SPM/SUBC, OFS Q2, ARAMCO/OFS, BRAZIL TAX

Research evidence excerpt

SPM/SUBC, OFS Q2, ARAMCO/OFS, BRAZIL TAX

o updated AR estimates from our E&P team, we model a $297mm 2Q26 adj

EBITDA result, in line with the Street median. Gathering & Compression lands at $238mm, reflecting a slight step up in volumes

from the HG integration. We forecast a $34mm Water Handling & Treatment contribution, factoring in sequentially flat volumes

hovering at ~85,000bpd, as AR prepares to bring on a second completion crew in 2H26. On the topic of a Sherwood BTM

solution, AM remains in discussions with several potential partners with power expertise. Proceeds from the Veolia lawsuit land

at $375mm (finally) and remain a nearer-term source of opportunistic shareholder returns. Full year results continue to track

toward the midpoint of the 2026 guidance range, with a clear step up in 2H26. On growing in-basin demand, our conversation

highlighted continued momentum where AR is in discussions sizing 5bcfd+ of potential deals. On the call, we look for further

color on in-basin growth opportunities and capital allocation priorities through the balance of the year.

ECB minutes: That was easy, (Greg Fuzesi)

Four weeks have passed between the ECB’s decision to hike rates by 25bp in June and today’s publication of the minutes. Energy

prices are significantly lower, albeit with some renewed upward pressure this week. This makes it hard to read too much into the

minutes as some of the upside risks from energy markets would now be assessed somewhat differently. A few things are

nevertheless worth noting from the minutes.

J. P. Morgan Global Oil & Gas Access

• JPM LNG Speaker Series: US outlook, July 15th & July 20th Virtual. To discuss the key issues shaping global LNG

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