Energy Valuation’s Post the Crude Oil Pull Back

Research evidence excerpt

Energy Valuation’s Post the Crude Oil Pull Back

analyst named on the cover of this report or a member of their household holds an equity long position in this company's securities.Lloyd Byrne or a member

of his household holds an equity long position in Phillips 66.

The Analyst has visited the material operations of Strathcona Resources Ltd The issuer has paid or reimbursed some or all of the Analyst s travel expenses with

respect to that visit Jefferies acted as financial advisor to Strathcona Resources Ltd SCR CN on the Kakwa Sale

The Analyst has visited the material operations of Tourmaline Oil Corp.

The Analyst has visited the material operations of TC Energy Corp.

The Analyst has visited the material operations of Whitecap Resources Inc.

Steven De Sanctis owns shares of Williams Companies Inc. common shares.

An analyst named on the cover of this report or a member of their household holds an equity long position in this company's securities.Lloyd Byrne or a member

of his household holds an equity long position in Exxon Mobil Corp

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Baker Hughes Company.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of BP plc.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Crescent Energy.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Drilling Tools International.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of DT Midstream Inc.