High Yield Energy: Fracking Credit – JPM High Yield Energy Weekly

Research evidence excerpt

High Yield Energy: Fracking Credit – JPM High Yield Energy Weekly

J P M O R G A N North America Credit Research

22 June 2026

High Yield Energy

Fracking Credit – JPM High Yield Energy Weekly

Welcome to this week's issue of Fracking Credit. Our J.P. Morgan HY Energy index High Yield Energy

AChas returned 412bps year to date, as compared to the total return of 199bps for the Tarek Hamid

broader J.P. Morgan HY Index. Over the last week, Energy has returned 12bps vs (1-212) 834-5468

55bps for the broader HY Index. tarek.x.hamid@jpmorgan.com

Aaron Rosenthal, CFA

Key News This Week: (1-212) 270-4584

• The US and Iran signed a Memorandum of Understanding last week resulting aaron.rosenthal@jpmorgan.com

in a cease fire and a reopening of the Strait of Hormuz. The MOU includes, Nevin Mathew

among other things, the immediate termination of military operations on all (1-212) 834-5714

nevin.mathew@jpmchase.com

fronts, the commitment to achieving a final deal within 60 days, the removal

Elle Boyd

of the US naval blockade, safe passage of commercial vessels with no charge

(1-212) 270-7283

for 60 days, the development of a $300 billion plan for the reconstruction and elle.boyd@jpmchase.com

economic development of Iran, the undertaking of the US to terminate all J.P. Morgan Securities LLC

sanctions against Iran, a commitment by Iran to not procure or develop nuclear

weapons, an agreement to resolve the disposition of enriched uranium

stockpiles, waivers for the export of Iranian crude and associated products and Chart of the Week: Crude Flows from the

services, and a commitment by the US to release frozen assets of Iran. Persian Gulf

• Comstock announced the divestiture of a 27% non-controlling common equity