2025-06-09-Jefferies-播客JEDI_-交易_塞班7_石油宏观_加拿大并购_航运_雪佛龙赫斯_8页_635kb

Jefferies Global Energy Research Summary

This report is dated June 9, 2025, and was prepared by the Jefferies Global Energy Equity Research Team. It covers equity research and analysis on energy sector companies.

Discussed Topics

• Trades and energy trading opportunities
• Saipem7 merger (involving companies like SPM IM and SUBC NO)
• Oil market macro views
• Canada M&A activity
• Shipping industry updates
• CVX Hess (ConocoPhillips and Hess Corporation)

Analysts and Certifications

Multiple Jefferies analysts contributed to the research, including Lloyd Byrne (Equity Analyst, Oil Macro), Mark Wilson (Refining Margins), Giacomo Romeo (Natural Gas Inventory), Alejandro Demichelis (Franchise Picks), and Omar Nokta. All analysts certified that their views reflect personal opinions and that compensation was not linked to research content.

Key Research Elements

Stock Recommendations and Ratings

The report provided ratings with three categories:

• Buy: Stocks expected to deliver >15% total return.
• Hold: Expected returns between -10% and +15%.
• Underperform: Expected returns ≤ -10%.

As of June 9, 2025, the ratings distribution was:

• Buy: 2,107 companies
• Hold: 1,224 companies
• Underperform: 151 companies

Some notable buy-rated companies include Antero Resources (AR), Chevron (CVX), EOG Resources (EOG), Hess (HES), Marathon Petroleum (MPC), Schlumberger (SLB), and ExxonMobil (XOM). Several companies were listed as "Restricted" or "Coverage Suspended."

Valuation and Risks

Jefferies uses a multifactor approach for valuation including market cap, growth, volatility, and total return expectations. Risks emphasized included market volatility, currency fluctuations, regulatory uncertainties, and conflicts of interest (disclosed in the report).

Highlighted Topics

• OPEC+ Impact: Discussion about past performance relative to OPEC+ decisions.
• Energy Deals: M&A activity in Canada; deals with Shell, Valero, Chevron, and Hess.
• Event Summaries: Such as weekly natural gas inventory builds and refining margins.
• Franchise Picks: A rotating list of top-pick stocks with Buy ratings.

Important Disclosures

• Jefferies has potential conflicts of interest, including receiving compensation from companies being rated.
• Analysts may hold personal positions in covered stocks, such as CVX, EOG, HES, XOM, etc.
• All research is subject to regulatory reporting and compliance with FINRA/FCA standards.
• Unauthorized distribution is prohibited.

This report is intended for Jefferies clients only and does not constitute personalized investment advice.