评估高收益勘探与生产（E&P）债券到期墙

Restricted - External Paul Chambers+1 713 236 2455paul.d.chambers@barclays.comBCI, USDouglas Le Clercq+1 212 526 0549douglas.leclercq@barclays.comBCI, US FIGURE 1. High Yield E&P Maturities by Rating — Index and Non-Index StubsSource: Bloomberg, Barclays ResearchFIGURE 2. High Yield E&P Debt by Rating - Par Value ($mn) April 2024FIGURE 3. High Yield E&P Debt by Rating - Par Value ($mn) May 2025BB,44%B,55%CCC,1%Note: This includes index and non-index stubs. Ratings are based on compositerating.Note: This includes index and non-index stubs. Ratings are based on compositerating.Source: Bloomberg, Barclays ResearchSource: Bloomberg, Barclays Research2 June 2025 FIGURE 4. High Yield E&P Maturities: BB Composite Ratings — Index and Non-Index StubsBB-Rated E&PThe BB cohort has seen a meaningful shake-up in the past 12 months, with SWN and CHKcompleting their merger and subsequently going IG. VNOM was also upgraded to IG earlier thismonth while two new names – MTDR and SM – were upgraded into the BB category earlier thisyear. Although BBs are stronger than their single-B peers, the E&P new issue market appears tohave ground to a halt post Liberation Day, with just one deal (CIVI). That being said, only $2.5bnis due through 2027, leaving a minimal refinancing need in the short term.Since our last maturity wall report in September, what has changed?•Three companies were active in the new issue market: 1) CHRD (refi 2026s); 2) HILCRP (2035sand a term loan for M&A financing); and 3) CIVI (refi portion of RBL).•In May, VNOM was upgrade to IG at a second agency, meaning the bonds will depart the HYindex at the end of this month.•SM and MTDR were both upgraded to composite BB.•In April, RRC retired its 2025 maturity using cash on hand and spare RBL capacity.•PR did a $175mn tender to retire some of its higher cost 9.875% 2031s. 3 Source: Bloomberg, Barclays Research2 June 2025 B-Rated E&PIn the past several months, single-B issuers have proactively handled upcoming 2025/26maturities. Of the six issuers noted below, four were moving shorter-dated maturities to theright while another was extending liquidity by refinancing its RBL. In total, four have a maturityin 2025 or 2026 compared to 17 last year, highlighting the work already done to address near-term maturities. This should benefit lower-rated issuers during a more volatile period for oilprices as only $2bn is due through 2027, particularly given a slowdown in the the new issuemarket for E&P issuers.Since our last maturity wall report, what has changed?•Single-B issuers have been more active than BB peers, with several coming to marketincluding (though much of this was in late 2024 or January 2025): 1) VETCN (refi 2025s amongother uses); 2) KTGLLC (new issuer to index - refi RBL); 3) MGY (refi 2026s); 4) CRGYFN (tap forM&A financing); 5) ASCRES (refi 2026s); and 6) IAECN (refi 2026s).•EOG announced that it was acquiring Encino (ENCIAC) in an all-cash deal (see our IGcolleague Harry Mateer's note: Two Birds, One Acquisition - EOG Releverages the BalanceSheet and Bulks up in the Utica). We highlight the following excerpt from the note: "Based onEOG's stated financing plan and the high coupons on Encino's bonds, our assumption is thatEOG will take out all of the Encino bonds at or prior to closing. The 8.5% 2028s are currentlycallable ($102.125), while the 8.75% 2031s have call protection until May 2027 ($104.375)." 4 FIGURE 5. High Yield E&P Maturities: B Composite Ratings — Index and Non-Index StubsSource: Bloomberg, Barclays Research2 June 2025 CCC-Rated E&PIn December, BRY refinanced its existing bond maturity with a loan. This leaves no remainingCCC E&P index debt. Analyst(s) Certification(s):We, Paul Chambers and Douglas Le Clercq, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays").All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorssh