High Yield Energy: Fracking Credit – JPM High Yield Energy Weekly

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High Yield Energy: Fracking Credit – JPM High Yield Energy Weekly

J P M O R G A N North America Credit Research

10 July 2026

High Yield Energy

Fracking Credit – JPM High Yield Energy Weekly

Welcome to this week's issue of Fracking Credit. Our J.P. Morgan HY Energy index High Yield Energy

AChas returned 430bps year to date, as compared to the total return of 212bps for the Tarek Hamid

broader J.P. Morgan HY Index. Over the last week, Energy has returned 25bps vs 8bps (1-212) 834-5468

for the broader HY Index. tarek.x.hamid@jpmorgan.com

Aaron Rosenthal, CFA

Key News This Week: (1-212) 270-4584

• Recent press reports suggest that QatarEnergy has decided to pause efforts to aaron.rosenthal@jpmorgan.com

quickly ramp up production at its Ras Laffan LNG facility following the re- Nevin Mathew

escalation of the Iran conflict, which included a Qatari LNG tanker being (1-212) 834-5714

nevin.mathew@jpmchase.com

struck earlier this week. QatarEnergy had been operating the facility at low

Elle Boyd

capacity as it prepared to quickly ramp output to 50% of capacity within a

(1-212) 270-7283

month of safe passage in the Straits being restored and to roughly 80% within elle.boyd@jpmchase.com

two months. The company will likely continue to run some of the Ras Laffan J.P. Morgan Securities LLC

capacity at a reduced level but is shelving plans for a ramp up in production.

Recall that 17% of the plant’s production capacity was damaged earlier in the

year with repairs expected to take three to five years. Chart of the Week: Diesel Margins Climb to

• Venture Global reported its 2Q26 LNG exports earlier this week. The company Record Highs

exported 37 cargos (137.5TBtu) from CP1 and 90 cargos (328.9TBtu) from

Plaquemines, totaling 127 total cargos (466.4TBTu) at weighted average