Daily Brief Energy/Materials: Global Lithium Resources Ltd, Shell, Rubber Future SGX TSR20, Zephyr Energy, Weatherford International , China Oilfield Services, Kinder Morgan, Packaging Corporation of America, Crude Oil and more

• Mineral Resources (MIN AU)-backed Aussie lithium play Global Lithium Resources Ltd (GL1 AU), has entered into a Scheme with UAE-backed Titan Mining.
• Titan is offering $1.15/share, in cash, for each GL1 share, or a 73% premium to undisturbed. Titan is also providing GL1 with a loan to develop the Manna Lithium Project.
• GL1 directors, holding 12.5%, are supportive. The Scheme meeting is expected to be held in December. The Scheme requires FIRB & ACCC signing off. Expect scrutiny.

• In this edition: • Adyen | to nominate Niclas Neglen as Chief Financial Officer • ASM International | launches breakthrough Flowable Carbon technology • Heineken | loses UEFA Club Competitions Sponsorship to AB Inbev • InPost | offer declared unconditional • Shell | completes Gulf of America asset sale • Arcadis | WSP Global withdraws proposed offer for the company

Highlights

• El Niño expected to strengthen, with nearly 100% persistence probability through February 2027

• Indonesia wildfire emissions reached 19.7 million metric tons CO2 in early September

• August 2026 was the hottest August globally, intensifying rubber supply concerns

• 2Q26 production from the non-operated portfolio was 914 boe/d (69% oil).
• Including our NGL estimates, this came in ~100 boe/d ahead of our forecast.
• We forecast a broadly similar production level in 3Q26.

• Weatherford International reported second-quarter 2026 revenue of $1.105 billion, adjusted EBITDA of $223 million at a 20.2% margin, and adjusted free cash flow of $139 million.
• Free cash flow conversion reached 62.3% of adjusted EBITDA despite geopolitical disruption in the Middle East, weaker activity in Indonesia, pricing pressure, and a labor strike in Norway.
• Middle East operations were affected by project suspensions, delays, and logistical constraints.

• A capital cycle story with minimal supply coming online but booming demand in the pipeline
• Consolidation in the industry leading to better pricing not more supply
• COSL’s recent results show a marked improvement in the international business masked by FX translation losses

• Kinder Morgan’s second quarter of 2026 results demonstrated continued operational strength and financial performance above both prior year and internal forecasts.
• Adjusted EBITDA increased by 12%, and adjusted earnings per share (EPS) rose by 32% compared to the second quarter of 2025, with every business segment contributing positively to the quarter’s results.
• The company has raised its full-year guidance, now anticipating adjusted EBITDA at least 5% above the 2026 budget and adjusted EPS at least 12% higher than initially projected.

• Packaging Corporation of America reported second-quarter 2026 net income of $192 million, or $2.15 per share.
• Excluding special items, net income was $210 million, or $2.35 per share, compared with $224 million, or $2.48 per share, a year earlier.
• Net sales increased to $2.5 billion from $2.2 billion, while adjusted EBITDA rose to $486 million from $451 million.

• Crude oil futures rebounded strongly on Wednesday to halt the week-long losing streak, with investors unconvinced that the US and Iran are nearing a deal to end the war.
• Nov26 ICE Brent futures were 4.5% higher at  $103.69/b (2038 BST), halting a run of five straight losses, while Nov26 NYMEX WTI was at $92.73/b , up 2.4% versus Tuesday’s settle.
• The higher prices came after Tuesday’s high-level talks led by White House Middle East envoys Steve Witkoff and Jared Kushner, while Foreign Minister Abbas Araghchi headed the Iranian delegation.

• As we anticipated, Iran President Masoud Pezeshkian’s speech before the U.N. General Assembly was not “benevolent” by any stretch of the imagination. Oil prices rebounded in response.                 
• The earlier oil price weakness appeared to reflect optimism regarding the “sideline” meetings between Iranian delegates and Jared Kushner and Steve Witkoff.                                       
• With respect, however, Iran has previously indicated they would not negotiate seriously with the two who Tehran characterizes as “mere real estate developers.”