JPM | US Energy: US Inventories Lowest Since 1984, Energy Falls Every Month of 2Q - First Time Since ‘02, 2.1z Demand For Dollars, E&P Valuations, Raising BESS Demand Estimates by 52%, China PMIs, Data Centers & Steel Electricity Costs

Research evidence excerpt

JPM | US Energy: US Inventories Lowest Since 1984, Energy Falls Every Month of 2Q - First Time Since ‘02, 2.1z Demand For Dollars, E&P Valuations, Raising BESS Demand Estimates by 52%, China PMIs, Data Centers & Steel Electricity Costs

Brendan Henrici - Specialist Sales - US Energy AC North America Specialist Sales J P M O R G A Nbrendan.henrici@jpmorgan.com

J.P. Morgan Securities LLC 30 June 2026

marketing updates from companies such as LBRT and PUMP levered to the distributed power theme, but the updates were

notably light on newly contracted megawatts, albeit heavy on their supply chain positioning. That said, we were encouraged

that PUMP’s project to supply 60 MW of power to a Midwest data center is operational, which provides important proof

points to its capabilities in this emerging growth segment.

Matador Resources Company -Expanding San Mateo’s Delaware Basin Footprint with Cardinal Midstream Acquisition- Arun

Jayaram here

• JPM View: This morning, MTDRannounced that San Mateo Midstream (MTDR’s 51%-owned midstream JV with Five

Point) has entered into a definitive agreement to acquire Cardinal Midstream Partners, an EnCap portfolio company, for ~

$752mm in cash. The deal, which is expected to close on or before July 31, expands San Mateo's designed natural gas

processing capacity to >1 Bcf/d and extends its gathering systems to >800 miles of pipeline. Cardinal’s assets include a

cryogenic natural gas processing plant complex in Loving County, TX with a designed inlet capacity of ~320 MMcf/d and

~145 miles of low-pressure and high-pressure natural gas gathering pipelines located in West Texas and southern Eddy

County, NM. The The plant complex sits on ~75 acres with two residue natural gas takeaway connections and four natural gas