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REAL-TIME GLOBAL RESEARCH

Refining Weekly: Key Refining Data for the Week Ending July 25

Published: 2026-07-27Institution: JPMorganPages: 44Original language: EnglishEvidence page: 40

Research evidence excerpt

Refining Weekly: Key Refining Data for the Week Ending July 25

Arun Jayaram AC North America Equity Research

(1-212) 622-8541 27 July 2026 J P M O R G A N

arun.jayaram@jpmchase.com

Equity Valuation and Risks: For valuation methodology and risks associated with covered companies or price targets for covered companies,

please see the most recent company-specific research report at http://www.jpmorganmarkets.com, contact the primary analyst or your J.P.

Morgan representative, or email research.disclosure.inquiries@jpmorgan.com. For material information about the proprietary models used,

please see the Summary of Financials in company-specific research reports and the Company Tearsheets, which are available to download on

the company pages of our client website, http://www.jpmorganmarkets.com. This report also sets out within it the material underlying

assumptions used.

History of Investment Recommendations:

A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research &

Commentary page of http://www.jpmorganmarkets.com where you can also search by analyst name, sector or financial instrument.

Analysts' Compensation:The research analysts responsible for the preparation of this report receive compensation based upon various factors,

including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues.

Other Disclosures

J.P. Morgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide.

UK MIFID FICC research unbundling exemption: UK clients should refer to UK MIFID Research Unbundling exemption for details of J.P.

The English excerpt is extracted automatically from the cited source page and may contain layout or recognition errors. It is never batch translated.

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