Flowco J.P. Morgan Natural Resources Conference Takeaways

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Flowco J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

25 June 2026

Flowco Overweight

FLOC, FLOC US

J.P. Morgan Natural Resources Conference Takeaways Price (24 Jun 26):$21.46

Oil & Gas Exploration & Production

We hosted a fireside chat with FLOC’s CEO Joe Bob Edwards at our J.P. Morgan Arun Jayaram AC

Natural Resources Conference today. (1-212) 622-8541

arun.jayaram@jpmchase.com

Sowmya Vemulapalli

• Net takeaway: Mixed on preannouncement. FLOC is positioning itself as a (1-212) 270-4660

production-optimization platform leveraged to a more structurally supported sowmya.vemulapalli@jpmchase.com

NAM O&G cycle, where energy security concerns keep U.S. supply in demand Jason Kim

and upstream activity today translates into stronger service pull-through in (1-212) 622-1408

2H26-2027. The equity story centers on a large, service-intensive rental jason.b.kim@jpmchase.com

footprint where operational execution drives share gains. Strategically, the J.P. Morgan Securities LLC

company’s recent Valiant/ESP addition broadens FLOC from a single-solution

provider into an early-life artificial lift suite with a longer runway for cross-sell

as wells mature, while VRUs remain a key growth vector tied to pad design and

liquids recovery economics. In the near term, the main debate is margin

durability, as management is maintaining its growth outlook but resetting

EBITDA to reflect cost inflation and mix, with investors watching how quickly

pricing and efficiency initiatives can offset margin pressures.

• Updated 2Q26 guide. Management framed the post-Middle East-disruption

environment as incrementally constructive for NAM energy security,

suggesting a “new normal” that could embed a more durable geopolitical bid

for U.S.