The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0805 GMT - Ithaca Energy's record second-quarter production helped solid cash flow and confidence in the medium-term production outlook, Berenberg analysts say. The British oil-and-gas company also has a strong balance sheet, which can support organic investment and help with U.K. and international merger and acquisition ambitions, they add. Berenberg remains confident in the medium-term production and shareholder returns outlook for Ithaca. The analysts maintain a buy recommendation on the stock with a price target of 270 pence. Shares are up 4.9% at 264 pence. (michael.hennessey@wsj.com)

0728 GMT - Sembcorp Industries remains well-positioned to benefit from long-term artificial intelligence and data-center-related demand, OCBC Group Research analyst Chu Peng says in a note. The energy and urban solutions provider has secured over 1 gigawatt of contracted power supply in Singapore and established platforms across Australia, the U.K. and Asean. However, the analyst warns that the company's renewables segment is likely to keep facing headwinds from resource uncertainty, curtailment and tariff pressures in China. OCBC has a buy rating on the stock and a fair value estimate of 7.20 Singapore dollars. Shares are 0.8% lower at S$6.03.(amanda.lee@wsj.com)

0622 GMT - China Aviation Oil (Singapore) Corp.'s earnings are likely to be stronger in 2H, based on management's guidance, CGS International analysts say in a note. Drivers include stronger income at the jet-fuel trader on the back of jet-fuel trading volume recovery and continued growth in the sustainable aviation fuel market, the analysts say. There are also potential incremental trading flows as CAO integrates into Sinopec's value chain following the Sinopec-China National Aviation Fuel Group merger. The brokerage maintains the stock's add rating, but lowers the target price to 2.45 Singapore dollars from S$2.68 to reflect a lowered P/E multiple assumption for CAO associate Shanghai International Airport. Shares are unchanged at S$1.62. (ronnie.harui@wsj.com)

0132 GMT - Dialog Group's fiscal 4Q earnings could benefit from stronger upstream contribution and resilient terminal operations, while ongoing Pengerang expansions provide further earnings visibility, RHB IB analyst Lee Yun Leon says in a note. Core PATMI is expected at 163 million-180 million ringgit, up from 3Q's 148 million ringgit, supported by higher oil prices and stable terminal operations, he reckons. Midstream earnings should remain defensive, with tank terminal utilization above 90% and predominantly take-or-pay contracts, he says. The Phase 3 Pengerang Deepwater Terminals expansion will add 614,000 cubic meters of storage capacity and could generate 135 million-150 million ringgit in annual terminal revenue upon full commissioning, he adds. RHB maintains Dialog's buy rating and target price of 2.44 ringgit. Shares are unchanged at 1.93 ringgit.(yingxian.wong@wsj.com)

0101 GMT - Santos's interim dividend of 11.6 U.S. cents a share was well ahead of consensus hopes, driving a 3.2% increase in its share price to 8.37 Australian dollars today. Santos effectively paid out all of its 1H free cash flow of US$377 million. That means Santos is "paying it forward," Macquarie says. It is encouraged by this approach "given there wasn't all-in free cash flow to pay out this half on timing and commissioning issues." Santos experienced teething problems at its Barossa natural-gas project in Australia and the Pikka Phase 1 oil project in Alaska during the half. It also lifted five equity marketed cargoes before the end of 2Q, but didn't get receipts until after 2H began. Macquarie had an outperform call on Santos heading into today's result. (david.winning@wsj.com; @dwinningWSJ)

