Sponsored by Antimony Resources

TotalEnergies Shifts From Solar to Gas

TotalEnergies (NYSE: TTE) announced it would sell 50% of a 1.4 GW North American solar portfolio for total cash proceeds of $950 million. The reason behind the transaction seems to have surfaced within hours when the firm also announced the purchase of a 49% interest in producing natural-gas assets in Oklahoma’s Anadarko Basin.

The solar transaction—a joint venture with insurance vehicles and accounts managed by KKR—values the portfolio at a $1.25 billion enterprise value. The package spans six utility-scale projects totaling 1.3 GW plus 41 distributed-generation sites totaling 140 MW, mostly in the US.

TotalEnergies will retain 50%, continue to operate the assets after closing, and notes that output is either contracted to third parties or marketed by the company.

You can read more on the matter here.

What’s going on?

• OPEC+ Extends Output Hikes After Ukraine Hits Russian Refineries (theDeepDive)

• Trump imposes additional 10% tariff on lumber, in yet another setback for Canadian producers (Globe)

• Epstein Calendars Show Planned Musk ‘Island’ Trip, Meetings with Thiel, Bannon (theDeepDive)

• Donald Trump says US cities should be used as military ‘training grounds’ (FT)

• Trump Weighs Drone Strikes on Drug Targets in Venezuela (theDeepDive)

• OpenAI Launches Video Generator App to Rival TikTok and YouTube (WSJ)

• World’s Largest Uranium Producer Warns of Global Shortage by 2035 (theDeepDive)

• Trump returns to ’51st state’ rhetoric in speech to U.S. military officials (BNN)

• Critics Slam Bill C-8’s Power To Shut Down Anyone’s Telco Service (theDeepDive)

What’s the latest?

• AI: Cerebras Systems raised $1.1B in a funding round led by Fidelity and Atreides, valuing the startup at $8.1B. New investors include Tiger Global, Valor Equity, and 1789 Capital, where Donald Trump Jr. is a partner. The company’s IPO plans were previously delayed by a U.S. national security review of a $335M investment from Abu Dhabi-based G42, which later received clearance. Cerebras has supply agreements with G42 and Saudi Aramco, with Middle East exports pending U.S. licenses.

• Markets: The S&P 500 dipped 0.1%, the Dow was flat, and the Nasdaq fell 0.2% Tuesday, though the S&P remains on track for a fifth straight winning month. Markets face pressure from a looming U.S. government shutdown, set for Wednesday if no funding deal is reached. EchoStar shares jumped 8.6% premarket to $80, up from under $30 in August, on reports Verizon may buy its 5G spectrum licenses. Globally, Europe was mixed, while Asia saw Japan’s Nikkei slip 0.3% and Hong Kong’s Hang Seng rise 0.9%; oil prices fell, with U.S. crude at $62.92.

• Buyouts: More than 154,000 federal employees are exiting under buyouts, the largest annual civil service reduction in nearly 80 years. The cuts—part of Trump’s plan to shrink the workforce by 300,000 (12.5%) this year—are projected to save $28B annually. Agencies hit hardest include NASA (~4,000 exits), USDA (1,200, or 17% of staff), CDC, FDA, and the National Weather Service (~200 exits). Experts warn of a major “brain drain” and loss of institutional expertise across critical programs from space exploration to food safety.

• DoorDash : DoorDash announced new features including restaurant reservations in New York and Miami and robot deliveries in Phoenix using its in-house robot, Dot. The company handled 761M orders in Q2, up 20%, but shares fell 1% Tuesday after the news. Its $1.2B acquisition of SevenRooms supports the reservations push, while Instacart shares dropped 10%after DoorDash expanded its Kroger partnership. Dot, capable of carrying 30 lbs at 20 mph, has already completed hundreds of deliveries in Arizona and could expand nationwide.

• Imperial Oil: Imperial Oil will cut ~1,000 jobs (20% of its 5,100 workforce) by 2027 in a restructuring aimed at saving $150M annually by 2028. The company expects a $330M pre-tax restructuring charge in Q3 2025. Despite the cuts, guidance remains unchanged, with production and cost targets intact for Kearl and Cold Lake. Q2 revenue fell to $11.23B from $13.38B a year earlier.

The Global Conflict Has Already Started

The stock market and stuff

• BHP Shares Crash as China Halts Cargoes (theDeepDive)

• Nvidia’s market cap tops $4.5 trillion after string of AI infrastructure deals (CNBC)

• Scotiabank Employees Report New Round of Layoffs at Toronto Office (theDeepDive)

• White House Announces ‘TrumpRx’ Drug-Buying Site, and Pricing Deal With Pfizer (WSJ)

• Imperial Oil to Cut 900 Jobs in Major Restructuring (theDeepDive)

In the juniors

• Tamboran To Acquire Falcon Oil & Gas For $239M (theDeepDive)

• Mako Mining Enters Proposed Transaction For Acquisition Of Permitted Mt Hamilton Project In Nevada (theDeepDive)

• Anfield Energy Releases First Assay Results From JD-7 Mine Drill Program (theDeepDive)

• Amex Exploration Begins Feasibility Study For Phase 1 Production At Perron (theDeepDive)

• Nord Precious Metals Conducts Geophysical Survey At Castle To Identify Historical Workings (theDeepDive)

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