Energy

Francois Provost, chief executive of French automaker Renault, said on the 3rd that the company will invest more than 10 billion euros in France over the next five years in electric vehicles and more affordable cars. In an interview with radio station France Inter, Provost explained that over the past five years Renault invested 13 billion euros in France and completely transformed its production setup to focus on EVs, adding that if social and political conditions allow, it will again invest more than 10 billion euros to continue promoting EVs and working to bring vehicle prices down. In France, EVs reached a record 42 percent of new car registrations in September, with demand boosted by soaring fuel prices since the start of the Iran war. According to Provost, Renault will produce 500,000 vehicles in the country in 2025 and will raise output by at least 25 percent in 2026 thanks to EV expansion.

The Thai stock market index on October 2, 2026 closed at 1,571.62 points, up 7.71 points or 0.49%, with trading value of 71.09 billion baht. Foreign investment flowed out toward U.S. government bonds, which offer lower risk and yields above 5%, while Thai stocks still await third-quarter 2026 earnings. PTT Oil and Retail Business, or OR, sent positive signals as it prepares for a tourism recovery that is driving growth in jet fuel sales. It has also pinned its flag in Phuket and is pressing ahead with budget hotels, gradually opening them in 2027-2028, with a target of 50 locations by 2031. The first phase will pilot six model hotels in high-potential locations: Phuket, Kanchanaburi, Phra Nakhon Si Ayutthaya, Songkhla (Hat Yai), Chonburi and Bangkok, to extend the business and turn PTT Station service stations into safe, standardized overnight stops nationwide. Meanwhile, ITEL won a big project from the Provincial Electricity Authority, or PEA, to organize communications cables across two regions, the central and southern regions, with a combined value of more than 266 million baht, reflecting confidence in its potential and experience in managing communications infrastructure, and positioning it to pursue future telecommunications infrastructure projects. WP completed its share buyback plan as scheduled, repurchasing the full 15,000,000 shares, or 2.94%, for an investment value of 57.08 million baht. CEO Chomkamol Poompanmoung is confident the move will build investor confidence and lift return on equity and earnings per share, while the company proceeds with this year's business plan, targeting LPG sales of 770,000 tons and focusing on expanding the domestic market alongside its rooftop solar business. BA, Bangkok Airways, is passing on something special to thank passengers on the occasion of winning the World's Best Regional Airline and Best Regional Airline in Asia awards from the SKYTRAX World Airline Awards for the 10th consecutive year, with the Lucky TEN campaign, building on the Thank You for 10 Amazing Years campaign launched last September. It invites passengers to join a draw for the right to buy tickets at a special 90% discount, or pay only 10% of the Web Promo (P-Q Class) fare, on five domestic routes, limited to just 200 entitlements, from October 5-9, 2026 only.

PTT Oil and Retail Business Public Company Limited, or OR, has unveiled plans to develop a first phase of six budget hotels together with Central Plaza Hotel Public Company Limited, or CENTEL. OR will hold a 49% stake and CENTEL 51%. Five of the sites are at service stations and one is outside a service station. The first three branches, already under construction, are in Kanchanaburi, Phra Nakhon Si Ayutthaya and Songkhla, and are expected to open in the third quarter of next year. The other three, in Bangkok, Chonburi and Phuket, are undergoing environmental reports and will open in the second quarter of 2028. The six hotels use a combined investment budget of 700 million baht, with construction costs capped at no more than 1 million baht per room. Funding will be split 50% equity and 50% debt. The buildings will be five to six storeys tall, with average room sizes of 18 to 20 square metres and 79 rooms. The company targets a first-year occupancy rate of about 60%, rising to 60–70% in the second year, with a long-term goal of 75–80%. It estimates a gross profit margin of about 50%, an EBITDA margin of 40–45%, an EBIT margin of about 20%, and a net profit margin of no less than 10%. Room rates will range from 800 to 1,300 baht, with a loyalty programme linking Blue Plus Points and The ONE Points. Ratchasuda Rangsiyakul, Senior Executive Vice President of Special Business 1 at OR, said entering the hotel business will help lift traffic at its service stations from 3.9 million users per day to 5 million per day. The first six branches will serve as a pilot to test the system before expanding to a full 50 locations in 2031, and once the model proves successful the company will scale up through franchising. The joint venture will provide management services to a standard, and dealers in the group have already approached the company seeking to open hotels.

