JPM OFS and Equipment: Weekly Insights & Analytics: 2Q26 OFS Earnings Takeaways: Playing the Long Game

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

11 August 2026

JPM OFS and Equipment

Weekly Insights & Analytics: 2Q26 OFS Earnings

Takeaways: Playing the Long Game

JPM View: 2Q26 earnings season produced a significant level of volatility in

terms of the reactions to the prints. The dispersion was stark: NESR ripped +23.3%

(+1748bps vs. OSX) and WHD +18.5% (+1,581bps) at one end, while LBRT fell

by -22% (-2203bps) at the other. The reaction to the prints also highlighted the

importance of the forward outlook as well as positioning as to how the stocks

ultimately traded. LBRT beat and got sold sharply, NOV printed a +20% EBITDA

beat and lagged the OSX by 225bps, FTI beat and still fell -3.9%) while soft prints

got rewarded when they confirmed an improving outlook such as SLB. The two

most charged debates were on the Middle East and behind-the-meter (BTM)

power. On the Middle East, the disruption tied to the Strait of Hormuz touched

nearly every name, but the story shifted from fear of a structural earnings hit to

managed disruption with free reopening optionality. On the power side, the BTM

theme split the completions names down the middle and drove the season's most

violent moves: LBRT's -22% correction (extending to -33% into its follow-up call)

had nothing to do with its solid frac print and everything to do with higher LPI

capex and no signed ESA to unlock project financing, while the market also drew

no distinction between LBRT's genuine disappointment and PUMP's clean quarter,

dinging PUMP on pure BTM contagion.

Beyond those two debates, the international ex-Middle East and offshore upcycle

was the one theme the market fully trusted, with HAL, SLB, FTI, and NOV all

pointing to a deepwater recovery accelerating into 2027. A secular power/LNG/

electrification demand story, distinct from the frac-BTM noise, has emerged as a

genuine equipment supercycle in BKR, whose record IET orders were driven by

data-center-led gas turbine demand and full-lifecycle LNG. And a range of selfhelp and idiosyncratic growth stories, such as WHD's Spoolables, NESR's

technology-and-anchor-country expansion, HP's Argentina transformation, and

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