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23August2024|11:31AMEDT

Energy,Utilities&MiningPulse:InvestorsAsking:WhatAretheBiggestDebatesinNaturalResources?

ThisweekinthePulse,weaskoursenioranalystteamtoreflectonthekeydebate

NeilMehta

+1(212)357-4042|neil.mehta@

intheirrespectivesector.InNaturalResourcesbroadly,weremainfocusedonthe

GoldmanSachs&Co.LLC

debatesaround1)thenaturalgasmacro,2)mid-cycleoilprice,3)datacenterdriven

BrianLee,CFA

+1(917)343-3110|brian.k.lee@

powerdemand,and4)implicationsoftheUSpresidentialelection.InMidstream,

GoldmanSachs&Co.LLC

specifically,theteamdiscussesthepotentialfortheshareperformancegap

JohnMackay

+1(212)357-5379|john.mackay@

betweenC-corpsandMLPstocloseandhighlightsarelativepreferencefor

GoldmanSachs&Co.LLC

gas-focusedC-corps.InUtilities,theteamnotesconversationsaroundtheimpactof

CarlyDavenport

+1(212)357-1914|

datacentersonpowerdemandandreiteratesaconstructiveviewonstockswhere

carly.davenport@

GoldmanSachs&Co.LLC

loadgrowthisalreadymaterializing.InEnergyServices,theteamreflectsonthe

AtiModak

debatearounda2025USlandactivityrecoveryandhighlightsHALasahigh-qualitymeansofgainingNorthAmericaexposure.InMajorsandRefiners,theteam

+1(212)902-9365|ati.modak@GoldmanSachs&Co.LLC

discussesthedebatearoundourmid-cycle$80/bBrentviewandreiteratesbullish

viewonCanadianoils.InCleanTechnology,theteamspeakstotheupcoming

electionandhighlightsdomesticmanufacturerswherethereisinsulationfrom

impactstotariffs.Lastly,inE&Ps,theteamdiscussesthedebatearoundthenatural

gasmacroandhighlightsstockswithlowcostassetsandstrongexecution.

MajorsandRefiners:

Whatisthebiggestdebateinyoursectorheadingintoyear-end?Whatisyourviewandhowshouldinvestorspositionforit?

Thekeydebateininvestorconversationsisaroundthemid-cycleoilprice.We

continuetouse$80/bBrentconsistentwiththelevelthatwebelievewillgrowUSproduction,balanceOPECbudgetsandmeetthemarginalunitofdemand.

_

Increasinglyininvestorconversations,thereisaviewweneedtoshiftthislowertoreflectgrowingnon-OPECsupplybutpotentiallystructuralweaknessinChina

demand.WebelievethattheOPECresponsewillbeimportantintheFall,anddoseeconsumptionstrengthinIndia,MiddleEastandthesurprisingresilienceof

EuropeaspartiallyoffsettingChina.Therefore,wemaintainour$80/boilviewfor

2025andbeyondforBrent.Thestockimplicationofthisviewistoownhighqualityproducersthatshoulddowelliftheoilpriceislower,butthriveinan$80/bBrent

environment.OurbullishcallonCanadianoilsrepresentsthis,includingBuy-ratedSuncor,CanadianNaturalandCenovus.

Midstream:

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthis

report.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.

GoldmanSachs

Energy,Utilities&MiningPulse

Whatisthebiggestdebateinyoursectorheadingintoyear-end?Whatisyourviewandhowshouldinvestorspositionforit?

TheoutperformanceofthemidstreamC-corpsovertheMLPs(AMNA+18%vs.AMZ+10%YTD)continuestobeamajorfocusforthesector,withanincreasingdebateoverthepotentialforthatgaptoclose.Thelattergroupcouldbehelpedastheupcoming

electionputsafocusontaxrates–MLPsdonotpayfederalincometaxes–particularlyastheC-corpsareincreasinglygettingclosertohavinghighercashtaxpaymentsdue(2026+formostofthelarger-caps).Thatsaid,wecontinuetoseemorefundamental

tailwindsfornaturalgasdemandgrowth(whichtheC-corpsaremoreleveredto)vs.

liquidstrendsthataremoremixed(wheretheMLPsaremoreexposed),particularlyastheoilpriceoutlookisincreasinglyuncertain.Thus,welookforthegas-focusedC-corpmidstreamnamestolikelycontinuetooutperform,andwouldlooktoKMIamongthelarge-capsandKGSamongthesmall-capsastwointerestingopportunitiesfor2H24.

