High Yield Energy: Fracking Credit – JPM High Yield Energy Weekly

Research evidence excerpt

High Yield Energy: Fracking Credit – JPM High Yield Energy Weekly

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

24 July 2026

High Yield Energy

Fracking Credit – JPM High Yield Energy Weekly

Tarek Hamid AC

(1-212) 834-5468

tarek.x.hamid@jpmorgan.com

Aaron Rosenthal, CFA

Welcome to this week's issue of Fracking Credit. Our J.P. Morgan HY Energy index (1-212) 270-4584

aaron.rosenthal@jpmorgan.com

has returned 470bps year to date, as compared to the total return of 206bps for the

Nevin Mathewbroader J.P. Morgan HY Index. Over the last week, Energy has returned 6bps vs -

(1-212) 834-5714

22bps for the broader HY Index. nevin.mathew@jpmchase.com

Key Earnings This Week: Elle Boyd

(1-212) 270-7283

Ticker Earnings Guidance Comment Link elle.boyd@jpmchase.com

RRC Beat Neutral Eventual Rising Star Link J.P. Morgan Securities LLC

WFRD Positive Inline Positive outlook despite near-term noise

Key News This Week:

Chart of the Week: Trackable Hormuz Ship

• We wrapped our quarterly model book updates this week with our Midstream Traffic Declines Again

and Energy Services & Refining model books, following our Natural Gas &

Oily E&P model books. We maintain a preference for LNG names within

midstream as the risk to global LNG pricing appears skewed to the upside. We

published a separate note on our thoughts on Venture Global heading into 2Q26

earnings. Separately, the L48 outlook remains favorable for service providers

into 2H26 thanks to an improving demand backdrop and relatively tight supply

conditions. LatAm utilization prospects bolster the medium-term international

outlook, and the deepwater market is expected to further tighten. Meanwhile,

Source: Bloomberg Finance L.P.

the products side of the oil market remains tight, and Refiners are set to realize