TC Energy Corporation has confirmed that Coastal GasLink Phase 2 will proceed following LNG Canada's expansion decision, nearly doubling capacity along the existing 670-kilometre route in British Columbia through new compressor stations and facility upgrades. Construction on the expansion is expected to start in early 2027, with service targeted for the early 2030s. The company also declared a continued quarterly dividend of C$0.8775 per share, or C$3.51 annualized. TC Energy's narrative projects CA$18.2 billion in revenue and CA$5.3 billion in earnings by 2029, with a fair value estimate of CA$98.78 implying 17% upside to the current price. Two fair value estimates from the Simply Wall St Community span from C$33.89 to C$98.78.

Halliburton confirmed to Argentine authorities in early October 2026 that it and its subsidiaries will not work on the Malvinas Islands' Sea Lion project or conduct any hydrocarbon activities in the surrounding area, while separately signing memoranda of understanding with Eneva S.A. and WESCA to support oil and gas development opportunities in Venezuela. The two moves together reframe Halliburton's regional exposure, regulatory risk profile and future contract pipeline across Latin America, with the Venezuela agreements offsetting some perceived lost optionality around Malvinas through a different Latin American pathway for international revenue, offshore and unconventional exposure. Those agreements sit alongside recent multi-year wins in Suriname, Brazil and Cyprus, reinforcing that the key short-term catalyst remains Halliburton's ability to execute on higher-complexity international contracts at acceptable margins and with controlled start-up costs. Halliburton's narrative projects $25.1 billion in revenue and $2.7 billion in earnings by 2029, requiring 3.9% yearly revenue growth and an earnings increase of about $1.1 billion from $1.6 billion today, and yields a $43.44 fair value, a 36% upside to its current price. More optimistic analysts had already assumed revenues of about US$26.8 billion and earnings near US$3.4 billion before the Venezuela and Malvinas news, while other fair value estimates put the stock as low as $34.03.

Canadian Natural Resources and four other oil sands producers, together with the federal and Alberta governments, committed in late September 2026 via a trilateral MOU to advance the Pathways CCS project, targeting up to 16 million tonnes of CO2 capture annually by 2045, with final binding terms still pending. The conditional framework directly links potential future oil sands expansion to large-scale emissions management, which could reshape long-term cost structures, policy risk and capital allocation for Canadian Natural Resources. The company's key short-term catalyst remains operational and cash flow delivery against 2026 guidance, while the biggest current risk centers on future carbon costs and long-term policy exposure should the framework move from conditional to binding terms. Recent announcements also include substantial share buybacks alongside a CAD 0.625 quarterly dividend, highlighting a tension between returning cash today and preserving flexibility for potentially large CCS and growth commitments. The company's narrative projects CA$40.8 billion in revenue and CA$8.9 billion in earnings by 2029, with a CA$72.71 fair value estimate, while the lowest-estimate analysts assume revenues could fall to about CA$38.0 billion and earnings to CA$5.5 billion.

The U.S. Supreme Court opened its new term Monday with arguments in a case that could determine whether ExxonMobil and Suncor Energy can be held liable under state law for costs attributed to climate change. The dispute stems from a lawsuit filed by the city and county of Boulder, Colorado, accusing the oil producers of contributing to climate change and misleading the public about the risks of fossil fuels, and seeking compensation for infrastructure repairs, emergency management, environmental damage and public health effects. Exxon and Suncor appealed after the Colorado Supreme Court allowed the case to proceed, arguing that federal law including the Clean Air Act bars state and local governments from pursuing claims that effectively regulate greenhouse-gas emissions, a position backed by the Trump administration. The stakes extend well beyond Colorado, as nearly 60 state and local governments have filed similar lawsuits seeking billions of dollars from fossil-fuel producers, and a broad ruling for the companies could provide grounds for dismissing many of those cases. The court has a 6-3 conservative majority, though Justice Samuel Alito has recused himself, and a decision is expected by the end of June.

