Earnings Release Snowball is Moving

Picking up speed into week 2 of the earnings season

Author

Upstream Updates
May 10, 2024

| Today’s Commodity Prices

Product

Close

$ Change

% Change

WTI Oil

$78.83

+$0.72

+0.91%

Brent Crude

$83.63

+$0.69 

+0.83%

HH Gas

$2.22

+$0.08

+3.83%

Source: as of time of publishing.

| Daily Reservoir Roundup News

  • China’s rapid growth of nuclear power (Link)

  • US natural gas flows to Freeport LNG reach 2-month high (Link)

  • Exxon - Chevron arbitration to extend into 2025 (Link)

  • Oil demand likely to surprise to the upside (Link)

  • North America deepens rig loss (Link)

  • Cheniere Energy nearly a year ahead of LNG project (Link)

  • US nat gas prices up to 14-week high on rising LNG demand (Link)

| Free Flowing From Energy X (Twitter)

  • LNG market could remain tight through 2025 (Link)

  • Bacteria on International Space Station have mutated (Link)

  • Wells Fargo says US electricity demand to grow 20% by 2030 (Link)

  • Air traffic at European airports nearly at 2019 levels (Link)

  • Russia getting twice as much oil revenue as a year ago (Link)

  • Natural Gas expected supply up to 60% of power demand growth (Link)

| Upstream Deals

  • Phoenix Capital Group has acquired 1,500 net royalty acres in the Uinta Basin in Utah. Acquisition brings their total Uinta Basin net royalty acres to 4,500 all in Duchesne County, Utah. Deal value and seller were undisclosed (4/25/2024).

| Capital Markets

  • Sunoco LP raised $750 MM bond with a coupon of 7.0% (4/16/2024)

  • Diamondback Energy, Inc (NASDAQ: FANG) issues $850 MM bond with a coupon of 5.2% due 2027, $850 MM of 5.150% senior notes that mature in 2030, $1,300 MM of 5.40% senior notes that mature in 2034, $1,500 MM of 5.75% senior notes that mature in 2054 and $1,000 MM senior notes that mature 2064.

| Latest Upstream Earning Releases

| Upcoming Upstream Earnings

  • August 4, 2024

    • Shell Q2-2024 earnings release

| Partnerships

  • Interested in promoting your business to my network? Advertise in Upstream Updates by contacting us today. 

Disclaimer - The information provided in this newsletter is for informational purposes only and should not be construed as investment advice. The contents and references herein do not constitute a recommendation to buy, sell, or hold any securities. Readers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions based on the information provided herein. The author and publisher of this newsletter are not liable for any actions taken by readers based on the information contained here