Energy Daily-06/24/2026

Research evidence excerpt

Energy Daily-06/24/2026

Energy Daily

24 JUN 2026

Today’s highlights: SUBC: Brazil clears Saipem merger without conditions; 22-May 23-Jun

Jackups: ADES acquires Saipem rigs; Rigs: Stena lls backlog, ONGC with pre- CommodityBrent Crude (bbl)prices Last 6 days Last $price76.1 -1-1.2day% -1-4.3week% -1 -23.1month% 1M 100.2high 1M 77.1low

bid meeting for 2x drillships. WTIDutch(bbl)TTF Gas $/MMBtu$ 14.072.6 -0.9-0.2 %% -4.6-3.1 %% -23.4-15.3 %% 96.616.9 73.213.6

UK Nat Gas $/MMBtu 13.2 -0.6 % -1.6 % -17.3 % 16.1 12.8

SUBC – Brazil clears Saipem merger without conditions HenryUK electricityHub Nat(1M)Gas $/MMBtu£/MWh 94.23.1 -3.3-0.9 %% -0.9-2.9 %% -6.27.7 %% 106.03.3 93.82.9

CO2 price EUR/t 80.7 -1.1 % 1.1 % 4.9 % 81.6 76.2

• Brazil’s antitrust authority CADE gas approved the Subsea7/Saipem merger BrentUSD/boeand Nat. gas in USD/boe Equivalent** last 3Y CO2EUR/tprice last 3Y

without conditions, con rming market rumours in local media earlier this 135 100

month. 120105 9080

90 70• The decision remains subject to a 15-day appeal window. The expectation is 60

50 that Petrobras will appeal and case move to CADE's Tribunal (this is 7560

superintendent /investogator approval). No changes to the timeline with the 45 4030

merger is still anticipated to close in 2H'26 (likely Q4) 3015 2010

0 0

Jun-24 Jun-25 Jun-26• While expected, the con rmation is delta positive and could support a modest Jun-23 Jun-24 Jun-25 Jun-26 Jun-23

further narrowing of the ~4-5% merger discount (pre open). The equity case Dutch TTF Brent CO2 Price

in Subsea 7 also largely hinges on the merger and Saipem in our view. E&P 6Lastdays Last price -1 day Total-1 weekreturn YTD interestShort Cons.P/ENTM

ExxonMobil $ 139.7 0.9 % -1.5 % 17.8 % 1.0% 13.0x