Summary of EON Resources Inc. Special Conference Call Company and Industry - **Company**: EON Resources Inc. - **Industry**: Oil and Gas, specifically focusing on the Permian Basin Key Points and Arguments 1. **Acquisition Announcement**: EON Resources has acquired the South Justice Field in the Permian Basin, New Mexico, for a total of 1 million shares of Class A common stock, valued at approximately $500,000 in cash [5][7][20]. 2. **Current Production and Cash Flow**: The field is currently cash flowing $100,000 per month, translating to an annual net cash flow of $1.2 million [8][20]. 3. **Production Potential**: The field had a production of 50 barrels per day before acquisition, which was doubled to 100 barrels per day through minor repairs. EON aims to increase production to between 250 to 400 barrels per day within a quarter [9][11][19][66]. 4. **Field Characteristics**: The South Justice Field consists of approximately 5,400 acres with 208 producing and injection wells. The field has a history of low decline rates and significant oil reserves, with an estimated 15 million barrels recoverable through reactivation and drilling [13][14][18][26]. 5. **Comparison with Existing Assets**: The acquisition increases EON's oil in place by 20% and acreage in the Permian by 33%, enhancing overall production by 10% immediately and 20% in the near term [27][26]. 6. **Operational Strategy**: EON plans to reactivate idle wells and utilize existing infrastructure to minimize costs. The company expects minimal impact on general and administrative expenses [8][24][27]. 7. **Market Valuation**: The purchase price is considered reasonable compared to market values for similar fields, with estimates of $20,000 to $50,000 per flowing barrel for more developed fields [20][21]. 8. **Future Drilling Potential**: EON sees potential for horizontal drilling in the South Justice Field, similar to their existing Grayburg Jackson Field, which could further enhance production [14][26]. 9. **Economic Outlook**: The company anticipates needing oil prices around $60 per barrel to be attractive for drilling, with a potential range of $60 to $80 in the future [64][66]. 10. **Funding and Financial Health**: EON is optimistic about securing funding to support operations and retire existing debts, with ongoing discussions with multiple investors [49][52][66]. Other Important Content 1. **Regulatory Compliance**: The acquisition included assurances regarding compliance with state regulations for plugging and abandonment of non-productive wells [85]. 2. **Market Dynamics**: The call highlighted the impact of external factors, such as geopolitical events and U.S. oil policy, on oil prices and drilling activity [60][66]. 3. **Investor Sentiment**: There is a noted concern among investors regarding stock performance, with management emphasizing the long-term value of the acquisition and operational strategy [50][66]. 4. **Chevron Relationship**: EON has a strong relationship with Chevron, which is beneficial for pricing and sales of oil produced from the South Justice Field [96][102]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of EON Resources Inc.'s strategic acquisition and operational plans in the oil and gas sector.

原油成品油早报 研究中心能化团队 2025/06/26 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | | | | nt | | | | | | | | | 2025/06/19 | - | 78.85 | - | 1.17 | 1.77 | - | 3.51 | - | - | - | - | | 2025/06/20 | 73.84 | 77.01 | 71.20 | 1.17 | 1.53 | -3.17 | 3.72 | 232.95 | 20.83 | 254.18 | 29.75 | | 2025/06/23 | 68.51 | 71.48 | 69.88 | 1 ...

Group 1 - The core viewpoint is that the oil market is returning to fundamentals, with a significant decrease in US crude oil inventories, highlighting supply-side value and boosting oil soft power [1][3] - As of the last trading session, West Texas Intermediate crude oil for August delivery settled at $64.92 per barrel, up $0.55, a rise of 0.85%, while Brent crude oil for August delivery settled at $67.68 per barrel, up $0.54, a rise of 0.80% [1] - The US Energy Information Administration reported a decrease of 5.8 million barrels in crude oil inventories, far exceeding the market expectation of 1.3 million barrels, marking the fifth consecutive week of decline [1][3] Group 2 - The geopolitical risk premium is diminishing, with President Trump stating that tensions in the Middle East have "ended" and that the US will hold talks with Iran while maintaining pressure on Iranian oil revenues [1][3][4] - The OPEC alliance is considering increasing production again in August, with Russia expressing willingness to support this if deemed necessary, although there are internal disagreements among member countries regarding production strategies [2][4] - The current market is characterized by a "pulse rebound" in oil soft power, but overall, it is expected to maintain a weak and volatile trend due to geopolitical uncertainties and OPEC's production decisions [2][4] Group 3 - The decline in inventories emphasizes the scarcity of supply, reinforcing the physical supply-demand tension in the oil market and shifting focus from geopolitical conflicts to domestic fundamentals in the US [3] - The dynamic interplay of macroeconomic disturbances, such as the expiration of tariff exemptions and potential new trade tensions, is likely to suppress oil demand expectations [4] - The Federal Reserve's interest rate hike expectations may further limit the rebound potential of oil prices, creating additional pressure alongside the diminishing geopolitical premium [4]