CIBC raised its price target on Enerflex to CA$30 from CA$27.50 after updating its model for a 450 MW behind-the-meter power generation award tied to a North American data center developer, while keeping a Neutral rating on the stock. The firm had already lifted its target to CA$30 in July 2026, and it cited strong Engineered Systems bookings and a modest EBITDA beat in the second quarter as positives supporting execution on the core business. CIBC noted that earlier weakness in the shares followed a lack of secured data center power generation bookings, which it believes pushed potential catalysts into later quarters. On the updated assumptions, Simply Wall St's fair value for Enerflex rose to CA$46.94 from CA$44.50, with revenue growth now 6.72% versus 3.39% previously, net profit margin at 8.64% versus 9.01%, a future P/E of 18.29x versus 17.87x, and a discount rate of 6.83% versus 6.68%.

Cenovus Energy reported stronger-than-expected second-quarter 2026 operating results, raised its 2026 production guidance to 970,000 to 1,010,000 BOE per day, trimmed Oil Sands operating cost expectations, and distributed about C$1.40 billion to investors through dividends and share repurchases. Alongside other major oil sands producers, Cenovus moved forward with the Pathways CCS initiative under a new federal-provincial-industry framework that ties future oil sands expansion to large-scale emissions reduction infrastructure. The company's narrative projects CA$54.9 billion in revenue and CA$6.1 billion in earnings by 2029, implying fairly flat yearly revenue growth and an earnings decrease of about CA$0.6 billion from CA$6.7 billion today. That forecast yields a CA$51.15 fair value, an 11% upside to the current price, while the most optimistic analysts had already assumed revenue growth toward about CA$56.8 billion and earnings near CA$6.9 billion by 2029. The biggest swing factor near term remains regulatory and fiscal clarity around carbon and project approvals rather than quarterly numbers.

Oceaneering International's Aerospace and Defense Technologies segment has secured a follow-on U.S. Navy contract for Dry Deck Shelter maintenance, overhaul, engineering, and field change services, a five-year agreement with a potential value of US$154,000,000 supporting special operations forces and undersea vehicles. The award strengthens the near-term catalyst of growing ADTech revenues while modestly reducing the risk that earnings depend too heavily on deepwater oil and gas project activity. It follows the July 2026 Defense Innovation Unit CAMP shortlisting for an Extra Large Uncrewed Undersea Vehicle, together pointing to ADTech increasingly supporting undersea defense missions. Oceaneering's narrative projects $3.5 billion revenue and $103.3 million earnings by 2029, requiring 6.5% yearly revenue growth and an earnings decrease of $246.8 million from $350.1 million today, with a $46.00 fair value implying 4% upside. The most pessimistic analysts assumed earnings might fall toward about US$119 million by 2029, a view the new Navy contract could meaningfully test.

Several brokers issued positive research on shares of Bangchak Corporation Public Company Limited, or BCP, after its sustainable aviation fuel, or SAF, project began commercial production last May. Land and Houses Securities estimates the SAF project generates EBITDA of as much as 1 billion baht on high SAF price spreads, and expects the SAF project together with Chevron Hong Kong to support a first full quarter of profit in the third quarter of 2026 and a full year next year, while maintaining a buy rating with a target price of 56 baht. Asia Plus Securities said that in the second quarter of 2026 the SAF business generated EBITDA of about 1 billion baht, roughly 3.9% of total EBITDA, and expects SAF sales volumes to rise in the third quarter of 2026 as the plant runs for a full quarter, assigning a fundamental value of 58 baht and recommending trading gains at 58 baht. InnovestX maintained an OUTPERFORM rating with a mid-2027 target price of 75 baht after taking analysts to visit the new commercial SAF production unit next to the Phra Khanong refinery, which began commercial operations in May 2026. The research team views global SAF demand as likely to rise in line with carbon reduction measures in the aviation industry, especially in Europe, while intensifying competition for used cooking oil is keeping raw material costs and business margins volatile.

