VanEck Uranium and Nuclear ETF · AMEX:NLR
VanEck Uranium and Nuclear ETF — VanEck — The Oil Shock Is Not Over Webinar May 2026
21 slides from VanEck Uranium and Nuclear ETF's conference presentation, May 2026
Slide 1: Oil Shock Is Not Over.
May 2026 Oil Shock Is Not Over. vaneck.com 1
Slide 2: Today's Speakers
Today’s Speakers Access the Opportunities Access the Opportunities Geoffrey King, CFA Shawn Reynolds Alan Shih Co-Portfolio Manager, Global Resources Natural Resources Strategist Senior Research Analyst • Originally joined VanEck in 2006, returned 2025 • Joined VanEck in 2005 • Joined VanEck in 2013
Slide 3: Oil Shock Isn't Over.
Oil Shock Isn’t Over. Access the Opportunities ❖ How did we get here? – Declining capex + geopolitical shocks + resilient demand = tightening supply ❖ What’s next? – Reinvestment and rising power demand (+ ongoing tensions) may drive the next cycle ❖ Opportunities? – Servicers and refiners likely be
Slide 4: VanEck Resource Equity Capabilities
VanEck Resource Equity Capabilities Access the Opportunities • $70.3 billion in AUM devoted solely to natural resource equities, commodities and gold • One of the most comprehensive, long-standing suites of natural resource offerings globally • Industry-recognized thought leadership supported by for
Slide 5: Geopolitics Driving Oil Price Volatility
Geopolitics Driving Oil Price Volatility Access the Opportunities Crude Oil Prices – Last 10 Years Brent Crude WTI Crude • Oil prices remain highly volatile, with $140 sharp swings driven by macro cycles and supply-demand imbalances. $120 • Recent spikes increasingly tied to Russia / Ukraine geopoli
Slide 6: Capex Has Been Dramatically Reduced in Recent Years
Capex Has Been Dramatically Reduced in Recent Years Access the Opportunities Capex ($bn) of Global Upstream Oil & Gas Traditional Heavy Oil Gas Deepwater • Management teams have prioritized $250 balance sheet strength and shareholder returns over production growth. $200 • This restrained investment
Slide 7: Rebuilding Middle East Could Take Billions
Rebuilding Middle East Could Take Billions Access the Opportunities Anticipated Repair Costs ($bn) for Middle East Energy Infrastructure $30 • Rystad Energy estimates that repair and restoration costs for energy- linked infrastructure as a result of $25 war in the Middle East could hit $58 billion,
Slide 8: Bringing Back Production Could Cost Even More
Bringing Back Production Could Cost Even More Access the Opportunities Venezuela Crude Oil Production Barrels per day (million) Share of world (%) • Bringing Venezuela's oil production 4.0 18% to its previous peak of 3 million barrels per day (bpd) could require a 3.5 16% total investment of $183 bi
Slide 9: Demand For Natural Gas Being Driven By AI Surge
Demand For Natural Gas Being Driven By AI Surge Access the Opportunities 2× +175 TWh $400B+ Natural gas for data centres Additional gas generation Big Tech capex on data centres doubles by 2035 needed for AI data centres in 2025 alone From 120 TWh (2024) → 293 TWh — Natural gas is the #1 dispatchabl
Slide 10: Current Valuations May Present a Potential Entry Point
Current Valuations May Present a Potential Entry Point Access the Opportunities Oilfield Servicers* vs. Crude Oil (top, price ratio) and S&P 500 (bottom, EV/EBITDA) 160 OFS vs. Crude (Price Ratio) 140 • Despite the strong rally in oil prices 120 and potentially favorable near-term outlook, oil servi
Slide 11: Valuation Disconnect Apparent for E&Ps Too
Valuation Disconnect Apparent for E&Ps Too Access the Opportunities Current Oil Prices in Company NAVs vs. 1-Year Ahead Oil Prices Median Oil Price Implied in NAV ($/bbl) 2027 Strip ($/bbl) S&P O&G Expl. & Prodc. Index Value • E&P equities appear to discount $80 7,200 lower oil prices than both curr
Slide 12: Oil Shock Isn't Over—The Opportunity Is Broadening
Oil Shock Isn’t Over—The Opportunity Is Broadening Access the Opportunities ❖ Tight supply, geopolitical risk, and resilient demand may keep energy markets volatile. ❖ Years of underinvestment could require significant reinvestment across upstream and infrastructure. ❖ Servicers, refiners, and selec
Slide 13: VanEck's Oil & Gas Solutions
VanEck’s Oil & Gas Solutions Access the Opportunities Oil Servicers Oil Refiners Resource Equities (Active) • Exposure to highly liquid, U.S.-listed oil • Targeted exposure to global crude oil refining • Broad exposure to global resource equities services companies companies across key sectors • Foc
Slide 14: Appendix
Appendix 14
Slide 15: VanEck Oil Services ETF (OIH)
VanEck Oil Services ETF (OIH) Access the Opportunities VanEck Oil Services ETF provides a convenient, cost-efficient way to gain exposure to leading oil services companies through an exchange traded product. Its primary objective is to offer access to a portfolio of highly liquid, primarily large-ca
Slide 16: VanEck Oil Refiners ETF (CRAK)
VanEck Oil Refiners ETF (CRAK) Access the Opportunities VanEck Oil Refiners ETF provides a convenient, cost-efficient way to gain exposure to companies engaged in crude oil refining through an exchange traded product. Its primary objective is to offer access to a portfolio spanning the refining valu
Slide 17: VanEck Global Resources Fund (GHAAX / GHAIX)
VanEck Global Resources Fund (GHAAX / GHAIX) Access the Opportunities VanEck Global Resources Fund seeks long-term capital appreciation by investing primarily in global resource equities across energy, metals, agriculture, and alternative energy sectors. The Fund is actively managed, emphasizing fun
Slide 18: Additional Disclosures / Definitions
Additional Disclosures / Definitions Access the Opportunities Terminology Bcf/d – (billion cubic feet per day) A unit of volume flow used to measure natural gas production, consumption, or transportation. bpd – (barrels per day) A unit of volume flow used to measure oil production, consumption, refi
Slide 19: Disclosures (OIH, CRAK)
Disclosures (OIH, CRAK) Access the Opportunities This material is for informational purposes only. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other
Slide 20: Disclosures (GHAAX / GHAIX)
Disclosures (GHAAX / GHAIX) Access the Opportunities This material is for informational purposes only. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and o
Slide 21: vaneck.com/subscribe
Access the Opportunities vaneck.com/subscribe 21