EU OFS, VAR/EQNR, ENI, GLOBAL LNG, VK, BP, TTE, AKRBP: EU Energy Sector Specialist Commentary

研报英文原文证据摘录

EU OFS, VAR/EQNR, ENI, GLOBAL LNG, VK, BP, TTE, AKRBP: EU Energy Sector Specialist Commentary

Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356 Europe Specialist Sales J P M O R G A Nian.e.mitchell@jpmorgan.com

J.P. Morgan Securities plc 30 June 2026

JPM OFS & Equipment

10 Key Takeaways from 2026 JPM Natural Resources Conference: Underwhelming NAM Pricing Updates, But Offshore,

LatAm and OCTG Shine (Arun Jayaram)

JPM View: In our conference previews, we had highlighted our expectation that OFS providers and the refiners were best

positioned to provide favorable updates relative to our upstream coverage, particularly given declines in oil prices. In particular,

we expected NAM-levered OFS providers to be on the right side of the NAM pricing debate vs. their E&P customers. After

digesting 18 E&P and 15 OFS updates at our conference, we would characterize the overall pricing updates for completion

services as underwhelming at the margin, with key frac players (HAL, LBRT, PUMP) noting only modest gains thus far as

the lion’s share of activity gains has been driven by Private E&Ps. While they have made some progress on price, HAL noted that

a bigger inflection point for pricing is down the road and likely a function of incremental committed activity by the Majors and

Large Independents. That said, we have observed some favorable activity and pricing trends for the U.S. Land drillers, with HP

and NBR noting rising activity levels by the Privates and above >90% super-spec utilization, which is supporting increases in

leading-edge dayrates to the mid-$30K range from the low-$30K range. We were also anticipating chunky marketing updates

from companies such as LBRT andPUMP levered to the distributed power theme, but the updates were notably light on newly