South Bow Corp. raised its 2026 distributable cash flow guidance to about US$665 million after a stronger-than-expected first half, while maintaining a quarterly dividend of US$0.50 per share. The higher guidance follows second-quarter 2026 distributable cash flow of US$175 million, up 4% from the first quarter, and reflects fee-based revenue from the Keystone Pipeline System that currently covers the dividend. The company's narrative projects $2.1 billion in revenue and $458.8 million in earnings by 2029, assuming 1.9% yearly revenue growth and a slight $1.2 million earnings decrease from $460.0 million today, with a CA$51.03 fair value implying 6% upside. Elevated debt levels and interest costs remain the key risk to watch, even as the upgraded cash flow outlook supports the near-term cash flow stability case.

SM Energy has drawn fresh attention after reporting quarterly earnings and revenue that topped analyst expectations, at a time when many investors already view the stock as trading at a discount to peers. The past year has been strong for SM Energy, with an 84.21% year to date share price return and a 42.04% total shareholder return, even though the 30 day share price return declined 7.97%, hinting that momentum has cooled slightly after a sharp 31.25% 90 day share price rise. The most widely followed narrative frames the stock as 18% undervalued, with SM Energy closing at $35.24 against a narrative fair value of $43.18, backed by a story built around efficiency and capital discipline. The company has increased both net proved reserves and net production by over 60% since 2020 while improving production margins and keeping share count flat, and continued completion and well cost efficiencies in its Uinta and Midland Basin assets are driving lower per-unit costs. The bullish story could weaken if Uinta Basin bottlenecks squeeze realized pricing or if high, ongoing shale spending limits future free cash flow.

Petrobras said Friday it made another oil discovery in ultra-deep waters off Amapá state, strengthening indications of hydrocarbon potential along Brazil's Equatorial Margin. The find follows the company's August discovery, when Petrobras first identified the presence of oil and natural gas at the Morpho exploration well in Block FZA-M-59 in the Foz do Amazonas Basin; the oil found in August was of good quality, the company said. Petrobras said the new discovery expands knowledge about the exploration potential of the area and will provide additional information for assessing the petroleum systems and resource potential of the Foz do Amazonas sedimentary basin. The continued drilling of Morpho was aimed at evaluating deeper exploration intervals and led to this new discovery, the company added. Petrobras said recently it plans to drill three new wells in the area starting in January to determine the viability of commercial production in the environmentally-sensitive region.

Eni CEO Claudio Descalzi met Argentine President Javier Milei in Paris on Friday to discuss energy investment and progress on the Argentina LNG project, which its developers aim to take to a final investment decision before the end of the year. Argentina LNG is being developed by Eni, state-controlled YPF and Abu Dhabi-based XRG to monetize Vaca Muerta gas through an integrated production, processing, transportation and export system. The initial development would have LNG production capacity of 12 million tonnes per annum using two floating LNG facilities of 6 million tonnes annually each, with production currently scheduled to begin in 2030, while the partners evaluate an expansion that could lift capacity to 18 million tonnes per year. The consortium signed a binding joint development agreement in February covering the 12-mtpa phase, Eni agreed in June to acquire a 32% interest in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta, and the project applied in August to enter Argentina's Large Investment Incentive Regime, or RIGI, a step the consortium described as a milestone toward the planned year-end investment decision. The two FLNG units are expected to be located offshore Río Negro province, and Eni said Milei and Descalzi also discussed the importance of a stable framework for long-term energy investment, with the company identifying international markets including Europe as potential destinations for future Argentine LNG supplies.

Cheniere Energy is positioned to potentially extend its earnings-beat streak when it reports next on October 29, 2026, according to Zacks Investment Research. The natural gas company has topped estimates in each of its last two quarters, posting $3.02 per share against a $2.89 consensus for a 4.50% surprise, and $4.77 per share against a $3.91 consensus for a 21.99% surprise, an average surprise of 13.25% over that span. Cheniere Energy currently carries a Zacks Earnings ESP of +14.87% alongside a Zacks Rank #3 (Hold), a combination Zacks research shows produces a positive surprise nearly 70% of the time. The Earnings ESP compares the Most Accurate Estimate with the Zacks Consensus Estimate for the quarter, on the premise that analysts revising estimates just before a release hold the latest information.