Utilities:

Whatisthebiggestdebateinyoursectorheadingintoyear-end?Whatisyourviewandhowshouldinvestorspositionforit?

Datacenterdrivenpowerdemandremainsthekeythematicdominatingconversationsinpower/utilities.Whilethereislessdebatearoundifdatacentersare/willdrivemore

powerdemand,thereismoredebatearoundwhentheinflectionwillplayoutandwhen

itwillactuallyimpactcapitalinvestmentandearnings.Investorsarelookingto3Q

resultsseason/EEItogetearlyupdatesfromsomecompaniesontheseviews,andthenmorebroadly4Qearningsasmostutilitiesupdatetheirfiveyearcapitalplansandload

growthforecasts.Ultimately,werecommendinvestorspositionwhereweareseeing

loadgrowthalreadymaterializeandimpactinginvestmentplans,forcompanieslikeSO(17%existingdatacenterloadgrowthin2Q,approvalstobuildnewgastosupportloadgrowth),AEP(12.4%commercialloadgrowthin2Q),andNEE(added860MWsof

_

backlogrelatedtopoweringGoogle’sdatacentersin2Q),inadditiontoXEL,whereweexpectthecompanytoraiseitscapitalplanandloadgrowthforecastonthe3Qcall.

CleanTechnology:

Whatisthebiggestdebateinyoursectorheadingintoyear-end?Whatisyourviewandhowshouldinvestorspositionforit?

Thelargestdebateinoursectorheadingintoyear-endiscenteredaroundtheoutcomeoftheUSpresidentialelectionandthepossiblechangestopolicy.Investorshavebeenaskingrecentlywhichstockswouldlikelyfacethelargestimpactregardingchangesto

theIRAaswellastariffs.WeviewthatremovalofIRAincentiveswouldimpactexposednamesnegatively,however,wearebasecasingnochangetotheIRA.Furthermore,weanticipateheadlinerisktobethelargestriskheadingintotheelectionasthemarketis

stilltryingtogaugebothparties’stanceonrenewableenergy.Thatsaid,weviewthe

seculartailwindofpowerdemandgrowthandincreasingpowerpricestobethelargesttailwindtofurtherrenewabledeploymentintheUS.Inaddition,whiletalkontariffs

mightcreatemarketvolatility,webelievetariffswouldlikelybeatailwindtodomesticmanufacturerslikeFSLRastheywouldresultindomesticASPstrendinghigher.Thus,

23August20242

GoldmanSachs

Energy,Utilities&MiningPulse

weviewthatinvestorscouldutilizemarketvolatilitytogainexposuretodomesticmanufacturersasthesecompanieswilllikelybeinsulatedfromimporttariffs.

EnergyServices:

Whatisthebiggestdebateinyoursectorheadingintoyear-end?Whatisyourviewandhowshouldinvestorspositionforit?

ThebiggestdebateinservicesiscenteredaroundNorthAmericaactivityexpectationswithinvestorslookingformanagementcoloraroundapotentialrecoveryinactivity.

MostinvestorswespeaktoexpectarecoveryinUSlandduring2025,butthedebateisspecificallyaroundthemagnitudeoftherecoveryandsubsequentimpacttoservice

pricing.In-focusforinvestors,assuch,hasbeenthegasmarketswithdiscussions

aroundtherequiredpricetoincentivizeincrementalactivity.Whileitisreasonableto

expectrigaddsin2025,webelieveitcouldberelativelymodestanddoesnotimpactservicepricingmeaningfully.Inthefracmarket,weexpecttoseelowerlevelsofwhitespaceonthecalendar,butdonotanticipatealargenumberoffleetsbroughtbackintothemarket.Inthisenvironment,weremainconstructiveonHALwherewebelievethestockoffershigh-qualityexposuretoUSlandandisrelativelydefensiveinthefaceofapotentiallysofterthananticipated2025recovery.

E&Ps:

Whatisthebiggestdebateinyoursectorheadingintoyear-end?Whatisyourviewandhowshouldinvestorspositionforit?

