This week we are delighted to welcome Betty Jiang, Managing Director of U.S. Integrateds and E&P Equity Research at Barclays. Betty joined Barclays in 2023 after leading the U.S. ESG Research team at Credit Suisse and has more than 15 years of equity research experience, with prior roles at UBS, Illuminate Capital Group, and Bank of America. We were thrilled to hear Betty’s insights on what’s top of mind for investors, key themes from earnings, and a preview of Barclays’ upcoming 39th Annual Energy-Power Conference, taking place next week from September 2-4 in New York.
 
In our conversation, Betty shares why she finds energy research compelling and reflects on the interesting timing of her career, beginning in 2007 during the shale boom years. She explains how her experience in ESG and sustainability broadened her analytical skills and highlighted the complexity of the energy transition. We discuss the value of cross-sector research collaboration and Betty outlines key takeaways from Q2 earnings, including significant increases in free cash flow, shale resilience, a long-term bullish gas production outlook, and a market focus on efficiency and free cash flow discipline. We explore the intersection of gas and power demand and how factors like regional grid dynamics and AI are shaping the sector, the continuing need for baseload power, reluctance in adopting low-carbon gas, the importance of strategic positioning and capability for companies seeking exposure in power markets, and gas price and production outlook. Betty provides an insider perspective on how she navigates earnings season, noting how AI and research tools are increasingly shaping how research is consumed and analyzed, while emphasizing that AI cannot replace deep analysis essential for understanding nuance, context, and cross-company trends. We discuss the tension between short-term shareholder expectations and long-term strategic initiatives, emphasizing the importance of a clear “North Star” and consistent communication. Betty notes that energy sector investors vary widely, and while the E&P sector is generally out of favor with generalists, sustained capital discipline, cash returns, and demonstrated resilience are attracting renewed interest. We touch on the challenge of differentiation in energy companies and how thoughtful execution and innovative approaches can create competitive advantages, the key themes for Barclays’ upcoming conference with over 170 companies currently registered to attend, how efficiency gains and current free cash flow could influence 2026 outlooks, and more. It was a fantastic discussion and we greatly appreciate Betty for sharing her time and insights.
 
To start the show, Mike Bradley noted that last week’s COBT theme was investor “anticipation” of the Jackson Hole meeting, while this week it’s investor “expectations” around NVIDIA’s Q2 results/forward guidance. On the broader equity front, the S&P 500 hit another high last week but traded sideways this week ahead of NVIDIA’s Q2 results. NVIDIA expectations are pretty bullish, with most expecting a beat-and-raise quarter, and the only real question at this point is whether NVIDIA’s forward outlook will be bullish enough to satisfy investors. At a $4.4 trillion market cap, larger than all but three countries’ GDP, NVIDIA’s AI commentary and forward guidance will be a market mover. On the crude oil market front, WTI price continues to trade sideways (low-mid $60s) amid continued 2H25 global oil surplus concerns that are being somewhat offset by lack of headway in Russian/Ukrainian peace (leading to possible stiff oil sanctions). On the natural gas front, U.S. natural gas price (prompt & 12mo strip) were trading at ~$2.70/MMBtu & ~$3.50/MMBtu (YTD lows). Investor sentiment is still more bullish for natural gas E&Ps, even though prompt natural gas price has significantly underperformed prompt WTI price this year. Mike also highlighted a