Petrobras has identified a second oil-bearing interval at the Morpho exploration well offshore Amapá, strengthening indications of hydrocarbon potential along Brazil's Equatorial Margin. The discovery was made in the FZA-M-59 block at the Morpho well, formally designated 1-BRSA-1405-APS, in ultra-deepwater at a depth of about 2,886 meters. Petrobras continued drilling after announcing an initial hydrocarbon discovery at Morpho in August 2026, testing additional exploration targets below the first find. The company said the latest discovery was identified through electrical well logs, indications in rock samples and fluid samples collected during drilling, and that laboratory analysis of the new samples is still underway. Testing of samples from the August discovery has already confirmed that the oil found in the earlier interval is of good quality, according to the company. Petrobras plans to complete drilling at Morpho and continue evaluating the formations encountered before determining the commercial significance of the discoveries, which do not yet represent a declaration of commercial reserves.

Eni S.p.A. has signed a memorandum of understanding with Generative Bionics, an Italian deep-tech company developing humanoid robots powered by Physical AI, to test and evaluate advanced robotic systems starting with GENE.01. The collaboration will assess humanoid robots for inspection, teleoperation, remote assistance and other complex industrial tasks, with the aim of improving workplace safety, operational efficiency and data-driven monitoring across Eni's asset base. Eni will also evaluate whether its industrial sites can support future production, assembly and testing of advanced robotic systems, and the agreement covers cooperation on battery use, disposal and recycling. Under the materials and computing side of the deal, Versalis and Finproject will assess materials and design solutions for GENE.01's foot and footwear system, focusing on strength, grip, durability, impact absorption and ease of assembly, while Eni will evaluate using its High Performance Computing infrastructure to advance development and testing of Generative Bionics' Physical AI models. The agreement is not a near-term earnings catalyst, but Eni is exploring robotics as an operational tool, a materials opportunity and a computing-driven industrial platform, following similar automation efforts at Shell plc, Chevron Corporation and ExxonMobil Holdings Corporation.

Kinder Morgan holds a Zacks Rank #3 (Hold), with the consensus estimate for the current quarter at $0.33 per share, up 13.8% year over year and up 0.4% over the last 30 days. The consensus estimate for the current fiscal year stands at $1.56, a year-over-year change of +20% and up 0.5% over the past month, while the next fiscal year's consensus of $1.55 indicates a change of -0.4% and has remained unchanged over the past month. Consensus sales estimates are $4.38 billion for the current quarter, up 5.7% year over year, with $18.34 billion and $18.99 billion projected for the current and next fiscal years, changes of +8.3% and +3.6% respectively. In the last reported quarter, Kinder Morgan posted revenues of $4.48 billion, up 10.8% year over year, and EPS of $0.37 versus $0.28 a year ago, beating the Zacks Consensus Estimate of $4.29 billion by 4.33% on revenue and by 19.35% on EPS. Over the last four quarters the company surpassed consensus EPS estimates three times and topped consensus revenue estimates each time, while its Zacks Value Style Score of D indicates it is trading at a premium to its peers.

WP Energy Public Company Limited, or WP, closed its share buyback programme for financial management on 24 September 2026, repurchasing the full 15,000,000 shares, representing 2.94% of total issued shares, with a total investment value of 57,084,060 baht out of a maximum buyback budget of no more than 63,000,000 baht under the programme approved by the board at its 6/2569 meeting. Ms. Chomkamol Poompanmuang, Chief Executive Officer of WP, said the buyback will help put excess liquidity to productive use and increase shareholder return on equity, or ROE, as well as net profit per share, or EPS. She also stressed that the company continues to press ahead with its 2026 business plan, targeting LPG sales of 770,000 tonnes, focusing on the domestic market across the petrochemical, industrial and household sectors, alongside expanding its solar rooftop business and seeking investment opportunities in alternative energy businesses related to its core operations to support future growth.

