Global Energy Research Highlights: Week Ending Jul 31,2026

Research evidence excerpt

Global Energy Research Highlights: Week Ending Jul 31,2026

J P M O R G A N Global Equity Research

31 July 2026

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Global Energy Research

Highlights

Week Ending Jul 31, 2026

This report provides a summary of the research produced by J.P. Morgan Global Global Equity Research

ACEnergy Equity Research. Key highlights from the past week are below: Global Equity Research

• Patterson-UTI Energy: 2Q26 Post Mortem and Model Update: Pricing gr_publications@jpmorgan.comJ.P. Morgan Securities LLC

Tailwinds Plus Targeted Investments Bolster Outlook; Upgrade to Neutral

• JPM Natural Gas and NGL Reservoir: Global LNG Supply & Shipping

Tracker: Qatar Utilization Continues to Decline

• International Refining: Singapore Fuel Oil Inventories Draw ~1.3 mmbbls

w/w

• Valero Energy: 2Q26 Post Mortem and Model Update

• TechnipFMC PLC: 2Q26 Post Mortem and Model Update: Subsea Market

Shift to Larger Greenfield Projects Shouldn’t Alter Margin Expansion Story

• Cactus: 2Q26 Post Mortem and Model Update: If Only We'd Followed CEO

Bender’s Spoolable Bread Crumbs on the 1Q26 CC

• Antero: 2Q26 Post Mortem and Model Update: Well Equipped for the Demand

Pull Phase of the U.S. NatGas Market

• Lotus Resources: 4Q26 Result – Near-term headroom but not yet out of the

woods?

• JPMC Utilities Daily: 31 July: ENGI, ANE, ENEL x2, EDP, VIE, ENG

• Shell PLC: Top quartile operational performance and a 10%+ 2H cash yield

• TC Energy Corp: 2Q in Review; Model Update