Upstream In Perspective

Europe moved its Carbon Border Adjustment Mechanism (CBAM) into its definitive phase in January 2026 after two years of emissions-data collection. The definitive phase now requires importers to begin paying for the carbon embedded into a select basket of goods – Iron and Steel, Aluminum, Cement, Fertilizers, Electricity, Hydrogen – when they are produced outside the reach of the EU's Emissions Trading System. S&P Global Energy Expert Max Mucenic joins hosts Hill Vaden and Sam Humphreys to discuss the financial liabilities accruing under this new phase of CBAM and consider potential impacts to the EU economy and its trade partners as payments come due. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Diversified Energy is a multi-basin US natural gas producer focused on growing itself through acquisitions of proved developed producing reserves.  In 2025, the company announced more than $2 billion in acquisitions, entered into a $2 billion capital partnership with Carlyle, and moved its primary listing to the New York Stock Exchange (NYSE) from the London Stock Exchange (LSE). Diversified Energy SVP of Investor Relations Doug Kris joins hosts Hill Vaden and Sam Humphreys to discuss Diversified's landmark year in 2025 and how the company has helped pioneer the use of hedged production and asset-backed securities (ABS) to finance its acquisitive growth strategy. Learn more about Diversified Energy at: https://www.div.energy/ Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Top Trends for 2026: Energy capital bets on AI-led power demand and positions for a cyclical oil surplus. AI will continue to be a dominant driver of energy capital flows in 2026 as growth investment pauses in amply supplied global oil and natural gas markets. These expectations and five more will direct the attention of energy investors over the coming year, according to S&P Global Energy's recently released report, "Top 2026 themes: AI's power crunch, LNG price pressure and the scramble for critical minerals." S&P Global Energy Expert Justin Jacobs joins hosts Hill Vaden and Sam Humphreys to discuss the top trends that will direct energy capital allocation in 2026. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Talking long-duration energy storage with the CEO of Inlyte Energy Inlyte Energy is a U.S.-based manufacturer of iron-sodium battery energy storage systems. The five-year-old company completed a successful test of its first field-ready battery late in 2025 and is preparing for a pilot installation in 2026 through a partnership with Southern Co.  Inlyte Energy CEO Antonio Baclig joins hosts Hill Vaden and Sam Humphreys to discuss the company's choice to focus on iron-sodium chemistry in its bid to commercialize long-duration energy storage (LDES) and how its use of abundant raw materials could help Inlyte to rebrand LDES as 'low-dollar energy storage'.  Learn more about Inlyte Energy at: https://inlyteenergy.com/ Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en  

The global upstream sector will navigate increased cost pressures this year as it faces a well-supplied oil market. This expectation and four other key trends will direct the attention of E&P executives over the next 12 months, according to S&P Global Energy's recently released report, "Charting the Future: Top 5 trends shaping Upstream in 2026." S&P Global Energy Expert Nick Sharma joins hosts Hill Vaden and Sam Humphreys to discuss his team's top five trends to watch in global upstream in 2026. Access the full report here: https://www.spglobal.com/energy/en/news-research/special-reports/upstream/upstream-themes-2026#lore… Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Africa is often discussed as a single entity, but the energy profiles differ widely between North Africa and Sub-Saharan Africa as well as within the 54 countries that define those regions. Much of North Africa, for example, enjoys universal access to electricity while 50% of the Sub-Saharan African population outside of South Africa does not. S&P Global Energy Experts Silvia Macri and Anastasia Pantazopoulou join hosts Hill Vaden and Sam Humphreys to discuss the challenges and opportunities for a resource abundant continent to address energy poverty in many of its less developed countries. Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

Global solar installations slow after a record-setting 2025 as growth in the rest of the world fails to cover an expected 33% decline in annual additions by China. This expectation and nine other trends will help shape energy markets in 2026, according to the recently published S&P Global Energy Horizons Top Trends 2026 report. S&P Global Energy Expert Francesco d'Avack joins Hill Vaden and Sam Humphreys to highlight some of the key trends identified in the Top 10 report and offer his personal opinion on an 11th trend, which didn't make the list. Access the S&P Global Energy Horizons Top Trends 2026 report here:https://www.spglobal.com/energy/en/news-research/special-reports/energy-transition/horizons-top-cle… Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en

We welcome back S&P Global Energy experts Reed Olmstead and David Vaucher for our annual year-in-review and resolutions episode. Hosts Sam Humphreys and Hill Vaden check in to consider some of the past year's biggest trends and offer market predictions and personal resolutions for 2026. Access prior year-end conversations with Reed and David here: 2024: Defying gravity: Energy soars in 2024 and will be Popular in 2025 2023: Holiday Special: Annual year-in-review and resolutions with Reed and David 2022: A year-in-review: Energy markets, Taylor Swift, and ESG 2021: Review and resolution: Shale sector activity in 2021 and 2022 2020: Mirror, mirror on the wall: Reflections on 2020 and predictions for 2021 2019: Would you rather: 2020 upstream predictions Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en  

Adaptation vs mitigation. The conversation continues to permeate global climate goal discussions as the world attempts to reach net zero. But with adaptation becoming more and more preferable, challenges on how to finance this remain. Peter Zaman, Partner at HFW, joins hosts Hill Vaden and Sam Humphreys to discuss where we stand on adaptation financing and the gap between the public and private sectors. Learn more about HFW at: https://www.hfw.com  Learn more about S&P Global Energy coverage at: https://www.spglobal.com/energy/en 