Flowco Holdings Inc. has closed its acquisition of Lifting Solutions Energy Services Inc., a vertically integrated manufacturer of artificial lift technologies, for approximately US$113 million in cash based on a CAD/USD exchange rate of 0.71. The sellers are also eligible to receive contingent consideration of up to C$10 million based on Lifting Solutions' 2027 financial performance, payable in early 2028. Founded in 2014 and headquartered in Edmonton, Alberta, Lifting Solutions is a leading provider of continuous rod and progressing cavity pumps serving wells across Canada, the United States, the Middle East, and other international markets. Flowco said the deal adds continuous rod and PCP technologies to its artificial lift offering, provides a scaled Canadian and international platform, and is expected to be accretive to earnings and free cash flow per share. The transaction was structured on a cash-free, debt-free basis and funded with borrowings under Flowco's ABL facility.

ConocoPhillips and Venture Global have signed a deal that would see the liquefied natural gas major supply 1 million tons to Conoco beginning in 2030. The agreement, described as a 20-year arrangement, makes ConocoPhillips a long-term partner of Venture Global, whose chief executive Mike Sabel said it reflects continued market confidence in the company's ability to deliver reliable, low-cost U.S. LNG quickly and at scale. The deal lands as Venture Global faces litigation from half a dozen international oil majors, including Shell, BP and Repsol, which accused the company in 2023 of profiteering by selling LNG cargoes on the higher-priced spot market that should have been supplied under long-term contracts. Shell lost its arbitration against Venture Global in August, while BP won a ruling in its favor two months later. Venture Global currently holds a total of 100 million tons of liquefied natural gas annually in capacity, including operating capacity and capacity under construction and development, making it one of the biggest LNG traders globally.

Eco (Atlantic) Oil & Gas Ltd. has received final Ministerial approval from Namibia's Minister of Industries, Mines and Energy for the transfer and assignment of a 60% participating interest in all three of its offshore Petroleum Exploration Licenses to BP Namibia Energy Ltd, a wholly owned subsidiary of BP Exploration Operating Company Limited. The approval, received on 1 October 2026, is the final governmental consent required under Section 11 of Namibia's Petroleum (Exploration and Production) Act for the farm-down covering PEL97, PEL99 and PEL100, and the parties are now completing the remaining closing deliverables with completion expected shortly. Under the transaction, Eco will receive a one-time cash consideration of US$2.7 million on completion and retain a 25% participating interest in each of the three licences, while BP will carry 100% of Eco's 25% retained interest plus Eco's proportionate share of the NAMCOR 10% and Local Partners 5% interests during the current exploration phase. The government-approved work program includes completing seismic reprocessing on PEL97 and acquiring at least 3,000km2 of new 3D seismic data on PEL99 and PEL100. If BP and partners elect to enter the Second Renewal Period in 2028 and commit to drilling an exploration well, Eco may exercise a Put Option to transfer an additional 10% interest to BP for a full carry on its remaining 15%, capped at US$21 million net to Eco per well on each licence, with a maximum aggregate carry of US$63 million should all three Put Options be exercised. Eco intends to use the proceeds to fund exploration and appraisal across its Atlantic Margin portfolio and for general working capital.

Bualuang Securities has raised its 2026 Brent crude oil price assumption to 94 US dollars per barrel from 85 dollars, and lifted its 2026 profit forecasts for PTT to 149 billion baht, up 9%, and for PTT Exploration and Production, or PTTEP, to 79 billion baht, up 8%. It noted that crude oil prices are still holding in a range of 90 to 100 dollars per barrel in the fourth quarter of 2026 amid supply risks in the Middle East, after the volume of oil shut in production in the Persian Gulf rose from about 8.3 million barrels per day in July to more than 10 million barrels per day in August, while shipments through the Strait of Hormuz fell to 7.6 million barrels per day. However, for 2027, Bualuang Securities has cut its oil price view to 70 dollars per barrel on expectations of oversupply, estimating that supply will rise by an average of 8.6 million barrels per day, above global oil demand growth of about 2.5 million barrels per day. Bualuang Securities is maintaining a market-weight stance on the energy sector, picking PTT as its top pick with a buy rating and a target price of 48 baht, while keeping a hold rating on PTTEP with a target price of 168 baht.

