JPM | US Energy: 2026 Natural Resources Conference Day 2 - Themes, Thoughts & Feedback: US Energy Sector Specialist Commentary Oil & Gas·Power·Metals & Mining·Renewables

Research evidence excerpt

JPM | US Energy: 2026 Natural Resources Conference Day 2 - Themes, Thoughts & Feedback: US Energy Sector Specialist Commentary Oil & Gas·Power·Metals & Mining·Renewables

undation for price recovery discussions. While pricing remains down ~30% from 2023 peak, LBRT

is actively negotiating with customers to recapture lost pricing, aided by oil prices that have held above expectations. The

company expects a more pronounced pricing impact in 2H26, with early signs of stabilization already visible

• SHLS on Solar Demand: …CEO expressed confidence that the market will be stronger for longer than many expect, noting

that solar's status as the lowest LCOE and fastest-to-deploy source underpins continued growth even in a scenario where ITC/

PTC credits sunset at decade-end. New product adoption, particularly the long-tail BLA DC feeder solution (adding ~0.5-0.8

cents/watt to the addressable wallet) and the SuperJumper harness, are exceeding expectations. Internationally, Australia and

LATAM remain the most active regions, though the CEO flagged that SHLS's status as a domestic U.S. producer creates a

modest disadvantage under current trade policy and that sustained international growth may require outside production

investment absent a policy change.

• RUN on Resi Solar: The demand environment for RUN's core offering remains strong, underpinned by rising utility rates,

grid reliability concerns, and growing consumer awareness of energy cost risk. The CEO noted active headcount is up 20%+

since the start of the year, March bookings were up 30%+ m/m, and RUN has hired more than 1,000 sales reps year-to-date

with hundreds more onboarding. The 25D expiration has accelerated talent displacement across the dealer ecosystem, and