Nominally Hedged: The Supply Side Read the Book

Q1 2026 Compression Earnings: Lead Times, Leverage, and the End of Buyer's Markets

May 15 • Ian Myers

8

Nominally Hedged | The Capital Stack Is The Counterparty

Blue Owl’s liquidity problem, David Bowie’s bond portfolio, and the financing structure quietly reshaping how oil and gas assets get bought, sold, and…

May 7 • Ian Myers

9

Nominally Hedged | DJ Basin Analysis: The Basin Nobody Wanted

Turns out you can't rationalize geology

May 5 • Ian Myers

9

April 2026

Nominally Hedged: Enerflex, NGS and Flowco Deep Dives

Devon Energy can call any compression vendor in the Permian and get a yes. They called the one with 563,000 horsepower.

Apr 26 • Ian Myers

7

Nominally Hedged - 4.19.2026 | The Problem With Winning

In which Kodiak walks through a $675 million door, the leverage ceiling does not move, the dividend does not move, and we find the one thing that does.

Apr 19 • Ian Myers

8

Q1 2026 AROC & USAC Deep Dive

There is a moment in every market cycle when one participant says the quiet part out loud. In compression, that moment was February 25.

Apr 17 • Ian Myers

9

The Quarterly + Kodiak Gas Services Deep Dive

Your vendor is competing for the same Caterpillar engines as Microsoft's next data center. Microsoft is winning.

Apr 10 • Ian Myers

9

Nominally Hedged | Someone Else's Yes

When SLB says no to legacy ESPs, those alternatives do not vanish. They become available to everyone around you. Including your compression market.

Apr 9 • Ian Myers

8

Nominally Hedged | The Oilfield Built a Bloomberg Terminal for CAPEX. The next decade is an OPEX problem.

Maintenance CAPEX pressure, dwindling Tier 1 inventory, and PDP-focused financing models are about to turn the industry's most neglected line item into…

Apr 3 • Ian Myers

9

March 2026

Nominally Hedged | The Landlord Problem: Why Your Compression Vendor Can’t Lower Your Rate

Axip Energy filed for bankruptcy in a compression bull market. That is either a cautionary tale or a tutorial. It depends on what you do with the…

Mar 20 • Ian Myers

5

Nominally Hedged | 3.6.2026: The OCTG Market Changed. Your Contracting Playbook Didn't.

What the tariff reset, a lagging index, and the wrong demand model are costing E&P operations groups right now.

Mar 6 • Ian Myers

6

February 2026

Known Unknowns | Frac Q4 2025 Review

They Scrapped the Cheap Fleet and Filed an 8-K About It.

Feb 26 • Ian Myers

4