Pareto Oil & Gas-06/05/2026

Research evidence excerpt

Pareto Oil & Gas-06/05/2026

stockpiles hit a 22-year low last Pareto Oil & Gas assumptions 2025A 2026E 2027E Long-term

week. Meanwhile, Kpler's Matt Smith called the US the supplier of Brent Oil USD/bbl $ 68.4 bbl $ 90.0 bbl $ 80.0 bbl $ 80.0 bbl

last resort given its refining capacity and domestic output but WTIEuropeanOil gas price USD/mcf" $$ 63.412.5mcfbbl $$ 85.014.0mcfbbl $$ 75.012.0mcfbbl $$75.09.0mcfbbl

warned US inventories are being drawn to critically low levels 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 25-28e (x) 1M YTD 1Y

• Energy Aspects counts fewer than 50 laden non-Iranian large EquinorAker BP 95,63023,550 11.3x8.8x 117 %% 16 %% n.an.a (6)%(4)% 63%51% 60%63%

tankers through the Strait last month under 10% of the pre-war Vår Energi 12,730 7.7x 10 % 10 % n.a. 3% 63% 83%

average, with 99 mb crude and 37 mb product stranded as of 2 DNOBlueNord 1,9901,610 12.1x5.0x 328 %% 2117 %% 0.91x0.74x (2)%1% 57%34% 51%76%

June OKEA 440 3.5x 0 % 4 % 0.76x (3)% 91% 149%

• OPEC Sec-Gen Al Ghais told the St Petersburg forum OPEC Africa

expects robust demand growth and is leaving its estimates MerenBW EnergyEnergy 1,1101,670 8.6x7.6x 120 %% 1545 %% -189.48x-10.14x (9)%5% 31%38% 103%37%

unchanged. June MOMR with official figures due next week Panoro Energy 460 3.1x (5%) 17 % 0.60x (8)% 77% 56%

Sintana Energy 180 n.m 0 % 0 % 0.31x (16)% (6)% (18)%

BNOR: Low May production on planned maintenance and Q2 Kurdish Region of Iraq

guidance reiterated GulfGenelKeystone 550210 n.mn.m n.mn.m n.mn.m U/rev.U/rev. (4)%5% (6)%9% 25%7%

• BlueNord reports May production of 37.1 kbd (Tyra 20.6, base ShaMaran 414 12.7x 0 % 31 % 0.57x (2)% (18)% 9%