JPM | US Energy: 2026 Natural Resources Conference Playbook: Themes, Considerations & Positioning

Research evidence excerpt

JPM | US Energy: 2026 Natural Resources Conference Playbook: Themes, Considerations & Positioning

We look for management’s latest views on regulatory dynamics, particularly in PJM, where the

Chair’s recent letter demonstrated a clear message to establish clarity. We look for commentary around the response of large

load customers to increased market transparency and how an expedited RBP timeline might favor contracting prospects for

incumbents with speed-to-market offerings. We look for latest management commentary around commercial discussions. For

the IPPs, we expect commentary to emphasize a “hybrid” contracting strategy, effectively combining existing generation with

new build to support long-term data center off-take agreements, with additionality important to hyperscalers ‘paying their fair

share’. (Presenting Names to Watch: TLN, VST)

Most Requested Meetings:

To give you an idea of just where the interest lies, below you will find the latest statistics on demand for various corporate

meetings. What stands out to me? Power is still the name of the game. Save for LNG, each of the most requested names overall

are power-oriented. How does this compare to 2025? Its not much different. The top 5 most requested names in 2025 were VST,

TLN, CEG, WMB and EQT.

• E&P Most Requested: DVN, FANG, EQT, COP, and OVV

• Integrateds and Refining Most Requested: VLO, PSX, XOM, CVX, and DK

Source: JPM Corporate Access Strategy

What's Going to Move the Most? Where Is Performance Most Notable?

Where there is enough data/liquid options, we pulled implied moves for next week across the names that are presenting. The idea

here is to see where the market is expecting the most “fireworks.” The implied move is a one day implied premium but it assumes

flat vol across the other days.