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

31 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 425bps year to date, as compared to the total return of 166bps for the

Nevin Mathewbroader J.P. Morgan HY Index. Over the last week, Energy has returned -43bps vs

(1-212) 834-5714

-39bps 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

NE Inline Negative BRZ audit weighing on 2026 outlook Link J.P. Morgan Securities LLC

NBR Solid Positive Strong execution Link

PDCN Inline Mixed L48 momentum in 2027

CRK Decent Negative Continued cash burns Link Chart of the Week: Chinese Crude Inventory

CVI Beat Neutral Record high crack spreads Link Remains Elevated

AM Soft Neutral Debt paydown with Veolia proceeds

SOILCN Inline Positive Shift to growth creates risk Link

VETCN Soft Neutral Benefitting from TTF and crude Link

PBFENE Beat Positive Record high crack spreads Link

CNX Decent Neutral Maintenance plan unchanged Link

Key News This Week:

• Talos announced a farm-in agreement into the Block 29 development offshore Source: Kpler, Bloomberg Finance L.P.

Mexico. Talos is acquiring a 50% working interest in the pre-FID development

operated by Repsol. The consideration includes a $30 million payment at FID,

a cash carry of up to $20 million on the next exploration well, and the

reimbursement of certain pre-closing costs. The development contains the