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 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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