ThefocusforE&Psheadingintoyear-endremainsontheuncertaintyaroundthenaturalgasmacro.Withweakernaturalgasprices,thereisreasonforcautionaroundgas

equities,butwebelieveadditionalproducercurtailmentsandcontinuedproducer

disciplinethroughthewintercouldprovidesupportforpricesthroughtheendofthe

year.Thereisfurtherconcernaroundsupplyinto2025asweseethepotentialforquickrampinproductioncomingonlinefromproducersunwindingDUCanddeferredTIL

_

inventoriesearlynextyear.However,withoutrigadditionsandcapitalinvestment,weareconcernedaboutthesustainabilityofsupplyandhowthatwillcoincidewithLNG

capacityadditions.InadditiontothetimingofLNGbuildout,thechangingdemand

outlookdependsonthemagnitudeofAI/datacenterdemandsourcingfromnaturalgasvsotherpowersources(GSforecastof3.3bcf/dofnaturalgasdemandfromAI/data

centers).Whilesomeinvestorsprefermidstreamstockstogainexposuretothenaturalgastheme,amongE&Ps,wearepositiveonEQTforitslowcostassets,deep

inventory,anduniquepositioningtobenefitfromtheAI/datacenterdemandtheme;andCTRAforitsstrongexecutionfromcapitalefficiencyimprovementsandabilityto

maximizereturnsfrombothcommodityandgeographicdiversity.Forthosemorebullishonnaturalgasprices,CRKcouldbeinfocusgivenitshighbetatonaturalgasprices,butweremaincautiousonthecompany’sleverageandinventoryoutlook.

23August20243

GoldmanSachs

Energy,Utilities&MiningPulse

Editor’sChoiceCharts

Exhibit1:Energy,Utilities&Miningsub-sectorperformanceExhibit2:WebelieveE&Psarereflectingacostofcapitalslightly

Past90days(5/23/2024-8/22/2024)below10%

4-weekrollingavg.oftheimplieddiscountrateforE&Psbasedonfive-yearfuturesandourNAVs

140

130

Indexperformance

120

110

100

90

80

70

23-May

6-Jun20-Jun

XLU

AMLP

Integrateds

XLE

OSX

ICLN

XME

Refiners

XOP

GassyE&Ps

4-Jul18-Jul1-Aug15-Aug

4-weekrollingavg.implieddiscountrate

14%

13%

12%

11%

10%

9%

8%

7%

Jan-15

Apr-15

Jul-15

Oct-15

Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

Apr-17

Jul-17

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

6%

Source:FactSet,GoldmanSachsGlobalInvestmentResearchSource:FactSet,GoldmanSachsGlobalInvestmentResearch

Exhibit3:Crudeoilimpliedvolatilityisstillbelowourmodellingonbothafundamentalandcross-assetbasisfollowingtherecent

jump

_

GSBrentImpliedVolatilityModels(3mATM)

Exhibit4:TheRoadFuelShiftFromOiltoPowerandLNGExplainstheBulkoftheSlowdowninChinaDemandGrowthin2024H1vs.2016-2019

Fundamentalmodelincludes:USGSCurrentActivityIndicator(CAI),Absoluteinventory

deviation,sparecapacity(%globaldemand),S-Dvolatility(EMA),andaGeopoliticalRiskIndex.

Crossassetmodeladds:SPXImpliedVol(6m).ATM=Atthemoney.

