JPM | US Energy: Oman Proposes Malacca-Like Fee, Red Sea Transits Pickup, Bypassing the Bypass: Egypt Activity, Oil & Momentum, Updated E&P Valuations, Earnings First Takes: DINO, CNP, DTE, INIO, CMS: US Energy Sector Specialist Commentary Oil & Gas - Power - Metals & Mining - Renewables

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JPM | US Energy: Oman Proposes Malacca-Like Fee, Red Sea Transits Pickup, Bypassing the Bypass: Egypt Activity, Oil & Momentum, Updated E&P Valuations, Earnings First Takes: DINO, CNP, DTE, INIO, CMS: US Energy Sector Specialist Commentary Oil & Gas - Power - Metals & Mining - Renewables

Brendan Henrici - Specialist Sales - US Energy AC North America Specialist Sales J P M O R G A Nbrendan.henrici@jpmorgan.com

J.P. Morgan Securities LLC 28 July 2026

JPM | US Energy: Oman Proposes Malacca-Like Fee, Red Sea Transits

Pickup, Bypassing the Bypass: Egypt Activity, Oil & Momentum, Updated

E&P Valuations, Earnings First Takes: DINO, CNP, DTE, INIO, CMS

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today:

• Oman Proposes Malacca-Like Fee for SOH

• Red Sea Transits 4 Day High

• Bypassing the Bypass: Egypt Flows Pickup

• Oil & Momentum Decouple, Energy Flows Stable

• Updated E&P Valuations @ Strip

• Well Productivity Tracker

• Earnings First Takes: DINO, CNP, DTE, INIO, CMS

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Brendan’s Brief:

Bypass^2. Quieter overnight with respect to developments in the Middle East. Crude continues to stair step lower (by 2% as of

this writing) on headlines that crude transits—both through the Bab Al-Mandeb & the Egypt bypass of Bab El Mandeb— are