High Grade Energy Weekly: Week ended July 24, 2026

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High Grade Energy Weekly: Week ended July 24, 2026

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High Grade Energy Weekly

Week ended July 24, 2026

Industry Overview

Energy spreads finish largely unch’d w-o-w 24 July 2026

HG Energy spreads finished largely unch’d w-o-w. At an Index level, HG Energy (CIEN) High Grade Credit

and HG Pipeline (CIGD) spreads continue to trade near record tight levels, supported by a United States

>25% surge in oil prices over the last two weeks. Energy, MLPs & Pipelines

HG Energy earnings: KMI and EQT DanielResearchLungoAnalyst

This week, KMI and EQT reported 2Q26 earnings. KMI posted a 2Q26 EBITDA beat, BofAS+1 646 855 9965

raised 2026 EBITDA guidance, and lowered its YE26 net leverage outlook to 3.6x from daniel.e.lungo@bofa.com

3.8x. Despite largely positive earnings, we remain UW on tight relative value and rising Gavin Andersen

capex risk. Management telegraphed sizable 2H26 FIDs, said its backlog has room to ResearchBofAS Analyst

move higher, flagged an imminent Western Gateway FID (not yet in backlog), reaffirmed gavin.andersen@bofa.com

appetite for bolt-on M&A, and highlighted meaningful capacity within its 3.5-4.5x Peter Merlini

Research Analyst

leverage target to fund higher capex. Collectively, this could drive capex higher and BofAS

increase issuance needs. On relative value, KMI continues to trade inside HQ peers WMB peter.merlini@bofa.com

and ENBCN, which we view as rich given the likelihood of higher capex spend going

forward. Away from KMI, EQT reported an adj. EBITDAX beat, raised 2026 sales volume

guidance, and lowered 2026 capex on better well results, while net debt fell to ~$5.5b Exhibit 1: Energy has outperformed the

Corp Index this week(from $5.7b at 1Q26), leaving the company "on the doorstep" of its $5b long-term net