J P M O R G A N North America Equity Research

24 December 2024

Chart Industries Neutral

GTLS, GTLS US
4Q24 Preview: Anticipating an In-Line Print with 2025 Price (23 Dec 24):$188.60
Price Target (Dec-25):$194.00
Tailwinds

JPM View: We anticipate an in-line 4Q24 print for GTLS, with our top line Oil & Gas Exploration & Production
estimate of $1.18bn and EBITDA forecast of $294mm on top of the Street. Our 4Q Arun Jayaram AC
EBITDA estimate of $294mm assumes that margins remain relatively constant (1-212) 622-8541
QoQ, with higher sequential margins for Specialty Products offsetting lower RSL [email protected]
margins. Against this backdrop, we are now forecasting $273mm of FCF in 4Q, Grant Hynes
which is 7% above the STe of $254mm. Overall, we anticipate another relatively (1-212) 622-0498
solid quarter of inbound orders for GTLS that should come in above the ~$1bn [email protected]

benchmark, though we still anticipate more chunkier orders to come in next year Jack Jerusalmi
(1-212) 622-6552
as we see GTLS as a key beneficiary from a stronger LNG order outlook under a
[email protected]
second Trump term. Specifically, we think one of the initial steps that the new J.P. Morgan Securities LLC
administration will take is to end the temporary moratorium and increase the pace
of export license approvals, which should provide a path for several Gulf Coast
LNG projects to reach FID. GTLS’ commercial pipeline sits at $24bn, and Key Changes (FYE Dec)
management cited $1.95bn of committed work that is not yet in backlog. This Prev Cur
includes key commitments from the Louisiana LNG project and XOM’s Adj. EPS - 24E ($) 8.90 8.92
Adj. EPS - 25E ($) 12.28 12.78
Mozambique LNG project in the Rovuma Basin, which has selected Chart’s
IPSMR technology. Quarterly Forecasts (FYE Dec)
Adj. EPS ($)
Overall, we maintain a positive outlook for GTLS, as we believe the company will 2023A 2024E 2025E
be able to benefit from its diverse portfolio of solutions within a challenged OFS Q1 1.41 1.34A 2.32
landscape, many of which are molecule agnostic and capable of servicing a variety Q2 1.19 2.18A 2.86
Q3 1.28 2.18A 3.58
of end markets based on demand. On the company’s November investor day (see Q4 2.25 3.24 4.01
our takeaways here), GTLS provided more insights into the construct of its FY 6.13 8.92 12.78
guidance process to inspire confidence in its ability to hit its key financial targets.
Specifically, the company has risked its guidance to account for potential project Style Exposure
timing slippage, incorporating bottom-up analysis from field teams, and regional
input on customer behaviors to identify key risks. In aggregate, GTLS forecasts its
revenue and EBITDA to grow by +12% and +17% YoY in 2025 to ~$4,750mm and
~$1,200mm, respectively, while continued end market growth gives GTLS
confidence in maintaining a book:bill of 1.0x or greater. We are now forecasting
$1.18bn of EBITDA and $527mm of FCF for next year, which compares to the
Street’s estimates of $1.18bn and $516mm for 2025, respectively.

While the company did recently announce a $250mm buyback authorization

earlier this month, GTLS remains focused on debt reduction as its financial policy
states the company will not pursue material cash acquisitions or buybacks until its
leverage ratio declines below 2.5x. Management outlined $550-$600mm of debt
reduction in 2025 fueled by FCF generation, resulting in ~$3.0bn of YE25 net debt
which would represent a 2.0-2.5x net leverage ratio. Once GTLS reaches its
targeted leverage profile, the company would weigh the following capital
priorities: (1) funding high ROI organic and in-organic capex, (2) share
repurchases and other shareholder returns. We reiterate our Dec-25 PT of $194,
which assumes ~10x our normalized EBITDA estimate.

Sources for: Style Exposure – J.P. Morgan Quantitative and Derivatives Strategy; all other tables are company data and J.P. Morgan estimates.

See page 7 for analyst certification and important disclosures.

