Oil & Gas-Pareto Oil & Gas-06/17/2026

Research evidence excerpt

Oil & Gas-Pareto Oil & Gas-06/17/2026

made “fully

available” as further progress is made, and is tied to compliance Pareto Oil & Gas assumptions 2025A 2026E 2027E Long-term

with no set timeline Brent Oil USD/bbl $ 68.4 bbl $ 90.0 bbl $ 80.0 bbl $ 80.0 bbl

WTI Oil " $ 63.4 bbl $ 85.0 bbl $ 75.0 bbl $ 75.0 bbl

European gas price USD/mcf $ 12.5mcf $ 14.0mcf $ 12.0mcf $ 9.0mcf

• Traffic uptick in the Strait of Hormuz: At least two Iranian VLCCs Pareto E&P Coverage Avg. prod. Total returns (USD)

have crossed the US Navy’s blockade line, while additional VLCCs Mcap P/E (x) Tot. yield Growth P/NAV

are signalling intentions to transit the Strait toward the UAE, CompanyNorth Sea (USDm) 26E (%) 26E 25-28e (x) 1M YTD 1Y

according to Bloomberg and Windward. Separately, two crude EquinorAker BP 86,59021,200 10.1x8.0x 67 %% 16 %% n.an.a (12)%(10)% 48%36% 30%31%

tankers originally en route to Africa have changed course and are Vår Energi 11,350 6.8x 9 % 10 % n.a. (8)% 46% 50%

now heading to Fujairah. Also, Qatar is bringing LNG carriers back DNOBlueNord 1,8001,500 11.3x4.5x 328 %% 2117 %% 0.77x0.96x (11)%(3)% 47%21% 32%45%

toward the Middle East ahead of an export ramp-up, with at least OKEA 380 3.0x 0 % 4 % 0.77x (12)% 64% 97%

five empty Qatar-linked tankers returning and four more in the Africa

Gulf of Oman, its first empty LNG ships heading toward Hormuz Meren Energy 980 7.5x 12 % 15 % 0.58x (13)% 16% 20%

in over three months, per Kpler. Meanwhile, The Trump BWPanoroEnergyEnergy 1,450400 6.6x2.7x 05 %% 4519 %% 0.66x0.67x (19)%(7)% 20%56% 27%52%

administration is weighing ways to further accelerate/restart Sintana Energy 160 n.m 0 % 0 % 0.30x (18)% (14)% (44)%

tanker traffic through the Strait, including a fee-based "VIP pass" Kurdish Region of Iraq