GreenFront Energy Partners, an investment bank based in Richmond, Va., is on a self-imposed mission to bring together the financial, intellectual, entrepreneurial, and natural resources to meaningfully decarbonize the global economy. The six-year-old firm caters to clients active in the energy-transition and offers services that include M&A advisory, capital raising, and corporate advisory. GreenFront Energy Partners co-founders Robert Birdsey, Adam Hahn, and Whit Wall join Hill Vaden and Sam Humphreys to discuss how the energy-transition-focused investment bank advised clients during a year of policy volatility and highlight some of the low-carbon themes that have the firm most excited for 2026. Learn more about GreenFront Energy Partners at: https://greenfrontenergy.com/ Learn more about S&P Global Energy coverage at: https://www.spglobal.com/commodityinsights/en

After a period of tightening natural gas supply since the Russia-Ukraine conflict, we are entering a time of oversupply, as more LNG hits the market.  S&P Global Energy Global Gas expert Laurent Ruseckas, joins Hill Vaden and Sam Humphreys to discuss the interesting dynamic between falling prices and the impact this has, as natural gas is being considered crucial to the energy expansion.  Learn more about S&P Global Energy coverage at: https://www.spglobal.com/commodity-insights/en

The opportunity for carbon capture technology is expanding as the role of natural gas in power generation grows in an emissions-constrained world. Ion Clean Energy, which includes Chevron, ExxonMobil, Williams, and Carbon Direct as investors, is working to address this opportunity with its proprietary absorbent technology. Tim Vail, CEO of Ion Clean Energy, joins Hill Vaden and Sam Humphreys to discuss the company's innovations in carbon capture technology and how the market opportunity continues to grow as power markets seek clean, firm, dispatchable generation. Learn more about Ion Clean Energy here: https://www.ioncleanenergy.com/ Learn more about S&P Global Energy at: https://www.spglobal.com/commodityinsights/en

Energy forecasters have long been calling for a near-term peak in global oil demand as year-over-year growth slows in the largest consumer markets of US, China, and Europe. These outlooks are being revisited as electric vehicle penetration underwhelms and the opportunity for petrochemical demand expands. Karim Fawaz, an S&P Global expert in global oil markets, joins Hill Vaden and Sam Humphreys to discuss why the outlook for annual oil consumption is increasingly muddled and what sectors will be most important to driving global demand going forward. Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

Earlier this year, New Zealand reversed a self-imposed ban on offshore oil and gas exploration begun in 2018 and is now allowing companies to apply for new licenses. Frankie Hulbert, an S&P Global expert in upstream exploration and development, joins Hill Vaden and Sam Humphreys to discuss how New Zealand's renewed interest in domestic natural gas supply led to the reversal and whether operators now have enough confidence in policy to commit to fresh exploration plans. Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

The upstream industry has faced many challenges over the last few years, but global sentiment seems to be shifting. In an environment of rapidly evolving geopolitics and a continued demand for resources, we explore how the industry is responding to this changing landscape. Joining hosts Hill Vaden and Sam Humphreys this week is Dan Pratt, Global Head of Upstream Solutions at S&P Global Commodity Insights, to talk about the global appetite for upstream oil and gas, what countries are doing to attract investors and the role AI will have in the future of exploration.  Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

The maritime and shipping sector, which accounts for 80% of global trade and 3% of global greenhouse gas emissions, is under increasing pressure to decarbonize.  Dana Rodriguez, Programme Manager at The Decarb Hub, and Aroob Sheikh, Shipping and Freight Reporter at S&P Global, join hosts Hill Vaden and Sam Humphreys to discuss the steps being taken within the shipping industry to reach net zero, from retrofitting the existing fleet to dual fuel technology. Learn more about The Decarb Hub at: Accelerating decarbonisation in shipping | The Decarb Hub Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodity-insights/en 

ENGIE Impact works with corporate and industrial clients to manage their energy portfolios and make progress toward sustainability targets through the procurement of renewable energy. Rick Margolin, Director of Resource Optimization and Renewable Energy at ENGIE Impact, joins Hill Vaden and Sam Humphreys to discuss how industrial consumers can smooth volatility, reduce costs, and make progress toward sustainability goals by increasing the weight of renewable sources in their energy portfolios. Learn more about ENGIE Impact at: https://www.engieimpact.com/ Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

The One Big Beautiful Bill Act (OBBBA) was signed on July 4, 2025, and rewrote many of the rules associated with federal tax credits supporting low-carbon energy projects in the US. S&P Global Commodity Insights experts Anna Mosby and Conway Irwin join Hill Vaden and Sam Humphreys to discuss how the OBBBA may influence the development of various energy technologies and when these new rules take effect. Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en

Rich Africa Consultancy is a strategic advisory firm based in Namibia, specializing in natural resources law, energy policy, and sustainable investment. Since 2011, it has guided governments and businesses in unlocking value from Africa’s resource wealth through expert advice, ESG alignment and thought leadership.  Ndapwilapo Selma Shimutwikeni, founder and CEO of Rich Africa Consultancy, joins Hill Vaden and Sam Humphreys to discuss Namibia's transforming oil and gas landscape, as the country moves to first oil from its major discovery, and the role expectation management plays in achieving that milestone. Find out more about Rich Africa Consultancy 

Buildings in the United States account for about 40% of domestic energy demand and about 25% of greenhouse gas emissions. Increased electrification of buildings, particularly in heating, is core to policy makers realizing decarbonization ambitions. Julia Kim, a US power markets expert at S&P Global Commodity Insights, joins Hill Vaden and Sam Humphreys to discuss incentives behind US building electrification and explain how the pace of heat pump adoption will reflect regional differences in incumbent heat source and state-level policy. Learn more about S&P Global Commodity Insights energy coverage at: https://www.spglobal.com/commodityinsights/en