Chris Wright

Despite broadened sanctions, Iran will continue to export 1.5 to 2 million barrels of oil per day, similar to volumes during the Biden administration, because it can sell to China and now has more freedom to sell elsewhere, keeping global supply robust and capping oil price upside.

Energy Secretary Wright confirms "active dialogues" regarding companies that lost assets in Venezuela (specifically answering a question about ConocoPhillips). He states the goal is to make Chinese/Russian influence "very small" and entice Western companies back. If the US government is politically backing the restitution of assets to US oil majors in Venezuela to secure supply and geopolitical alignment, companies like ConocoPhillips (COP) stand to recover written-off assets or gain access to cheap reserves. LONG. Geopolitical tailwinds are shifting in favor of US legacy energy producers. Venezuela's political instability or failure to honor new agreements.

US Energy Secretary Wright states Chevron is being enabled to "massively grow their business" in Venezuela with production rising over the next 18-24 months. Anchors note a breakout in "AMP stocks" like ConocoPhillips and EOG. The geopolitical shift and removal of sanctions/regime change in Venezuela directly benefits US oil majors with legacy assets there. Chevron is the primary beneficiary, but the "spigots opening" lifts the peer group. LONG US oil majors with Venezuela exposure or E&P breakout potential. Political instability in Venezuela; oil price volatility.

The U.S. nuclear energy industry is entering a golden era, with multiple next-generation reactors achieving criticality, private capital leading commercialization, and strong government support. Large-scale AP1000 builds are starting, and the first small modular reactor electricity is expected by end of next year, driving a massive expansion of firm generating capacity.

US Energy Secretary Wright states Chevron is being enabled to "massively grow their business" in Venezuela with production rising over the next 18-24 months. Anchors note a breakout in "AMP stocks" like ConocoPhillips and EOG. The geopolitical shift and removal of sanctions/regime change in Venezuela directly benefits US oil majors with legacy assets there. Chevron is the primary beneficiary, but the "spigots opening" lifts the peer group. LONG US oil majors with Venezuela exposure or E&P breakout potential. Political instability in Venezuela; oil price volatility.

"We're growing our net exports of natural gas this spring. This summer, you'll see massively more capacity online by the end of this year." With the Middle East in turmoil and the Strait of Hormuz compromised, global energy buyers will increasingly rely on secure, Western-hemisphere energy sources. The addition of massive new US export capacity aligns perfectly with this forced shift in global demand, driving volume and revenue for US natural gas infrastructure and producers. LONG US natural gas producers and liquefied natural gas (LNG) exporters as new capacity meets rising geopolitical demand. Warmer-than-expected global weather reducing heating demand, or unforeseen delays in bringing the new export facilities online.

"We're growing our net exports of natural gas this spring. This summer, you'll see massively more capacity online by the end of this year." With the Middle East in turmoil and the Strait of Hormuz compromised, global energy buyers will increasingly rely on secure, Western-hemisphere energy sources. The addition of massive new US export capacity aligns perfectly with this forced shift in global demand, driving volume and revenue for US natural gas infrastructure and producers. LONG US natural gas producers and liquefied natural gas (LNG) exporters as new capacity meets rising geopolitical demand. Warmer-than-expected global weather reducing heating demand, or unforeseen delays in bringing the new export facilities online.

"It'll happen relatively soon, but it can't happen now. We're simply not ready. All of our military assets right now are focused on destroying Iran's offensive capabilities... it's a weeks long operation." The inability of the US Navy to currently escort tankers through the Strait of Hormuz guarantees near-term supply chain bottlenecks for Middle Eastern oil. While the SPR release provides a temporary buffer, the structural disruption and backwardated market heavily favor US domestic oil producers who can sell at elevated spot prices without facing Middle East transit risks. LONG US oil producers and broad energy equities as geopolitical risk premiums remain elevated and domestic producers capture market share. A faster-than-expected military resolution or severe demand destruction caused by rapid price spikes.

Chevron, ENI, and GE Vernova have signed multi-billion-dollar deals to grow their businesses in Venezuela as part of the new US-backed oil development arrangement, and Secretary Wright expects many more such commercial deals to follow.

Chevron, ENI, and GE Vernova have signed multi-billion-dollar deals to grow their businesses in Venezuela as part of the new US-backed oil development arrangement, and Secretary Wright expects many more such commercial deals to follow.

Ukrainian strikes on Russian refineries have reduced global diesel supply, but the U.S. refining complex is producing record volumes of diesel and is expected to increase output further through commonsense regulations, leading to a downward trajectory in diesel prices over the next year.

Wright expresses confidence that gasoline prices will continue their long-term downward trend later this year, citing the administration's fact-based approach and that current supply disruptions are being managed without spiking prices.

"We're growing our net exports of natural gas this spring. This summer, you'll see massively more capacity online by the end of this year." With the Middle East in turmoil and the Strait of Hormuz compromised, global energy buyers will increasingly rely on secure, Western-hemisphere energy sources. The addition of massive new US export capacity aligns perfectly with this forced shift in global demand, driving volume and revenue for US natural gas infrastructure and producers. LONG US natural gas producers and liquefied natural gas (LNG) exporters as new capacity meets rising geopolitical demand. Warmer-than-expected global weather reducing heating demand, or unforeseen delays in bringing the new export facilities online.

"This is a regulatory creep that just crushed our ability to build new power plants in this country... President Trump is bold. He's full of common sense. He's like, no, let's address that endangerment finding." The repeal of the CO2 endangerment finding removes a massive layer of regulatory red tape that has historically stifled utility capex. This deregulation will unlock a new cycle of capital expenditure, directly benefiting the companies that design, build, and supply components for new power generation infrastructure. LONG power infrastructure, industrial conglomerates, and utility construction firms as deregulation sparks a domestic building boom. State-level legal challenges and environmental lawsuits tie up the deregulation in courts, delaying actual construction contracts.

"It'll happen relatively soon, but it can't happen now. We're simply not ready. All of our military assets right now are focused on destroying Iran's offensive capabilities... it's a weeks long operation." The inability of the US Navy to currently escort tankers through the Strait of Hormuz guarantees near-term supply chain bottlenecks for Middle Eastern oil. While the SPR release provides a temporary buffer, the structural disruption and backwardated market heavily favor US domestic oil producers who can sell at elevated spot prices without facing Middle East transit risks. LONG US oil producers and broad energy equities as geopolitical risk premiums remain elevated and domestic producers capture market share. A faster-than-expected military resolution or severe demand destruction caused by rapid price spikes.