Description

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

About Us

J.P. Morgan is a global leader in financial services, providing strategic advice and products to the world's most prominent corporations, governments, wealthy individuals and institutional investors. Our first-class business in a first-class way approach to serving clients drives everything we do. We strive to build trusted, long-term partnerships to help our clients achieve their business objectives.

We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.

About the Team

J.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.