capital investment / capacity affecting capex
“Royalty income was not received for the Waddell Ranch properties for the year 2025 due to large capital expenditures.”
PBT 10-K
Confirmed
Oil & Gas Refining
18 names are moving together; 72% are participating in the current session.
8 observed Confirmed episodes
Co-movement
Observed member paths adjusted against SPY. Shading marks the latest observation window.
Members
| TICKER | Company | Sector | Today | Observed activity |
|---|---|---|---|---|
| VET | Vermilion Energy Inc. | Energy | +3.9% | 1/18 observed active sessions |
| CRGY | Crescent Energy Company | Energy | +5.7% | 3/18 observed active sessions |
| WDS | Woodside Energy Group Limited | Energy | +1.8% | 2/18 observed active sessions |
| VNOM | Viper Energy, Inc. | Energy | +2.8% | 5/18 observed active sessions |
| BTE | Baytex Energy Corp | Energy | +3.6% | 2/18 observed active sessions |
| PBT | Permian Basin Royalty Trust | Energy | +6.5% | 2/18 observed active sessions |
| PDS | Precision Drilling Corporation | Energy | +4.3% | 1/18 observed active sessions |
| OVV | Ovintiv Inc. (DE) | Energy | +1.8% | 4/18 observed active sessions |
| CNQ | Canadian Natural Resources Limi | Energy | +3.0% | 2/18 observed active sessions |
| CVE | Cenovus Energy Inc | Energy | +4.6% | 3/18 observed active sessions |
| KOS | Kosmos Energy Ltd. | Energy | +17.6% | Group member |
| PR | Permian Resources Corporation | Energy | +2.5% | 3/18 observed active sessions |
| SU | Suncor Energy Inc. | Energy | +3.4% | 2/18 observed active sessions |
| BP | BP p.l.c. | Energy | +4.1% | 3/18 observed active sessions |
| NEXT | NextDecade Corporation | Energy | +2.1% | Group member |
| PTEN | Patterson-UTI Energy, Inc. | Energy | +3.0% | 2/18 observed active sessions |
| OBE | Obsidian Energy Ltd. | Energy | +6.3% | 2/18 observed active sessions |
| TBN | Tamboran Resources Corporation | Energy | +0.8% | 1/18 observed active sessions |
Why we believe this
Cohort
18 namesParticipation
72% this sessionObserved history
69 daily buildsFiling coverage
9/18 memberscredit / rates affecting interest expense
“As a result of this amortization, the interest expense that we recognize is greater than the cash interest payments we make for the 2031 Convertible Notes.”
CRGY 10-Q
restructuring affecting expense
“As a result of our evaluations, during the year ended December 31, 2025, we recorded impairment charges of $254.6 million, including an impairment of $233.7 million to write down the carrying value of associated oil and natural gas properties to the estimated transaction price less cost to sell, and $20.8 million related to office lease impairments as part of our restructuring costs.”
CRGY 10-K
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
TTE
NEXTcustomer · Not moving with the group now
Filing receipt · TTE / NEXT
“In April 2025, the Company announced that TotalEnergies exercised its LNG purchase option with respect to Train 4 and the Company entered into a 20-year LNG SPA with Tot…”
NEXT · customer
GRAN
NEXTpartner · Current intraday read unavailable
Filing receipt · GRAN / NEXT
“We are constructing and developing a natural gas liquefaction and export facility located in the Rio Grande Valley near Brownsville, Texas (the “Rio Grande LNG Facility”…”
NEXT · partner
FANG
VNOMtext peer · Moving with the group now · 115 min observed
No filing excerpt is available for this relationship.
TALO
VNOMtext peer · Moving with the group now · 115 min observed
No filing excerpt is available for this relationship.
HP
TBNinvestee · Moving with the group now · 115 min observed
Filing receipt · HP / TBN
“The aggregate gain primarily consisted of a $19.5 million gain on our investment in Tamboran due to a change in the fair value of the investment.”
TBN · investee
History
2026-07-07 → 2026-07-134 observed active sessions · 0% of active names held across the episode
2026-06-30 → 2026-07-023 observed active sessions · 0% of active names held across the episode
2026-06-24 → 2026-06-252 observed active sessions · 25% of active names held across the episode
2026-06-17 → 2026-06-182 observed active sessions · 25% of active names held across the episode
2026-06-051 observed active session · 100% of active names held across the episode
2026-05-18 → 2026-05-202 observed active sessions · 42.9% of active names held across the episode
2026-05-071 observed active session · 100% of active names held across the episode
2026-04-29 → 2026-05-013 observed active sessions · 0% of active names held across the episode