JPM E&P Shale Well Watcher: Previewing JPM‘s 11th Annual Natural Resources Conference for the E&Ps

Research evidence excerpt

JPM E&P Shale Well Watcher: Previewing JPM‘s 11th Annual Natural Resources Conference for the E&Ps

J P M O R G A N North America Equity Research

22 June 2026

JPM E&P Shale Well Watcher

Previewing JPM’s 11th Annual Natural Resources

Conference for the E&Ps

JPM View: In this week’s Well Watcher, we preview JPM’s 11th annual Natural Oil & Gas Exploration & Production

ACResources conference (see link to preview), which will take place on June 23-24 in Arun Jayaram

NYC. This year’s event will feature 144 corporates, including 23 E&Ps, 24 OFS (1-212) 622-8541

companies and 10 Integrated Oil/Refining companies (see our updated Question arun.jayaram@jpmchase.com

Bank to facilitate meeting preparation). We expect a well-attended event with J.P. Morgan Securities LLC

registration statistics pointing to a 16% increase in equity investor attendance. That

said, the most requested meetings at the conference (VST, WMB, BKR, LNG, and

TLN) suggest a greater investor focus on power, LNG, and the broader data center

theme vs. companies levered to oil and gas and refining. The most requested E&P

meetings included DVN, FANG, EQT, COP, and OVV, while VLO, PSX, XOM,

CVX, and DK comprised the most coveted meeting slots among our Integrateds and

Refining coverage. In addition to our corporate presentations, our conference will

include fireside chats with JPM’s CEO Jamie Dimon, COP’s CEO Ryan Lance,

a data center panel featuring AEP, META, and VST, and a keynote breakfast

with the head of JPM’s Oil and Commodities Research, Natasha Kaneva.

The conference will take place against the backdrop of the reopening of the Strait of

Hormuz, which has driven -7%/-5% declines in the 2026-27 WTI futures strips over

the past 5 days, which has resulted in a -5% pullback in the XLE Index. As such, we