, president and chief product officer at Cisco. “If you wait for too long, you risk becoming irrelevant,” he says. “I don’t worry about AI taking my job, but I definitely worry about another person that uses AI better than me or another company that uses AI better taking my job or making my company irrelevant.” But despite the urgency, just 13% of companies globally say they are ready to leverage AI to its full potential. IT infrastructure is an increasing challenge as workloads grow ever larger. Two-thirds (68%) of organizations say their infrastructure is moderately ready at best to adopt and scale AI technologies.
Essential capabilities include adequate compute power to process complex AI models, optimized network performance across the organization and in data centers, and enhanced cybersecurity capabilities to detect and prevent sophisticated attacks. This must be combined with observability, which ensures the reliable and optimized performance of infrastructure, models, and the overall AI system by providing continuous monitoring and analysis of their behavior. Good quality, well-managed enterprise-wide data is also essential—after all, AI is only as good as the data it draws on. All of this must be supported by AI-focused company culture and talent development. Download the report. This content was produced by Insights, the custom content arm of MIT Technology Review. It was not written by MIT Technology Review’s editorial staff. It was researched, designed, and written entirely by human writers, editors, analysts, and illustrators. This includes the writing of surveys and collection of data for surveys. AI tools that may have been used were limited to secondary production processes that passed thorough human review.

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FERC in Focus: Will the agency maintain its independence under Trump 2.0?

This is part of Utility Dive’s ongoing “FERC in Focus” series where we explore trends, challenges and other significant developments affecting the commission. President Donald Trump is making unprecedented moves to assert control over independent agencies like the Federal Energy Regulatory Commission, and former commissioners, experts and agency observers say they are watching several key areas to gauge whether the commission will remain independent.  The White House has already moved to favor fossil fuel assets over renewable energy, require agencies to clear decisions with the Office of Management and Budget and include sunset provisions in new regulations. Trump has also shown a willingness to fire or try to remove regulators that run afoul of his preferences, such as he has done with the Nuclear Regulatory Commission and the Federal Reserve. With two Republican nominees preparing to fill empty seats at FERC, the agency is poised for a shift that could lead to more direct White House influence over the independent agency’s policymaking, said Tyson Slocum, director of Public Citizen’s Energy Program. “My guess is you’re going to see a pretty tight alignment between FERC’s priorities and the priorities of the White House, and I think that will significantly erode FERC’s historic bipartisan independence and move FERC more into being an arm of the White House,” he said. Even if the agency maintains its independence, the loss of experts and staff to the administration’s aggressive cuts to the federal workforce could hamper its work, some say.  “The agency is already chronically understaffed and so if you really see additional attrition, it’s going to be much harder for the agency to do complex, hard stuff on top of its bread-and-butter responsibilities and proceedings that really do take up a lot of time,” according to Matt Christiansen, a Wilson Sonsini attorney and former FERC general

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Swift Current lands $242M in financing for PJM’s largest storage project

Swift Current Energy landed $242 million in financing for its 150-MW, four-hour Prospect Power Storage facility in Rockingham County, Virginia, the Boston-based clean energy developer said Thursday. The project is under construction; Swift Current expects it to reach commercial operation in 2026. It will sell output from the project to Dominion Energy Virginia under a 15-year power purchase agreement. Once online, the project will be the largest battery storage facility in the PJM Interconnection, according to Swift Current. PJM runs the grid and wholesale power markets in 13 mid-Atlantic and Midwestern states and the District of Columbia. Swift Current bought the project in 2023 from Clean Planet Renewable Energy, a joint venture between Open Road Renewable Energy and Eolian. “This facility will be the largest battery energy storage project constructed in Virginia to date, supporting American energy dominance by efficiently using the existing transmission lines to open up capacity on the grid for all types of power generation,” Aaron Zubaty, Eolian CEO, said in the press release. Swift Current has brought online 2.2 GW of energy projects. It owns and operates 1.1 GW of solar and wind projects in Illinois, Mississippi and Texas. Its project pipeline totals about 10 GW. Swift Current is majority-owned by funds managed by IFM Investors and Lookout Ridge Energy Partners. Truist Securities, Canadian Imperial Bank of Commerce, KeyBank and Natixis acted as joint coordinating lead arrangers for the Prospect Power project’s financing. PJM had 376 MW of battery storage capacity that could produce 378 MWh at the end of 2023, according to the U.S. Energy Information Administration’s April 25 update on the U.S. battery storage market. While PJM has little installed battery storage capacity compared with the California Independent System Operator and the Electric Reliability Council of Texas, it has about 30.6 GW of storage in its

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JF Acquires 4 Corners

JF Petroleum Group (JF) is continuing its expansion with the acquisition of 4 Corners Petroleum Equipment, a service contractor based in Texarkana, Texas. 4 Corners was founded in 2015 by industry veteran Kenny Allen and it has since served Northeast Texas and Southwest Arkansas, JF noted in a media release. JF said the acquisition expands its regional services capabilities and strengthens its presence in a key growth market. “As both a Gilbarco ASC and a Wayne ASO, 4 Corners brings significant technical expertise in break/fix service and heavy maintenance, serving a loyal customer base of wholesalers, dealers, and a key national account”, JF said. “4 Corners Petroleum Equipment has long been known for its quality workmanship and commitment to customers”, Keith Shadrick, CEO of JF, said. “We’re excited to welcome their team into the JF family and continue building on the strong foundation Kenny Allen has established”. The acquisition comes a month after JF acquired Maverick Petroleum Services, a petroleum service contractor based in Arizona. Maverick specializes in installing, maintaining, and repairing petroleum handling equipment, Point-of-Sale systems, and conducting environmental testing. Maverick is an Authorized Service Contractor for Gilbarco and Verifone, JF said. Additionally, Maverick offers light construction services for fuel system upgrades and compliance requirements. JF said that this strategic acquisition enhances its presence in the Southwest. To contact the author, email [email protected] WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS AUTHOR

