Pareto Oil & Gas-05/20/2026

Research evidence excerpt

Pareto Oil & Gas-05/20/2026

he Houthis may move to shut Bab el- Pareto Oil & Gas assumptions 2025A 2026E 2027E Long-term

Mandeb (which would also hit Saudi exports out of the Red Sea). Brent Oil USD/bbl $ 68.4 bbl $ 90.0 bbl $ 80.0 bbl $ 80.0 bbl

Separately, NATO officials are reportedly considering deploying WTIEuropeanOil gas price USD/mcf" $$ 63.412.5mcfbbl $$ 85.014.0mcfbbl $$ 75.012.0mcfbbl $$75.09.0mcfbbl

forces to escort ships through the Strait if it is not open by July Pareto E&P Coverage Avg. prod. Total returns (USD)

Mcap P/E (x) Tot. yield Growth P/NAV

Other Oil & Gas news CompanyNorth Sea (USDm) 26E (%) 26E 24-27e (x) 1M YTD 1Y

• Another round of Iran-related sanctions from OFAC yesterday. A EquinorAker BP 102,51024,600 11.8x9.4x 147 %% 16 %% n.an.a 16%16% 75%57% 80%80%

series of individuals and companies added, in addition to 19x Vår Energi 13,060 7.9x 10 % 10 % n.a. 17% 63% 99%

vessels. The latter includes four VLCCs, one aframax and six DNOBlueNord 2,0901,700 12.8x5.2x 148 %% 2117 %% 0.76x0.96x 16%16% 40%56% 97%54%

VLGCs – as well as some smaller tankers and gas carrier OKEA 450 3.6x 0 % 4 % 0.78x 11% 96% 162%

• API out last night indicate a large crude draw of 9.1 mb (vs cons. Africa

-3.4 mb), gasoline -5.8 mb, distillates -1.0 mb, Cushing -1.4 mb. BWMerenEnergyEnergy 1,1701,540 9.0x6.5x 100 %% 1538 %% 0.61x0.68x 2%5% 34%27% 40%89%

Official DOE Weekly Petroleum Status Report later today Panoro Energy 510 3.5x 5 % 18 % 0.72x 23% 95% 76%

• China state refiners cut runs to 8.4 mbd MTD: Energy Aspects Sintana Energy 170 n.m 0 % 0 % 0.39x (20)% (4)% (23)%

says state refiners are processing 8.4 mbd so far in May, down Kurdish Region of Iraq

from 8.6 mbd in April and 9.5 mbd in March vs ~10.0 mbd just GulfGenelKeystone 560190 n.mn.m n.mn.m n.mn.m U/rev.U/rev.