Australia Upstream Energy | Asia Pacific August 2026 Results Preview

Research evidence excerpt

Australia Upstream Energy | Asia Pacific August 2026 Results Preview

Idea

August 3, 2026 10:46 AM GMT

Morgan Stanley Australia Limited+MAustralia Upstream Energy | Asia Pacific Rob Koh

Equity Analyst

August 2026 Results Preview Rob.Koh@morganstanley.comMaya Blackman +61 3 9256-8932

Research Associate

Maya.Blackman@morganstanley.com +61 2 9775-2213

We highlight metrics of focus in our Australia Energy coverage Samantha R Edie

this August reporting season. We favour downstream (ALD and EquitySamantha.Edie@morganstanley.comAnalyst +61 2 9770-1671

VEA) in this grouping, while BPT and ORG remain less preferred

with domestic gas market uncertainty.

Key Takeaways

BPT FY26 (6 Aug), ORG FY26 (13 Aug), STO 1HFY26 (19 Aug), WDS 1HFY26 (25 Australia Energy

Aug), KAR 1HFY26 (27 Aug). Asia Pacific

Industry View In-Line

Exhibit 1: Australia Exploration & Production FCF sensitivities to Brent oil prices

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-10% WDS STO ORG BPT KAR OUR RESEARCH COLLECTIONS

US$75/bbl US$90/bbl US$105/bbl Australia Integrated Utilities

Sources: Morgan Stanley Research estimates Australia Contracted & Regulated Utilities

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