Oil & Gas-Pareto Oil & Gas-06/19/2026

Research evidence excerpt

Oil & Gas-Pareto Oil & Gas-06/19/2026

ree-to-four-month timeline to restore Pareto Oil & Gas assumptions 2025A 2026E 2027E Long-term

production its CEO gave back in March. Production in southern Brent Oil USD/bbl $ 68.4 bbl $ 90.0 bbl $ 80.0 bbl $ 80.0 bbl

Iraq has jumped to ~1.5-1.6 mbd from ~0.9-1.0 mbd as resumed WTIEuropeanOil gas price USD/mcf" $$ 63.412.5mcfbbl $$ 85.014.0mcfbbl $$ 75.012.0mcfbbl $$75.09.0mcfbbl

cargo loadings draw down storage, helped by discounted pricing Pareto E&P Coverage Avg. prod. Total returns (USD)

pulling barrels to market. Basra Oil Co. expects at least ten Mcap P/E (x) Tot. yield Growth P/NAV

tankers to load ~20 mb this month (Bloomberg), freeing further CompanyNorth Sea (USDm) 26E (%) 26E 25-28e (x) 1M YTD 1Y

storage and supporting higher run-rate production EquinorAker BP 81,59020,120 7.5x9.6x 67 %% 16 %% n.an.a (18)%(17)% 40%30% 21%23%

Vår Energi 10,820 6.5x 9 % 10 % n.a. (13)% 39% 40%

• Hormuz flows increasing: Tanker data show three laden Saudi DNOBlueNord 1,7101,420 10.7x4.3x 328 %% 2117 %% 0.77x0.96x (17)%(10)% 39%16% 25%37%

VLCCs and three other tankers, all transponders on, transiting the OKEA 350 2.8x 0 % 4 % 0.77x (20)% 51% 79%

Strait. S&P Global Commodities counted 25 vessels through Africa

Hormuz on 17 June, including three VLCCs, three product tankers MerenBW EnergyEnergy 1,330930 7.2x6.1x 120 %% 1545 %% 0.58x0.66x (17)%(14)% 10%11% 36%17%

and one small tanker. Vortexa data indicate that the number of Panoro Energy 390 2.6x 5 % 19 % 0.67x (23)% 49% 22%

laden VLCC/Suezmax tankers in June is already past the total Sintana Energy 150 n.m 0 % 0 % 0.30x (22)% (18)% (47)%

May-count with data as of June 17th (#31 MTD vs #29) Kurdish Region of Iraq

Gulf Keystone 510 n.m n.m n.m U/rev. (8)% 1% 17%

Genel 190 n.m n.m n.m U/rev.