PTT, together with the Royal Thai Air Force, is driving forward the installation of solar power generation systems across 3 projects. These comprise floating solar power generation systems at the Air Operations Control Command and the 3rd Air Force Armament Factory of the Air Force Armament Department, and rooftop solar power generation systems at the Navaminda Kasatriyadhiraj Royal Air Force Academy within the Air Operations Control Command area of the Royal Thai Air Force. The projects operate under 25-year power purchase agreements. They help reduce the Royal Thai Air Force's utility expenses by approximately 52 million baht over the life of the projects and help cut greenhouse gas emissions by approximately 40,280 tonnes of carbon dioxide equivalent. Air Chief Marshal Wisut Somphakdee, Chairman of the Royal Thai Air Force Renewable Energy Committee, and Dr. Buranin Rattanasombat, Chief Operating Officer of the New Business and Sustainability Group at PTT Public Company Limited, jointly presided over the project opening ceremony. The initiative supports the use of environmentally friendly energy and drives Thailand's greenhouse gas reduction and Net Zero goals over the long term.

Bualuang Securities said crude oil prices are likely to remain elevated in the fourth quarter of 2026 due to supply risks in the Middle East, after renewed clashes between the United States and Iran pushed the volume of halted oil production in the Persian Gulf from about 8.3 million barrels per day in July to more than 10 million barrels per day in August, while shipments through the Strait of Hormuz fell to 7.6 million barrels per day. As a result, Brent, which averaged 105 US dollars per barrel in the second quarter of 2026, is still around 97 US dollars per barrel in the third quarter of 2026 and is expected to stay in a range of 90 to 100 US dollars per barrel in the fourth quarter of 2026. However, the picture for 2027 changes, because supply is likely to return much faster than demand. The research team estimates global oil demand in 2027 will rise by an average of about 2.5 million barrels per day, while supply could increase by an average of as much as 8.6 million barrels per day. The research team therefore raised its Brent assumption for 2026 to 94 US dollars per barrel from 85 US dollars per barrel, but expects it to fall to 70 US dollars per barrel in 2027. It also raised its 2026 profit forecast for PTT by 9 percent to 149 billion baht and for PTTEP by 8 percent to 79 billion baht. It kept its weighting for the energy sector at market weight and chose PTT as its top pick with a buy rating and a target price of 48 baht, citing a more diversified earnings base and a dividend yield of about 5 to 6 percent that remains well supported. For PTTEP, it maintained a hold rating with a target price of 168 baht, noting that while the company benefits in the short term from high oil prices, 2027 carries the risk of lower oil prices as supply recovers faster than demand.

PTT Oil and Retail Business Public Company Limited, known as OR, signed a joint investment agreement with Centara Hotels & Resorts in April 2026 to develop budget hotels, with OR holding a 49 percent stake and Centara holding 51 percent. The project will develop hotels on potential sites both inside and outside PTT Station service areas, which have a network spread along main routes nationwide. In the first phase, it will pilot six model hotels in potential locations: Phuket, Kanchanaburi, Phra Nakhon Si Ayutthaya, Songkhla (Hat Yai), Chonburi, and Bangkok. These hotels start at only 800 to 1,300 baht per night, with full amenities and universal design accessibility. They are expected to gradually open between 2027 and 2028, with a goal of expanding to 50 locations by 2031. Mom Luang Pichthong Thongyai, Chief Executive Officer of OR, said the operation reflects the concept of 'OR fills opportunities, good, good, good,' aiming to create a good environment, good communities, and good growth together with partners and society in a sustainable way.

WP Energy Public Company Limited, or WP, closed its share buyback programme for financial management on 24 September 2026, repurchasing the full 15,000,000 shares, equivalent to 2.94% of total issued and paid-up shares, for a total investment of 57,084,060 baht, against a maximum budget of 63,000,000 baht approved by the board at its 6/2569 meeting. Chief Executive Officer Chomkamol Poompanmuang said the programme will help put excess liquidity to productive use, raise shareholder return ratios and earnings per share, and build investor confidence in the company's potential and strong business fundamentals. For its 2026 business plan, the company targets LPG gas sales of 770,000 tonnes, focusing on domestic sales across the petrochemical, industrial and household sectors, while continuing to expand its solar rooftop business and seeking opportunities to grow businesses related to its core operations and alternative energy to support future growth.

