JPM OFS & Equipment: 10 Key Takeaways from 2026 JPM Natural Resources Conference: Underwhelming NAM Pricing Updates, But Offshore, LatAm and OCTG Shine

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JPM OFS & Equipment: 10 Key Takeaways from 2026 JPM Natural Resources Conference: Underwhelming NAM Pricing Updates, But Offshore, LatAm and OCTG Shine

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

29 June 2026

JPM OFS & Equipment

10 Key Takeaways from 2026 JPM Natural Resources

Conference: Underwhelming NAM Pricing Updates, But

Offshore, LatAm and OCTG Shine

JPM View: In our conference previews, we had highlighted our expectation that Oil & Gas Exploration & Production

ACOFS providers and the refiners were best positioned to provide favorable updates Arun Jayaram

relative to our upstream coverage, particularly given declines in oil prices. In (1-212) 622-8541

particular, we expected NAM-levered OFS providers to be on the right side of the arun.jayaram@jpmchase.com

NAM pricing debate vs. their E&P customers. After digesting 18 E&P and 15 OFS Jason Kim

updates at our conference, we would characterize the overall pricing updates (1-212) 622-1408

for completion services as underwhelming at the margin, with key frac players jason.b.kim@jpmchase.com

(HAL, LBRT, PUMP) noting only modest gains thus far as the lion’s share of Kartikey H Pandey

activity gains has been driven by Private E&Ps. While they have made some (1-212) 622-5006

kartikey.pandey@jpmorgan.com

progress on price, HAL noted that a bigger inflection point for pricing is down the

Sowmya Vemulapalliroad and likely a function of incremental committed activity by the Majors and

(1-212) 270-4660

Large Independents. That said, we have observed some favorable activity and sowmya.vemulapalli@jpmchase.com

pricing trends for the U.S. Land drillers, with HP and NBR noting rising activity J.P. Morgan Securities LLC

levels by the Privates and above >90% super-spec utilization, which is supporting