$OIL $PBR $YPF JPM: US$100 OIL DOES NOT TRANSLATE TO UNIVERSAL UPSIDE ACROSS LATAM ENERGY BONDS. JPM: ECOPETROL (OW) IS THE PREFERRED EXPOSURE GIVEN ITS 60%+ NET EXPORT POSITION. JPM: YPF REMAINS OVERWEIGHT (OW) ON MACRO IMPROVEMENT AND VACA MUERTA EXPANSION. JPM: PETROBRAS IS MAINTAINED AT UNDERWEIGHT (UW) DUE TO TIGHT TRADING LEVELS. JPM: UPGRADES ALPEK '29s TO TACTICAL OVERWEIGHT (OW) CONTINGENT ON BOND BUYBACKS. JPM: STRATEGY PRIORITIZES CAPITAL DISCIPLINE AND BALANCE SHEET REPAIR OVER TRANSITORY CASH FLOW.