10 Charts That Mattered Last Week

Research evidence excerpt

10 Charts That Mattered Last Week

Energy

Equity Research

July 13, 2026

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensation

based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations

may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals

as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published July 13, 2026 12:19 P.M.

Recommendation Distributed July 13, 2026 12:19 P.M.

Company Specific Disclosures

Jefferies LLC is serving as financial advisor to HG Energy and Quantum Capital Group on the announced sale of its upstream assets to Antero Resources

Corporation NYSE AR and midstream assets to Antero Midstream NYSE AM

Jefferies LLC is serving as advisor to Olympus Energy LLC in their proposed acquisition by EQT Corporation.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-