Energy Daily-05/19/2026

Research evidence excerpt

Energy Daily-05/19/2026

Energy Daily

19 MAY 2026

Today’s highlights: Shearwater: Notice of written resolution and Q1 trading Commodity prices Last 6 days Last price -1 day -1 week -1 month 04-May1M high 17-Apr1M low

update; ARCH: Q1’26: soft cash flow postpones dividend increase – minor BrentWTI (bbl)Crude (bbl) $$ 110.3103.4 -1.6-0.9 %% 2.41.2 %% 31.431.9 %% 114.4106.9 90.482.6

estimate revisions expected. Also covered: Jackups. Dutch TTF Gas $/MMBtu 17.1 0.3 % 7.4 % 27.7 % 17.1 13.4

UK Nat Gas $/MMBtu 16.5 -0.1 % 6.3 % 25.3 % 16.5 13.2

Henry Hub Nat Gas $/MMBtu 3.0 2.0 % 6.3 % 11.5 % 3.0 2.5

Shearwater – Notice of written resolution and Q1 trading update UKCO2electricityprice (1M) £/MWhEUR/t102.775.6 -0.1-0.1 %% -2.15.1 %% 20.8-2.5 %% 102.777.5 85.073.2

• Shearwater this morning proposed to its bondholders to make additional BrentUSD/boeand Nat. gas in USD/boe Equivalent** last 3Y CO2EUR/tprice last 3Y

postponements to loan instalments, issue new equity of USD 40m 135120 10090

80 (contributed by Rasmussengruppen AS alone or with other shareholders), 105

60 and other amendments to improve liquidity 75 70

60 40• It expects the seismic market to remain constrained through 2026, and seeks 50

to further improve its liquidity should it continue to be soft for longer 4530 3020

10• The company reports Q1 EBITDA of USD 35m significantly above our USD 150

May-25 May-26 May-24 May-25 May-26 May-23 May-24 15m estimate with cash also ahead May-23 0 CO2 Price Dutch TTF Brent

• During the quarter, it had 8.7 vessels working, flattish q/q with utilization of Last Total return Short Cons. NTM

73% up from 67% in Q4’25. While backlog stands at USD 272m down ~14% E&PExxonMobil 6 days Last$ price160.5 -11.6day% -17.2week% 35.1YTD% interest1.1% 15.5xP/E