Source:ICE,GoldmanSachsGlobalInvestmentResearch

Source:GoldmanSachsGlobalInvestmentResearch

23August20244

GoldmanSachsEnergy,Utilities&MiningPulse

SectorinContext

Exhibit5:ValuationsofE&PstocksreflectWTIoilpricesslightlyabovethefive-yearstrip

HistoricalWTIpriceimpliedincoveredE&Psnetassetvalueandforwardoilfutures,$/bbl

WTIoilprice

1-Jan-15

1-Apr-15

1-Jul-15

1-Oct-15

1-Jan-16

1-Apr-16

1-Jul-16

1-Oct-16

1-Jan-17

1-Apr-17

$130$120$110$100 $90 $80 $70 $60 $50 $40 $30 $20$10

1-Jul-17

1-Oct-17

1-Jan-18

1-Apr-18

1-Jul-18

1-Oct-18

1-Jan-19

1-Apr-19

1-Jul-19

1-Oct-19

1-Jan-20

1-Apr-20

1-Jul-20

1-Oct-20

1-Jan-21

1-Apr-21

1-Jul-21

1-Oct-21

1-Jan-22

1-Apr-22

1-Jul-22

1-Oct-22

1-Jan-23

1-Apr-23

1-Jul-23

1-Oct-23

1-Jan-24

1-Apr-24

1-Jul-24

$72

ImpliedWTIOilPriceFrontmonth2-yrstrip5-yrstrip

Source:FactSet,GoldmanSachsGlobalInvestmentResearch

Exhibit6:Gas-focusedE&Psarebroadlyimplying~$3.30/MMBtulong-termgaspricevs.ourmid-cycleviewof$3.50/MMbtu,2024/2025gasfuturesat~$2.30/3.30perMMBtu

HenryHubgaspriceimpliedbyourFCFYield-analysisofcoveredgasproducers,vs.2024HenryHubgasfuturesand5-yearaveragegasfutures

$4.00

$3.80

$3.60

_

HenryHub,$/MMBtu

$3.40

$3.20

$3.00

$2.80

$2.60

$2.40

$2.20

$2.00

$3.32

ImpliedGasPrice@$85Brent

$3.29

ImpliedGasPrice@$75Brent

$2.28

2024futures

$3.30

2025futures

$3.62

2026futures

Source:FactSet,GoldmanSachsGlobalInvestmentResearch

23August20245

GoldmanSachs

Energy,Utilities&MiningPulse

Exhibit7:Historically,UtilitiestradeataP/EmultiplepremiumtotheS&Pwhenthe10-yearUSTremainsbelow~3%,however,the

relationshipweakensintimesofnegativerealrates

UtilityP/Emultiplepremium/discounttotheS&PindifferentUST10-yearyieldenvironments

Premium/Discount

20%10%

0%(10%)(20%)(30%)(40%)(50%)(60%)

12%13%

9%

16%11%

7%9%

Last5YearsLast20Years

(1%)

(2%)(1%)

(7%)

(21%)

(21%)

(51%)

<1.5%

1.5%-2.0%

2.0%-2.5%

2.5%-3.0%

3.0%-3.5%

3.5%-4.0%

4.0%-4.5%

4.5%-5.0%

>5%

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

_

23August20246

GoldmanSachsEnergy,Utilities&MiningPulse

Conversationswearehavingwithinvestors

E&P–NeilMehta

FANG.DiamondbackremainsinfocusforinvestorsgivenFANG’scontinued,strongoperationalandearningsexecutionandthecompany’simprovementsincapital

efficiency,asitoutlinedthatitplanstodrop2rigsand1fraccrew&lowermidpointcapexguidancewhilealsoraisingproductionexpectationsforthefullyear.Asa

pure-playPermianproducer,FANGscreensattractivelyvspeersassomeinvestorsare

lookingtoconcentratetheirE&PexposurearoundPermianassetsgiventhehigh-qualitynatureofthebasin.Inaddition,investorscontinuetogivecredittoFANG’smanagementteamandhaveincreasedconfidenceintheexecutionandoperationsofthecompany

givencontinuedstrongearningsexecutionandpositiveupdatestocapitalefficiencies.OnM&Amoregenerally,investorshavebeenfocusedonthecompany’soutlookgivenFANG’ssmaller,bolt-onacquisitionsannouncedwiththe2Q24earningsrelease.

CRK.InvestorsremaininterestedintheUSnaturalgasmacrooutlookandmore

specificallyhaveinterestinnaturalgasproducerequitieswithhighbetatoaninflectioningasprices.AsNYMEXHenryHubgashasaveraged~$2.10/MMBtuinthepast

month,belowGS3Q24gaspriceexpectationsof$2.65/MMBtu,investorsare

cautiouslyoptimisticforapricinginflectionintheneartermgiventhesupply-side

curtailmentsandonsetofLNGexportfacilitiescomingonlineinthenext12-18months.InvestorsareincreasinglylookingintoCRKgiventhecompany’shighbetatogaspricesgiventhatitisapure-playHaynesvilleproducer,astheHaynesvilleisthemarginal

producerfornaturalgasintheUS.Inaddition,investorsarenotingthatthemajorityshareholderhasincreasedhispositioninCRKby~8.5milsharestoresultin~70%ownershipinthecompanyperFactSetonAugust22,2024.

