RELATIVE CO-MOVEMENT
SPY-adjustedHow the members are behaving together
Group median +0.28Strongest path PBAWeakest path BSM
Observed member paths adjusted against SPY. The median is emphasized; shading marks the latest observation window.
MARKET-DISCOVERED GROUP
Independent Oil Producers
14 of 15 members show broad activity, but direction is mixed. Treat this as shared attention—not yet a clean group trade.
Participation14 of 1593% active now
DirectionMixed17% agreement—not a clean directional move
Outside confirmation3 of 8filing-linked outsiders moving with the group
Observed history4 episodes30 active sessions
01 · WHAT IS HAPPENING
The move and its drivers
02 · WHY IT MATTERS
The business context around the move
WHY THIS GROUP EXISTS
13/15 members coveredShared filing context
Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across EPD, ET, HESM, KMI, LNG, OKE, PAA, PAGP, SUN, SUNC, TRGP.
credit / rates affecting interest expense
“Interest expense decreased by 8%, from $207 million for the year ended December 31, 2024 to $190 million for the year ended December 31, 2025 primarily due to lower interest expense on our senior notes due to the repurchase and redemption of the 7.875% senior notes due May 15, 2026 (the “2026 Notes”) during the year ended December 31, 2024, and the redemption of the 2027 Notes during the year ended December 31, 2025, as well as lower interest rates on our Credit Facility between periods, partially offset by the issuances of the 6.625% senior notes due February 1, 2032 (the “2032 Notes”), 2033 Notes and 2034 Notes and higher average borrowing on our Credit Facility between periods.”
AM 10-K · 2026-02-11
demand / volume
“While we cannot predict how or to what extent sustainable lending and investment practices may impact our operations, a material reduction in the capital available to the oil and natural gas industry could make it more difficult to secure funding for exploration, development, production, transportation and processing activities, which could result in decreased demand for our midstream services.”
AM 10-K · 2026-02-11
demand / volume affecting expense
“31 Table of Contents Our operations are subject to a series of risks related to climate that could result in increased operating costs, limit the areas in which our customers may conduct oil and gas exploration and production activities, and reduce demand for the services we provide.”
AM 10-K · 2026-02-11
WHERE IT COULD SPREAD
3 confirming nowFiling-linked outsiders
Companies outside the group that have disclosed links to its members. Their current state is a confirmation check, not a forecast.
ENBMoving with group
OKE · partner
Filing receipt
“Joint Ventures Eiger Express Pipeline - In 2025, we, WhiteWater, MPLX LP and Enbridge Inc., through the existing Matterhorn joint venture, announced the new approximatel…”
CVXMoving with group
HESM · investee
Filing receipt
“As a result of the Merger, Chevron is the direct parent of Hess and, therefore, indirectly owns 100% of the limited liability company interests in GP LLC, 100% of the pa…”
WHDMoving with group
PAA · partner
Filing receipt
“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%…”
BKVCurrent read unavailable
ET · supplier
Filing receipt
“For the assets we acquired in the Exxon Barnett Acquisition, approximately 90% of our natural gas is gathered and transported through an agreement assigned to our wholly…”
03 · WHO IS IN IT
Member participation
SOBOBSMTRGPHESMKMIAMOKESUNCSUNLNGETPAAEPDPAGPPBA
14/15 active12 rising · 3 falling
MemberUnusual activityToday's moveRead now
SOBOSouth Bow Corporation
Most unusual
-0.4%
Most unusualActive; direction differs
BSMBlack Stone Minerals, L.P.
Elevated
-2.7%
ElevatedActive; direction differs
TRGPTarga Resources, Inc.
Elevated
+3.3%
ElevatedActive; direction differs
HESMHess Midstream LP
Elevated
-0.5%
ElevatedActive; direction differs
KMIKinder Morgan, Inc.
Elevated
+0.6%
ElevatedActive; direction differs
AMAntero Midstream Corporation
Elevated
+1.6%
ElevatedActive; direction differs
OKEONEOK, Inc.
Elevated
+0.8%
ElevatedActive; direction differs
SUNCSunocoCorp LLC
Elevated
+0.2%
ElevatedActive; direction differs
SUNSunoco LP
Elevated
+0.2%
ElevatedActive; direction differs
LNGCheniere Energy, Inc.
Elevated
+4.1%
ElevatedActive; direction differs
ETEnergy Transfer LP
Elevated
+1.8%
ElevatedActive; direction differs
PAAPlains All American Pipeline, L
Elevated
+1.5%
ElevatedActive; direction differs
EPDEnterprise Products Partners L.
Elevated
+0.9%
ElevatedActive; direction differs
PAGPPlains GP Holdings, L.P.
Elevated
+1.2%
ElevatedActive; direction differs
PBAPembina Pipeline Corp.
Quiet
+1.8%
QuietBreadth test
View exact member values
| TICKER | Company | Role now | Today | Trader interpretation |
|---|---|---|---|---|
| SOBO | South Bow Corporation | Most unusual | -0.4% | Most unusual activity in this snapshot; performance direction may differ. |
| BSM | Black Stone Minerals, L.P. | Participating | -2.7% | Active, but the group has not aligned on direction. |
| TRGP | Targa Resources, Inc. | Participating | +3.3% | Active, but the group has not aligned on direction. |
| HESM | Hess Midstream LP | Participating | -0.5% | Active, but the group has not aligned on direction. |
| KMI | Kinder Morgan, Inc. | Participating | +0.6% | Active, but the group has not aligned on direction. |
| AM | Antero Midstream Corporation | Participating | +1.6% | Active, but the group has not aligned on direction. |
| OKE | ONEOK, Inc. | Participating | +0.8% | Active, but the group has not aligned on direction. |
| SUNC | SunocoCorp LLC | Participating | +0.2% | Active, but the group has not aligned on direction. |
| SUN | Sunoco LP | Participating | +0.2% | Active, but the group has not aligned on direction. |
| LNG | Cheniere Energy, Inc. | Participating | +4.1% | Active, but the group has not aligned on direction. |
| ET | Energy Transfer LP | Participating | +1.8% | Active, but the group has not aligned on direction. |
| PAA | Plains All American Pipeline, L | Participating | +1.5% | Active, but the group has not aligned on direction. |
| EPD | Enterprise Products Partners L. | Participating | +0.9% | Active, but the group has not aligned on direction. |
| PAGP | Plains GP Holdings, L.P. | Participating | +1.2% | Active, but the group has not aligned on direction. |
| PBA | Pembina Pipeline Corp. | Quiet / lagging | +1.8% | Not participating yet; a breadth test or a genuine divergence. |
04 · HAS THIS HAPPENED BEFORE