Group 1 - Israel and Iran agreed to a ceasefire on June 24, alleviating market concerns over tensions, leading to a decline in international oil prices [1] - NYMEX crude oil futures for August fell by $4.14 to $64.37 per barrel, a decrease of 6.04% [1] - ICE Brent crude oil futures for August dropped by $4.34 to $67.14 per barrel, a decrease of 6.07% [1] - China's INE crude oil futures for the main contract 2508 fell by 16.3 to 553.6 yuan per barrel, with a night session drop of 51.3 to 502.3 yuan per barrel [1] Group 2 - Trump stated on his social media platform that China can continue purchasing oil from Iran and expressed hope that China would also buy oil from the U.S. [2] - The White House clarified that Trump's comments do not indicate a relaxation of U.S. sanctions, emphasizing that the focus is on encouraging imports of U.S. oil rather than Iranian oil [2] - Historically, the U.S. has imposed sanctions on several Chinese refineries and ports for importing Iranian oil [2] Group 3 - By March 2025, China's oil purchases from the U.S. are projected to decrease by 90% year-on-year, from a peak of 29 million barrels per month to approximately 3 million barrels per month [4] Group 4 - In response to Trump's comments, China's Foreign Ministry stated that it will take reasonable energy security measures based on its national interests [5]

Group 1 - The core viewpoint highlights the strategic shift in the U.S. approach towards China, driven by the need for financial support amidst rising national debt and economic challenges [1] - The U.S. has shown a reliance on China in various sectors, contrasting its historically adversarial stance, particularly following the setbacks in the U.S.-China trade war [1] - The U.S. has engaged in trade dialogues with China and reversed previous tariff increases, indicating a return to pre-trade war conditions [1] Group 2 - The U.S. has altered its stance on Iran's oil exports, allowing China to continue importing oil from Iran, which is significant given the U.S.'s long-standing sanctions against Iran [3] - Iran is a major oil supplier for China, and the stability of Iranian oil exports is crucial for China's industrial needs and economic growth [3] - The recent ceasefire between Israel and Iran has implications for oil exports, as ongoing conflicts could disrupt supply chains critical to China's economy [3][5] Group 3 - Despite the ceasefire agreement, hostilities between Iran and Israel have persisted, with both sides continuing to attack each other, indicating a complex political and economic landscape [5] - The U.S. President's public reactions to the violations of the ceasefire reflect the intricate dynamics at play and the U.S.'s role in the ongoing conflict [5] - The apparent "victories" claimed by both Iran and Israel mask deeper political and economic negotiations, warranting further analysis of the U.S.'s strategic intentions [5]

据一位知情人士透露，如果石油输出国组织联盟（OPEC+）认为有必要，俄罗斯愿意在下次OPEC+会 议上再次增产。俄罗斯与OPEC+的伙伴关系非常重要，俄罗斯将在7月6日的会议上寻求一个所有 OPEC+成员都能接受的解决方案。参与谈判的八个OPEC+成员国一直在逐步减少减产，他们可能会考 虑在8月份再次增产。 ...

天眼查资料显示，大庆油田有限责任公司，成立于2000年，位于大庆市，是一家以从事石油和天然气开 采业为主的企业。企业注册资本4750000万人民币。通过天眼查大数据分析，大庆油田有限责任公司共 对外投资了34家企业，参与招投标项目5000次，财产线索方面有商标信息12条，专利信息4316条，此外 企业还拥有行政许可7336个。 中国石油天然气股份有限公司，成立于1999年，位于北京市，是一家以从事石油和天然气开采业为主的 企业。企业注册资本18302097万人民币。通过天眼查大数据分析，中国石油天然气股份有限公司共对外 投资了1283家企业，参与招投标项目496次，财产线索方面有商标信息38条，专利信息5000条，此外企 业还拥有行政许可164个。 来源：金融界 金融界2025年6月25日消息，国家知识产权局信息显示，大庆油田有限责任公司;中国石油天然气股份有 限公司申请一项名为"一种薄云岩储层水平井段评价方法及装置"的专利，公开号CN120195729A，申请 日期为2023年12月。 专利摘要显示，本发明涉及石油勘探与开发技术领域，尤其涉及一种薄云岩储层水平井段评价方法及装 置。该方法包括：获取研究区基础 ...

