Latam Oil & Gas Research

JPMorganChase is ranked the #1 research house globally recognized for its excellence and our global research platform offers cross-region and cross-sector collaborations with experienced local expertise across a wide range of coverages. Within JPMorganChase the research team provides valuable ideas and support to deal-making businesses.

Oil & Gas is one of the most globally interconnected sectors in Latin American equity markets where local stocks trade off a combination of global crude and product benchmarks FX country risk and shifting fiscal and political regimes. The region hosts some of the worlds most strategically important hydrocarbon basins - Brazils pre-salt Argentinas Vaca Muerta and Equatorial Margin - alongside large NOCs whose capital allocation decisions move sovereign narratives. Covering the sector requires fluency in commodity markets reservoir and production dynamics geopolitics and energy transition discussions. It is a sector of high investor relevance frequent catalysts and meaningful alpha opportunities.

As an analyst in the LatAm Oil Gas & Petrochemicals Research team you will work alongside the senior analyst on coverage of listed E&P integrated refining and oilfield services names across the region with a particular focus on Brazil Argentina Colombia and Mexico. The role combines deep fundamental modeling commodity-linked scenario work written research and direct engagement with institutional investors corporate management teams and internal partners.

Job Responsibilities

• Build and maintain asset-level and corporate financial models including field-by-field production curves decline analysis reserve life lifting and finding & development costs breakevens and post-tax/post-royalty cash flows under varying fiscal regimes (concession PSC R-factor sliding-scale royalties)
• Run commodity scenario analysis
• Value companies using the appropriate toolkit for the sub-sector NAV / DCF for E&Ps EV/DACF and EV/EBITDA for integrated mid-cycle margins for petchems among others
• Track and interpret upstream operational data: rig activity drilling and completion progress well productivity ANP and other regulatory disclosures bid rounds farm-ins/farm-outs and reserve replacement
• Monitor downstream dynamics: domestic fuel pricing parity (particularly Petrobras pricing policy) import/export arbitrage refining utilization and product demand trends
• Cover policy and political catalysts - fuel subsidies windfall taxes export duties local content rules NOC governance and dividend policy and licensing rounds
• Produce timely differentiated written research: earnings reviews initiation reports deep-dives on individual assets or basins thematic pieces (energy transition decarbonization capex gas monetization FPSO cycle) and sector primers
• Engage with institutional clients
• Build relationships with company management IR teams regulators and industry consultants to develop proprietary insight

• Identify opportunities to automate data ingestion (production statistics commodity curves regulatory filings) and improve the teams analytical infrastructure

Required Qualifications Capabilities and Skills

• Self-motivated intellectually curious and resilient; comfortable operating in a sector with high volatility headline risk and demanding publication timelines
• Strong foundation in accounting corporate finance and valuation
• Demonstrated financial modeling skills including multi-asset multi-scenario models with commodity FX and fiscal sensitivities
• Quantitative mindset and comfort with large operational datasets (production reserves well-level data pricing series)
• Clear and concise written and verbal communication; ability to translate technical and geological concepts into investment-relevant conclusions for a generalist audience
• Fluent English (written and spoken)

Preferred Qualifications Capabilities and Skills

• Prior exposure to Oil & Gas Energy Mining or other commodity-driven sectors on the sell-side buy-side in industry or in consulting
• Working knowledge of upstream technical concepts (reservoir behavior recovery factors FPSO economics unconventional development) and downstream economics (refinery configuration complexity yields)
• Familiarity with the Brazilian and broader LatAm energy regulatory framework
• Understanding of the energy transition and its implications for traditional O&G business models including carbon pricing methane regulation and low-carbon capex allocation
• Proficiency with industry data and modeling tools