demand / volume
“From November to March, storage levels typically decline as utility companies draw natural gas from storage to meet increased heating demand due to colder weather.”
BSM 10-Q
Confirmed
Independent Oil Producers
11 names are moving together; 91% are participating in the current session.
4 observed Confirmed episodes
Co-movement
Observed member paths adjusted against SPY. Shading marks the latest observation window.
Members
| TICKER | Company | Sector | Today | Observed activity |
|---|---|---|---|---|
| XOM | ExxonMobil Holdings Corporation | Energy | +1.1% | 5/14 observed active sessions |
| COP | ConocoPhillips | Energy | +1.0% | 8/14 observed active sessions |
| EPD | Enterprise Products Partners L. | Energy | -0.1% | 3/14 observed active sessions |
| PAGP | Plains GP Holdings, L.P. | Energy | +0.3% | 4/14 observed active sessions |
| REI | Ring Energy, Inc. | Energy | +1.4% | 2/14 observed active sessions |
| VTS | Vitesse Energy, Inc. | Energy | +0.6% | 2/14 observed active sessions |
| LNG | Cheniere Energy, Inc. | Energy | -1.0% | 3/14 observed active sessions |
| PAA | Plains All American Pipeline, L | Energy | +0.3% | 3/14 observed active sessions |
| BSM | Black Stone Minerals, L.P. | Energy | +0.4% | 9/14 observed active sessions |
| OKE | ONEOK, Inc. | Energy | +0.5% | 1/14 observed active sessions |
| CVX | Chevron Corporation | Energy | +1.3% | 5/14 observed active sessions |
Why we believe this
Cohort
11 namesParticipation
91% this sessionObserved history
71 daily buildsFiling coverage
11/11 membersdemand / volume affecting revenue
“Increases to earnings included higher revenues resulting from higher volumes of $142 million and the timing of sales as compared with 2024 partly offset by lower commodity prices of $303 million.”
COP 10-K
credit / rates affecting interest expense
“The decrease was primarily due to increased interest expense in the three months ended March 31, 2026, that resulted from higher average outstanding borrowings under our Credit Facility .”
BSM 10-Q
This identity theme becomes less useful if activity narrows to one or two names instead of remaining broad across the cohort.
Connected, outside the group
LPG
CVXcustomer · Moving with the group now · 115 min observed
Filing receipt · LPG / CVX
“As of May 22, 2026, all twenty-seven of our VLGCs, including the six time chartered-in vessels, were deployed in the Helios Pool.”
CVX · customer
HESM
CVXinvestee · Moving with the group now · 115 min observed
Filing receipt · HESM / CVX
“In July 2025, the company completed its acquisition of Hess Corporation (Hess).”
CVX · investee
BKV
OKEsupplier · Not moving with the group now
Filing receipt · BKV / OKE
“For the assets we acquired in the Devon Barnett Acquisition, approximately 95% of our natural gas is gathered and transported by ONEOK through various contracts that gov…”
OKE · supplier
LB
COPcustomer · Not moving with the group now
Filing receipt · LB / COP
“There are substantial hydrocarbon resources under and in close proximity to our Stateline Position, which attracts high-quality, well-capitalized producers, including De…”
COP · customer
WHD
PAApartner · Not moving with the group now
Filing receipt · WHD / PAA
“As of December 31, 2025, noncontrolling interests in our subsidiaries consisted of (i) a 35% interest in the Permian JV, (ii) a 30% interest in Cactus II and (iii) a 33%…”
PAA · partner
History
2026-07-07 → 2026-07-134 observed active sessions · 0% of active names held across the episode
2026-06-24 → 2026-07-026 observed active sessions · 0% of active names held across the episode
2026-06-15 → 2026-06-172 observed active sessions · 0% of active names held across the episode
2026-04-30 → 2026-05-012 observed active sessions · 11.1% of active names held across the episode