Pareto Oil & Gas - Pareto Oil & Gas: US/Iran talks continue as a ceasefire is reached between Israel and Lebanon-06/04/2026

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Pareto Oil & Gas - Pareto Oil & Gas: US/Iran talks continue as a ceasefire is reached between Israel and Lebanon-06/04/2026

0 % 31 % 0.57x (7)% (18)% 10%

to recover. ~70% comes back in 6-8 weeks, with the last ~30% Rest of the World

taking about another month, Kuwait Petroleum Corporation's MD Talos Energy 2,530 - 7 % 0 % n.a (2)% 38% 80%

for international marketing said at the S&P Global Middle East IPCOW&T Offshore 2,940600 13.2xn.m 61 %% 182 %% 0.71xn.a (3)%(7)% 147%44% 145%74%

conference yesterday

E&P Consensus overview PAS vs. Cons Total returns (USD)

Mcap P/E (x) Tot. yield*

Other Oil & Gas news NorthEquinorSea (USDm)97,330 7.5x26E (%)7%26E EPS'26E(17)% EPS'27E(12)% (3)%1M 66%YTD 65%1Y

• Vitol said Atlantic Basin refiners have worked hard to fix the jet Aker BP 23,800 11.9x 7% 5% 16% (1)% 53% 66%

fuel/diesel shortfall, and that is now creating a gasoline problem VårAverageEnergiNorth Sea 12,790 9.1x7.9x 10%8 % (3)%3% 3%4% (0)%4% 61%64% 73%88%

• Ukraine yesterday struck one of Russia’s largest oil terminals in

St. Petersburg. The attack coincided with the opening of the St. US majors (USDm)Mcap P/E26E(x) Tot.(%)yield*26E EPS'26ECons. rev.EPS'27EL3M 1MTotal returnsYTD (USD) 1Y

Petersburg Economic Forum ExxonMobil 632,230 13.9x 6% 61% 24% 1% 28% 51%

• Product stockpiles at Fujairah fell 307 kb m/m to a record-low 5.2 ChevronConocoPhillips 377,830145,040 11.7x13.3x 6%7% 101%108% 34%35% (3)%0% 29%27% 39%41%

mb Average US major 13.0x 6 % 90% 31% (1)% 28% 44%

• India approved a one-off ~USD 1.0bn subsidy for oil marketing Mcap P/E (x) Tot. yield* Cons. rev. L3M Total returns (USD)

companies to offset losses from keeping jet fuel prices affordable EuropeanShell Majors 244,890(USDm) 8.6x26E (%)9%26E EPS'26E59% EPS'27E22% (1)%1M YTD21% 34%1Y