_

23August20247

GoldmanSachs

Energy,Utilities&MiningPulse

Majors/Refining–NeilMehta

Investordiscussionthisweekwasfocusedontwospecialsituations:Calumetand

Cameco.ForCalumet,investorscontinuetodriveshareshighertoreflectthepotentialupsidefromsustainableaviationfuel(SAF),dependingonaDOEloanguarantee.The

keyareaofpushbackiswhetherthisupsideisreflectedinthepricetarget,andthe

elevatedleverageprofileatthebusiness.WenotethecompanyconversiontoC-Corp

fromMLPhasincreasedgeneralistinterestinthename.ThesecondareaoffocushasbeenonCameco,whereKazakhstanprovidednegativerevisionsto2025production

guidance,providingapositivecatalystforNorthAmericanproducerslikeCameco.Manyinvestorswespoketosawthiseventaspotentiallycreatingmoreurgencyforfuel

buyerstoenterintoinlonger-termcontractsespeciallygivenmoremutedactivitythusfarinto2024.

_

23August20248

GoldmanSachs

Energy,Utilities&MiningPulse

EnergyServices–NeilMehta&AtiModak

WFRD.InvestorsdiscussionsremaincenteredonWeatherfordwithfocusonthestock’spullbackandthecatalystpathfromhere.Headingintotheremainderoftheyear,

investorshaveadditionallybeenfocusedonmanagement’s2H24guidancewhich

impliesmodestlysofter3Qmargins.Withthissaid,bullishinvestorsremainconstructiveonthecompany’spathtoachieving25%+marginsthisyear.Additionally,discussions

havebeenaroundmanagement’scommentaryonhigh-20%marginswithinvestors

debatingwhenitisachievableandthekeydriversoftheincrementalmarginexpansion.

Generally,investorswespeaktohavefocusedonmanagement’scommentaryof50bpsofannualmarginexpansion,andhavequeriedifthereispotentialforupside.More

constructiveinvestorsadditionallybelievethemarginexpansioncoupledwithimprovingfreecashflowconversionshouldsupportincreasedcapitalreturnsoverthecoming

years.

SLB.WhilebullishinvestorswespeaktocontinuetoviewSLBasattractiveatcurrentlevels,thereremainsadebatearoundwhatwillmakethestockworkfromhere.

Conversationshavehighlightedageneralappreciationforcontinuedgrowthinthe

internationalmarkets,butwithanemphasisontheexpectationforgrowthtodeceleratefromhere.Assuch,conversationshavebeenaroundthemagnitudeof2025growthforSLB.InvestorfocusaroundSLBhasadditionallybeenaroundthecompany’sdigital

businesswithinvestorslookingforincrementalcoloronthegrowthandmarginprofile.

_

23August20249

GoldmanSachs

Energy,Utilities&MiningPulse

Utilities-CarlyDavenport

EIX.Followingearningsandstrongerperformance,wehavereceivedmoreinvestor

questionsaroundEdisonInternational.Inourconversations,investorshavestartedto

getmorecomfortableabouttheupsideopportunitiesrelatedtothestory,includingloadgrowthandregulatoryoutcomes.TherewasaconstructiveviewonEIX’scommentaryaroundloadgrowthinitsserviceterritorymaterializingfasterthanexpectedand

potentiallypointtopullingforwardsomecapitalinvestmenttoaccommodatetheload

growth,inadditiontotheotherincrementalcapitalinvestmentopportunitiesthe

companyhashighlightedaroundtransmission,AMI,etc.Investorsalsohavequeriediftherewaspotentialupsidetoearningstotheextentregulatoryoutcomesaroundthe

generalratecaseandwildfirerecoveryfilingscomeinmoreconstructively,whichcouldsupportthebalancesheetandlimitincrementaldebtissuanceneedsifthisscenario

weretooccur.Ontheotherside,manyinvestorsarestilllookingforexecutiontoplayoutbeforebeingwillingtounderwritethesepotentialupsidescenarios.

