nergy as Assistant Treasurer and Managing Director. Before joining Xcel Energy, he was a Senior Credit Analyst and Principal at Piper Jaffray and a Research Analyst at Voyageur Asset Management. Mr. Mercer also served as a logistics officer in the United States Army. Mr. Mercer has served on a number of boards

st,Strategist MLI (UK) Hootan Yazhari, CFA Sabine Schels Research Analyst IvWing Lynch (DIFC) Jamie Clark, CFA Commodity Strategist MLI (UK) Research Analyst MLI (UK) Cesar Tiron Sashank Lanka Research Analyst Merril Lynch (DIFC) Belal Rajih Sabbah, CFA Research Analyst Merril L h DIFC) Jean-Mich

solicitation to purchase or sell any specific product or service offered by J.P. Morgan or any of its affiliates. Please note that Mr. Pil is not a Research Analyst nor is he representing the Morgan Research Department. The information presented during this call has been obtained from sources believed to be rel

om Ainstandm Koctr Research Analyst 1+1)212 250-0376 aleicsandar.kocio@decom Alec Research Analyst 1+11212 250-5483 [email protected] Spntkr; Research Analyst 1+11212 250-0332 stuart.sparksaide.com DarnEd Research Analyst 1+11212250-1407 dankti.soridedb.com iNteven /se CFA gatemen Analyst 1+11212

grade OXY to BUY and downgrade HES to HOLD. Other preferred names include MRO, DVN, EOG. Date 31 May 2015 FITT Research Ryan Todd Igor Gunin3n Research Analyst Research Analyst 1+1/ (+1) ()avid Peanm%d.n Research Associate 1+11 hey Change,' Company Target Price Rating CVX.N 120.00 to 125.CO(USD1

in 1977, is a Managing Partner and Portfolio Manager of Hudson Bay, which he helped co-found in 2005. Mr. Roth began his career at UBS in 1999 as a Research Analyst on the convertibles desk, performing derivative modeling and credit analysis. In 2001, Mr. Roth joined Gerber Asset Management, where he worked in

ral Partner of Kleiner Perkins Caufield & Byers. From 1991 to 2010, Ms. Meeker worked at Morgan Stanley, where she worked as a Managing Director and Research Analyst. Ms. Meeker currently serves on the boards of directors of LendingClub Corporation and a number of privately-held companies. Ms. Meeker holds a B.A.

of new single-family detached houses. The single-family market has to clear before housing overall gets back to normal. Page 32 St*.re Alx.thhim Research Analyst Research Analyst Research Analyst 1. e.,:no Research Analyst Research Analyst hMt F;y:, Research Analyst Deutsche Bank Securities Inc. CONF

even though it is negative carry (-1/32 per month) • GN2/FN 4.0% looks modestly rich, and being short is slight positive carry (<1/32 per month) Research Analyst Research Analyst [Figure 6.. Framework for evaluating fair value in Ginnie Mae II/Fannie Mae swaps Cpn FNCL Px OAS OAD Incremental value (discou

Program for a conversation with Vivian Lee, Managing Director and Partner at Boston Consulting Group (BCG) and Shanu Mathew, Portfolio Manager and Research Analyst at Lazard Asset Management. Vivian and Shanu will discuss the state of Al electricity demand, the implications of DeepSeek, the trend towards coloc

Program for a conversation with Vivian Lee, Managing Director and Partner at Boston Consulting Group (BCG) and Shanu Mathew, Portfolio Manager and Research Analyst at Lazard Asset Management. Vivian and Shanu will discuss the state of Al electricity demand, the implications of DeepSeek, the trend towards coloca

S EOG Price Target 101.00 Oil & Gas Exploration & 52-week range 117.98 83.613 Production Sticking to the Script fic.rn lodd kr..: Cc/liner Research Analyst Research Analyst No surprises. but improvements et the margin While EOG's result largely stuck to the emerging script thus far amongst E&P report