EU Energy Sector Specialist Commentary

J.P. Morgan's daily commentary highlights Harbour Energy's deleveraging potential, BP's pivot to LNG, and OMV's model updates amid shifting oil price risk premiums.

Key Takeaways

• 1.Harbour Energy (HBR) is shifting focus from portfolio transformation to deleveraging and shareholder returns, with a potential 2026 FCF of ~$2bn if oil prices remain high.
• 2.BP is strategically shifting away from pipeline gas trading to expand its LNG trading capabilities, involving layoffs in the pipeline division.
• 3.Geopolitical tensions regarding Iran saw a temporary de-escalation as Trump delayed planned strikes, causing a shed of ~$3 in oil risk premium.

Table of Contents

• Key Newsflow
• JPM Global Energy Spec Sales Dailies
• Access
• Oil Macro and Flows
• Company News
• Macro
• Global Oil & Gas Research
• J.P. Morgan Global Oil & Gas Access
• Sector Calendar
• J.P. Morgan Global Oil & Gas Contacts

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