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

26 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 393bps year to date, as compared to the total return of 195bps for the Tarek Hamid

broader J.P. Morgan HY Index. Over the last week, Energy has returned -18bps vs (1-212) 834-5468

-4bps for the broader HY Index. tarek.x.hamid@jpmorgan.com

Aaron Rosenthal, CFA

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

• Murphy announced an oil discovery at the Bubale-1X exploration well aaron.rosenthal@jpmorgan.com

offshore Cote d’Ivoire earlier this week. The well encountered 100 feet of net Nevin Mathew

oil pay across two reservoirs and preliminary assessments indicated high- (1-212) 834-5714

nevin.mathew@jpmchase.com

quality light oil. The Bubale-1X well was the third and final well of Murphy’s

Elle Boyd

exploration program in Cote d’Ivoire. Recall that the company’s Civette-1X

(1-212) 270-7283

well encountered non-commercial hydrocarbons, while the Caracal-1X well elle.boyd@jpmchase.com

was plugged & abandoned after encountering hydrocarbon shows. The J.P. Morgan Securities LLC

company now plans to move into the next phase of evaluation, with one well

planned for the back half of 2026 following the Bubale-1X results.

• Press reports this week suggested that Iraq has considered the possibility of Chart of the Week: Crude Shipments Through the Strait of Hormuz Surge leaving OPEC if production quotas for the nation are not raised significantly.

That said, a senior Iraqi oil ministry official noted that the country currently

expects to remain an OPEC member and seek a higher quota.