J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that
the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single
factor in making their investment decision.

www.jpmorganmarkets.com
Arun Jayaram AC North America Equity Research
(1-212) 622-8541 24 December 2024 JPMORGAN
[email protected]

Price Performance Summary Investment Thesis and Valuation

Investment Thesis
On 11/09/22, GTLS announced a $4.4b merger agreement with
privately held Howden, funded by a combination of cash on
hand, debt, and equity at a 13x EBITDA multiple pre-synergy
capture. While the transaction augmented GTLS’s air and gas
handling product suite and increased the mix of higher-margin
R&M and after market, the stock meaningfully de-rated as the
deal diluted the company’s exposure to LNG as well as part of
the energy transition while the leverage ratio jumped to 4.3x vs.
2.4x prior to the transaction. That said, we are becoming more
YTD 1m 3m 12m constructive on the stock’s growth outlook given its leverage to
Abs 38.3% 2.6% 50.9% 40.4% two key themes within the oil and gas space: LNG and the data
Rel 27.9% 9.6% 50.1% 31.7%
center build-out. Within a challenged OFS landscape, we
Company Data believe GTLS will be able to benefit from its diverse portfolio of
Shares O/S (mn) 36 solutions, many of which are molecule agnostic and capable of
52-week range ($) 204.23-101.60 servicing a variety of end markets based on demand. That said,
Market cap ($ mn) 6,835.81
Exchange rate 1.00 we think a Neutral rating is justified given the company’s
Free float (%) 99.4% inconsistent operational performance, above-average balance
3M ADV (mn) 0.84 sheet leverage, and lack of cash return.
3M ADV ($ mn) 130.6
Volatility (90 Day) 44 Valuation
Index RUSSELL 2000
BBG ANR (Buy | Hold | Sell) 17|5|0 We derive our Dec-25 PT of $194 by using an EV/EBITDA of
~10x our normalized EBITDA, which compares to the ~11x
Key Metrics (FYE Dec)
long-term trading avg. Our valuation reflects a MSD FCF/EV
$ in millions FY23A FY24E FY25E yield under our normalized FCF framework.
Financial Estimates
Revenue 3,359 4,231 4,723
Adj. EBITDA 738 1,024 1,182
Adj. EBIT 507 756 908 Performance Drivers
Adj. net income 287 415 572
Adj. EPS 6.13 8.92 12.78
BBG EPS 6.11 9.18 12.13
Cashflow from operations 235 518 645
FCFF 99 400 527
Margins and Growth
Revenue Growth Y/Y (%) 108.3% 26.0% 11.6%
EBITDA margin 22.0% 24.2% 25.0%
EBITDA Growth Y/Y (%) 149.1% 38.8% 15.4%
EBIT margin 15.1% 17.9% 19.2%
Net margin 8.5% 9.8% 12.1%
Adj. EPS growth 51.9% 45.6% 43.2%
Ratios
Adj. tax rate 1.2% 19.8% 20.5%
Interest cover 2.7 3.2 4.3
Net debt/Equity 1.2 1.0 0.7
Net debt/EBITDA 5.0 3.2 2.4
ROCE 8.5% 8.7% 10.1%
ROE 10.2% 13.4% 16.1%
Valuation
FCFF yield 1.1% 4.6% 6.2%
Dividend yield - - -
EV/Revenue 2.5 1.9 1.6
EV/EBITDA 11.4 7.8 6.3
Adj. P/E 30.8 21.1 14.8

Source: J.P. Morgan Quantitative and Derivatives Strategy for Performance Drivers; company data, Bloomberg Finance L.P. and J.P. Morgan estimates for all other tables. Note: Price history may not be
complete or exact.

