Energy - Weekly Refrac: Ceasefire, MTDR/ET Agreements, DUC Analysis, TSX

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Energy - Weekly Refrac: Ceasefire, MTDR/ET Agreements, DUC Analysis, TSX

Truist Securities

Equity Research Report June 8, 2026

ENERGY

Energy - Weekly Refrac: Ceasefire, MTDR/

ET Agreements, DUC Analysis, TSX Gabe Daoud Crude continues to be volatile as "deals" are made just to be violated hours later.

212-303-4193

Gabe.Daoud@truist.com Despite US optimism, Iran stopped all negotiations in retaliation for ongoing ceasefire

violations and vowed to keep the SoH blocked. Moreover, tension between Israel /

Lebanon continues to flair with ceasefire terms between the two countries constantly Frankie DiGiovanna being violated too. Within our coverage, MTDR signaled the potential to benefit from 212-326-3158

Francis.DiGiovanna@truist.com Permian egress as early as 3Q benefitting from its relationship with ET. US oil rigs

increased for a 7th straight week, driven again by Privates. Bullish natgas storage report

(+95 Bcf build vs. cons. +99 Bcf and 5-yr avg of +101 Bcf). Eric Look

212-303-4174

Eric.Look@truist.com MTDR and ET benefit from new agreements. Last week, Matador Resources (MTDR,

Buy) announced that it has entered multiple agreements with Energy Transfer (ET, Buy),

55 Page Document including an NGL agreement and a new gas supply agreement that's incremental to

the previously disclosed capacity reservation on the Hugh Brinson Pipeline. Net of it is

we believe MTDR in one form or another can likely begin to benefit from premium gas

Reasons for this report pricing as early as 3Q with the gain (likely to amount to <$50MM in incremental FCF in

2H26) impacting MTDR's marketing line item from an accounting perspective prior to

✓ Sector Update commercial flow of Hugh Brinson. Though we're unsure of the specifics, given ET has