National Energy Services Reunited: J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

National Energy Services Reunited: J.P. Morgan Natural Resources Conference Takeaways

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

24 June 2026

National Energy Services

Reunited Overweight

NESR, NESR US

J.P. Morgan Natural Resources Conference Takeaways Price (24 Jun 26):$25.17

Oil & Gas Exploration & Production

We hosted a fireside chat with NESR’s Chairman and CEO, Sherif Foda, at our J.P. Arun Jayaram AC

Morgan Natural Resources Conference today. (1-212) 622-8541

arun.jayaram@jpmchase.com

Sowmya Vemulapalli

• Net Takeaway: Positive. NESR’s update was notably constructive with (1-212) 270-4660

management pointing to a service-heavy post-conflict recovery wave that sowmya.vemulapalli@jpmchase.com

should support demand vs. prior expectations. The company highlights that its Jason Kim

local operating model has already delivered continuity through the past months (1-212) 622-1408

of disruption, as the contracting outlook ahead is skewed to longer-cycle, jason.b.kim@jpmchase.com

higher-quality work and extending the growth runway as regional spend rises. J.P. Morgan Securities LLC

CEO Foda was upbeat on the durability of regional activity, noting that the

$3bn tender pipeline remains intact with the majority of awards expected in the

next few months, and that some customers may pull forward capacity

expansion projects as a direct consequence of the conflict. The company

expects to scale its revenue run-rate to $2.0bn per annum largely on the back

of rising activity at Jafurah, with CEO Foda highlighting a credible path to a

$3.0bn run-rate in revenue given robust tender activity and the

commercialization of new technologies.

• Promising post-Middle East conflict set up. The near-term impact is skewed