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Arun Jayaram AC North America Equity Research
(1-212) 622-8541 24 December 2024 JPMORGAN
[email protected]

Figure 1: 4Q24 Key Operating Metrics, JPMe v. Consensus

4Q24 Estimates Growth q/q Growth y/y Consensus Revisions
Operating Details 4Q24e Street v. Street JPMe Street JPMe Street 1m Delta 3m Delta
EPS (Adjusted, diluted) $3.24 $3.20 1% 49% 47% 44% 42% ($0.01) 0% ($0.63) -16%
Adjusted EBITDA 294 294 0% 13% 13% 20% 20% 1 0% (42) -13%
Total Revenue 1,177 1,176 0% 11% 11% 16% 16% (1) 0% (119) -9%
EBITDA Margin 25.0% 25.0% 0 bps 40bps 50bps 80bps 80bps 10bps -100bps

Source: J.P. Morgan estimates, Company data, Bloomberg Finance L.P.

Figure 2: 1Q25 Key Operating Metrics, JPMe v. Consensus

1Q25 Estimates Growth q/q Growth y/y Consensus Revisions
Operating Details 1Q25e Street v. Street JPMe Street JPMe Street 1m Delta 3m Delta
EPS (Adjusted, diluted) $2.32 $2.22 5% -28% -32% 74% 66% $0.01 1% ($0.20) -8%
Adjusted EBITDA 249 245 2% -15% -17% 17% 16% (2) -1% (18) -7%
Total Revenue 1,056 1,062 -1% -10% -10% 11% 12% 2 0% (54) -5%
EBITDA Margin 23.6% 23.1% 50 bps -140bps -190bps 270bps 220bps -20bps -50bps

Source: J.P. Morgan estimates, Company data, Bloomberg Finance L.P.

Figure 3: 2024 Key Operating Metrics, JPMe v. Consensus

2024 Estimates Growth y/y Consensus Revisions
Operating Details 2024e Street v. Street JPMe Street 1m Delta 3m Delta
EPS (Adjusted, diluted) $8.92 $9.18 -3% 46% 50% $0.07 1% ($1.32) -13%
Adjusted EBITDA 1,024 1,024 0% 39% 39% 2 0% (61) -6%
Total Revenue 4,231 4,233 0% 26% 26% (14) 0% (203) -5%
EBITDA Margin 24.2% 24.2% 0 bps 220bps 220bps 10bps -30bps

Source: J.P. Morgan estimates, Company data, Bloomberg Finance L.P.

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Arun Jayaram AC North America Equity Research
(1-212) 622-8541 24 December 2024 JPMORGAN
[email protected]

Figure 4: Chart Quarterly Earnings: JPMe v. Sequential/Annual Comps

Revenue Breakdown Mix 4Q24e 3Q24 q/q 4Q23 y/y
Cryo Tank Solutions 14% 167 163 3% 206 -19%
Heat Transfer Systems 26% 303 256 18% 255 19%
Specialty Products 29% 340 283 20% 217 57%
Repair, Service, and Leasing 31% 369 361 2% 341 8%
(Intersegment Eliminations) 0% (2) 0 - (4) -33%
Total Revenue 100% $1,177 $1,063 11% $1,015 16%

Operating Income Breakdown 4Q24e 3Q24 q/q 4Q23 y/y

Cryo Tank Solutions 27 26 3% 25 8%
Heat Transfer Systems 77 63 23% 57 36%
Specialty Products 67 47 42% 42 61%
Repair, Service, and Leasing 136 141 -4% 122 11%
Corporate (46) (42) 11% (32) 44%
Total Operating Income $260 $236 10% $213 22%

Total D&A (incl. in COGS & SG&A) 68 68 -1% 68 0%

EBITDA 294 261 13% 245 20%
Margin 25.0% 24.5% 44 bps 24.2% 82 bps

Interest Expense (net) 74 81 -8% 81 -9%

Other 5 0 1400% 16 -72%
Income Before Taxes 182 155 17% 116 57%
Income Taxes 37 36 2% 7 418%
Adjusted Net Income 148 102 45% 105 40%
EPS (Adjusted, diluted) $3.24 $2.18 49% $2.25 44%
Diluted Shares (Avg) 45.5 46.67 -3% 46.74 -3%

Operating Income Margins 4Q24e 3Q24 q/q 4Q23 y/y

Cryo Tank Solutions 16.2% 16.2% 2 bps 12.2% 405 bps
Heat Transfer Systems 25.3% 24.5% 86 bps 22.2% 315 bps
Specialty Products 19.7% 16.7% 305 bps 19.1% 58 bps
Repair, Service, and Leasing 36.7% 39.2% -246 bps 35.9% 87 bps
Total Operating Income 22.1% 22.2% -8 bps 21.0% 110 bps

Orders 4Q24e 3Q24 q/q 4Q23 y/y

Cryo Tank Solutions 139 126 10% 158 -12%
Heat Transfer Systems 319 425 -25% 325 -2%
Specialty Products 357 238 50% 400 -11%
Repair, Service, and Leasing 321 378 -15% 328 -2%
Total Orders $1,136 $1,168 -3% $1,210 -6%

Balance Sheet & Cash Flow Metrics 4Q24e 3Q24 q/q 4Q23 y/y
Cash from Operations 291 201 45% 198 47%
Capex (18) (26) -32% (18) 0%
Free Cash Flow 273 175 56% 180 51%
Change in Cash 173 62 179% 36 378%
Net Debt 3,319 3,592 -8% 3,663 -9%
Net Debt/Capital 50.3% 53.4% -310 bps 55.5% -519 bps
Return on Capital (Net Debt) 5.1% 2.4% 272 bps 0.8% 428 bps

Source: Company data, J.P. Morgan estimates

4
Arun Jayaram AC North America Equity Research
(1-212) 622-8541 24 December 2024 JPMORGAN
[email protected]

Investment Thesis, Valuation and Risks

Chart Industries (Neutral; Price Target: $194.00)
Investment Thesis
GTLS has positioned its portfolio to be a prime beneficiary of two key secular growth
themes: (1) global gas substitution for coal and (2) rising capex for hydrogen and carbon
capture. In addition, the company has attractive exposure to industrial gas applications,
HVAC, water treatment, and speciality products (food and beverage) that provide stable
earnings growth with less cyclicality than their energy end-markets. Through 3Q22, GTLS
was one of the best performing stocks in the group, with the share price rising over 400%
over a 5-year period vs. flat performance for its energy capital equipment peers and Big 3
Large Cap OFS stocks (SLB, HAL, and BKR). On 11/09/22, GTLS announced a $4.4b
merger agreement with privately held Howden, funded by a combination of cash on hand,
debt, and equity at a 13x EBITDA multiple pre-synergy capture. While the transaction
augmented GTLS’s air and gas handling product suite and increased the mix of higher-
margin R&M and after market, the stock meaningfully de-rated as the deal diluted the
company’s exposure to LNG as well as part of the energy transition while the leverage ratio
jumped to 4.3x vs. 2.4x prior to the transaction. That said, we are becoming more
constructive on the stock’s growth outlook given its leverage to two key themes within the
oil and gas space: LNG and the data center build-out. Within a challenged OFS landscape,
we believe GTLS will be able to benefit from its diverse portfolio of solutions, many of
which are molecule agnostic and capable of servicing a variety of end markets based on
demand. That said, we think a Neutral rating is justified given the company’s inconsistent
operational performance, above-average balance sheet leverage, and lack of cash return.
Valuation
We derive our Dec-25 PT of $194 by using an EV/EBITDA of ~10x our normalized
EBITDA, which compares to the ~11x long-term trading avg. Our valuation reflects a MSD
FCF/EV yield under our normalized FCF framework.
Risks to Rating and Price Target
Upside risks include (1) a stronger macro environment, including higher oil and gas prices;
(2) greater-than-expected benefits from “self-help” initiatives to drive margin expansion;
(3) favorable changes in government policies that increase demand for gas/LNG; and (4)
better-than-expected execution on the integration of Howden, including the extraction of
higher-than-expected cost and commercial synergies. Downside risks include (1) a weaker
macro environment, including lower oil and gas prices; (2) fewer-than-expected benefits
from “self-help” initiatives to drive margin expansion; (3) unfavorable changes in
government policies that decrease demand for gas/LNG; (4) worse-than-expected
execution on the Howden integration, which would lead to downside risk to estimates; and
(5) further deterioration in the macro picture, which could cause the company to miss its key
deleveraging targets.

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Arun Jayaram AC North America Equity Research
(1-212) 622-8541 24 December 2024 JPMORGAN
[email protected]

Chart Industries: Summary of Financials

Income Statement - Annual FY22A FY23A FY24E FY25E FY26E Income Statement - Quarterly 1Q24A 2Q24A 3Q24A 4Q24E
Revenue 1,612 3,359 4,231 4,723 - Revenue 951A 1,040A 1,063A 1,177
COGS (1,205) (2,316) (2,775) (2,978) - COGS (648)A (689)A (700)A (738)
Gross profit 407 1,043 1,456 1,745 - Gross profit 302A 352A 363A 440
SG&A (215) (487) (545) (558) - SG&A (142)A (136)A (136)A (132)
Adj. EBITDA 296 738 1,024 1,182 - Adj. EBITDA 212A 257A 261A 294
D&A (82) (231) (268) (274) - D&A (66)A (66)A (68)A (68)
Adj. EBIT 214 507 756 908 - Adj. EBIT 146A 191A 193A 226
Net Interest (29) (272) (323) (276) - Net Interest (84)A (84)A (81)A (74)
Adj. PBT 145 269 568 704 - Adj. PBT 96A 135A 155A 182
Tax (16) (3) (112) (144) - Tax (23)A (16)A (36)A (37)
Minority Interest 3 (17) (8) 12 - Minority Interest (3)A (4)A (4)A 3
Adj. Net Income 168 287 415 572 - Adj. Net Income 63A 103A 102A 148
Reported EPS 0.54 0.43 5.72 12.78 - Reported EPS 0.10A 1.10A 1.33A 3.24
Adj. EPS 4.03 6.13 8.92 12.78 - Adj. EPS 1.34A 2.18A 2.18A 3.24
DPS - - - - DPS - - - -
Payout ratio - - - - - Payout ratio - - - -
Shares outstanding 42 47 47 45 - Shares outstanding 47A 47A 47A 46
.
Balance Sheet & Cash Flow Statement FY22A FY23A FY24E FY25E FY26E Ratio Analysis FY22A FY23A FY24E FY25E FY26E
Cash and cash equivalents 2,605 201 483 610 - Gross margin 25.3% 31.0% 34.4% 36.9% -
Accounts receivable 278 759 841 1,032 - EBITDA margin 18.4% 22.0% 24.2% 25.0% -
Inventories 358 576 572 650 - EBIT margin 13.3% 15.1% 17.9% 19.2% -
Other current assets 449 678 886 950 - Net profit margin 10.4% 8.5% 9.8% 12.1% -
Current assets 3,691 2,214 2,783 3,241 -
PP&E 430 838 839 682 - ROE 7.8% 10.2% 13.4% 16.1% -
LT investments 190 201 104 104 - ROA 3.8% 3.8% 4.4% 5.8% -
Other non current assets 1,592 5,849 5,957 5,957 - ROCE 5.1% 8.5% 8.7% 10.1% -
Total assets 5,902 9,102 9,683 9,985 - SG&A/Sales 13.3% 14.5% 12.9% 11.8% -
Net debt/equity NM 1.2 1.0 0.7 -
Short term borrowings 261 288 278 278 - Net debt/capital (12.8%) 55.5% 50.3% 42.1% -
Payables 211 811 1,081 1,189 -
Other short term liabilities 610 767 711 744 - P/E (x) 46.8 30.8 21.1 14.8 -
Current liabilities 1,082 1,866 2,069 2,212 - P/BV (x) 2.6 2.7 2.5 2.0 -
Long-term debt 2,040 3,576 3,524 3,124 - P/CF (x) 97.5 37.6 17.0 13.1 -
Other long term liabilities 96 721 810 810 - EV/EBITDA (x) 14.9 11.4 7.8 6.3 -
Total liabilities 3,218 6,163 6,403 6,145 - Dividend Yield - - - - -
Shareholders' equity 2,676 2,939 3,280 3,840 - FCFF yield 0.1% 1.1% 4.6% 6.2% -
Minority interests 9 0 0 0 -
5,902 9,102 9,683 9,985 - Sales/Assets (x) 0.4 0.4 0.5 0.5 -
Total liabilities & equity
Interest cover (x) 10.3 2.7 3.2 4.3 -
BVPS 73.82 70.03 76.12 92.97 -
Operating leverage 241.9% 126.0% 190.0% 172.1% -
Net debt/(cash) (305) 3,663 3,319 2,792 -
Revenue y/y Growth 22.4% 108.3% 26.0% 11.6% -
Cash flow from operating activities 81 235 518 645 -
EBITDA y/y Growth 34.8% 149.1% 38.8% 15.4% -
o/w Depreciation & amortization 82 231 268 274 -
Tax rate 11.0% 1.2% 19.8% 20.5% -
o/w Changes in working capital (32) (34) (146) (189) -
Adj. Net Income y/y Growth 60.7% 70.2% 44.8% 37.7% -
CFPS 1.93 5.02 11.12 14.42 -
EPS y/y Growth 58.0% 51.9% 45.6% 43.2% -
Cash flow from investing activities (102) (3,988) (137) (118) -
DPS y/y Growth - - - - -
o/w Capital expenditure (74) (136) (118) (118) -
BVPS y/y Growth 62.5% (5.1%) 8.7% 22.1% -
as % of sales 4.6% 4.0% 2.8% 2.5% -
Cash flow from financing activities 2,504 1,413 (93) (400) -
o/w Dividends paid 0 0 (12) 0 -
o/w Net debt issued/(repaid) 1,446 1,583 (60) (400) -
Net change in cash 2,483 (2,334) 292 127 -
Adj. Free cash flow to firm 7 99 400 527 -
y/y Growth (108.9%) 1403.0% 303.0% 31.9% -
Source: Company reports and J.P. Morgan estimates.
Note: $ in millions (except per-share data).Fiscal year ends Dec. o/w - out of which

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Arun Jayaram AC North America Equity Research
(1-212) 622-8541 24 December 2024 JPMORGAN
[email protected]

Analyst Certification: The Research Analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple Research Analysts
are primarily responsible for this report, the Research Analyst denoted by an “AC” on the cover or within the document individually certifies,
with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report
accurately reflect the Research Analyst’s personal views about any and all of the subject securities or issuers; and (2) no part of any of the
Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the
Research Analyst(s) in this report. For all Korea-based Research Analysts listed on the front cover, if applicable, they also certify, as per KOFIA
requirements, that the Research Analyst’s analysis was made in good faith and that the views reflect the Research Analyst’s own opinion,
without undue influence or intervention.
All authors named within this report are Research Analysts who produce independent research unless otherwise specified. In Europe, Sector
Specialists (Sales and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research Department.
Important Disclosures

Market Maker/ Liquidity Provider: J.P. Morgan is a market maker and/or liquidity provider in the financial instruments of/related to Chart
Industries.
Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Chart Industries.
Client/Investment Banking: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as investment banking
clients: Chart Industries.
Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
as clients, and the services provided were non-investment-banking, securities-related: Chart Industries.
Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the
services provided were non-securities-related: Chart Industries.
Investment Banking Compensation Received: J.P. Morgan has received in the past 12 months compensation for investment banking services
from Chart Industries.
Potential Investment Banking Compensation: J.P. Morgan expects to receive, or intends to seek, compensation for investment banking
services in the next three months from Chart Industries.
Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services
other than investment banking from Chart Industries.
Debt Position: J.P. Morgan may hold a position in the debt securities of Chart Industries, if any.
“J.P. Morgan Securities LLC and/or its affiliates is acting as financial advisor to KPS and Howden in connection with the sale of its portfolio
company, Howden (the “Company”), to Chart Industries, Inc (“Chart Industries” or “Chart”). The transaction is subject to customary closing
conditions and approvals. This research report and the information contained herein is not intended to provide voting advice, serve as an
endorsement of the proposed transaction or result in procurement, withholding or revocation of a proxy or any other action by a security holder.”

Company-Specific Disclosures: Important disclosures, including price charts and credit opinion history tables, are available for compendium
reports and all J.P. Morgan–covered companies, and certain non-covered companies, by visiting https://www.jpmm.com/research/disclosures ,
calling 1-800-477-0406, or e-mailing [email protected] with your request.

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Arun Jayaram AC North America Equity Research
(1-212) 622-8541 24 December 2024 JPMORGAN
[email protected]

Date Rating Price ($) Price Target

($)
02-Jun-23 N 111.47 138
01-Aug-23 N 182.16 164
05-Oct-23 N 153.97 178
31-Oct-23 N 121.33 168
04-Jan-24 N 131.62 167
04-Apr-24 N 157.01 176
05-Aug-24 N 126.01 150
01-Oct-24 N 124.14 145
06-Dec-24 N 190.60 194

The chart(s) show J.P. Morgan's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire period.
J.P. Morgan ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated
Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
J.P. Morgan uses the following rating system: Overweight (over the duration of the price target indicated in this report, we expect this stock will
outperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s team’s, coverage universe); Neutral (over
the duration of the price target indicated in this report, we expect this stock will perform in line with the average total return of the stocks in the
Research Analyst’s, or the Research Analyst’s team’s, coverage universe); and Underweight (over the duration of the price target indicated in
this report, we expect this stock will underperform the average total return of the stocks in the Research Analyst’s, or the Research Analyst’s
team’s, coverage universe. NR is Not Rated. In this case, J.P. Morgan has removed the rating and, if applicable, the price target, for this stock
because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the
price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. In our Asia (ex-Australia and ex-India)
and U.K. small- and mid-cap Equity Research, each stock’s expected total return is compared to the expected total return of a benchmark
country market index, not to those Research Analysts’ coverage universe. If it does not appear in the Important Disclosures section of this report,
the certifying Research Analyst’s coverage universe can be found on J.P. Morgan’s Research website, https://www.jpmorganmarkets.com .
Coverage Universe: Jayaram, Arun: Antero (AR), Apache Corp (APA), Baker Hughes (BKR), Cactus (WHD), Chart Industries (GTLS),
ConocoPhillips (COP), Coterra Energy Inc (CTRA), Crescent Energy Co (CRGY), Devon Energy (DVN), Diamondback Energy (FANG), EOG
Resources (EOG), EQT Corp (EQT), Expro Group (XPRO), Halliburton Co. (HAL), Helmerich & Payne (HP), Hess (HES), Liberty Energy Inc
(LBRT), Marathon (MRO), Murphy (MUR), NOV Inc (NOV), Nabors Industries (NBR), National Energy Services Reunited (NESR), Noble
Corp (NE), Occidental Petroleum (OXY), Ovintiv Inc (OVV), Patterson-UTI Energy (PTEN), ProFrac (ACDC), ProPetro Holding (PUMP),
Range Resources (RRC), SLB (SLB), Southwestern Energy (SWN), Talos Energy (TALO), TechnipFMC PLC (FTI), Tenaris SA (TS),
Transocean (RIG), Valaris (VAL), Vermilion Energy, Inc. (VET.TO), Viper Energy (VNOM)

J.P. Morgan Equity Research Ratings Distribution, as of October 05, 2024

Overweight Neutral Underweight
(buy) (hold) (sell)
J.P. Morgan Global Equity Research Coverage* 49% 38% 13%
IB clients** 50% 46% 38%
JPMS Equity Research Coverage* 46% 41% 13%
IB clients** 71% 67% 54%

*Please note that the percentages may not add to 100% because of rounding.
**Percentage of subject companies within each of the "buy," "hold" and "sell" categories for which J.P. Morgan has provided
investment banking services within the previous 12 months.
For purposes of FINRA ratings distribution rules only, our Overweight rating falls into a buy rating category; our Neutral rating falls
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are not included in the table above. This information is current as of the end of the most recent calendar quarter.

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