0053 GMT - Whitehaven Coal's annual profit misses expectations due to slightly lower revenue, inventory movement, and higher depreciation and amortization, Barrenjoey says. Underlying profit of 227 million Australian dollars is 8% below consensus and 15% lower than Barrenjoey's forecast. The coal miner's FY dividend of A$0.10/share is 3% below consensus but in line with Barrenjoey's expectations. "FY27 guidance provided with volumes a touch soft, unit cost in line but capex lower, which may see consensus earnings and cash flow downgrades," says Barrenjoey. The bank has a neutral rating and A$7.50/share target on Whitehaven. Shares are down 3.1% at A$7.52. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1903 GMT - Oil futures edge up in cautious trading as the market weighs conflicting reports of how much oil is getting through the Strait of Hormuz. "Extraordinary workarounds are compensating for a badly impaired shipping route," Siebert Financial's chief investment officer Mark Malek says in a note. "Alternative oil routes demonstrate impressive resilience, but resilience is not the same as excess capacity." Tanker relays and pipelines can buy time but don't replace unrestricted access through the strait, he says. U.S. government figures suggest considerably more oil is escaping the region than vessel-tracking data would seem to indicate, Malek adds. "When the official number and the observable number disagree by this much, the observable number usually wins the argument eventually." WTI settles up 0.5% at $84.94 a barrel and Brent rises 0.2% to $91.02. (anthony.harrup@wsj.com)

1605 GMT - Mattr is benefiting from the surge in demand for data centers and utilities, which drove backlogs to near-record highs. According to RBC's Sabahat Khan, the company is "well positioned for H2" as data center sales expand into a "growing contributor," expected to more than double in 2026 to about 5% of consolidated revenue. The momentum drove 2Q revenue up 23.4% year-over-year to meet preliminary guidance, alongside a 260 basis-point expansion in adjusted Ebitda margin to 15.8%. Growth was anchored by record output levels at Xerxes, where customer planning horizons now extend to "firm orders for delivery throughout 2027," as well as a 29.1% revenue jump in Connection Technologies. RBC raised its target price by C$9 to C$22. Shares are down 2.5% to C$18.98. (adriano.marchese@wsj.com)

1547 GMT - Oil futures extend gains after President Trump says there are no talks occurring or scheduled with Iran, and that the Strait of Hormuz is open and operating. "There's no talks happening and that's all that the market heard," says NinjaTrader Group senior economist Tracy Shuchart. While workarounds have helped keep oil prices from soaring, the stress is showing up in products with Ukrainian attacks on Russian refineries adding to the problem, she adds. Crude market volatility has eased, but "I think we're higher-for-longer oil and seem to be rotating Brent around $90 and WTI around $85, which is still $20 to $25 higher than last year," Shuchart adds. WTI is up 1.2% at $85.49 a barrel and Brent is 0.9% higher at $91.71. (anthony.harrup@wsj.com)

1457 GMT - Stocks in Abu Dhabi extend gains from the previous session, while Qatar stocks continue to fall, with their benchmark indices rising 0.2% and falling 0.5%, respectively. Abu Dhabi's relative strength looks constructive, supported by resilient earnings and its banking and telecom sectors, says Mazen Abou Ismail, head of trading desk at FFA Private Bank Dubai. Qatar remains more vulnerable given its exposure to regional energy and LNG-related risks, helping explain the continued weakness, he says. Geopolitics remains the main driver of GCC sentiment, but differences in fundamentals, valuations and liquidity are increasingly driving relative performance across markets, Abou Ismail says. (farhan.rafid@wsj.com)

1340 GMT - Fading hopes for an agreement anytime soon to resolve the U.S.-Iran conflict keep oil futures buoyant with both sides claiming to have control of the Strait of Hormuz. Shipping disruption remains a concern for crude oil and product supply, with the drawdown in the U.S. Strategic Petroleum Reserve to its lowest level since the early 1980s compounding the unease, Kaynat Chainwala of Kotak Neo says in a note. "Prices stay hostage to Hormuz transit data and any signal from the Iran-Oman channel. A durable reopening would cap upside, while further escalation points toward a retest of the $95 to $100/barrel band for Brent." Brent is up 0.2% at $91.09 a barrel. WTI is 0.9%higher at $85.27.(anthony.harrup@wsj.com)

0933 GMT - British energy company BP could resume buybacks in 2027 as it cuts debt and shores up its balance sheet, Berenberg analysts write. The company will retain its focus on paying down net debt via disposals, they say. The analysts expect more than $6 billion in additional disposal proceeds in 2027, which could give it cash for buybacks, they say. Under current oil and gas price assumptions, Berenberg expects $500 million in quarterly buybacks from the second quarter of 2027, the analysts say. This would deliver a full-year buyback of $1.5 billion for 2027. Shares rise 1.7% to 528.30 pence.