J.P. Morgan Natural Resources Conference Daily Wrap-Ups and Summaries (Day 2)

Research evidence excerpt

J.P. Morgan Natural Resources Conference Daily Wrap-Ups and Summaries (Day 2)

Arun Jayaram AC North America Equity Research

(1-212) 622-8541 24 June 2026 J P M O R G A N

arun.jayaram@jpmchase.com

directly with Liberty to evaluate and secure large-scale energy solutions. The Wyoming

project, a 1.5GW deployment with aspirations to scale to 5.5GW, exemplifies the scale

and complexity of opportunities in the pipeline, with LBRT serving as the named power

partner and actively involved in permitting and dispersion studies. The Vantage

agreement, which includes a 1GW development partnership with a firm reservation for

400MW, provides validation of Liberty’s capabilities and contract structure. The

arrangement allows Vantage to secure power at a known price and supports a 5-6 year

payback period on generation assets, with flexibility to allocate capacity to specific

projects under energy service agreements (ESA). LBRT’s ability to deliver total energy

management solutions, including power, cooling, and thermal energy storage, is

increasingly valued by hyperscalers and developers, and the company is exploring DC

architecture innovations to further optimize data center operations.

• 330 MW reservation termination. The termination of LBRT’s 330MW reservation with

a data center developer earlier this year was handled as intended, with management citing

the arrangement as being structured with escalating termination payments to incentivize

the customer to reach an energy service agreement (ESA) quickly. Considering the

customer's inability to meet the timeline, the contract was terminated without financial

or operational disruption. Management emphasized the company’s intent to announce

contracts further down the timeline going forward. LBRT remains confident that the