EU OILS Q226, OIL WEEKLY, AKRBP, ENQ, LATAM, EU INSIGHTS & MORE

Research evidence excerpt

EU OILS Q226, OIL WEEKLY, AKRBP, ENQ, LATAM, EU INSIGHTS & MORE

eighs on 2Q Results (research available). Aker BP’s trading

statement reported preliminary 2Q26 production of 383.6kboe/d (JPMe: 389kboepd, company consensus: 386 kboe/d) and an

underlift during the quarter of ~8mmboe. Realizations were ~$107.9/bbl for liquids and $88.4/boe ($15.24/mcf) for natural

gas. Using these preliminary production and sales figures, we estimate 2Q EBITDA of $3.27bn, 4% below company

consensus, likely driven by the underlift and lower realizations vs. our model. The company is set to report its 2Q results on

July 15th.

• ENQ - Proposed Malaysia acquisition lays the foundation for a new EnQuest (research available). In this note, we

analyze EnQuest’s recently announced $833m proposed acquisition of Malaysia assets from Petronas, update our model to

incorporate the transaction, and review the financial and valuation implications of the deal. In our view, the transaction

delivers the long-awaited transformational acquisition that management has been seeking for several years but also preserves

several meaningful sources of additional positive catalysts.We expect the stock price to increasingly reflect the step-change in

scale, resiliency, and cash generation of the enlarged group. We estimate the transaction adds 28p/share of equity value to core

NAV on a risked basis, our new Dec-27 PT of 35p (29p prev.) offers ~60% potential upside

• JPM | LatAm Oil & Gas: US Energy Trip Feedback: Discipline Over Conviction (Carvalho/Cunha/Angele) . We

recently spent a week in the US meeting management teams and investors across the energy sector, combining JPM's US

sector conference with company meetings in Houston and Midland. The trip pointed to a consistent theme: across a range of