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IPAA Announces New President and CEO

In a statement sent to Rigzone recently, the Independent Petroleum Association of America (IPAA) announced the appointment of Edith Naegele as its new President and Chief Executive Officer, effective September 22. Naegele is currently Vice President, Membership and Strategic Development & Corporate Secretary of the American Gas Association (AGA). The incoming IPAA President and CEO has served in this AGA role since joining the AGA in 2021, the IPAA highlighted, adding that, prior to her AGA position, Naegele worked for the U.S. Chamber of Commerce “in roles of increasing responsibility from 2003 with her last role as Senior Vice President where she oversaw membership development and engagement”. The AGA website notes that, at the U.S. Chamber of Commerce, Naegele was part of a development team supporting revenue of more than $180 million annually through multi-year and annual advancement plans aligned with the organization’s policy goals. “She identified and recommended new funding models and opportunities and set the strategic direction for research to increase member engagement, satisfaction and retention,” the site states. “Earlier in her career, Naegele gained experience with the energy industry working for the National Association of Regulatory Utility Commissioners and attended the Abshire-Inamori Leadership Academy within what is now the Energy Security and Climate Change Program at the Center for Strategic and International Studies,” the site adds. The IPAA outlined in its statement that, in her new role, Naegele’s priorities “will include engaging with IPAA membership across the country to better understand the issues facing the upstream oil and natural gas industry”. Jeff Eshelman, the IPAA’s current president and chief executive officer who has served the IPAA for over 27 years, plans to remain with the association in a new role, helping with the leadership transition and advising on advocacy efforts and IPAA’s Energy in Depth program which

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EQT Orders 1.5 MMtpa from Rio Grande LNG

NextDecade Corp. said Wednesday it is on track to reach a FID (final investment decision) this year for Train V of the under-construction Rio Grande LNG after roping in a new liquefied natural gas (LNG) buyer in EQT Corp. The Pittsburgh, Pennsylvania-based vertically integrated gas company signed an agreement to buy 1.5 million metric tons per annum (MMtpa) over 20 years from Train V. “The agreement will be on a free-on-board basis at a price indexed to Henry Hub, subject to NextDecade making a positive FID on Train V”, EQT said in a statement on its website. EQT president and chief executive Toby Z. Rice said, “The execution of this agreement represents continued momentum of EQT’s LNG strategy, which is focused on further diversifying the company’s end-market exposure into the rapidly growing global gas markets and accelerating long-term earnings growth”. “Consistent with our existing LNG deals, EQT will market and optimize its own cargos, providing structuring flexibility and downside protection”, Rice added. NextDecade chair and chief executive Matt Schatzman said, “The LNG we are selling from our project to EQT will play a critical role in enhancing the energy security of our allies around the world”. The Houston, Texas-based LNG developer said in a separate statement it has now secured buyers for 3.5 MMtpa from Train V. Earlier this year Japan’s JERA Co. Inc. signed up for two MMtpa over 20 years. NextDecade said it is looking to secure commitment for an additional one MMtpa “under a long-term sale and purchase agreement to support a positive FID on Train V”. “The company expects to complete commercialization of Train V in the third quarter of 2025, and subject to obtaining adequate financing, NextDecade expects to achieve a positive FID on Train V in the fourth quarter of 2025”, it said. NextDecade expects to

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Kodiak Offers $1.2B Bonds

Kodiak Gas Services Inc. is holding a two-tranche debt instrument sale with a combined principal amount of $1.2 billion to refinance existing debt. The Woodlands, Texas-based provider of oil and gas compression and related services is offering $600 million senior unsecured notes due 2033 with a 6.5 percent interest and $600 million senior unsecured notes maturing 2035 with a 6.75 percent interest. Kodiak expects to close the offering Friday subject to customary closing conditions. “The notes will be issued at par and will be guaranteed on a senior unsecured basis by the company, its existing subsidiaries and certain of its future U.S. subsidiaries that guarantee the issuer’s revolving asset-based loan credit facility (the ABL Facility)”, it said in a statement on its website. “The issuer intends to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under the ABL Facility. “In connection with such repayment, the company intends to enter into an amendment to the ABL Facility that will, among other things, reduce total commitments to $2.0 billion and extend the maturity date”. As of the end of the second quarter Kodiak had $2.6 billion in debt outstanding, mainly from the ABL Facility and senior notes due 2029. As of the period, the company had $366.4 million available from the ABL Facility, according to its quarterly report August 6. Current liabilities as of June totaled $313.32 million including $50.39 million in accounts payable. Current assets stood at $345.53 million including $5.43 million in cash and cash equivalents. Revenue for 2Q 2025 was $322.84 million, down from $329.64 million for 1Q 2025 but up from $309.65 million for 2Q 2024. Net profit landed at $39.5 million, compared to $30.41 million for the prior three-month period and $6.23 million for 2Q 2024. Earnings per share of

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