2Q26 Preview: Disruption premium unwinding faster than expected; positioning for normalization and recovery into year-end

Research evidence excerpt

2Q26 Preview: Disruption premium unwinding faster than expected; positioning for normalization and recovery into year-end

Equity Research

14 July 2026 | 12:56AM GST

ME&A ENERGY & CHEMICALS

2Q26 Preview: Disruption premium unwinding faster than expected;

positioning for normalization and recovery into year-end

Ahead of 2Q26 earnings, we update our estimates and assess key focus areas for our Faisal AlAzmeh, CFA

+971(4)376-3476 |

MENA energy and chemicals coverage, marking-to-market recent trends in key faisal.alazmeh@gs.com

Goldman Sachs International

product chains, recent developments, and sector valuations. As such, we lower our

Swarnilee Patra2026-28 chemicals EBITDA/EPS estimates by ~6/10%and raise our energy estimates +1(332)245-7700 |

by ~2/9%, on average. swarnilee.patra@gs.comGoldman Sachs India SPL

Roman Reshetnev

n Within energy, we think the market will likely look to assess: (i) how elevated +971(4)376-3423 |

roman.reshetnev@gs.com

shipping rates will translate into AL&S earnings, and the degree of 2Q26 shipping Goldman Sachs International

contribution within the broader updated FY guidance; (ii) the pace of export

execution and price capture for ADG, and the extent to which it can drive unit

margins to the upper-end of management guidance; (iv) the resumption of

previously suspended offshore rigs, particularly for ADES and ADC; and (v) an

update on ADRILL’s consolidation of the MBPS/SLB business, the pace of rig

refurbishments, and the new AI-enabled island rig that recently joined the fleet.

n For chemicals, investors are likely to evaluate: (i) logistics capabilities for

polymers/solids producers, specifically the portion of produced volumes

successfully re-routed, and the associated increase in selling expenses; (ii) an