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Jefferies Global Energy Equity Research Summary
Purpose: This research report covers the Jefferies Global Energy Team's analysis and discusses topics from a podcast episode.

Podcast Topics: Included Trades, Iran Oil, Shipping, Canada, LNG, Namibia, BP, and PBR.

Relevant Stocks Discussed: AKRBP NO, BE, BP, BP/ LN, COP, CTRA, CVX, EQNR NO, GALP PL, HBR LN, MEG CN, MGY, MPC, PAM, PBR, PBR/A, PSX, RUN, SHEL, SHEL LN, VAR NO, VIST, VLO, XOM, YPF.

Key Recommendations:

• PBR (Petroleo Brasileiro SA) was upgraded to Buy due to cost-cutting measures improving risk/reward.
• BP/ LN (BP plc) was downgraded to Hold with concerns about project delays (Paradise).
• Other highlighted companies include AKRBP and VAR with preferred name mentions.

Next Call: Scheduled for Monday, June 2, 2025, at 10 am EDT (3 pm BST, 4 pm CEST). Register via provided link.

Analyst Insights: Topics touched on include lowering oil price assumptions, alpha generation in refining and LNG, hydrogen adoption updates, and container market reviews. Analysts certified their views are independent of compensation.

Valuation and Risks: Provided ratings (Buy, Hold, Underperform) based on 12-month total return expectations. Disclosures cover conflicts of interest, market activities, and hold positions in securities by Jefferies personnel. Risks noted include volatility, currency changes, and general market uncertainties.