Hanold's Weekly U.S. E&P Comps & Sentiment

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Hanold's Weekly U.S. E&P Comps & Sentiment

RBC Capital Markets, LLC

Scott Hanold (Analyst)

(512) 708-6354,

scott.hanold@rbccm.com

Samuel Cox (Senior

Associate)

(512) 708-6309,

samuel.cox@rbccm.com

June 4, 2026 Octavian Jordan (AVP)

(212) 618-3012,

octavian.jordan@rbccm.com Hanold's Weekly U.S. E&P Comps & SentimentRESEARCH Weekly Valuation Update: June 4, 2026

Our view: This week the RBC Global Energy Conference in New York hosted 130 companies and over

400 investors. Company break-out were robust with discussions focusing on remaining disciplined with

activity and maintaining the current planned activity pace. Power and data center growth/opportunities

was a prevalent theme across all energy sub-sectors. While the Middle East conflict remains a factor,

most companies remained focused on how they navigate current macro dynamics, but there was a

consensus that the baseline midcycle oil price is probably a good $5+/bbl higher for the near-to-medium

term. WTI remains in the $90-100/bbl range, but based on our Commodity Strategist session, we seeEQUITY

potential for an oil price spike in the not-to-distant future if the situation remains status quo. US crude

inventories fell 8 Mbbls to 433.7 MMbbls for the week ending May 29, marking the sixth consecutive

weekly decline. The drawdown exceeded expectations of a 3.3 MMbbl decrease and pushed stockpiles

roughly 3% below the 5-year seasonal average. Over the last week, oil-weighted E&Ps were up 4% with

gas-weighted E&Ps flat. Large caps increased 4%, with SMid caps up 3%. The XOP increased 4% with oil

(WTI) increasing 5% and natural gas (HH) 2% higher.

Investor sentiment: Investors at or conference were constructive on the broad macro backdrop for

energy companies.