J P M O R G A N North America Equity Research 08 December 2025 2026 E&P and Natural Gas Outlook Oil and NGL Fundamentals Stuck Between a Rock and a Hard Place While Tailwinds Continue for U.S. Gas; Upgrade CNX and DVN, Downgrade AR, OXY, and RRC JPM View: The 2026 E&P Outlook continues to be framed by supply side risks for oil and liquids, but the long-awaited demand inflection for natural gas has finally arrived. While there may be some temptation to take the other side of the "awash in oil" trade, the mag ...

U.S. President Donald Trump speaks during the 80th session of the United Nations General Assembly (UNGA) at the UN headquarters on Sept. 23, 2025 in New York City.Shale oil executives say President Donald Trump is hurting investment in the oil patch, and are giving a grim outlook for the future of the industry that turned the U.S. into the largest crude producer in the world.The executives' anonymous comments were published in a quarterly survey of oil and gas companies by the Federal Reserve Bank of Dallas ...