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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 world's most strategically important hydrocarbon basins - Brazil's pre-salt, Argentina's 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 team's 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
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ABOUT THE TEAMJ.P. Morgan's Commercial & Investment Bank is a global leader across banking, markets, securities services and payments. Corporations, governments and institutions throughout the world entrust us with their business in more than 100 countries. The Commercial & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.
