This Crisis is Headed for Extra Time

Research evidence excerpt

This Crisis is Headed for Extra Time

, we initiated coverage at PBF and DINO last week. We view

▪ Stock Performance both as high quality adds to our research agenda and an opportunity to

deepen our views on product markets (+ adjacent business lines). In

Upcoming Events the context of a move in cracks that has flattered YTD performance of

ISI Energy Rundown – Thursdays at 10AM ET the stocks, we elected to launch with a more neutral view (both rated In

Register here Line). The debate in refining surrounds duration, not level, and the

extension of the current cycle well beyond the last peak for cracks

Please contact your Evercore ISI sales rep for details (2022/23) is the base case with ‘normalization’ into 2027 challenging to

Links to Prior Reports see (for product balances) as geopolitical conflict simmers in both

July 2026 Russia and the Middle East. PBF has the opportunity to surpass the

markets view of pure leverage and show sustainability as Martinez ▪ Guyana PSC Update; The Entitlement Inflection

Arrives returns to full operations and self-help efforts (+ de-leveraging) make

▪ Ceasefire Intermission; Refining Estimates & Targets process. We see lots to like in DINOs diversified business mix and

Move Higher strong financial footing, well positioned to capture value in western

▪ OXY: Upgrade to Outperform markets through a prolonged plateau for cracks.

June 2026 Where we stand? There is still no putting “humpty” back together again

▪ The Front Reflects Glut, Equities Offer Value for global energy markets, but the issue has evolved from acute outage

▪ Peace Priced, Flows Unproven risk to recurring supply-chain friction. The market wants to sell

▪ Never Waste a Crisis geopolitical risk but the physical system continues to show inventory