There Are Differences This Time? Interesting Pivot

Research evidence excerpt

There Are Differences This Time? Interesting Pivot

BP, TTE – Register

consensus.

In refining, record diesel crack spreads have become the primary focus, driving expectations for

strong 2Q results from VLO and MPC. While consensus estimates have moved higher, investors

still anticipate upside and are increasingly exploring alternative ways to gain exposure to the margin

environment, including SU, CVE, and BP (covered by Mark Wilson).

Within oilfield services, positioning and earnings estimate revisions remain important drivers, and

Lloyd Byrne * | Equity Analyst

have contributed to the recent weakness, in our view. Investors continue to focus on beneficiaries +1 (212) 323-7528 | lloyd.byrne@jefferies.com

of Middle East reconstruction and infrastructure investments (like TEN, covered by Jamie Franklin)

Julien Dumoulin-Smith * | Equity Analyst

designed to reduce reliance on the Strait. Names tied to alternative export routes remain in favor. +1 (281) 774-2066 | jds@jefferies.com

In U.S. large-cap services, HAL remains preferred into earnings, supported by strengthening frac

Mark Wilson, CEng ^ | Equity Analystactivity and VoltaGrid exposure. BKR continues to attract broad interest, though investors remain

44 (0) 20 7029 8691 | mark.wilson@jefferies.com

focused on forthcoming GTLS guidance and the path toward an even greater Industrial & Energy

Sam Burwell, CFA * | Equity AnalystTechnology (IET) earnings mix.

+1 (212) 284-2114 | sburwell@jefferies.com

By contrast, sentiment toward North American gas equities remains subdued despite improving Rahul Kakkar * | Equity Analyst

valuation and performance signals. Investors continue to look for tangible power and LNG +1 (713) 308-4508 | rkakkar@jefferies.com

contracting catalysts (duration & pricing) before re-engaging.