J.P. Morgan Natural Resources Conference Daily Wrap-Ups and Summaries (Day 1)

研报英文原文证据摘录

J.P. Morgan Natural Resources Conference Daily Wrap-Ups and Summaries (Day 1)

Arun Jayaram AC North America Equity Research

(1-212) 622-8541 23 June 2026 J P M O R G A N

arun.jayaram@jpmchase.com

commentary around the North American market in our pre-conference dinner note here.

• FlexRobotics an underappreciated “self-help” efficiency unlock. FlexRobotics,

which was incubated in an internal R&D environment, has helped customers realize

efficiencies in the industry by focusing on labor. Specifically, FlexRobotics consists of

3 robotic, industrial arms that replace employees from the rotary table by handling

tubulars, making connections, and executing make-up/break-outs of drill pipes.

Management deliberately launched the product at P50 Permian Basin averages rather

than asking customers for grace; encouragingly, across the first 5 pads the product is

already competing in the top quartile of a supermajor customer’s rig fleet and has at times

ranked #2. On the last earnings call, H&P announced 4 additional packages for delivery

between now and early 2027. The unlock is dual: redistributing former rig-floor labor

toward pre-planning, logistics, and preventive maintenance accelerates well cycles,

while marrying robotics with the autonomous digital fleet (this customer is remote-

drilling) compounds rig performance.

• Middle East turning the corner after a tough 2025. One year ago at the same J.P.

Morgan conference, the conversation with H&P focused around suspended rigs in the

Middle East. Today, H&P is spudding adding activity in the region (4 new rigs spudded

in Saudi during the Middle East conflict) while safeguarding personnel and avoiding

infrastructure damage. Two rigs in Bahrain and one rig in Iraq were placed on standby,