J.P.Morgan EU Energy Sector Specialist Commentary: Oil - O&G - Utilities - Infrastructure

Research evidence excerpt

J.P.Morgan EU Energy Sector Specialist Commentary: Oil - O&G - Utilities - Infrastructure

Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356 Europe Specialist Sales J P M O R G A Nian.e.mitchell@jpmorgan.com

J.P. Morgan Securities plc 25 June 2026

AKSO, BP, SHEL, TTE

Ian Mitchell

+44 207 134 1356

ian.e.mitchell@jpmorgan.com

JPM Friday Movie Quote/Song Lyric Quiz - Last time’s Movie Quote was “Greater good?! I am your wife! I’m the greatest

GOOD you’re ever gonna get!”and was Honey Best aka Mrs Frozone in the The Incredibles. Lots of right answers. Back to

Song Lyrics this week, and your lyric is “I ain't happy, I'm feeling glad / I got sunshine in a bag / I'm useless, but not for

long”. Here’s a clue as well - I saw them play last weekend. It’s not a great clue, admittedly, but just be glad I’m not giving a lyric

from a Cory Wong song, who we also saw last weekend, but that’s a bit obscure even for me. Anyway, as usual there’s a glittering

free day off for the first client or corporate to email me the name of the Artist and Song and mere Everlasting Glory for the first

JPM employee to send me the right answer.

Key Newsflow

• TODAY - Nothing

• MONDAY - Nothing

• CRUDE / EU GAS - front-end Brent closed +2.1% yday and is trading -1.7% this morning at $74.0/bbl, -0.5% from the

European close last night and +1.8% from this time yday morning. EU TTF Month Ahead gas closed -1% at €40/MWh

• AKSO - awarded sizeable Engineering and Maintenance Service agreement from Cenovus Energy. Aker Solutions this

morning has signed a sizeable¹ five-year agreement with Cenovus Energy Inc. for engineering and maintenance services on

White Rose field assets, including engineering, maintenance, and operations support for the new West White Rose platform as