EVOLVE 2026 kicks off this morning in Houston. Oil and gas, power, renewables, carbon, supply chain, and AI all sit on the same agenda. A few years ago this might have seemed like a strange brew. Today it is a window into the modern energy industry and the rich vein of opportunity created by mashing up industry expertise (across multiple verticals) with technology. Pretty much what EVOLVE (and Enverus) was built for.
I show up to events like this with a few themes and questions in mind. Top of mind walking in is power as the forcing function this year. Last week the four big hyperscalers told the market they will spend $650 to $725 billion on AI infrastructure in 2026, roughly double 2025. Capex now runs at 47% of sales for MSFT and 54% for META. Wild changes from just a couple years ago. Unpacking what is required to generate returns on that spend is a discussion for another day (it is starting to feel very shale circa 2014 to me). For now, it is enough to know that any returns are gated by speed and access to power.
Constraints combined with capital lead to innovation. And the latest innovation is more like circumvention. Skip the grid. There are real reasons most loads choose to interconnect, but when local pushback grows, when the queue wears you down, when you are already self-insuring reliability beyond what the grid offers, and when power is a small (but still multi-billion) share of a $50 to $100 billion plus project, the calculus shifts.
The calculus of constraints is showing up elsewhere. Energy security is visible now in a way it has not been in years. Hormuz keeps oil bid every day it stays contested. The industry is openly discussing Big-E exploration, new unconventional plays beyond North America, infills, refracs and EOR. I did not hear a consensus favorite at our EnergyEdge event in February. But that was before the Iran conflict.
As for questions, I am most curious about the AI vibe check. I believe AI is here, the hype is justified, and the gap between lab bench and scaled monetization is where the real work is. But where is the room at? Who is bought in. Who is using it. Who is creating value with it. Enverus ONE is our answer. I will be watching everyone else’s.
If you are at Evolve this week let me know. I would love to say hi.
Comments, questions or things I missed? Send me a note (or hit reply) - I would love to hear from you. Thanks for reading!
Morning Energy is a syndicated note I publish through Enverus Intelligence. My contributions will also be distributed here. Please note that links frequently lead to content available only to subscribers of Enverus solutions. Please reach out if you have any questions. Thanks! - Ian.