Energy, Utilities & Mining Pulse

Latest edition · September 17, 2026

Energy, Utilities & Mining Pulse Investors Asking What Are Takeaways from the Road or Recent Management Meetings (1)

Goldman Sachs analysts summarize road trip and management takeaways across the natural resources, utilities, clean tech, and mining complex. Key debates center on hyperscaler behind-the-meter power solutions, upstream capital allocation, election-related regulatory risks for utilities, and structural supply tightness in steel and uranium.

In this edition of the Energy, Utilities & Mining Pulse, Goldman Sachs details key themes from September conferences and management meetings. The firm notes accelerating momentum for behind-the-meter (BTM) power solutions benefiting energy services (LBRT, PUMP) and midstream providers (KGS) as hyperscalers prioritize time to power amid grid delays. Chevron is expanding its international resource stack while initiating Project Kilby for data center power delivery. In utilities, analysts favor companies insulated from upcoming gubernatorial election noise (DUK, XEL) over peers exposed to affordability pushback (EXC). In clean tech and metals, nuclear power momentum and uranium supply risks support UEC, while resilient demand and constrained spot supply support higher steel prices into 2027 for flat-rolled producers like NUE, STLD, and CLF.

Key takeaways from the latest edition

• 1.Behind-the-meter (BTM) power solutions for hyperscalers and data centers are gaining strong commercial traction across energy services and midstream companies like LBRT, PUMP, and KGS.
• 2.Chevron is expanding high-margin international growth projects (Venezuela, Argentina, Iraq) to support 10% adjusted FCF growth by decade-end while developing West Texas power via Project Kilby.
• 3.Utilities face heightened political and regulatory headline noise heading into the November gubernatorial elections, making defensive names with constructive regulatory calendars (DUK, XEL) preferable over exposed names like EXC.

What this series covers

• Topics and stocks discussed include:
• Integrated Oil:
• Energy Services:
• Midstream:
• E&P:
• Utilities:
• Clean Tech:
• Metals & Mining:
• Editor's Choice Charts
• Sector in Context
• Conversations we are having with investors
• E&P – Neil Mehta
• Majors & Refining - Neil Mehta & Alexa Petrick Breno
• Energy Services - Neil Mehta & Alexa Petrick Breno
• Utilities - Carly Davenport
• MLPs/Pipelines - John Mackay & Olivia Foster
• Clean Technology - Brian Lee
• Metals & Mining - Nick Cash
• Key GS Energy Research Reports
• Commodities - Oil and Natural Gas strip
• GS Energy & Utilities Analyst Contributors
• Valuation and Key Risks

Edition archive

• Energy, Utilities & Mining Pulse Investors Asking What Are Takeaways from the Road or Recent Management Meetings (1)

  September 17, 2026

• Energy, Utilities & Mining Pulse Investors Asking Amid the Recent Rally, How Are Mid Cycle Commodity Conversations Changing

  September 11, 2026

• Energy, Utilities & Mining Pulse Investors Asking How Do Valuations Look Relative to Price Targets and Historical Trends

  August 13, 2026

• Energy

  June 5, 2026