Noble Corp 2Q26 First Take - ALERT

Research evidence excerpt

Noble Corp 2Q26 First Take - ALERT

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

27 July 2026

Noble Corp Neutral

NE, NE US

2Q26 First Take - ALERT Price (27 Jul 26):$43.11

Oil & Gas Exploration & Production

EBITDA Results. Adj. EBITDA $212mm v. JPMe $210mm and STe $210mm. Arun Jayaram AC

(1-212) 622-8541

JPM View: Stock Reaction - Negative. There were generally low expectations arun.jayaram@jpmchase.com

for 2Q26 given the well-chronicled suspension notifications of the Noble Faye Kartikey H Pandey

Kozack and Noble Courage floaters offshore Brazil. While we think the buyside (1-212) 622-5006

was bracing for a reduction in the company’s previous full-year 2026 EBITDA kartikey.pandey@jpmorgan.com

J.P. Morgan Securities LLC

guidance toward the lower end of the previous $940mm to $1.02bn range (JPMe

$940mm vs. STe of $972mm), we think the 9.4% reduction in the guidance to

$888mm ($850mm to $925mm range) could have negative near-term implications

for the shares, particularly given the anticipation that the company could offset

some of the revenue shortfall from Petrobras through other self-help actions that

the company has been known for in recent quarters. That said, one of the silver

linings is the fact that this print should reflect a clearing event on numbers in light

of continued positive momentum in dayrates as CEO Eifler noted improving

leading-edge pricing for high-spec dayrates into the mid-$400k’s from the low-

$400k’s earlier this year. NE delivered 2Q26 EBITDA of $212mm, which was

broadly in line with JPMe/STe of $210mm. The in-line EBITDA result was driven

by a stronger-than-expected topline, with revenue of $720mm coming in +14% vs.

JPMe and +5% vs. STe, offset by elevated contract drilling expense of $446mm,

which was +24% above JPMe.