WTI (May) $91.28 -$7.80, Brent (June) $94.79 -$4.57, Diff -$3.51 +$3.23
USNG (May) $2.60 -3c, UKNG (May) 108.95p -6.0p, TTF (May) €42.6 -€2.98

Oil price

Oil is flat today as the ceasefire remains intact, with stories that talks are being scheduled for the weekend and the blockade still in place all options are open. The IEA put out its views on the oil market but with so little credibility left after its climate change row-backs I suspect that few are listening. 

Sintana Energy

Sintana has announced that is has engaged IJG Securities (Pty) Ltd. as its sponsor and corporate advisor and initiated discussions with the Namibia Securities Exchange with a view to being admitted for trading on Namibia’s national exchange.  Subsequent to the admission, the Company intends to explore options to provide and develop liquidity for local Namibian investors.

Knowledge Katti, Director of Sintana and Chairman of Custos Energy, said: 
“It has always been my vision to see Namibians – especially our youth – become true participants in the wealth that lies beneath our own soil and waters. Sintana’s listing on the Namibia Securities Exchange is the realisation of that vision. This is more than a financial opportunity; it is a chance for young Namibians to diversify their futures, to build generational wealth, and to hold a direct stake in the energy story that will define our nation for decades to come. 

We are proud that this initiative stands in full alignment with the government’s Sixth National Development Plan (NDP6), particularly its focus on youth empowerment and wealth creation for all Namibians – especially our most vulnerable communities. By opening ownership of Namibia’s offshore opportunity to Namibians, we are not just listing a company – we are planting the seeds of an ownership economy, one where every young Namibian can say: this resource is mine, this future is mine, and I am invested in it.”​​​​​​​​​ he added.  

Robert Bose, CEO of Sintana, said:
“Namibia has been at the heart of Sintana’s progress since the opening of the offshore opportunity in 2022. We are excited to take an overdue step to offer local Namibian investors the opportunity to join us as owners of Sintana at this pivotal time for our company and Namibia’s energy industry.  With upcoming activity across our offshore portfolio, we are keen to become the first oil and gas company to provide Namibians the opportunity to invest directly in the offshore opportunity and significant upcoming developments.”

Tiaan Bazuin, CEO of Namibia Securities Exchange, said: 
“The NSX stands ready as conduit for Namibians to be part of the shareholding in our natural resources. We look forward to welcoming Sintana Energy to the NSX and encourage all sectors to open their shareholding base to their employees, the Namibian public, and our institutions. Our goal is dual fold, to deepen and diversify the investing universe for all Namibians.”

This seems like a pretty smart move to me, I mean Sintana doesn’t actually need another listing but it must be incredibly useful to them on a number of counts. It gives potential Namibian investors an easy way of buying into the Sintana and greater local story, and given their upcoming offshore activity means that locals can participate.

It also means that with hopefully many domestic investors onboard and endorsement from institutions and Government, Sintana will get good local engagement and maybe even financial backing.

The listing doesn’t cost very much at all, the UK listing provides all the necessary disclosure and reporting requirements from an administrative point of view and more than offsets the brownie points that the process will deliver. A win-win all round as I see it and with the shares starting to perform well I remain happy with my 75p TP and its position in the Bucket List.

Hunting

Hunting has issued the following Trading Update for Q1 2026, ahead of its Annual General Meeting that will take place today at 10:30 a.m. BST in London.

Commenting on the Company’s Q1 2026 performance and full-year outlook, Chief Executive Jim Johnson, said:
“Hunting has delivered a solid Q1 performance, and we are maintaining our full-year EBITDA guidance of $145-$155 million given the strong outlook for our end markets.

“We remain vigilant regarding Middle East volatility, with our people remaining safe and our facilities fully operational.

“We are seeing excellent order book momentum across South America and the US onshore market. By restructuring our global operations and continuing our share buyback programme, we are positioning Hunting for robust, long-term growth and enhanced shareholder returns.”

Although the quarter is slightly light the outlook remains very positive for Hunting, the EBITDA will pick up sharply as the 40:60 second half weighting indication suggests. Also the comparable quarter had a substantial contribution from KOC1 and we know that these orders can be lumpy but even themselves out in the longer term.

