Epstein Secrets

1 Asia Europe & S. & North Middle Africa Pacific Eurasia Cent. America East America Source: BP Statistical Review lEA Gas Scenario Note: North America includes US Domestic Supply Stored World Natural Gas Consumption Power 33% Buildings (Heating) 25% Industrial 39% Transport 3% Source: Int

bsidiaries. Bank products and services are offered by JPMorgan Chase Bank. N.A. and its affiliates. Securities products and services are offered by J.P. Morgan Securities LLC. member NYSE. FINRA and SIPC. J.P. Morgan Securities LLC is an affiliate of JPMorgan Chase Bank. N.A. and other affiliates globally as local legisl

PS above consensus to $4.00/$5.20, with an additional $0.15/$0.35 in EPS upside from share buybacks. Our detailed note begins on Page 2. • With the North America market tightening, HAL is starting to push pricing...will they put Tier 2 players in their place with new capacity? With only 10-12% excess industr

.00 Previous: $77.00 Oil Services and Equipment J. David Anderson, PE, CFA AC Bloomberg JPMA ANDERSON <GO' William S Thompson Samantha Hoh, CFA J.P. Morgan Securities LLC Price Performance 70 * Asia 10.13 Neal INM4 Me — HAL sten Oa (0.1 StP500 (teemed) YID 1m 3m 12m Ate I 33.9% SA% 20.1% 59.2% Rel I 234%

, economy, and population. He is the author of more than thirty books and more than three hundred papers on these subjects and has lectured widely in North America, Europe, and Asia. In 2010 he was noted by Foreign Policy magazine as #49 on its list of the 100 most influential thinkers in the world. Sources, an

ivities. Bank, trust and investment management services are provided by JP Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC, and its affiliates globally as local legislation permits. Securities products purchased or sold through JPMS are

ment, food, economy, and population. He is the author of thirty books and more than three hundred papers on these subjects and has lectured widely in North America, Europe, and Asia. He is also noted by Foreign Policy magazine as #49 on its list of the 100 most influential thinkers in the world. Citations "Energ

ities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank, N.A, and its affiliates. Securities are offered through J.P. Morgan Securities LLC (JPMS), Member NYSE, FINRA and SIPC and Chase Investment Services Corp., (CISC) member FINRA and SIPC. Securities products purchased or sold through