Alpha Energy is the parent. Alpha Latin America (SPV) and Alpha Ukraine are wholly owned subsidiaries. U.S. assets are held on the U.S. side of the group, including a 50% interest in TPIC held through Alpha Parker Creek.
U.S. producing assets are held directly by Alpha Energy as the approved operator. The interest in Texas Petroleum Investment Company (TPIC) is a 50% holding through Alpha Parker Creek — an associate interest, not a wholly owned subsidiary. International operations are ring-fenced within dedicated wholly owned subsidiaries to align ownership, financing and regulatory treatment with each jurisdiction.
[EDIT: confirm exact legal entity names and domiciles (e.g. Delaware vs Texas), the entity that holds Alpha Parker Creek, and whether the Venezuela project sits in a further dedicated SPV beneath Alpha Latin America.]