Energy Daily-06/26/2026

Research evidence excerpt

Energy Daily-06/26/2026

Energy Daily

26 JUN 2026

Today’s highlights: CLOUD: Expands scale through Orron deal; MORLD: 03-Jun 24-Jun

Firms up Vår contract, derisking 2027 estimates; ARCH: Negotiations for a large CommodityBrent Crude (bbl)prices Last 6 days Last $price74.1 -1-1.8day% -1-8.0week% -1 -18.8month% 1M high97.8 1M 73.9low

P&A contract, NCS: Equinor one step closer to Wisting; DOFG; Secures 3-year WTIDutch(bbl)TTF Gas $/MMBtu$ 13.570.5 -2.0-0.8 %% -7.1-5.4 %% -24.8-18.6 %% 96.616.9 70.313.5

contract at supportive terms. Also covered: AKSO UK Nat Gas $/MMBtu 12.8 0.3 % -4.3 % -20.0 % 16.1 12.7

Henry Hub Nat Gas $/MMBtu 3.3 3.3 % 8.1 % 14.0 % 3.3 2.9

UK electricity (1M) £/MWh 92.7 -0.4 % -1.2 % -7.7 % 106.0 92.7

CLOUD - Expands scale through Orron deal CO2Brentpriceand Nat. gas in USD/boe Equivalent** last EUR/t3Y 80.6 CO2-0.3price% last 3Y 0.7 % 4.7 % 81.6 76.2

• Cloudberry has agreed to acquire majority of Orron's onshore wind portfolio USD/boe135 EUR/t100

in a deal which will see Orron own ~27% of the company. The transaction 120105 9080

signi cantly expands its production base, allowing cost optimization and a 90 7060

50 larger opportunity set of developments. The transaction is done on a value- 7560

value basis based on assets in production, i.e. NAV neutral (before cost 45 4030

synergies) while accretive on near term multiples. Delta positive in our view. 3015 2010

0 0 BUY, TP NOK 14

Jun-24 Jun-25 Jun-26 Jun-23 Jun-24 Jun-25 Jun-26 Jun-23

Dutch TTF Brent CO2 Price

Last Total return Short Cons. NTMMORLD – Firms up Vår contract, derisking 2027 estimates E&P 6 days Last price -1 day -1 week YTD interest P/E

• Moreld subsidiary Ocean Installer has been awarded a major SURF contract ExxonMobilTotal $€137.669.3 -0.30.5 %% -2.5-0.2 %% 16.026.1 %% 1.2%- 12.7x7.6x