2Q26 Preview: Liquids Pricing Lifts FCF; Production Steps Up in 2H

Research evidence excerpt

2Q26 Preview: Liquids Pricing Lifts FCF; Production Steps Up in 2H

he wholesale banking businesses of Bank of Montreal, BMO Bank N.A.

(member FDIC), Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital

Markets Corp. (Member FINRA and SIPC) and the agency broker dealer business of Clearpool Execution Services, LLC (Member FINRA and SIPC)

in the U.S., and the institutional broker dealer businesses of BMO Nesbitt Burns Inc. (Member Canadian Investment Regulatory Organization and

Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorised and regulated by the Central Bank

of Ireland) in Europe and BMO Capital Markets Limited (authorised and regulated by the Financial Conduct Authority) in the UK and Australia.

Bank of Montreal or its subsidiaries ("BMO Financial Group") has lending arrangements with, or provide other remunerated services to, many

issuers covered by BMO Capital Markets. The opinions, estimates and projections contained in this report are those of BMO Capital Markets as

of the date of this report and are subject to change without notice. BMO Capital Markets endeavours to ensure that the contents have been

compiled or derived from sources that we believe are reliable and contain information and opinions that are accurate and complete. However,

BMO Capital Markets makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and

omissions contained herein and accepts no liability whatsoever for any loss arising from any use of, or reliance on, this report or its contents.

Information may be available to BMO Capital Markets or its affiliates that is not reflected in this report.