WP Energy Public Company Limited, or WP, announced the completion of its share buyback programme for financial management on 24 September 2026, having repurchased the full planned amount of 15,000,000 shares, representing 2.94% of total issued and paid-up shares, with a total value of 57.08 million baht. The programme was approved by the company's board of directors at its 6/2026 meeting, with a maximum buyback budget of no more than 63 million baht and a maximum of 15 million shares at a par value of 1 baht per share, running from 1 July to 31 December 2026. Chief Executive Officer Chomkamol Poompanmuang said the buyback will help manage excess liquidity efficiently while raising return on equity, or ROE, and earnings per share, or EPS. For the remainder of 2026, the company targets liquefied petroleum gas, or LPG, sales of 770,000 tonnes, focusing on expanding the domestic market across the petrochemical, industrial and household sectors. At the same time, it continues to expand its Solar Rooftop business and is looking for investment opportunities in businesses related to its core operations and in alternative energy, in order to diversify revenue sources and support future growth.

WP Energy Public Company Limited, or WP, closed its share buyback programme for financial management on 24 September 2026, repurchasing the full 15,000,000 shares, or 2.94% of total issued and paid-up shares, for a total investment of 57,084,060 baht, within the maximum budget of 63,000,000 baht approved by the board at its 6/2026 meeting. The shares have a par value of 1 baht each, and the programme ran from 1 July to 31 December 2026. Chief Executive Officer Chomkamol Poompanmuang said the company is confident the buyback will put excess liquidity to productive use and lift return on equity, or ROE, as well as earnings per share, or EPS, strengthening investor confidence in the business's potential. For the remainder of the year, overall business continues to grow in line with plan, with 2026 LPG sales targeted at 770,000 tonnes, focused mainly on domestic sales across the petrochemical, industrial and household sectors. At the same time, the company is pressing ahead with expanding its solar rooftop business and is looking for opportunities to expand into businesses related to its core operations and alternative energy to support future growth.

Shares of Thai Oil Public Company Limited, or TOP, rose 7.84% to 72.25 baht, up 5.25 baht, on heavy trading volume of 1.49281 billion baht. Krungsri Securities recommends Buy with a 2027 target price of 83 baht, viewing the company as a beneficiary of tight global refined oil supply, especially diesel, which supports a recovery in refining margins, or GRM. Since TOP's production mix is about 50% diesel, it benefits directly. The research team estimates that TOP's profit could see upside of about 47-92% from its previous forecast after the escalation of war conditions raised the likelihood that energy price and refining margin assumptions will be revised higher, with further upside possible if supply factors and refining margins remain strong. The stock valuation also remains attractive, with PBV at about 0.6-0.7 times, while the expected dividend yield is more than 3.5% per year.

Refinery stocks led by TOP and SPRC rose sharply today after China restricted exports of oil products, prompting the market to expect that supplies of refined fuels in Asia may tighten, particularly diesel and jet fuel. At 10:28 a.m., TOP stood at 71.50 baht, up 4.50 baht, or 6.72%, with trading value of 1.09 billion baht, while SPRC stood at 14.70 baht, up 0.70 baht, or 5.00%, with trading value of 287.21 million baht. Brent crude rose 29 cents, or 0.28%, to 102.60 dollars per barrel, and WTI rose 27 cents, or 0.29%, to 93.14 dollars per barrel, after China did not allow major refineries to export diesel, gasoline, and jet fuel to markets outside Hong Kong and Macau in October. Meanwhile, the United States is preparing to send a third aircraft carrier and additional troops of up to about 10,000 personnel to the Middle East, and has called on Germany and France to release diesel from emergency reserves, proposing that the European Union release a total of about 120 million barrels of diesel over the next six months.