LatAm Oil & Gas 2026 Commodities Forum Feedback

Research evidence excerpt

LatAm Oil & Gas 2026 Commodities Forum Feedback

J P M O R G A N Latin America Equity Research

10 June 2026

LatAm Oil & Gas

2026 Commodities Forum Feedback

We just hosted our 2026 Commodities Forum at JP Morgan’s office in São Paulo, LatAm Basic Materials

ACand the discussions reinforced our constructive view on the sector. In Brazil E&P, Rodolfo Angele, CFA

the thesis remains anchored in production growth and resilient cash generation: (55-11) 4950-3888

Petrobras stands out for delivering upstream expansion at attractive returns, while rodolfo.r.angele@jpmorgan.com

PRIO’s production ramp should support stronger cash generation, with an Milene Clifford Carvalho

expected remuneration policy as a potential near-term catalyst. In fuel distribution, (55-11) 4950-3475

sector momentum remains solid, and we expect Vibra and Ultra to continue to milene.carvalho@jpmorgan.com

benefit from current market dynamics as they consolidate volume gains, Henrique Cunha, CFA

strengthen balance sheets, and preserve cash-return optionality. In Argentina, the (55 11) 4950 3623

henrique.r.cunha@jpmorgan.com

investment case remains centered on shale growth, with local players sustaining Banco J.P. Morgan S.A.

capex to drive volume growth while maintaining strong project-level economics

over the cycle. See our main takeaways below:

• E&P Brazil: production growth and pricing in focus. Discussions centered

on volume growth and commercial policy, particularly addressable markets

and realized pricing in the context of higher oil prices and export-tax impacts.

(a) At Petrobras, the debate focused on how fuel subventions are being

operationalized, as well as upstream and downstream operating trends into the

next quarters, with maintenance stoppages expected to be more concentrated

in 2H26.