Indeed, following the recent orders from Guyana, the momentum is building substantially and across the board and one that will play out through the rest of the year. With the investment in its subsea business likely to continue I expect growth to increase both here and in other areas across the board.

The EBITDA margin was also slightly down but will be stronger as the company increases its share of higher value products and I remain confident that the long term target will be achieved. Accordingly I remain happy with my 600p target price and think that Hunting will be a significant winner in the high value, high margin areas in which it operates. 

Q1 2026 trading update

The Group performed in line with expectations during the quarter, with Q1 trading reflecting the timing of key milestones on current subsea contracts, which are weighted to Q2. Given this performance, Hunting’s full-year EBITDA guidance of between $145-$155 million is retained. As outlined at the Group’s 2025 full-year results in March 2026, Hunting’s earnings will be second half weighted, given order execution and delivery timings, with a 40:60 split in earnings being projected. 

Q1 2026 Group EBITDA was $23.2 million, with an EBITDA margin of 10%. All product groups have traded as expected, with Perforating Systems’ sales in North America reporting a performance ahead of expectations as higher quality sales and production efficiencies continue to improve trading results.

As is typical for this time of year, the Group has invested in working capital in the period to satisfy committed orders, which has led to a net cash outflow in the quarter and, coupled with the ongoing share buyback programme, has led to a quarter-end total cash and bank / (borrowings) position of $8.3 million (31 December 2025 – $62.9 million).

Sales order book

As at 14 April 2026, the Group’s sales order book stood at c.$428.8 million (31 March 2026 – $365.3 million; 31 December 2025 – $358.0 million).

OCTG tender activity continues to be strong across most regions, with the pipeline still standing at c.$1.0 billion. Some slippage in the issuance of tenders has occurred in the Middle East since March 2026; however, management still anticipates that these will be published in Q2 2026.

Since the year-end, the Group has continued to build its Subsea sales order book, including the $63.5 million of orders secured for its titanium stress joints for its latest project in Guyana as announced on 7 April 2026. Momentum within the Spring, Stafford and Flexible Engineered Solutions businesses has increased since the beginning of the year as offshore and subsea projects continue to be executed.

Hunting continues to focus its Advanced Manufacturing business units on developing non-oil and gas sales. At 31 March 2026, the non-energy sales order book stood at $95.6 million (31 December 2025 – $98.6 million). Management is expanding its sales efforts to target high-specification industrial programmes with repeat demand characteristics. Clients include Teledyne Brown Engineering, Solar Turbines, Pratt & Whitney, Sikorsky, and General Electric, which support applications across power generation, aerospace, and defence platforms. These programmes are supported by multi-year production schedules, with defined manufacturing runs and repeat order patterns that extend delivery across multiple reporting periods and, in certain cases, provide programme visibility extending through 2028 and beyond.

Middle East update

Hunting’s operations and personnel in Dubai and Saudi Arabia remain safe and generally unaffected by the Middle East conflict. At this point management expects minimal impact on current year profitability, although this position remains predicated on the tenure of the conflict. The higher commodity price environment has not yet translated into an increased US or International rig count as operators adopt a ‘wait and see’ approach. However, Hunting is well placed to benefit from any increase in activity.

Restructuring, operational efficiency and M&A

The restructuring of the EMEA operating segment continues, with the closure of the Fordoun operating site on track for June 2026.

The previously announced $15 million cost reduction programme is accelerating, with the majority of savings to be delivered by early 2028. Shared service functions in Europe and North America will be fully operational by mid-2026, which will drive further cost and operating efficiencies, along with the efforts to reduce other SG&A costs.

The Group today announces the combination of the EMEA and Asia Pacific operating segments to form a single ‘International’ operating segment with effect from 1 January 2027, which will contribute to further cost efficiencies over time.

In line with the Hunting 2030 Strategy, management continues to assess bolt-on acquisitions, with a targeted pipeline of transactions under review during the period. Subsea businesses remain a particular area of focus for the Group.

The H1 2026 Trading Update will be issued on Wednesday 15 July 2026.

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog