Slide 1: International M&A: Looking Beyond the Lower 48
International M&A: Looking Beyond the Lower 48 Paul Wheeler Head of International Energy, London APRIL 2026
Slide 2: Decline of International Production in Total Production Mix
Decline of International Production in Total Production Mix % International Production % US Unconventional Production 90% 1 Gas Shale Boom 2 Continued Growth Companies 80% Benchmarked Potential repivot back into International oil 70% and gas Decline in the share of international 60% production 50% \
Slide 3: US L48 Consolidation Activity is Slowing Down
US L48 Consolidation Activity is Slowing Down NORTH AMERICA AND INTERNATIONAL UPSTREAM ENERGY M&A VOLUMES(1) Regional Share of International Deal $300 North America International $150 Value (2024-2025 Average)(3) Africa & Middle East $250 $125 (2) North Sea Announced Transaction Value ($bn) APAC & O
Slide 4: Global Distribution of Oil and Gas Resources
Global Distribution of Oil and Gas Resources Canada Commonwealth of Independent States (Excl. Russia) Oil Gas Europe Oil Gas 167 46 33 76 Oil Gas 23 33 United States South & South-East Asia Oil Gas Oil Gas 16 62 174 185 Oceania Oil Gas Central America & South 4 40 America Middle East Africa Legend 1
Slide 5: Top Producing Offshore Basins Globally
Top Producing Offshore Basins Globally 2026 OFFSHORE PRODUCTION BY COUNTRY/REGION(1) 2026E UPSTREAM CAPEX SPEND(1) Brazil 4,614 Brazil 24,946 Norway 4,139 Norway 21,000 US GoA 2,571 US GoA 9,460 Australia 1,953 Australia 6,473 China 1,826 China 9,927 kboe/d $MM Malaysia 1,566 Malaysia 2,288 Angola 1
Slide 6: How Energy Import Reliance Evolved for Key Economies
How Energy Import Reliance Evolved for Key Economies IMPORT RELIANCE VS. DOMESTIC PRODUCTION ACROSS KEY MARKETS United States China European Union 100% 100% 100% Imports Imports Imports 90% 90% 90% 80% 80% 80% 70% 70% 70% 62% 60% 60% 60% Domestic 50% 50% 50% 40% 40% 40% 40% Domestic 30% 30% 30% Dome
Slide 7: Will Europe Learn the Lessons of Cheap, Abundant and Reliable Energy?
Will Europe Learn the Lessons of Cheap, Abundant and Reliable Energy? GAS PRICES: US VS EU(1) GDP: US VS EU 30 35 29.3 25 30 41 CAGR: 4% 25 20 19.5 // 20 $/mmbtu $ Trillion 15 10Y Average: 15 $11.9/mmbtu 10 10 CAGR: 1% 5 5 10Y Average: $3.2/mmbtu 0 0 2019 2008 2009 2010 2011 2012 2013 2014 2015 2016
Slide 8: The UK North Sea Opportunity
The UK North Sea Opportunity 2C Resources Development of the 3bn bbls of discoveries could: bn boe Potential 2.0 Developments Generate £150-165bn of gross value add 2.9 Unlicensed across the UK’s industrial supply chains Discoveries 1.4 Licensed Discoveries Generate £50-100bn in tax revenues Prospec
Slide 9: How International Buyers Value Different Resource Classifications
How International Buyers Value Different Resource Classifications Risked Net Asset Value (“NAV”) – Aligning to Reserve and Resource Definitions Low Risk High Risk Unfilled Area Represents Discount 2P Reserves 2P Reserves 2C Resources Exploration / 2C Resources Prospective Prod. Asset / Sanctioned Ju
Slide 10: M&A Discount Rates Across the Globe
M&A Discount Rates Across the Globe UK & Norway 8 - 10% Continental CIS Europe 10 - 15% 10 - 12% SE Asia 10 - 13% Middle East 9 - 14% Oceania South America 9 - 10% 11 - 15% Africa 12 - 15% Source: Jefferies Insight 10
Slide 11: Brent Pricing in M&A
Brent Pricing in M&A Brent Price History and Forward Curves ($/bbl) 120 Historic Forward Curves 110 100 90 80 70 60 Uncertainty regarding 2027 Prices 50 May-23 May-24 May-25 May-26 May-27 May-28 May-29 May-30 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27 Sep-28 Sep-29 Mar-30 Jan-23 Mar-23 Nov-23 Jan-24 Mar-24
Slide 12: Valuation Perspectives from Recent International Transactions
Valuation Perspectives from Recent International Transactions Estimated Risking Approach – Value Attribution Jurisdiction Comments 2P 2P Strategic 1P 2C (Prod) (Dev) Premium ▪ Competitive processes, full- Premium M&A Oman Argentina value bids Jurisdictions ▪ Some stakes attract operator premium Braz
Slide 13: 5 of the last 6 M&A Transactions in the GoA Won by Internationals
5 of the last 6 M&A Transactions in the GoA Won by Internationals 2023 2024 2025 2026 3,183 Transaction Value 1,300 1,503 $mm 720 555 Karoon / LLOG Talos / QuarterNorth Ofer / Beacon INEOS / CNOOC Shell / COP Harbour / LLOG Buyer Seller $k/boepd 55.4 43.3 n/a 45.5 69.4 93.6 Source: IHS, Public Discl
Slide 14: New Entrants Trying to Break into Argentina
New Entrants Trying to Break into Argentina 2024 2025 2026 Current Confidential Potential sale of Vaca Muerta assets Financial Advisor to the Seller 17% 15% 8% 34% 75% 53% 85% 13% Local Companies International Incumbent Players New Entrants The Buyer Universe in the Vaca Muerta is expanding, driven
Slide 15: Global Reach of the Jefferies International Energy Team
Global Reach of the Jefferies International Energy Team Key 2025 Statistics # 1 Ranked Team (International Upstream Transactions in 2025) 22 Team Members across 3 Global Locations Market Share of Revenue +15 % (International Upstream Transactions in 2025) 19 Number of Countries in which Assets have
Slide 16: Jefferies
Jefferies