GS Wijaya GS SECTOR SPECIALISTS Energy, Natural Resources and Utilities Monday Thoughts

GS Wijaya - GS SECTOR SPECIALISTS: Energy, Natural Resources and Utilities Monday Thoughts 21 Sep 2026 Adam Wijaya · Goldman Sachs · FICC & Equities 21 Sep 2026

Monday Thoughts Single Stocks. Macro remains the focus vs micro and at the time of writing this – WTI is -3% with TTF -6% … Highlighting a handful of

Single Stocks. Macro remains the focus vs micro and at the time of writing this – WTI is -3% with TTF -6% … Highlighting a handful of topical single stocks on the desk over the last couple of days / this weekend. Feedback welcome…

| • | HAL: The stock is +17% YTD – and that’s in the context of oil +65%, OIH +38% and XLE +41%. NAM pricing increase expectations aren’t high near term – and we think this is one of the main reasons for relative underperformance vs the rest of the group. HAL has been taking market share in the ME from peers over the last 6 months, gaining more traction in LATAM (this AM highlighting MOU to support VZ) and the stock is cheap – 7.2x EBITDA vs SLB at 9x and BKR at ~9.7x. Inbounds have generally been more cautious over the last couple of weeks, though do think there are some interesting bull cases from here. Would think if we are in a de-escalation tape – International theme can gain some traction again. | | • | SEI: The stock is +30% over the last month – and is one of the best performing BTM names YTD. Feels like no secret at this point most specialists are bullish on the broader BTM theme into YE (midterms cited as a near term headwind, but acceleration of power announcements broadly expected on go forward). Debate from here is not on quality or path to additional contracts, but mostly on relative upside / levels (low – mid $70s and important level). Bulls continue to highlight upside to Street numbers, execution track record, and camping out in ‘quality’ for now. | | • | EQT & EXE: We mentioned this last week – but sentiment on the US natural gas complex remains muted and doesn’t screen as that surprising to us given the tape (more focus on oil/TTF/products, production beats, milder weather, shoulder season). Both EQT and EXE trading at the low end / below the low end of historical trading ranges. Most asked question on the desk – what gets the stocks working again from here? Even with oil flushing this morning, the stocks are underperforming vs large cap oil and Majors (HH is -130 bps at the time of writing this). 3Q expectations have been leaning more cautious, specialists are leaning negative and generalist interest is muted. | | • | VG: Near term sentiment on TTF remains more bullish (see GS takeaways from Gastech in Thailand last week), though the stocks have been underwhelming. QatarEnergy headlines a couple of weeks back screen bullish VG relative to peers and there was more frustration on lack of px response. Bears making the case that even if TTF moves to +100 EUR/mwh in the winter, demand destruction will be the focus. | | • | XOM: Has been one of the worst performing Majors over the last month. Would think Refining tailwinds broadly are positive for EPS revisions, though Qatar downtime + Joliet headlines + more recent Singapore weakness are what bears are highlighting. Headline last week on Venezuela didn’t

get a ton of airtime – view here has been needed stronger fiscal / regulatory backdrop before seeing a re- entrance into the region, though more peers have been vocal about investment opportunities on go forward (ENI, CVX). |

EU Desk – Commodity Views. Update from our commods desk out this weekend (). Good mix of both push and pull highlighted in the note (continued attacks in ME/Russia vs path to de-escalation / broader diplomatic efforts). Including a couple of snippets below…

| • | EU GAS: GS trading desk remains constructive given reduced Middle East LNG supply, upcoming winter weather risk and against a backdrop of seasonally low European inventory. There were some further bullish developments over the past week with (1) an outage cutting 35% of production at Norway’s largest field, serving as a reminder of the fragility of European supply and (2) Germany's Economy Minister looking at ways to boost gas storage levels which has helped to drive strength in term structure. We…