The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.

0212 GMT - Frencken Group's earnings are likely to be stronger in 2H than in 1H, as orders will probably pick up in the semiconductor segment, RHB Research's Alfie Yeo says in a report. The technology company's volume production for some semiconductor programs are poised to ramp up in 2H, the analyst says. A key client is expected to increase orders following a strong outlook that includes opportunities to support its own customers' capacity-expansion plans. Frencken's backend customers are also bolstering production. RHB Research raises the stock's target price to 3.73 Singapore dollars from S$3.57, with an unchanged buy rating. Shares are 0.75% higher at S$2.69. (ronnie.harui@wsj.com)

0205 GMT - BHP could be expected to take "a more cash flow-oriented approach" to dividends ahead, as commodity prices trade above long-term averages, Macquarie says. BHP has a policy of paying a minimum of 50% of underlying profit at every reporting period. The miner surprised with a final dividend of US$0.99/share, a 72% payout ratio. Macquarie attributes the beat--22% higher than consensus--to stronger free cash flow and proceeds from a silver-streaming deal. The bank raises its target on BHP by roughly 6% to 58.50 Australian dollars a share. It reiterates a neutral rating. Shares are down 0.1% at A$63.81 following a 2.7% gain Tuesday. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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)

2351 GMT - Oil rises in Asian early trade amid growing concerns over supply disruptions. Iran fired two ballistic missiles toward the Strait of Hormuz on Tuesday, triggering air defenses in the UAE, according to that country's Ministry of Defense, which said the missiles targeted maritime traffic but eventually dropped into the sea. Also on Tuesday, an Iranian attack hit the engine room of a bulk carrier in the strait east of Oman. "Renewed attacks in the Middle East raise the prospect of ongoing disruptions to supply," ANZ Research analysts say in a research report. Front-month WTI crude oil futures are 0.5% higher at $85.34 per barrel. (ronnie.harui@wsj.com)

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)

1901 GMT - U.S. natural gas futures rise as weather models add some heat to the near-term outlook, while LNG feedgas flows continue recovering. "This market will remain heavily reliant upon a long-awaited upswing in export activity once LNG infrastructure maintenance is completed but for now, the short supply in Europe that has been boosting gas prices remains largely inoperable as a supportive consideration to the U.S. market," Ritterbusch & Associates says in a note. For now the market "appears too late to sell but a bit too early to buy," the firm adds. Nymex natural gas settles up 3.2% at $2.776/mmBtu.(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)

1454 GMT - Rising interest-rate expectations for the Riksbank have failed to support the Swedish krona, Commerzbank's Michael Pfister says in a note. The evidence instead suggests that, in the short term, the krona tends to drive rate expectations rather than vice versa, he says. One possible reason for this is the lower liquidity in Swedish capital markets, prompting investors to sell Swedish assets in the event of geopolitical shocks. Krona movements could also be feeding directly into rate expectations via imported inflation. A lasting end to the Middle East conflict would support the krona relative to the Norwegian krone, he says. The krona would benefit from lower oil prices and wouldn't be affected by the pricing out of rate rises.