★投资建议 半年度报告——原油 供应主导定价，需求遭遇瓶颈 | [T走ab势le_评R级an：k] | 原油：震荡 | | | | | | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 6 | 年 | 月 | 25 | 日 | [★Ta地bl缘e_冲Su突mm风a险ry]骤升骤降，测试全球供应稳定性 能 中东地区伊朗出口能力和霍尔木兹海峡航运安全将是影响风险 溢价的关键所在。霍尔木兹海峡通航的原油和石油产品贸易流占 全球总量的 27%，仅有沙特和阿联酋拥有可避开该海峡出口的管 道，但无法完全调节通过该海峡的贸易流，供应不稳定上升将提 升油价的风险溢价水平。中东地区也是重要的柴油出口地，俄乌 冲突之后的贸易流重置以及中东地区近两年的炼能扩张使得中 东对苏伊士运河以西市场尤为重要。 源 ★OPEC+倾向于维护市场份额，海上贡献非 OPEC+主要增量 与 碳 中 和 4-5 月 OPEC+实际增产规模不及约定增产规模，目前超产集中于 哈萨克斯坦。维护市场份额和中东断供风险会更有利于 OPEC+ 维持增产策略。南美海上油田项目处于集中投产期将带来非 OPEC+较 ...

Group 1: Conflict and Oil Prices - The Iran-Israel conflict has entered its 12th day, with a ceasefire announced on June 24, leading to a decrease in oil prices, with WTI at $65.3 per barrel and Brent at $67.2 per barrel, both down approximately 4.7% [1] - Analysts suggest that the conflict may be cooling down, with indications that Iran's actions are more symbolic and the U.S. response has been relatively mild [1] - If the Strait of Hormuz is closed, oil prices could surge significantly, with Goldman Sachs predicting prices could exceed $100 per barrel and JPMorgan forecasting prices could reach $120-130 per barrel [6][7] Group 2: Importance of the Strait of Hormuz - The Strait of Hormuz is a critical oil transit route, with over 25% of global oil trade passing through it, and it is vital for liquefied natural gas (LNG) exports, particularly from Qatar [8] - In 2024, oil flows through the Strait are projected to account for over 20% of global oil consumption and a significant portion of LNG trade [8][10] - Historical threats to close the Strait have not materialized, primarily due to external pressures and Iran's reliance on oil exports for revenue [22] Group 3: Shipping and Insurance Market Reactions - Shipping rates and insurance costs have risen sharply due to the conflict, with VLCC rates for the Middle East to China route increasing by 50% from early June [11][12] - The number of tankers entering the Strait has decreased significantly, with a 32% drop in empty tankers and a 27% drop in loaded tankers compared to early June [12] - War risk insurance for vessels in the Gulf region has increased from 0.2%-0.3% of the vessel's value to 0.5% [13] Group 4: Alternative Oil Transport Routes - There are four key alternative routes for oil transport that could mitigate the impact of a closure of the Strait of Hormuz, including pipelines from Saudi Arabia and the UAE [19][20] - Saudi Arabia has a pipeline capable of transporting 5 million barrels per day to the Red Sea, while the UAE has developed facilities to export oil outside the Strait [19] - The potential for alternative routes suggests that while a closure would have immediate impacts, the long-term effects may be less severe due to available options [18][19]

美国石油生产商紧急布局对冲， 恰逢其时 【oilprice网6月23日报道】 在4月初至6月初的三个月里，油价一直徘徊在60美元出头的水平。当时，美国的关税冲击以及石油输出国组织及其合 作伙伴（OPEC+）的增产行动令市场情绪承压，市场担心会出现供应过剩的情况。 截至3月，渣打银行对40家美国独立油气公司进行的一项调查显示，这些公司的对冲保护力度很小。对于它们合计每日 503万桶的产量，其2025年的石油对冲比例仅为21%，2026年的对冲比例更是只有4%。 作为对比，美国页岩油行业在 2020年年初时的石油对冲比例为51.7%。这一比例在疫情期间油价暴跌时为该行业提供了重要支撑。 评估能源（Evaluate Energy）4月份的数据显示，截至2024年底，北美独立油气生产商2025年上半年超过80%的石油产 量未进行对冲。当OPEC+增产以及对全球经济衰退的担忧给市场带来压力时，这些生产商就会面临风险。 然而，在6 月12日至13日期间，Aegis Hedging平台的对冲活动激增，达到历史新高。这是因为在WTI油价因地缘政治因素上涨的 背景下，生产商们纷纷急于在短期内锁定更高的价格。 与因基本面因素导致 ...