*MONDAY* JEDI – Trades, Macro, Marketing Feedback, OMR, EQNR, REP, TRGP

Research evidence excerpt

*MONDAY* JEDI – Trades, Macro, Marketing Feedback, OMR, EQNR, REP, TRGP

Energy

Equity Research

June 19, 2026

Company Valuation/Risks

Eni Spa

Our price target is derived from the average of a DCF model and sum of the parts. The company's production growth has high visibility due to

exploration success while operational performance and delivery of satellite model differentiation strategy offer risk and reward.

Equinor

Our NOK380 price target is derived from the average of a DCF model and sum of the parts. Upside risk mainly related to higher-than-expected

oil and spot gas prices, as well as sustained growth in upstream with elevated reserves replacement and renewables portfolio delivering in line

with return guidance. Downside risks include a weaker Brent oil/European gas price environment, lower facilities up-time, and poor delivery of

Equinor’s growth projects

Keyera Corp.

Our KEY price target is based on a EV/EBITDA target multiple. Risks include adverse regulatory decisions around the PAA deal, which could result

in less commercial upside and less ultimate synergy capture, plus lower condensate pricing and/or tighter frac spreads that would adversely

affect Marketing and long-term growth prospects for the contracted businesses.

Repsol

Our €28 price target is based on the average of a DCF model and sum of the parts. Aside from oil/natural gas commodity price and refining margin

risks faced by all IOCs, the company's exposure to high-risk countries such as Libya and Venezuela is a key risk (or opportunity given recent

events). Other risks include execution of energy transition strategy, stronger-than-expected downstream earnings, and successful exploration

Targa Resources Corp.

Valuation: Our price target is derived sum of the parts FY28 EV/EBITDA methodology.