JPM | US Energy: IRGC Threatens Export Corridors, Shuttle Runs, Ukraine Hits Black Sea Ships, Russia Oil @ Sea Builds, China Refining Output 6yr Low, Steel 2Q Previews, China Growth Below Target, PJM Auction, GOP/Utilities Join DC Pledge, PA DC Scrutiny

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JPM | US Energy: IRGC Threatens Export Corridors, Shuttle Runs, Ukraine Hits Black Sea Ships, Russia Oil @ Sea Builds, China Refining Output 6yr Low, Steel 2Q Previews, China Growth Below Target, PJM Auction, GOP/Utilities Join DC Pledge, PA DC Scrutiny

View: The strategic alliance announced by SLB and Liberty Energy this morning is a logical marriage of

complementary franchises that specifically targets the behind-the-meter (BTM), distributed power bottleneck for AI

hyperscalers. We view this morning’s announcement as a credible attempt by both companies to monetize BTM data center

demand at scale. The tie-up pairs SLB’s modular infrastructure and project execution muscle with LBRT’s modular power

generation and BTM power controls, targeting developers seeking to sidestep traditional grid interconnection timelines while

providing reliable, efficient, and flexible power capacity as AI hyperscalers increasingly seek speed-to-market solutions.

Notably, this builds on a long-standing SLB-LBRT relationship rather than a cold start (former SLB EVP/CFO Simon Ayat

and SVP of IR James McDonald both currently serve on the LBRT Board of Directors), and both parties have already hit the

ground running on the underlying demand for capacity, with SLB having shipped 1.3 GW of prefab modular infrastructure

since April 2024 (cumulative deliveries expected to exceed 2 GW globally by YE26) and LBRT planning to deploy ~3 GW of

power projects by YE29 (no change to prior guidance). The immediate read is constructive and we think this announcement

makes strategic sense for both companies: the alliance monetizes existing capability stacks against similar secular tailwinds.

We would flag that the announcement is light on economics, revenue-share, and capital commitment details, and would look