FE.FirstEnergyhasbeeninfocusinthepastweekorsofollowingthecompany’s

agreementwiththeOhioAG,resolvingtheOOCIC’sinvestigationsurroundingOhio

HouseBill6.Aspartoftheagreement,FEwillpayasettlementof$19.5mntothe

OAG,theamountwhichthecompanydisclosedacontingencyforonthelastearnings

call.WhilethereisstillregulatoryuncertaintyaroundtheOhioratecases,and

Pennsylvaniatoalowerdegree,thathasbeentopofmindforinvestors,thisagreementhasbroadlybeenviewedpositivelyforreducingthetailriskassociatedwiththeHB6

processandthusthestock.InvestorshavebeenmostfocusedontheresolutionoftheHB6processes,ongoingratecases,andpotentialforupsiderelatedtothedata

center/powerdemandopportunityacrossFE’sserviceterritory,inourconversations.

Withthatsaid,therehasalsobeensomeconcernaroundFE’spotentialbillinflation

relatedtothePJMcapacityauctionresults,andthereremainsinvestorfocusonthe

potentialforutilitiesingeneraltoownregulatedgenerationinsomeofthederegulatedstates.

_

23August202410

GoldmanSachs

Energy,Utilities&MiningPulse

MLPs/Pipelines-JohnMackay

MLPsvs.C-corps.InvestorinboundscontinuetofocusontherelativeoutperformanceofthemidstreamC-corpsYTDvs.theMLPs.Whilepartofthishasbeendescribedasfundamentalgiventhegrowthinnaturalgasdemandforecaststhisyear(specifically

fromhigherpowerdemand)andthegenerallymoregas-focusedbusinessmodelsfor

theC-corps,alargedriverhasalsobeenthelevelofinflowsintothesectorfrom

investorsthatcannotgenerallyowntheMLPcorporatestructure.Thus,whiletheremaybesomecatch-upopportunitiesforthelatter,expectationsaregenerallyloweraround

thebroaderMLPgroupbeingabletofullycatch-upgiventhedifferentinvestorbase.

Moreoptimisticinvestors,however,notedthepotentialforhighercorporatetaxrates

aftertheelectiontodriveinflowsbacktoMLPs;weexpectthistoremaintopicalbutnotaprimarydriverofperformance.

Read-throughs.Watchingproducercommentaryatupcomingconferences.Withthefallconferenceseasonapproaching,midstreaminvestorfocusappearslessonspecificcompanyupdates(toneslikelyunchangedfrom2Q24calls)andmoreonmacro

read-throughsfromothersubsectors.Powerdemand/datacenterbuild-outhighlights

shouldstaytopical,butourinboundssuggestagrowingdebatearoundproducer

efficiencygainsandwhatthiscouldmeanforthesupplypicturein2025+.Bothoilandgasproducersgenerallyreportedbettercapitalefficiencieswith2Qresults(thisseemstobereflectedintop-downdataaswell),andinvestorsarethuswatchingformore

commentaryaroundthedurabilityofthesegains,forwardpaceofimprovements,andhowmuchofthosesavingscouldbereinvestedintoincrementalproduction(ornot).Onarelatednotebutmorehigh-level,questionshavealsofocusedonwhetherthishigherproductivitylevelwilldrivelowersensitivitytoswingsinoilprices,andthuspotentiallydisruptwhathasbeenagenerallystableoilsupply-demandbalanceinrecentyears.

_

23August202411

GoldmanSachs

Energy,Utilities&MiningPulse

CleanTechnology–BrianLee,CFA

Thisweek,investorinboundsonWOLFincreasedafterWOLFreportedFY4Q24

earningsonWednesdayafterthebell.WhiletheinitialreactiontotheprintwasnegativeandguidanceforFY1Q25waslargelyflat,underthehoodthereweresomeincremental

positivesthatwillbetakenawayfromthename.Investors’largestconcernswhichstemmedfromliquidityandcapitaluseseemtobesomewhatmutedgiventhe

company’spositivecommentsonmakingfurtherprogresswiththeCHIPSoffice.

Additionally,WOLFreduceditscapexplanforF2025by200mn,reducingsomeoftheexpectedcashburn.Furthermore,investorswerebullishontheaccrualof~$640mnof48Dtaxrebateswhichshouldfurtherhelpoffsetcapexspend.Mohawkcontinuestorampaswellbutinvestorscontinuetobebearishonthecompany’sviewsonI&Eas

demandcontinuestoweakenandwilllikelybeweakforthenextfewquarters.

_

23August202412

GoldmanSachs

Energy,Utilities&MiningPulse

KeyGSEnergyResearchReports

GSEnergyResearchfortheWeek

TalosEnergy(TALO):TakeawaysfromManagementMeeting:M&AandExecutioni

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