Weekend Exploration

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Weekend Exploration

Second Target – Week 2 Earnings Previews

BKR. We forecast 2Q26 Adj. EBITDA of $1,142mm vs. Street's $1,139mm and

slightly ahead of the midpoint of the company's guidance range. We forecast

2Q26 Adj. EPS of $0.48/sh vs. Street's $0.49/sh. We expect BKR to deliver results

toward the upper end of its 2Q outlook, supported by improving conditions in the

Middle East late in the quarter and continued strength across GTS. While Middle

East headwinds persist, we saw improvement in OFSE activity levels toward

quarter-end, supporting revenue modestly above the midpoint of guidance

despite higher logistical costs. Beyond the quarter, we expect investor focus to

remain on Power Systems and broader data center power generation demand. We

continue to see NovaLT as a key growth driver and believe BKR can exceed its $3Bn

2025-2027 data center order target, potentially by YE26. We estimate NovaLT

alone can generate $1.3-$1.7Bn of annual revenue following the planned capacity

expansion. We also see BKR's ongoing business optimization initiatives as

important catalysts into 2H26.

TOU. We forecast 2Q26 CFPS of C$2.05 vs. Street's $2.07. We forecast total

production of 597mboepd, in line with straight and within the 595-605mboepd

guidance range. Similar to 1Q26, TOU's liquids and LNG exposure continue to

provide an important offset to weak North American natural gas prices.

Operational performance remains strong across the portfolio, with NEBC well

results continuing to support the company's gas and condensate growth outlook.

While lower gas prices may lead to some adjustment in TIL timing, we expect TOU

to maintain its FY26 budget and guidance, with volumes increasing from

597mboepd in 2Q26 to 608mboepd in 3Q26 and 639mboepd in 4Q26. We also