Energy, Utilities & Mining Pulse Investors Asking What Are Takeaways from the Road or Recent Management Meetings

Equity Research 17 September 2026 | 8:44PM EDT

Energy, Utilities & Mining Pulse: Investors Asking: What Are Takeaways from the Road or Recent Management Meetings?

The Natural Resources complex has performed well in 2026 through the continued Neil Mehta | geopolitical and commodity volatility. With this in mind, our analysts have spent Goldman Sachs & Co. LLC

much of September on the road attending industry conferences and facilitating Brian Lee, CFA | meetings with our management teams. This week in the Pulse, we ask our senior Goldman Sachs & Co. LLC

analyst team to comment on the key debates and takeaways from their John Mackay | conversations while on the road attending conferences or in recent management Goldman Sachs & Co. LLC meetings. Carly Davenport | Topics and stocks discussed include: Goldman Sachs & Co. LLC Integrated Oil: CVX Nick Cash | Goldman Sachs & Co. LLC Energy Services: LBRT and PUMP Alexa Petrick Breno | Midstream: KGS Goldman Sachs & Co. LLC

E&P: MUR Olivia Foster | Goldman Sachs & Co. LLC Utilities: Communacopia + Technology Conference

Clean Tech: World Nuclear Symposium

Metals & Mining: SMU Steel Summit 2026

This week, we hosted Chevron Corp (CVX) for a roundtable dinner in Houston on 9/14, followed by a full-day event on 9/15 featuring a Q&A with executives and a technology showcase. Key debates on the company include: (a) whether international growth projects justify a geopolitical risk discount, (b) whether management intends to scale the Bakken, (c) whether Project Kilby represents a new growth platform for the company, and (d) whether contract renegotiations in Kazakhstan can resolve favorably. Management continues to stack high-margin international growth options, with opportunities for incremental free cash flow coming from Venezuela, Iraq, and Argentina, in addition to countries in West Africa and the Eastern Mediterranean. We expect gross production in Venezuela to more than double to ~600 kbd by 2031 across three joint ventures, while Argentina output more than triples to ~240 kbd by 2035. In Iraq, we look for updates on commercial discussions over West Qurna 2 and Nasiriyah. While some investors argue geopolitically riskier operations justify a valuation discount, we see these initiatives

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Goldman Sachs Energy, Utilities & Mining Pulse

providing upside to 10% adjusted free cash flow growth by the end of the decade. Domestically, management is positioning the Permian Basin as a free cash flow engine, leveraging advanced chemical treatments to drive a 10% recovery uplift in new wells and lower capital spend per barrel by roughly 25% year-over-year. Investors continue to ask whether the Bakken is a core asset, debating upside to productivity results and potential to scale. We see additional free cash flow potential in power, where Project Kilby, a co-located West Texas data center project backed by a 20-year, 2.67 GW PPA, is on-track for first power delivery in 2028. The project targets mid-teens returns independent of commodity prices, though investors raise questions around valuation credit, long-term scalability, and turbine market competitiveness. Lastly, we highlight progress in Kazakhstan, where we believe a positive outcome on contract extensions could protect long-term production and free cash flow.

On the back of our meetings with LBRT and PUMP management on 9/10, we continue to see key debates for the Behind-the-Meter theme focus on contract announcements, financing, ability to secure equipment, and associated costs for equipment and balance of plant (BoP). During the meetings, management discussed positive momentum around contract negotiations, particularly as…