| Today’s Commodity Prices

Source: as of time of publishing.

| Daily Reservoir Roundup News

• What Tesla’s Chargings U-Turn Mean for US EV Adoption (Link)

• EU Adopts Stronger Emissions Rules for Heavy-Duty Vehicles (Link)

• Renewable Diesel Glut Hits US Refiner Profits (Link)

• US Nat Gas Prices Little Changed as Rising Demand Offsets Higher Output (Link)

• OPEC Signals Lasting OPEC+ Alliance in Oil Market Management (Link)

• Anglo America Rejects BHP Offer (Link)

• What EU Sanctions on Russia LNG Could Mean for Global Gas (Link)

• Oil Climbs While Cloudy Outlook Keeps Prices Range Bound (Link)

• Eni Eyes New Oil and Gas Spin-offs in Energy Transition (Link)

| Free Flowing From Energy X (Twitter)

• US DUC rise slightly (Link)

• Texas electricity spot prices jump 100-fold (Link)

• California gasoline tax alert (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

• Permian Resources ($PR) announced the pricing of 51,765,000 shares of Class A common stock at a price of $16.47 per share for affiliates of EnCap, NGP, Pearl Energy and Riverstone. Offering is a secondary public offering with Permian Resources not receiving any proceed nor selling any shares. Concurrently with the closing, PR agreed to purchase from certain of the Selling Stockholders 1,800,000 common units representing limited liability company interests in Permian Resources Operating, LLC at the same prices as the secondary offering. (Link)

• 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.

| Q1-2024 Upstream Earnings Releases and Presentations - Active Links

| 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