High Yield Energy: U.S. Basin Map Book - July 2026 Edition

Research evidence excerpt

High Yield Energy: U.S. Basin Map Book - July 2026 Edition

J P M O R G A N North America Credit Research

14 July 2026

High Yield Energy

U.S. Basin Map Book - July 2026 Edition

Tarek Hamid AC

(1-212) 834-5468

tarek.x.hamid@jpmorgan.com

Aaron Rosenthal, CFA

• You say impossible, but all I hear is ‘I’m possible’. Our refreshed basin map (1-212)aaron.rosenthal@jpmorgan.com270-4584

book aims to consolidate the vast amount of acreage and infrastructure data we

Nevin Mathew have by company into a simple desk reference. We also included our updated

(1-212) 834-5714

Midstream infrastructure positions in our Map Book for AM, GEL, HESM, nevin.mathew@jpmchase.com

KNTK and TEP. The midstream maps show producer counter-party exposure

Elle Boyd

for select midstream companies and could prove useful for assessing G&P (1-212) 270-7283

expansion opportunities as well as potential Midstream combinations. elle.boyd@jpmchase.com

• Taking on a challenge is a lot like riding a horse, isn’t it? If you’re J.P. Morgan Securities LLC

comfortable while you’re doing it, you’re probably doing it wrong. M&A

remained active in the Energy universe since our last publication in mid-2025

up until the start of the conflict in the Middle East, when M&A naturally slowed

down as a result of commodity price volatility, with the exception of one

sizeable transaction in Canada which we discuss below. A subset of the

transactions since mid-2025 have included what we consider to be almost

“rescue deals” such as Crescent’s $3.1 billion acquisition of Vital Energy,

California Resources’ $717 million acquisition of Berry, SM Energy’s $12.8

billion merger with Civitas Resources, and to some degree, Harbour Energy’s

$3.2 billion acquisition of LLOG. The one notable “mega merger” in the