Nuggets from the Statistical Review plus VLO, EQT Marks

Research evidence excerpt

Nuggets from the Statistical Review plus VLO, EQT Marks

Equity Research

Multi Company Update — June 30, 2026

Exploration & Production

Independent Refiners

Integrated Oil & Gas

International E&P

Nuggets from the Statistical Review plus VLO,

EQT Marks

Our Call Sam Margolin

The Energy Institute Statistical Review of World Energy dropped today, underpinning Equity Analyst | Wells Fargo Securities, LLC

Sam.Margolin@wellsfargo.com | 212-214-8496

structurally tight refining fundamentals and the long-term growth opportunity in global

Emma Liangnat gas demand. Observations herein, plus VLO and EQT model updates.

Associate Equity Analyst | Wells Fargo Securities, LLC

Emma.Liang@wellsfargo.com | 212-214-3322

Statistical Review: The Energy Institute Statistical Review of World Energy (fmr BP Maya MacPherson

Statistical Review) released today. The Review is an annual country-level breakdown of Associate Equity Analyst | Wells Fargo Securities, LLC

supply/demand across all energy categories (oil, gas, coal, renewables, nuclear, hydro, plus Maya.L.Macpherson@wellsfargo.com | 212-214-5324

CO2 data). For Energy diehards, it's useful to compare the detail to higher-frequency data;

for generalists, it's a highly valuable desk reference. We publish a few key observations

herein.

Refining: The report stated global refining capacity shrank in 2025, although some

individual refineries removed from the global total had already been out of service

years earlier (Curacao). Point-in-time refining capacity continues to confirm long-term

underinvestment, and taking into account disruptions and damage to Russian and

Middle East refineries, cumulative yield-adjusted refining capacity growth is pacing to lag

cumulative fuels demand growth by >5.5MM bpd over 20 years ending 2027.